Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-6028 | |
Entity Registrant Name | LINCOLN NATIONAL CORPORATION | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1140070 | |
Entity Address, Address Line One | 150 N. Radnor-Chester Road | |
Entity Address, Address Line Two | Suite A305 | |
Entity Address, City or Town | Radnor | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19087 | |
City Area Code | 484 | |
Local Phone Number | 583-1400 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | LNC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 180,708,687 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0000059558 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2021 - $107,459; 2020 - $104,174; allowance for credit losses: 2021 - $17; 2020 - $13) | $ 122,085 | $ 123,044 |
Trading securities | 4,191 | 4,501 |
Equity securities | 243 | 129 |
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2021 - $792; 2020 - $832) | 17,730 | 16,763 |
Policy loans | 2,379 | 2,426 |
Derivative investments | 4,828 | 3,109 |
Other investments | 4,069 | 3,984 |
Total investments | 155,525 | 153,956 |
Cash and invested cash | 2,614 | 1,708 |
Deferred acquisition costs and value of business acquired | 5,965 | 5,812 |
Premiums and fees receivable | 584 | 486 |
Accrued investment income | 1,297 | 1,257 |
Reinsurance recoverables, net of allowance for credit losses | 15,729 | 16,496 |
Funds withheld reinsurance assets | 526 | 530 |
Goodwill | 1,778 | 1,778 |
Other assets | 17,367 | 15,960 |
Separate account assets | 175,667 | 167,965 |
Total assets | 377,052 | 365,948 |
Liabilities | ||
Future contract benefits | 40,641 | 40,814 |
Other contract holder funds | 109,297 | 105,405 |
Short-term debt | 300 | |
Long-term debt | 6,323 | 6,682 |
Reinsurance related embedded derivatives | 304 | 392 |
Funds withheld reinsurance liabilities | 2,078 | 1,946 |
Payables for collateral on investments | 8,379 | 6,222 |
Other liabilities | 12,893 | 13,823 |
Separate account liabilities | 175,667 | 167,965 |
Total liabilities | 355,882 | 343,249 |
Contingencies and Commitments (See Note 11) | ||
Stockholders' Equity | ||
Preferred stock - 10,000,000 shares authorized | ||
Common stock – 800,000,000 shares authorized; 186,089,222 and 192,329,691 shares issued and outstanding as of September 30, 2021, and December 31, 2020, respectively | 4,956 | 5,082 |
Retained earnings | 9,365 | 8,686 |
Accumulated other comprehensive income (loss) | 6,849 | 8,931 |
Total stockholders' equity | 21,170 | 22,699 |
Total liabilities and stockholders' equity | $ 377,052 | $ 365,948 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities, at fair value: | ||
Fixed maturity securities (amortized cost) | $ 107,459 | $ 104,174 |
Fixed maturity, ACL | 17 | 13 |
Mortgage loans on real estate, fair value | $ 792 | $ 832 |
Stockholders' Equity | ||
Preferred stock - shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock - shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock - shares issued (in shares) | 186,089,222 | 192,329,691 |
Common stock - shares outstanding (in shares) | 186,089,222 | 192,329,691 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||||
Insurance premiums | $ 1,394 | $ 1,293 | $ 4,198 | $ 4,008 |
Fee income | 1,996 | 1,815 | 5,258 | 4,812 |
Net investment income | 1,576 | 1,458 | 4,670 | 4,005 |
Realized gain (loss) | 85 | 629 | (97) | (43) |
Amortization of deferred gain on business sold through reinsurance | 9 | 11 | 27 | 32 |
Other revenues | 181 | 155 | 571 | 489 |
Total revenues | 5,241 | 5,361 | 14,627 | 13,303 |
Expenses | ||||
Interest credited | 750 | 732 | 2,224 | 2,189 |
Benefits | 2,122 | 2,484 | 6,278 | 6,710 |
Commissions and other expenses | 1,906 | 1,599 | 4,462 | 3,807 |
Interest and debt expense | 73 | 66 | 204 | 218 |
Strategic digitization expense | 22 | 20 | 57 | 45 |
Total expenses | 4,873 | 4,901 | 13,225 | 12,969 |
Income (loss) before taxes | 368 | 460 | 1,402 | 334 |
Federal income tax expense (benefit) | 50 | 62 | 217 | (22) |
Net income (loss) | 318 | 398 | 1,185 | 356 |
Other comprehensive income (loss), net of tax | (630) | 486 | (2,082) | 2,136 |
Comprehensive income (loss) | $ (312) | $ 884 | $ (897) | $ 2,492 |
Net Income (Loss) Per Common Share | ||||
Basic (in dollars per share) | $ 1.70 | $ 2.06 | $ 6.25 | $ 1.84 |
Diluted (in dollars per share) | 1.68 | 2.01 | 6.19 | 1.74 |
Cash Dividends Declared Per Common Share | $ 0.42 | $ 0.40 | $ 1.26 | $ 1.20 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance as of beginning-of-period at Dec. 31, 2019 | $ (203) | $ 5,162 | $ 8,854 | $ 5,673 | |
Stock compensation/issued for benefit plans | 31 | ||||
Net income (loss) | 356 | $ 356 | |||
Retirement of common stock/cancellation of shares | (100) | (125) | |||
Common stock dividends declared | (235) | ||||
Other comprehensive income (loss), net of tax | 2,136 | 2,136 | |||
Balance as of end-of-period at Sep. 30, 2020 | 5,093 | 8,647 | 7,809 | 21,549 | |
Balance as of beginning-of-period at Jun. 30, 2020 | 5,081 | 8,327 | 7,323 | ||
Stock compensation/issued for benefit plans | 12 | ||||
Net income (loss) | 398 | 398 | |||
Common stock dividends declared | (78) | ||||
Other comprehensive income (loss), net of tax | 486 | 486 | |||
Balance as of end-of-period at Sep. 30, 2020 | 5,093 | 8,647 | 7,809 | 21,549 | |
Balance as of beginning-of-period at Dec. 31, 2020 | 5,082 | 8,686 | 8,931 | 22,699 | |
Stock compensation/issued for benefit plans | 64 | ||||
Net income (loss) | 1,185 | 1,185 | |||
Retirement of common stock/cancellation of shares | (190) | (265) | |||
Common stock dividends declared | (241) | ||||
Other comprehensive income (loss), net of tax | (2,082) | (2,082) | |||
Balance as of end-of-period at Sep. 30, 2021 | 4,956 | 9,365 | 6,849 | 21,170 | |
Balance as of beginning-of-period at Jun. 30, 2021 | 5,021 | 9,245 | 7,479 | ||
Stock compensation/issued for benefit plans | 16 | ||||
Net income (loss) | 318 | 318 | |||
Retirement of common stock/cancellation of shares | (81) | (119) | |||
Common stock dividends declared | (79) | ||||
Other comprehensive income (loss), net of tax | (630) | (630) | |||
Balance as of end-of-period at Sep. 30, 2021 | $ 4,956 | $ 9,365 | $ 6,849 | $ 21,170 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 1,185 | $ 356 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Realized (gain) loss | 97 | 43 |
Trading securities purchases, sales and maturities, net | 219 | 37 |
Amortization of deferred gain on business sold through reinsurance | (27) | (32) |
Change in: | ||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 348 | 15 |
Premiums and fees receivable | (98) | (33) |
Accrued investment income | (34) | (145) |
Insurance liabilities and reinsurance-related balances | (1,779) | 244 |
Accrued expenses | 246 | (201) |
Federal income tax accruals | 216 | (42) |
Other | (265) | 99 |
Net cash provided by (used in) operating activities | 108 | 341 |
Cash Flows from Investing Activities | ||
Purchases of available-for-sale securities and equity securities | (11,897) | (12,694) |
Sales of available-for-sale securities and equity securities | 1,452 | 1,549 |
Maturities of available-for-sale securities | 7,055 | 3,710 |
Purchases of alternative investments | (506) | (265) |
Sales and repayments of alternative investments | 258 | 116 |
Issuance of mortgage loans on real estate | (2,213) | (1,231) |
Repayment and maturities of mortgage loans on real estate | 1,274 | 856 |
Issuance (repayment) of policy loans, net | 48 | (50) |
Net change in collateral on investments, derivatives and related settlements | 2,312 | 1,680 |
Other | (219) | (116) |
Net cash provided by (used in) investing activities | (2,436) | (6,445) |
Cash Flows from Financing Activities | ||
Payment of long-term debt, including current maturities | (1,096) | |
Issuance of long-term debt, net of issuance costs | 1,289 | |
Payment related to modification or early extinguishment of debt | (8) | (13) |
Proceeds from certain financing arrangements | 50 | 69 |
Deposits of fixed account values, including the fixed portion of variable | 9,150 | 10,559 |
Withdrawals of fixed account values, including the fixed portion of variable | (4,961) | (4,625) |
Transfers to and from separate accounts, net | (252) | 427 |
Common stock issued for benefit plans | 14 | (11) |
Repurchase of common stock | (455) | (225) |
Dividends paid to common stockholders | (241) | (233) |
Other | (63) | (5) |
Net cash provided by (used in) financing activities | 3,234 | 6,136 |
Net increase (decrease) in cash, invested cash and restricted cash | 906 | 32 |
Cash, invested cash and restricted cash as of beginning-of-year | 1,708 | 2,563 |
Cash, invested cash and restricted cash as of end-of-period | $ 2,614 | $ 2,595 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation Nature of Operations Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments. See Note 15 for additional details. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth protection, accumulation, retirement income and group protection products and solutions. These products primarily include fixed and indexed annuities, variable annuities, universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, employer-sponsored retirement plans and services, and group life, disability and dental. Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements. Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2020 Form 10-K. In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, especially when considering the risks and uncertainties associated with the COVID-19 pandemic and the future impacts of the pandemic on our business, results of operations and financial condition. All material inter-company accounts and transactions have been eliminated in consolidation. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | 2. New Accounting Standards The following table provides a description of our adoption of new Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”) and the impact of the adoption on our consolidated financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount. StandardDescriptionEffective DateEffect on Financial Statements or Other Significant MattersASU 2020-04, Reference Rate Reform (Topic 848) and related amendmentsThe amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Additionally, changes to the critical terms of a hedging relationship affected by reference rate reform will not require entities to de-designate the relationship if certain requirements are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. The amendments are effective for contract modifications made between March 12, 2020, and December 31, 2022. March 12, 2020 through December 31, 2022This standard may be elected and applied prospectively as reference rate reform unfolds. We have elected practical expedients to maintain hedge accounting for certain derivatives. We will continue to evaluate our options under this guidance as our reference rate reform adoption process continues. This ASU has not had a material impact to our consolidated financial condition and results of operations, but we will continue to evaluate those impacts as our transition progresses. ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendmentsThese amendments make changes to the accounting and reporting for long-duration contracts issued by an insurance entity that will significantly change how insurers account for long-duration contracts, including how they measure, recognize and make disclosures about insurance liabilities and deferred acquisition costs. Under this ASU, insurers will be required to review cash flow assumptions at least annually and update them if necessary. They also will have to make quarterly updates to the discount rate assumptions they use to measure the liability for future policyholder benefits. The ASU creates a new category of market risk benefits (i.e., features that protect the contract holder from capital market risk and expose the insurer to that risk) that insurers will have to measure at fair value. The ASU provides various transition methods by topic that entities may elect upon adoption. The ASU is currently effective January 1, 2023, and early adoption is permitted. January 1, 2023We are currently evaluating the impact of adopting this ASU on our consolidated financial condition and results of operations. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 3. Variable Interest Entities Consolidated VIEs Asset information (dollars in millions) for the consolidated variable interest entities (“VIEs”) included on our Consolidated Balance Sheets was as follows: As of September 30, 2021 As of December 31, 2020 Number Number of Notional Carrying of Notional Carrying Instruments Amounts Value Instruments Amounts Value Assets Total return swap 1 $ 593 $ - 1 $ 611 $ - There were no gains or losses for consolidated VIEs recognized on our Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020. Unconsolidated VIEs Structured Securities Through our investment activities, we make passive investments in structured securities issued by VIEs for which we are not the manager. These structured securities include our asset-backed securities (“ABS”), residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on our Consolidated Balance Sheets. For information about these structured securities, see Note 4. Limited Partnerships and Limited Liability Companies We invest in certain limited partnerships (“LPs”) and limited liability companies (“LLCs”), including qualified affordable housing projects, that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on our Consolidated Balance Sheets and were $2.7 billion and $2.1 billion as of September 30, 2021, and December 31, 2020, respectively. Included in these carrying amounts are our investments in qualified affordable housing projects, which were $5 million and $7 million as of September 30, 2021, and December 31, 2020, respectively. We received affordable housing tax credits of less than $1 million and $1 million for the three months ended September 30, 2021 and 2020, respectively, and $1 million and $4 million for the nine months ended September 30, 2021 and 2020, respectively. These returns were recognized in federal income tax expense (benefit) on our Consolidated Statements of Comprehensive Income (Loss). |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Investments | 4. Investments Fixed Maturity AFS Securities The amortized cost, gross unrealized gains, losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows: As of September 30, 2021 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds$ 88,238 $ 12,964 $ 324 $ 16 $ 100,862 U.S. government bonds 385 60 2 - 443 State and municipal bonds 5,543 1,369 11 - 6,901 Foreign government bonds 455 64 7 - 512 RMBS 2,687 252 3 1 2,935 CMBS 1,528 76 10 - 1,594 ABS 8,186 148 31 - 8,303 Hybrid and redeemable preferred securities 437 110 12 - 535 Total fixed maturity AFS securities $ 107,459 $ 15,043 $ 400 $ 17 $ 122,085 As of December 31, 2020 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds$ 86,289 $ 16,662 $ 150 $ 12 $ 102,789 U.S. government bonds 397 88 1 - 484 State and municipal bonds 5,360 1,561 - - 6,921 Foreign government bonds 384 87 1 - 470 RMBS 2,765 313 1 1 3,076 CMBS 1,390 115 - - 1,505 ABS 7,041 158 15 - 7,184 Hybrid and redeemable preferred securities 548 97 30 - 615 Total fixed maturity AFS securities $ 104,174 $ 19,081 $ 198 $ 13 $ 123,044 The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of September 30, 2021, were as follows: Amortized Fair Cost Value Due in one year or less$ 3,126 $ 3,154 Due after one year through five years 15,454 16,362 Due after five years through ten years 19,277 21,021 Due after ten years 57,201 68,716 Subtotal 95,058 109,253 Structured securities (RMBS, CMBS, ABS) 12,401 12,832 Total fixed maturity AFS securities $ 107,459 $ 122,085 Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations. The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: As of September 30, 2021 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross FairUnrealizedFairUnrealizedFair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds$ 8,685 $ 218 $ 1,289 $ 106 $ 9,974 $ 324 U.S. government bonds 29 1 3 1 32 2 State and municipal bonds 485 10 17 1 502 11 Foreign government bonds 152 6 28 1 180 7 RMBS 206 2 19 1 225 3 CMBS 365 9 16 1 381 10 ABS 3,662 29 106 2 3,768 31 Hybrid and redeemable preferred securities 33 1 115 11 148 12 Total fixed maturity AFS securities$ 13,617 $ 276 $ 1,593 $ 124 $ 15,210 $ 400 Total number of fixed maturity AFS securities in an unrealized loss position 1,753 As of December 31, 2020 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross FairUnrealizedFairUnrealizedFair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds$ 3,039 $ 92 $ 607 $ 58 $ 3,646 $ 150 U.S. government bonds 28 1 - - 28 1 Foreign government bonds 57 1 - - 57 1 RMBS 45 1 7 - 52 1 ABS 1,527 9 358 6 1,885 15 Hybrid and redeemable preferred securities 112 13 96 17 208 30 Total fixed maturity AFS securities$ 4,808 $ 117 $ 1,068 $ 81 $ 5,876 $ 198 Total number of fixed maturity AFS securities in an unrealized loss position 802 (1)As of September 30, 2021, and December 31, 2020, we recognized $8 million and $1 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded. The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows: As of September 30, 2021 Gross Number Fair Unrealized of Value Losses Securities (1)Less than six months$ 9 $ 2 4 Six months or greater, but less than nine months 17 5 1 Twelve months or greater 60 9 25 Total$ 86 $ 16 30 As of December 31, 2020 Gross Number Fair Unrealized of Value Losses Securities (1)Less than six months$ 63 $ 23 14 Six months or greater, but less than nine months 2 1 4 Nine months or greater, but less than twelve months 23 7 14 Twelve months or greater 30 11 20 Total$ 118 $ 42 52 (1)We may reflect a security in more than one aging category based on various purchase dates. Our gross unrealized losses on fixed maturity AFS securities increased by $202 million for the nine months ended September 30, 2021. As discussed further below, we believe the unrealized loss position as of September 30, 2021, did not require an impairment recognized in earnings as (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of September 30, 2021, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities. As of September 30, 2021, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to widening credit spreads and rising interest rates since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security. Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of September 30, 2021, and December 31, 2020, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of September 30, 2021, and December 31, 2020, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.9 billion and $4.1 billion, respectively, and a fair value of $4.1 billion and $4.2 billion, respectively. Based upon the analysis discussed above, we believe that as of September 30, 2021, and December 31, 2020, we would have recovered the amortized cost of each corporate bond. As of September 30, 2021, the unrealized losses associated with our mortgage-backed securities and ABS were attributable primarily to widening credit spreads and rising interest rates since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security. As of September 30, 2021, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security. Credit Loss Impairment on Fixed Maturity AFS Securities We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows: For the Three Months Ended September 30, 2021 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 8 $ 1 $ - $ 9 Additions for securities for which credit losses were not previously recognized 8 - - 8 Additions from purchases of PCD debt securities (1) - - - - Balance as of end-of-period (2)$ 16 $ 1 $ - $ 17 For the Nine Months Ended September 30, 2021 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 12 $ 1 $ - $ 13 Additions for securities for which credit losses were not previously recognized 8 - - 8 Additions from purchases of PCD debt securities (1) - - - - Additions (reductions) for securities for which credit losses were previously recognized 2 - - 2 Reductions for securities charged-off (6) - - (6)Balance as of end-of-period (2)$ 16 $ 1 $ - $ 17 For the Three Months Ended September 30, 2020 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 20 $ 1 $ 1 $ 22 Additions for securities for which credit losses were not previously recognized 5 - - 5 Additions from purchases of PCD debt securities (1) - - - - Additions (reductions) for securities for which credit losses were previously recognized (3) - (1) (4)Reductions for securities charged-off (11) - - (11)Balance as of end-of-period (2)$ 11 $ 1 $ - $ 12 For the Nine Months Ended September 30, 2020 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ - $ - $ - $ - Additions for securities for which credit losses were not previously recognized 42 1 1 44 Additions from purchases of PCD debt securities (1) - - - - Additions (reductions) for securities for which credit losses were previously recognized (3) - (1) (4)Reductions for securities disposed (17) - - (17)Reductions for securities charged-off (11) - - (11)Balance as of end-of-period (2)$ 11 $ 1 $ - $ 12 (1)Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.(2)Accrued interest receivable on fixed maturity AFS securities totaled $1.1 billion as of September 30, 2021 and 2020, and was excluded from the estimate of credit losses. Mortgage Loans on Real Estate The following provides the current and past due composition of our mortgage loans on real estate (in millions): As of September 30, 2021 As of December 31, 2020 Commercial Residential Total Commercial Residential Total Current$ 17,111 $ 691 $ 17,802 $ 16,245 $ 610 $ 16,855 30 to 59 days past due - 15 15 4 28 32 60 to 89 days past due - 3 3 - 8 8 90 or more days past due - 33 33 - 69 69 Allowance for credit losses (115) (16) (131) (187) (17) (204)Unamortized premium (discount) (12) 23 11 (14) 22 8 Mark-to-market gains (losses) (1) (3) - (3) (5) - (5)Total carrying value$ 16,981 $ 749 $ 17,730 $ 16,043 $ 720 $ 16,763 (1)Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 14 for additional information. Our commercial mortgage loan portfolio has the largest concentrations in California, which accounted for 26% and 24% of commercial mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively, and Texas, which accounted for 9% and 10% of commercial mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively. Our residential mortgage loan portfolio has the largest concentrations in California, which accounted for 23% and 32% of residential mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively, and Florida, which accounted for 16% and 18% of residential mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively. As of September 30, 2021, and December 31, 2020, we had 65 and 147 residential mortgage loans, respectively, that were either delinquent or in foreclosure. For our commercial mortgage loans, there were six specifically identified impaired loans with an aggregate carrying value of $1 million as of September 30, 2021. There were four specifically identified impaired loans with an aggregate carrying value of $1 million as of December 31, 2020. For our residential mortgage loans, there were 54 specifically identified impaired loans with an aggregate carrying value of $25 million as of September 30, 2021. There were 76 specifically identified impaired loans with an aggregate carrying value of $34 million as of December 31, 2020. Additional information related to impaired mortgage loans on real estate (in millions) was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Average aggregate carrying value for impaired mortgage loans on real estate$ 31 $ 31 $ 33 $ 17 Interest income recognized on impaired mortgage loans on real estate - - - - Interest income collected on impaired mortgage loans on real estate - - - - The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows: As of September 30, 2021 As of December 31, 2020 Nonaccrual Nonaccrual with no with no Allowance Allowance for Credit for Credit Losses Nonaccrual Losses Nonaccrual Commercial mortgage loans on real estate$ - $ - $ - $ - Residential mortgage loans on real estate - 34 - 71 Total$ - $ 34 $ - $ 71 We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows: As of September 30, 2021 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 74% Ratio than 75% Ratio Total Origination Year 2021$ 1,676 3.07 $ 127 1.76 $ - - $ 1,803 2020 1,365 3.03 144 1.67 - - 1,509 2019 3,009 2.19 293 1.62 - - 3,302 2018 2,298 2.15 177 1.58 15 1.02 2,490 2017 1,717 2.32 150 1.74 27 0.96 1,894 2016 and prior 5,869 2.40 195 1.77 37 0.78 6,101 Total$ 15,934 $ 1,086 $ 79 $ 17,099 As of December 31, 2020 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 74% Ratio than 75% Ratio Total Origination Year 2020$ 1,504 2.86 $ 32 1.52 $ - - $ 1,536 2019 3,141 2.25 258 1.78 2 1.74 3,401 2018 2,382 2.16 186 1.49 15 0.71 2,583 2017 1,786 2.34 169 1.73 - - 1,955 2016 1,713 2.37 174 1.56 22 1.58 1,909 2015 and prior 4,710 2.38 133 1.95 8 1.02 4,851 Total$ 15,236 $ 952 $ 47 $ 16,235 We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows: As of September 30, 2021 Performing Nonperforming Total Origination Year 2021$ 241 $ 1 $ 242 2020 149 3 152 2019 220 26 246 2018 121 4 125 2017 - - - 2016 and prior - - - Total$ 731 $ 34 $ 765 As of December 31, 2020 Performing Nonperforming Total Origination Year 2020$ 176 $ 8 $ 184 2019 315 51 366 2018 175 12 187 2017 - - - 2016 - - - 2015 and prior - - - Total$ 666 $ 71 $ 737 Credit Losses on Mortgage Loans on Real Estate In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows: For the Three Months Ended September 30, 2021 Commercial Residential Total Balance as of beginning-of-period$ 156 $ 14 $ 170 Additions (reductions) from provision for credit loss expense (1) (41) 2 (39)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 115 $ 16 $ 131 For the Nine Months Ended September 30, 2021 Commercial Residential Total Balance as of beginning-of-period$ 187 $ 17 $ 204 Additions (reductions) from provision for credit loss expense (1) (72) (1) (73)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 115 $ 16 $ 131 For the Three Months Ended September 30, 2020 Commercial Residential Total Balance as of beginning-of-period$ 236 $ 37 $ 273 Additions (reductions) from provision for credit loss expense (3) (64) (7) (71)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 172 $ 30 $ 202 For the Nine Months Ended September 30, 2020 Commercial Residential Total Balance as of beginning-of-period$ - $ 2 $ 2 Impact of new accounting standard 62 26 88 Additions (reductions) from provision for credit loss expense (3) 110 2 112 Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 172 $ 30 $ 202 (1)Due to improving economic projections, the provision for credit loss expense decreased by $39 million and $73 million for the three and nine months ended September 30, 2021, respectively. We recognized $1 million and $4 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three and nine months ended September 30, 2021, respectively.(2)Accrued interest receivable on mortgage loans on real estate totaled $50 million as of September 30, 2021 and 2020, and was excluded from the estimate of credit losses.(3)Due to changes in economic projections driven by the impact of the COVID-19 pandemic, the provision for credit loss expense decreased by $71 million for the three months ended September 30, 2020, and increased by $112 million for the nine months ended September 30, 2020. For the three months ended September 30, 2020, we recognized no credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate. For the nine months ended September 30, 2020, we recognized $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate. Alternative Investments As of September 30, 2021, and December 31, 2020, alternative investments included investments in 300 and 271 different partnerships, respectively, and represented approximately 2% and 1%, respectively, of total investments. Impairments on Fixed Maturity AFS Securities Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Credit Loss Benefit (Expense) Fixed maturity AFS securities: Corporate bonds$ (8)$ (2)$ (9)$ (22)RMBS - - - (1)ABS - 1 - - Gross credit loss benefit (expense) (8) (1) (9) (23)Associated amortization of DAC, VOBA, DSI and DFEL (1) - - - 1 Net credit loss benefit (expense)$ (8)$ (1)$ (9)$ (22) (1)Deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end loads (“DFEL”). Payables for Collateral on Investments The carrying value of the payables for collateral on investments included on our Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following: As of September 30, 2021 As of December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Collateral payable for derivative investments (1)$ 4,949 $ 4,949 $ 2,976 $ 2,976 Securities pledged under securities lending agreements (2) 300 290 116 112 Investments pledged for Federal Home Loan Bank of Indianapolis (“FHLBI”) (3) 3,130 4,911 3,130 5,049 Total payables for collateral on investments$ 8,379 $ 10,150 $ 6,222 $ 8,137 (1)We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 5 for additional information.(2)Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.(3)Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of September 30, 2021, and December 31, 2020, we were not participating in any open repurchase agreements. Increase (decrease) in payables for collateral on investments (in millions) consisted of the following: For the Nine Months Ended September 30, 2021 2020 Collateral payable for derivative investments$ 1,973 $ 1,786 Securities pledged under securities lending agreements 184 17 Investments pledged for FHLBI - (450)Total increase (decrease) in payables for collateral on investments$ 2,157 $ 1,353 We have elected not to offset our securities lending transactions in our consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows: As of September 30, 2021 Overnight and Continuous Up to 30 Days 30 - 90Days Greater Than 90 Days Total Securities Lending Corporate bonds$ 299 $ - $ - $ - $ 299 Foreign government bonds 1 - - - 1 Total gross secured borrowings$ 300 $ - $ - $ - $ 300 As of December 31, 2020 Overnight and Continuous Up to 30 Days 30 - 90Days Greater Than 90 Days Total Securities Lending Corporate bonds$ 114 $ - $ - $ - $ 114 Foreign government bonds 2 - - - 2 Total gross secured borrowings$ 116 $ - $ - $ - $ 116 We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of September 30, 2021, the fair value of all collateral received that we are permitted to sell or re-pledge was $23 million, and we had not re-pledged any of this collateral to cover initial margin and over-the-counter collateral requirements on certain derivative investments as of September 30, 2021. Investment Commitments As of September 30, 2021, our investment commitments were $2.7 billion, which included $1.7 billion of LPs, $667 million of private placement securities and $346 million of mortgage loans on real estate. Concentrations of Financial Instruments As of September 30, 2021, and December 31, 2020, our most significant investments in one issuer were our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $1.1 billion and $1.2 billion, respectively, or 1% of total investments, and our investments in securities issued by the Federal National Mortgage Association with a fair value of $1.0 billion, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities. As of September 30, 2021, and December 31, 2020, our most significant investments in one industry were our investments in securities in the consumer non-cyclical industry with a fair value of $20.1 billion and $20.3 billion, respectively, or 13% of total investments, and our investments in securities in the financial services industry with a fair value of $19.4 billion and $19.6 billion, respectively, or 12% and 13%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | 5. Derivative Instruments We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities. Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies. See Note 14 for additional disclosures related to the fair value of our derivative instruments. Interest Rate Contracts We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include: Forward-Starting Interest Rate Swaps We use forward-starting interest rate swaps designated and qualifying as cash flow hedges to hedge our exposure to interest rate fluctuations related to the forecasted purchases of certain assets and anticipated issuances of fixed-rate securities. We also use forward-starting interest rate swaps to hedge the interest rate exposure within our life products related to the forecasted purchases of certain assets. Interest Rate Cap Corridors We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain life insurance products and annuity contracts. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor. Interest Rate Futures We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price. Interest Rate Swap Agreements We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity products. We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments by replicating a fixed-rate bond. Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed-rate long-term debt and fixed maturity securities due to interest rate risks. Treasury and Reverse Treasury Locks We use treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to our issuance of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. In addition, we use reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities. Foreign Currency Contracts We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include: Currency Futures We use currency futures to hedge foreign exchange risk associated with certain options in variable annuity products. Currency futures exchange one currency for another at a specified date in the future at a specified exchange rate. Foreign Currency Swaps We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate. We also use foreign currency swaps designated and qualifying as cash flow hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. Foreign Currency Forwards We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate. Equity Market Contracts We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include: Call Options Based on the S&P 500® Index and Other Indices We use call options to hedge the liability exposure on certain options in variable annuity products and indexed variable annuity products. Our indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Contract holders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our contract holders, such that we are economically hedged with respect to equity returns for the current reset period. Consumer Price Index Swaps We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception. Equity Futures We use equity futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price. Put Options We use put options to hedge the liability exposure on certain options in variable annuity products. Put options are contracts that require counterparties to pay us at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount. Total Return Swaps We use total return swaps to hedge the liability exposure on certain options in variable annuity products and indexed variable annuity products. In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest. Credit Contracts We use derivative instruments as part of our credit risk management strategy that are economic hedges and include: Credit Default Swaps – Buying Protection We use credit default swaps (“CDSs”) to hedge the liability exposure on certain options in variable annuity products. We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring. CDSs – Selling Protection We use CDSs to hedge the liability exposure on certain options in variable annuity products. We sell CDSs to offer credit protection to contract holders and investors. The CDSs hedge the contract holders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring. Embedded Derivatives We have embedded derivatives that include: GLB Reserves Embedded Derivatives Certain features of these guarantees have elements of both insurance benefits accounted for under the Financial Services – Insurance – Claim Costs and Liabilities for Future Policy Benefits Subtopic of the FASB Accounting Standards Codification (“ASC”) (“benefit reserves”) and embedded derivatives accounted for under the Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the FASB ASC (“embedded derivative reserves”). We calculate the value of the benefit reserves and the embedded derivative reserves based on the specific characteristics of each guaranteed living benefit (“GLB”) feature. We use a hedging strategy designed to mitigate the risk and income statement volatility caused by changes in the equity markets, interest rates and volatility associated with GLBs offered in our variable annuity products, including products with guaranteed withdrawal benefit and guaranteed income benefit features. Changes in the value of the hedge contracts due to changes in equity markets, interest rates and implied volatilities hedge the income statement effect of changes in embedded derivative GLB reserves caused by those same factors. We rebalance our hedge positions based upon changes in these factors as needed. While we actively manage our hedge positions, these hedge positions may not be totally effective in offsetting changes in the embedded derivative reserve due to, among other things, differences in timing between when a market exposure changes and corresponding changes to the hedge positions, extreme swings in the equity markets and interest rates, market volatility, contract holder behavior, divergence between the performance of the underlying funds and the hedging indices, divergence between the actual and expected performance of the hedge instruments and our ability to purchase hedging instruments at prices consistent with our desired risk and return trade-off. Indexed Annuity and IUL Contracts Embedded Derivatives Our indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. Contract holders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our contract holders, such that we are economically hedged with respect to equity returns for the current reset period. Reinsurance Related Embedded Derivatives We have certain modified coinsurance (“Modco”) and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows: As of September 30, 2021 As of December 31, 2020 Notional Fair Value Notional Fair Value Amounts Asset Liability Amounts Asset Liability Qualifying Hedges Cash flow hedges: Interest rate contracts (1)$ 2,729 $ 53 $ 395 $ 2,177 $ 87 $ 563 Foreign currency contracts (1) 3,745 259 54 3,089 147 151 Total cash flow hedges 6,474 312 449 5,266 234 714 Fair value hedges: Interest rate contracts (1) 1,159 - 220 1,161 - 272 Non-Qualifying Hedges Interest rate contracts (1) 78,941 1,211 190 135,434 1,587 159 Foreign currency contracts (1) 369 6 1 304 1 8 Equity market contracts (1) 93,188 5,217 1,651 74,610 3,486 1,952 Credit contracts (1) 32 - - 51 - - Embedded derivatives: GLB direct (2) - 1,698 - - 450 - GLB ceded (2) - 55 146 - 82 - Reinsurance related (3) - - 304 - - 392 Indexed annuity and IUL contracts (2) (4) - 495 4,804 - 550 3,594 Total derivative instruments$ 180,163 $ 8,994 $ 7,765 $ 216,826 $ 6,390 $ 7,091 (1)Reported in derivative investments and other liabilities on our Consolidated Balance Sheets. (2)Reported in other assets and other liabilities on our Consolidated Balance Sheets.(3)Reported in reinsurance related embedded derivatives on our Consolidated Balance Sheets.(4)Reported in future contract benefits on our Consolidated Balance Sheets. The maturity of the notional amounts of derivative instruments (in millions) was as follows: Remaining Life as of September 30, 2021 Less Than 1 - 5 6 - 10 11 - 30 Over 30 1 Year Years Years Years Years Total Interest rate contracts (1)$ 2,508 $ 49,605 $ 16,004 $ 13,499 $ 1,213 $ 82,829 Foreign currency contracts (2) 195 563 1,582 1,732 42 4,114 Equity market contracts 59,551 16,253 7,023 1,623 8,738 93,188 Credit contracts - 32 - - - 32 Total derivative instruments with notional amounts$ 62,254 $ 66,453 $ 24,609 $ 16,854 $ 9,993 $ 180,163 (1)As of September 30, 2021, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 20, 2067.(2)As of September 30, 2021, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061. The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Amortized Cost of the Hedged Hedged Assets / (Liabilities) Assets / (Liabilities) As of As of As of As of September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included Fixed maturity AFS securities, at fair value$ 762 $ 824 $ 212 $ 271 Long-term debt (1) (849) (900) 26 (25) (1)Includes $(360) million and $(370) million of unamortized adjustments from discontinued hedges as of September 30, 2021, and December 31, 2020, respectively. The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows: For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year$ (402)$ (11)Other comprehensive income (loss): Unrealized holding gains (losses) arising during the period: Cash flow hedges: Interest rate contracts 116 (432)Foreign currency contracts 113 213 Change in foreign currency exchange rate adjustment 129 (16)Change in DAC, VOBA, DSI and DFEL - (64)Income tax benefit (expense) (76) 62 Less: Reclassification adjustment for gains (losses) included in net income (loss): Cash flow hedges: Interest rate contracts (1) 2 2 Interest rate contracts (2) (18) (16)Foreign currency contracts (1) 34 46 Foreign currency contracts (3) (2) 6 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Income tax benefit (expense) (3) (6)Balance as of end-of-period$ (132)$ (272) (1)The OCI offset is reported within net investment income on our Consolidated Statements of Comprehensive Income (Loss).(2)The OCI offset is reported within interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss).(3)The OCI offset is reported within realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows: Gain (Loss) Recognized in Income For the Three Months Ended September 30, 2021 2020 Realized Net Interest Realized Net Interest Gain Investment and Debt Gain Investment and Debt (Loss) Income Expense (Loss) Income Expense Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded$ 85 $ 1,576 $ 73 $ 629 $ 1,458 $ 66 Qualifying Hedges Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items - (10) 8 - (21) 19 Derivatives designated as hedging instruments - 10 (8) - 21 (19)Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from AOCI into income - 1 (6) - 1 (8)Foreign currency contracts: Amount of gain or (loss) reclassified from AOCI into income - 13 - (2) 24 - Non-Qualifying Hedges Interest rate contracts (149) - - (374) - - Equity market contracts 387 - - 949 - - Credit contracts - - - 1 - - Embedded derivatives: GLB (61) - - 1,690 - - Reinsurance related 24 - - (88) - - Indexed annuity and IUL contracts 33 - - (105) - - Gain (Loss) Recognized in Income For the Nine Months Ended September 30, 2021 2020 Realized Net Interest Realized Net Interest Gain Investment and Debt Gain Investment and Debt (Loss) Income Expense (Loss) Income Expense Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded$ (97)$ 4,670 $ 204 $ (43)$ 4,005 $ 218 Qualifying Hedges Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items - (59) 51 - 100 106 Derivatives designated as hedging instruments - 59 (51) - (100) (106)Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from AOCI into income - 2 (18) - 2 (16)Foreign currency contracts: Amount of gain or (loss) reclassified from AOCI into income (2) 34 - 6 46 - Non-Qualifying Hedges Interest rate contracts (876) - - 1,795 - - Foreign currency contracts (1) - - - - - Equity market contracts 2,342 - - 565 - - Credit contracts - - - (4) - - Embedded derivatives: GLB 1,075 - - (1,326) - - Reinsurance related 88 - - (7) - - Indexed annuity and IUL contracts (1,296) - - 396 - - As of September 30, 2021, $46 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. This reclassification would be due primarily to interest rate variances related to our interest rate swap agreements. For the nine months ended September 30, 2021 and 2020, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period. As of September 30, 2021, we did not have any exposure related to CDSs for which we are the seller. Information related to our CDSs for which we are the seller (dollars in millions) was as follows: As of December 31, 2020 Credit Reason Nature Rating of Number Maximum for of Underlyingof Fair PotentialCredit Contract Type Maturity Entering RecourseObligation (1)Instruments Value (2) PayoutBasket CDSs 12/20/2025 (3) (4) BBB+ 1 $ 1 $ 51 (1)Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.(2)Broker quotes are used to determine the market value of our CDSs.(3)CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.(4)Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract. Details underlying the associated collateral of our CDSs for which we are the seller if credit risk-related contingent features were triggered (in millions) were as follows: As of As of September 30,December 31, 2021 2020 Maximum potential payout $ - $ 51 Less: Counterparty thresholds - - Maximum collateral potentially required to post $ - $ 51 Certain of our CDS agreements contain contractual provisions that allow for the netting of collateral with our counterparties related to all of our collateralized financing transactions that we have outstanding. If these netting agreements were not in place, we would have been required to post collateral if the market value was less than zero. Credit Risk We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk (“NPR”). The NPR is based upon assumptions for each counterparty’s credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of September 30, 2021, the NPR adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under some ISDA agreements, our insurance subsidiaries have agreed to maintain certain financial strength or claims-paying ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of September 30, 2021, or December 31, 2020. The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows: As of September 30, 2021 As of December 31, 2020 Collateral Collateral Collateral Collateral Posted by Posted by Posted by Posted by S&P Counter- LNC Counter- LNC Credit Party (Held by Party (Held by Rating of (Held by Counter- (Held by Counter- Counterparty LNC) Party) LNC) Party) AA- $ 1,940 $ (274)$ 1,233 $ (371)A+ 2,527 (254) 1,119 (445)A 60 - 53 - A- 421 (172) 571 (245) $ 4,948 $ (700)$ 2,976 $ (1,061) Balance Sheet Offsetting Information related to the effects of offsetting (in millions) was as follows: As of September 30, 2021 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ 7,393 $ 2,248 $ 9,641 Gross amounts offset (1,914) - (1,914)Net amount of assets (1) 5,479 2,248 7,727 Gross amounts not offset: Cash collateral (4,948) - (4,948)Non-cash collateral (224) - (224)Net amount $ 307 $ 2,248 $ 2,555 Financial Liabilities Gross amount of recognized liabilities $ 1,032 $ 5,254 $ 6,286 Gross amounts offset (3) - (3)Net amount of liabilities 1,029 5,254 6,283 Gross amounts not offset: Cash collateral (700) - (700)Non-cash collateral - - - Net amount $ 329 $ 5,254 $ 5,583 (1)Includes deferred premiums of $651 million reported in other assets on our Consolidated Balance Sheets. As of December 31, 2020 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ 4,978 $ 1,082 $ 6,060 Gross amounts offset (1,869) - (1,869)Net amount of assets 3,109 1,082 4,191 Gross amounts not offset: Cash collateral (2,976) - (2,976)Non-cash collateral (56) - (56)Net amount $ 77 $ 1,082 $ 1,159 Financial Liabilities Gross amount of recognized liabilities $ 1,456 $ 3,986 $ 5,442 Gross amounts offset (330) - (330)Net amount of liabilities 1,126 3,986 5,112 Gross amounts not offset: Cash collateral (1,061) - (1,061)Non-cash collateral - - - Net amount $ 65 $ 3,986 $ 4,051 |
Federal Income Taxes
Federal Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Federal Income Taxes [Abstract] | |
Federal Income Taxes | 6. Federal Income Taxes The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 14% and 15% for the three and nine months ended September 30, 2021, respectively, compared to 13% and (7)%, respectively, for the corresponding periods in 2020. The effective tax rate on pre-tax income is typically lower than the prevailing corporate federal income tax rate of 21% due to benefits from preferential tax items including the separate accounts dividends-received deduction and tax credits. For the three months ended September 30, 2021 and September 30, 2020, the effective tax rate differed from the prevailing corporate federal income tax rate of 21% due primarily to the effects of the preferential tax items. For the nine months ended September 30, 2021, the effective tax rate differed from the prevailing corporate federal income tax rate of 21% due primarily to the effects of the preferential tax items. For the nine months ended September 30, 2020, the effective tax rate differed from the prevailing corporate federal income tax rate of 21% due primarily to the effects of preferential tax items exceeding the tax expense at 21% on pre-tax income. |
Reinsurance
Reinsurance | 9 Months Ended |
Sep. 30, 2021 | |
Reinsurance [Abstract] | |
Reinsurance | 7. Reinsurance Credit Losses on Reinsurance-related Assets In connection with our recognition of an allowance for credit losses for reinsurance-related assets, we perform a quantitative analysis using a probability of loss approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. As of September 30, 2021, our allowance for credit losses for reinsurance-related assets was $198 million. There have been no material changes to the allowance for credit losses for the nine months ended September 30, 2021. Modco Agreements Some portions of our annuity business have been reinsured on a Modco basis with other companies. In a Modco agreement, we as the ceding company retain the reserves, as well as the assets backing those reserves, and the reinsurer shares proportionally in all financial terms of the reinsured policies based on their respective percentage of the risk. Effective October 1, 2018, we entered into one such Modco agreement with Athene Holding Ltd. (“Athene”) to reinsure fixed annuity products, which resulted in a deposit asset of $5.1 billion and $5.8 billion as of September 30, 2021, and December 31, 2020, respectively, within other assets on our Consolidated Balance Sheets. We held assets in support of reserves associated with the transaction in a Modco investment portfolio, which consisted of the following (in millions): As ofAs of September 30,December 31, 20212020 Fixed maturity AFS securities $ 1,114 $ 1,531 Trading securities 3,096 3,357 Equity securities 27 17 Mortgage loans on real estate 792 832 Derivative investments 86 103 Other investments 251 167 Cash and invested cash 207 92 Accrued investment income 36 42 Other assets 25 3 Total $ 5,634 $ 6,144 In addition, the portfolio was supported by $166 million of over-collateralization and a $152 million letter of credit as of September 30, 2021. Reinsurance Transaction Our previously announced reinsurance transaction with Security Life of Denver Insurance Company, a subsidiary of Resolution Life, to reinsure liabilities under a block of in-force executive benefit and universal life policies in our Life Insurance business became effective as of October 1, 2021. The agreement is structured as coinsurance for the general account reserves and Modco for the separate account reserves. The $1.2 billion in proceeds from the transaction will predominantly be used to fund incremental share repurchases that we expect to be completed by the end of the first quarter of 2022, with the remainder to be used for general corporate purposes, primarily paying down debt. |
Guaranteed Benefit Features
Guaranteed Benefit Features | 9 Months Ended |
Sep. 30, 2021 | |
Guaranteed Benefit Features [Abstract] | |
Guaranteed Benefit Features | 8. Guaranteed Benefit Features Information on the guaranteed death benefit (“GDB”) features outstanding (dollars in millions) was as follows: As ofAs of September 30,December 31, 2021 (1) 2020 (1) Return of Net Deposits Total account value $ 114,058 $ 109,856 Net amount at risk (2) 96 72 Average attained age of contract holders 66 years 66 years Minimum Return Total account value $ 98 $ 100 Net amount at risk (2) 12 12 Average attained age of contract holders 79 years 78 years Guaranteed minimum return 5% 5% Anniversary Contract Value Total account value $ 28,067 $ 27,650 Net amount at risk (2) 511 390 Average attained age of contract holders 73 years 72 years (1)Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive.(2)Represents the amount of death benefit in excess of the account balance that is subject to market fluctuations. The determination of GDB liabilities is based on models that involve a range of scenarios and assumptions, including those regarding expected market rates of return and volatility, contract surrender rates and mortality experience. The following summarizes the balances of and changes in the liabilities for GDBs (in millions), which were recorded in future contract benefits on our Consolidated Balance Sheets: For the Nine Months Ended September 30, 2021 2020 Balance as of beginning-of-year$ 121 $ 117 Changes in reserves 31 46 Benefits paid (16) (21) Balance as of end-of-period$ 136 $ 142 Variable Annuity Contracts Account balances of variable annuity contracts, including those with guarantees, (in millions) were invested in separate account investment options as follows: As ofAs of September 30,December 31, 2021 2020 Asset Type Domestic equity $ 73,503 $ 70,362 International equity 21,041 20,855 Fixed income 44,627 43,521 Total $ 139,171 $ 134,738 Percent of total variable annuity separate account values 98% 98% Secondary Guarantee Products Future contract benefits and other contract holder funds include reserves for our secondary guarantee products sold through our Life Insurance segment. Reserves on UL and VUL products with secondary guarantees represented 38% of total life insurance in-force reserves as of September 30, 2021, and December 31, 2020. UL and VUL products with secondary guarantees represented 17% and 15% of total life insurance sales for the three and nine months ended September 30, 2021, respectively, compared to 32% for the corresponding periods in 2020. |
Liability For Unpaid Claims
Liability For Unpaid Claims | 9 Months Ended |
Sep. 30, 2021 | |
Liability For Unpaid Claims [Abstract] | |
Liability For Unpaid Claims | 9. Liability for Unpaid Claims The liability for unpaid claims consists primarily of long-term disability claims and is reported in future contract benefits on our Consolidated Balance Sheets. Changes in the liability for unpaid claims (in millions) were as follows: For the Nine Months Ended September 30, 2021 2020 Balance as of beginning-of-year$ 5,934 $ 5,552 Reinsurance recoverable 151 152 Net balance as of beginning-of-year 5,783 5,400 Incurred related to: Current year 2,999 2,615 Prior years: Interest 112 116 All other incurred (1) (284) (157)Total incurred 2,827 2,574 Paid related to: Current year (1,393) (1,184)Prior years (1,222) (1,118)Total paid (2,615) (2,302)Net balance as of end-of-period 5,995 5,672 Reinsurance recoverable 145 149 Balance as of end-of-period$ 6,140 $ 5,821 (1)All other incurred is primarily impacted by the level of claim resolutions in the period compared to that which is expected by the reserve assumption. A negative number implies a favorable result where claim resolutions were more favorable than assumed. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the long-term life of the block of claims. It will vary from actual experience in any one period, both favorably and unfavorably. The interest rate assumption used for discounting long-term claim reserves is an important part of the reserving process due to the long benefit period for these claims. Interest accrued on prior years’ reserves has been calculated on the opening reserve balance less one-half of the prior years’ incurred claim payments at our average reserve discount rate. Long-term disability benefits may extend for many years, and claim development schedules do not reflect these longer benefit periods. As a result, we use longer term retrospective runoff studies, experience studies and prospective studies to develop our liability estimates. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Debt | 10. Debt Changes in debt (in millions) were as follows: For the Nine Months Ended September 30, 2021 Balance as of beginning-of-year $ 6,682 Capital securities exchanged: LIBOR + 236 bps, due 2066 (562) LIBOR + 204 bps, due 2067 (433) Subordinated notes issued: LIBOR + 236 bps, due 2066 562 LIBOR + 204 bps, due 2067 433 Unamortized debt issuance costs 3 Unamortized adjustments from discontinued hedges (11) Fair value hedge on interest rate swap agreements (51) Balance as of end-of-period $ 6,623 During the third quarter of 2021, we completed the exchange of a portion of our outstanding capital securities for newly issued subordinated notes. In connection with the exchange offer, we solicited and received the requisite number of consents to amend the indentures governing the remaining outstanding capital securities to eliminate various terms and conditions and other provisions, including the covenant that required us to make interest payments in accordance with an alternative coupon satisfaction mechanism upon the occurrence of certain trigger events. We recorded $8 million of expenses associated with the exchange transaction to interest expense on our Consolidated Statements of Comprehensive Income (Loss). Credit Facility On June 21, 2021, we entered into an amended and restated credit agreement with a syndicate of banks, which amended and restated our existing credit facility agreement, dated as of July 31, 2019. The amended credit facility, which is unsecured, allows for the issuance of letters of credit (“LOCs”) and borrowing of up to $2.5 billion and has a commitment termination date of June 19, 2026. The LOCs under the credit facility are used primarily to satisfy reserve credit requirements of (i) our domestic insurance companies for which reserve credit is provided by our affiliated reinsurance companies and (ii) certain ceding companies of our legacy reinsurance business. The amended credit facility agreement contains: Customary terms and conditions, including covenants restricting our ability to incur liens, merge or consolidate with another entity where we are not the surviving entity and dispose of all or substantially all of our assets;Financial covenants including maintenance of a minimum consolidated net worth equal to the sum of $10.0 billion plus 50% of the aggregate net proceeds of equity issuances received by us in accordance with the terms of the agreement; and a debt-to-capital ratio as defined in accordance with the agreement not to exceed 0.35 to 1.00;A cap on secured non-operating indebtedness and non-operating indebtedness of our subsidiaries equal to 7.5% of total capitalization, as defined in accordance with the agreement; andCustomary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default. Upon an event of default, the amended credit facility agreement provides that, among other things, the commitments may be terminated and the loans then outstanding may be declared due and payable. As of September 30, 2021, we were in compliance with all such covenants. |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Contingencies And Commitments [Abstract] | |
Contingencies And Commitments | 11. Contingencies and Commitments Contingencies Regulatory and Litigation Matters Regulatory bodies, such as state insurance departments, the SEC, Financial Industry Regulatory Authority and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, laws governing the activities of broker-dealers, registered investment advisers and unclaimed property laws. LNC is involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNC in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of September 30, 2021. For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss. As of September 30, 2021, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $120 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure on such matters. For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates (“Cost of Insurance and Other Litigation”), as described below. No accrual has been made for several of these matters. Although a loss is believed to be reasonably possible for these matters, we are not able to estimate a reasonably possible amount or range of potential liability. An adverse outcome in one or more of these matters may have a material impact on our consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact. Reinsurance Disputes Certain reinsurers have sought rate increases on certain yearly renewable term agreements. We are disputing the requested rate increases under these agreements. We will initiate arbitration proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have initiated, and may in the future initiate, arbitration proceedings against us. We believe it is unlikely the outcome of these disputes would have a material impact on our consolidated financial statements. For more information about reinsurance, see Note 7. Cost of Insurance and Other Litigation Cost of Insurance Litigation Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on The Lincoln National Life Insurance Company (“LNL”) on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed Plaintiff’s complaint in its entirety. In response, Plaintiff filed a motion for leave to amend the complaint, which we have opposed. Hanks v. Lincoln Life & Annuity Company of New York (“LLANY”) and Voya Retirement Insurance and Annuity Company (“Voya”), filed in the U.S. District Court for the Southern District of New York, No. 1:16-cv-6399, is a putative class action that was served on LLANY on August 12, 2016. Plaintiff owns a universal life policy originally issued by Aetna (now Voya) and alleges that (i) Voya breached the terms of the policy when it increased non-guaranteed cost of insurance rates on Plaintiff’s policy; and (ii) LLANY, as reinsurer and administrator of Plaintiff’s policy, engaged in wrongful conduct related to the cost of insurance increase and was unjustly enriched as a result. Plaintiff seeks to represent all owners of Aetna life insurance policies that were subject to non-guaranteed cost of insurance rate increases in 2016 and seeks damages on their behalf. On March 13, 2019, the court issued an order granting plaintiff’s motion for class certification for the breach of contract claim and denying such motion with respect to the unjust enrichment claim against LLANY, and, on September 12, 2019, the court issued an order approving the parties’ joint stipulation of dismissal with respect to the unjust enrichment claim and dismissed LLANY as a defendant in the case. In light of LLANY’s role as reinsurer and administrator under the 1998 coinsurance agreement with Aetna (now Voya), and of the parties’ rights and obligations thereunder, LLANY continues to be actively engaged in the defense of this case. On September 30, 2020, the court denied plaintiff’s motion for summary judgment and granted in part Voya’s motion for summary judgment. On October 22, 2021, the parties informed the presiding judge that they have reached a settlement of the action, subject to court approval. The parties requested the suspension of the current case-schedule, including trial date, and 45 days to prepare a final settlement agreement and motion for preliminary approval. On October 25, 2021, the presiding judge approved the parties’ request. The terms of the provisional settlement remain confidential. EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:17-cv-02592, is a civil action filed on February 1, 2017. Plaintiffs own Legend Series universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Plaintiffs allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter. In re: Lincoln National COI Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania, Master File No. 2:16-cv-06605-GJP, is a consolidated litigation matter related to multiple putative class action filings that were consolidated by an order dated March 20, 2017. In addition to consolidating a number of existing matters, the order also covers any future cases filed in the same district related to the same subject matter. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2016. Plaintiffs seek to represent classes of policyowners and seek damages on their behalf. We are vigorously defending this matter. In re: Lincoln National 2017 COI Rate Litigation, Master File No. 2:17-cv-04150 is a consolidated litigation matter related to multiple putative class action filings that were consolidated by an order of the court in March 2018. Plaintiffs own universal life insurance policies originally issued by former Jefferson-Pilot (now LNL). Plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2017. Plaintiffs seek to represent classes of policyholders and seek damages on their behalf. We are vigorously defending this matter. Iwanski v. First Penn-Pacific Life Insurance Company (“FPP”), No. 2:18-cv-01573 filed in the U.S. District Court for the Eastern District of Pennsylvania is a putative class action that was filed on April 13, 2018. Plaintiff alleges that defendant FPP breached the terms of his life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued by FPP containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. We are vigorously defending this matter. TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company, filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. We are vigorously defending this matter. LSH Co. and Wells Fargo Bank, National Association, as securities intermediary for LSH Co. v. Lincoln National Corporation and The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-05529, is a civil action filed on December 21, 2018. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Plaintiffs allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates in 2016 and 2017. We are vigorously defending this matter. Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that LLANY charged more for non-guaranteed cost of insurance than was permitted by the policies. Plaintiff seeks to represent all current and former owners of universal life (including variable universal life) policies who own or owned policies issued by LLANY and its predecessors in interest that were in force at any time on or after June 27, 2013, and which contain non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policies. Plaintiff also seeks to represent a sub-class of such policyholders who own or owned “life insurance policies issued in the State of New York.” Plaintiff seeks damages on behalf of the policyholder class and sub-class. We are vigorously defending this matter. Other Litigation Andrew Nitkewicz v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:20-cv-06805, is a putative class action that was filed on August 24, 2020. Plaintiff Andrew Nitkewicz, as trustee of the Joan C. Lupe Trust, seeks to represent all current and former owners of universal life (including variable universal life) policies who own or owned policies issued by LLANY and its predecessors in interest that were in force at any time on or after June 27, 2013, and for which planned annual, semi-annual, or quarterly premiums were paid for any period beyond the end of the policy month of the insured’s death. Plaintiff alleges LLANY failed to refund unearned premium in violation of New York Insurance Law Section 3203(a)(2) in connection with the payment of death benefit claims for certain insurance policies. Plaintiff seeks compensatory damages and pre-judgment interest on behalf of the various classes and sub-class. On July 2, 2021, the court granted, with prejudice, LLANY’s November 2020 motion to dismiss this matter. On July 28, 2021, plaintiff filed a notice of appeal with respect to this ruling. |
Shares and Stockholders' Equity
Shares and Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Shares and Stockholders' Equity [Abstract] | |
Shares and Stockholders' Equity | 12. Shares and Stockholders’ Equity Common Shares The changes in our common stock (number of shares) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Common Stock Balance as of beginning-of-period 189,089,948 193,247,103 192,329,691 196,668,532 Stock compensation/issued for benefit plans 61,099 7,845 943,925 396,340 Retirement/cancellation of shares (3,061,825) - (7,184,394) (3,809,924)Balance as of end-of-period 186,089,222 193,254,948 186,089,222 193,254,948 Common Stock as of End-of-Period Basic basis 186,089,222 193,254,948 186,089,222 193,254,948 Diluted basis 188,103,623 195,331,049 188,103,623 195,331,049 Our common stock is without par value. Average Shares A reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average shares, as used in basic calculation 187,276,859 193,250,727 189,665,059 193,849,829 Shares to cover non-vested stock 1,451,686 629,997 1,239,640 644,192 Average stock options outstanding during the period 1,847,513 689,975 1,604,627 752,922 Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) (1,444,711) (592,887) (1,224,255) (588,805)Shares repurchasable from measured but unrecognized stock option expense (40,280) (3,515) (26,570) (2,402)Average deferred compensation shares - 1,382,128 - 1,285,205 Weighted-average shares, as used in diluted calculation 189,091,067 195,356,425 191,258,501 195,940,941 In the event the average market price of LNC common stock exceeds the issue price of stock options and the options have a dilutive effect to our earnings per share (“EPS”), such options will be shown in the table above. We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. For the three and nine months ended September 30, 2020, the effect of settling obligations in LNC stock (“equity classification”) was more dilutive than the scenario of settling in cash (“liability classification”). Therefore, for our EPS calculation for these periods, we added these shares to the denominator and adjusted the numerator to present net income as if the shares had been accounted for under equity classification by removing the mark-to-market adjustment included in net income attributable to these deferred units of LNC stock. The amount of this adjustment was $5 million and $16 million for the three and nine months ended September 30, 2020, respectively. AOCI The following summarizes the components and changes in AOCI (in millions): For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities Balance as of beginning-of-year$ 9,611 $ 5,983 Cumulative effect from adoption of new accounting standard - 45 Unrealized holding gains (losses) arising during the period (4,244) 5,426 Change in foreign currency exchange rate adjustment (123) 21 Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds 1,359 (2,403)Income tax benefit (expense) 640 (652)Less: Reclassification adjustment for gains (losses) included in net income (loss) (4) (48)Associated amortization of DAC, VOBA, DSI and DFEL (18) 42 Income tax benefit (expense) 5 1 Balance as of end-of-period$ 7,260 $ 8,425 Unrealized Other-Than-Temporary-Impairment on Fixed Maturity AFS Securities Balance as of beginning-of-year$ - $ 45 Cumulative effect from adoption of new accounting standard - (45)Balance as of end-of-period$ - $ - Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year$ (402)$ (11)Unrealized holding gains (losses) arising during the period 229 (219)Change in foreign currency exchange rate adjustment 129 (16)Change in DAC, VOBA, DSI and DFEL - (64)Income tax benefit (expense) (76) 62 Less: Reclassification adjustment for gains (losses) included in net income (loss) 16 38 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Income tax benefit (expense) (3) (6)Balance as of end-of-period$ (132)$ (272)Foreign Currency Translation Adjustment Balance as of beginning-of-year$ (12)$ (17)Foreign currency translation adjustment arising during the period (2) (4)Balance as of end-of-period$ (14)$ (21)Funded Status of Employee Benefit Plans Balance as of beginning-of-year$ (266)$ (327)Adjustment arising during the period 1 4 Balance as of end-of-period$ (265)$ (323) The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss): For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities Gross reclassification$ (4) $ (48)Realized gain (loss)Associated amortization of DAC, VOBA, DSI and DFEL (18) 42 Realized gain (loss)Reclassification before income tax benefit (expense) (22) (6)Income (loss) before taxesIncome tax benefit (expense) 5 1 Federal income tax expense (benefit)Reclassification, net of income tax$ (17) $ (5)Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts$ 2 $ 2 Net investment incomeInterest rate contracts (18) (16)Interest and debt expenseForeign currency contracts 34 46 Net investment incomeForeign currency contracts (2) 6 Realized gain (loss)Total gross reclassifications 16 38 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Commissions and other expensesReclassifications before income tax benefit (expense) 15 30 Income (loss) before taxesIncome tax benefit (expense) (3) (6)Federal income tax expense (benefit)Reclassifications, net of income tax$ 12 $ 24 Net income (loss) |
Realized Gain (Loss)
Realized Gain (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Realized Gain (Loss) [Abstract] | |
Realized Gain (Loss) | 13. Realized Gain (Loss) Realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value for mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, certain derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is recognized in net income, net of associated amortization of DAC, VOBA, DSI and DFEL. Realized gain (loss) is also net of allocations of investment gains and losses to certain contract holders and certain funds withheld on reinsurance arrangements for which we have a contractual obligation. Details underlying realized gain (loss) (in millions) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Fixed maturity AFS securities: Gross gains$ 1 $ 2 $ 17 $ 30 Gross losses (3) (6) (21) (78)Credit loss benefit (expense) (1) (8) (1) (9) (22)Realized gain (loss) on equity securities (2) 5 5 37 (9)Credit loss benefit (expense) on mortgage loans on real estate 40 71 77 (112)Credit loss benefit (expense) on reinsurance related assets (2) - (6) - Other gain (loss) on investments (1) 2 1 (6)Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds (9) (8) (19) 34 Total realized gain (loss) related to certain financial assets 23 65 77 (163)Realized gain (loss) on the mark-to-market on certain instruments (3)(4) 8 (13) 25 27 Indexed annuity and IUL contracts net derivative results: (5) Gross gain (loss) (24) 47 16 (3)Associated amortization of DAC, VOBA, DSI and DFEL 19 (20) 8 (5)Variable annuity net derivative results: (6) Gross gain (loss) 60 704 (274) 223 Associated amortization of DAC, VOBA, DSI and DFEL (1) (154) 51 (122)Total realized gain (loss)$ 85 $ 629 $ (97)$ (43) (1)Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.(2)Includes market adjustments on equity securities still held of $4 million and $5 million for the three months ended September 30, 2021 and 2020, respectively, and $40 million and $(8) million for the nine months ended September 30, 2021 and 2020, respectively.(3)Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivative results), reinsurance related embedded derivatives, mortgage loans on real estate accounted for under the fair value option and trading securities. See Note 7 for information regarding Modco.(4)Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $2 million and $3 million for the three months ended September 30, 2021 and 2020, respectively, and $2 million and $8 million for the nine months ended September 30, 2021 and 2020, respectively.(5)Represents the net difference between the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts along with changes in the fair value of embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products.(6)Includes the net difference in the change in embedded derivative reserves of our GLB riders and the change in the fair value of the derivative instruments we own to hedge the change in embedded derivative reserves on our GLB riders and the benefit ratio unlocking on our GLB and GDB riders, including the cost of purchasing the hedging instruments. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 14. Fair Value of Financial Instruments The carrying values and estimated fair values of our financial instruments (in millions) were as follows: As of September 30, 2021 As of December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Assets Fixed maturity AFS securities$ 122,085 $ 122,085 $ 123,044 $ 123,044 Trading securities 4,191 4,191 4,501 4,501 Equity securities 243 243 129 129 Mortgage loans on real estate 17,730 18,612 16,763 18,219 Derivative investments (1) 4,828 4,828 3,109 3,109 Other investments 4,059 4,059 3,974 3,974 Cash and invested cash 2,614 2,614 1,708 1,708 Other assets: GLB direct embedded derivatives 1,698 1,698 450 450 GLB ceded embedded derivatives 55 55 82 82 Indexed annuity ceded embedded derivatives 495 495 550 550 Separate account assets 175,667 175,667 167,965 167,965 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4,804) (4,804) (3,594) (3,594)Other contract holder funds: Remaining guaranteed interest and similar contracts (1,813) (1,813) (1,854) (1,854)Account values of certain investment contracts (40,587) (46,418) (40,947) (49,745)Short-term debt (300) (305) - - Long-term debt (6,323) (6,734) (6,682) (7,067)Reinsurance related embedded derivatives (304) (304) (392) (392)Other liabilities: Derivative liabilities (1) (593) (593) (906) (906)GLB ceded embedded derivatives (146) (146) - - (1)We have master netting agreements with each of our derivative counterparties, which allow for the netting of our derivative asset and liability positions by counterparty. Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on our Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments. Mortgage Loans on Real Estate The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, loan-to-value, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy. Other Investments The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes Federal Home Loan Bank (“FHLB”) stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy. Separate Account Assets Separate account assets are primarily carried at fair value. A portion of our separate account assets includes LPs, which are accounted for using the equity method of accounting. The carrying value is based on our proportional share of the net assets of the LPs and approximates fair value. The inputs used to measure the fair value of the separate account asset LPs are classified as Level 3 within the fair value hierarchy. Other Contract Holder Funds Other contract holder funds include remaining guaranteed interest and similar contracts and account values of certain investment contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of September 30, 2021, and December 31, 2020, the remaining guaranteed interest and similar contracts carrying value approximated fair value. The fair value of the account values of certain investment contracts is based on their approximate surrender value as of the balance sheet date. The inputs used to measure the fair value of our other contract holder funds are classified as Level 3 within the fair value hierarchy. Short-Term and Long-Term Debt The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy. Fair Value Option Mortgage loans on real estate, net of allowance for credit losses, as reported on our Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with Modco agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on our Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs as a result of a change to a third-party pricing source during 2020, mortgage loans electing the fair value option were categorized as Level 3 as of September 30, 2021, and December 31, 2020. The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows: As of As of September 30, December 31, 2021 2020 Fair value $ 792 $ 832 Aggregate contractual principal 795 839 As of September 30, 2021, and December 31, 2020, no loans for which the fair value option was elected were in non-accrual status, and none were more than 90 days past due and still accruing interest. Financial Instruments Carried at Fair Value Short-Term Investments Short-term investments consist of securities with original maturities of one year or less, but greater than three months, and are included in other investments on our Consolidated Balance Sheets. Securities included in short-term investments are carried at fair value, with valuation methods and inputs consistent with those applied to fixed maturity AFS securities. We did not have any assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2021, or December 31, 2020. The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels: As of September 30, 2021 Quoted Prices in Active Markets forSignificantSignificant Identical ObservableUnobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 95,490 $ 5,372 $ 100,862 U.S. government bonds 438 5 - 443 State and municipal bonds - 6,901 - 6,901 Foreign government bonds - 406 106 512 RMBS - 2,934 1 2,935 CMBS - 1,593 1 1,594 ABS - 7,569 734 8,303 Hybrid and redeemable preferred securities 56 398 81 535 Trading securities 32 3,559 600 4,191 Equity securities 11 145 87 243 Mortgage loans on real estate - - 792 792 Derivative investments (1) - 6,577 169 6,746 Other investments - short term investments - 108 - 108 Cash and invested cash - 2,614 - 2,614 Other assets: GLB direct embedded derivatives - - 1,698 1,698 GLB ceded embedded derivatives - - 55 55 Indexed annuity ceded embedded derivatives - - 495 495 Separate account assets 561 175,098 - 175,659 Total assets $ 1,098 $ 303,397 $ 10,191 $ 314,686 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ (4,804) $ (4,804)Reinsurance related embedded derivatives - (304) - (304)Other liabilities: Derivative liabilities (1) - (2,343) (168) (2,511)GLB ceded embedded derivatives - - (146) (146)Total liabilities $ - $ (2,647) $ (5,118) $ (7,765) As of December 31, 2020 Quoted Prices in Active Markets forSignificantSignificant Identical ObservableUnobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 97,668 $ 5,121 $ 102,789 U.S. government bonds 473 6 5 484 State and municipal bonds - 6,921 - 6,921 Foreign government bonds - 396 74 470 RMBS - 3,074 2 3,076 CMBS - 1,505 - 1,505 ABS - 6,614 570 7,184 Hybrid and redeemable preferred securities 54 457 104 615 Trading securities 5 3,852 644 4,501 Equity securities 22 48 59 129 Mortgage loans on real estate - - 832 832 Derivative investments (1) - 1,733 3,575 5,308 Cash and invested cash - 1,708 - 1,708 Other assets: GLB direct embedded derivatives - - 450 450 GLB ceded embedded derivatives - - 82 82 Indexed annuity ceded embedded derivatives - - 550 550 Separate account assets 606 167,351 - 167,957 Total assets $ 1,160 $ 291,333 $ 12,068 $ 304,561 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ (3,594) $ (3,594)Reinsurance related embedded derivatives - (392) - (392)Other liabilities – derivative liabilities (1) - (1,072) (2,033) (3,105)Total liabilities $ - $ (1,464) $ (5,627) $ (7,091) (1)Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty. The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. This summary excludes any effect of amortization of DAC, VOBA, DSI and DFEL. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. For the Three Months Ended September 30, 2021 GainsIssuances,Transfers Items (Losses) Sales, Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 5,429 $ 1 $ (88)$ 55 $ (25)$ 5,372 Foreign government bonds 43 - (3) 66 - 106 RMBS 1 - - - - 1 CMBS 9 - - - (8) 1 ABS 630 - (2) 144 (38) 734 Hybrid and redeemable preferred securities 102 - 6 (27) - 81 Trading securities 630 3 - (33) - 600 Equity securities 82 5 - - - 87 Mortgage loans on real estate 818 4 3 (33) - 792 Derivative investments 1 - - - - 1 Other assets: (3) GLB direct embedded derivatives 1,767 (69) - - - 1,698 GLB ceded embedded derivatives 53 2 - - - 55 Indexed annuity ceded embedded derivatives - (14) - (6) 515 495 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) - 47 - 86 (4,937) (4,804)Other liabilities – GLB ceded embedded derivatives (3) (152) 6 - - - (146)Total, net$ 9,413 $ (15)$ (84)$ 252 $ (4,493)$ 5,073 For the Three Months Ended September 30, 2020 GainsIssuances,Transfers Items (Losses) Sales, Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 4,344 $ (7)$ 197 $ 30 $ (12)$ 4,552 U.S. government bonds 5 - - - (5) - Foreign government bonds 86 - - (20) - 66 RMBS 2 - - - - 2 CMBS 1 - - - - 1 ABS 424 - 2 60 (73) 413 Hybrid and redeemable preferred securities 90 - 1 14 - 105 Trading securities 673 3 - (120) (21) 535 Equity securities 29 2 - 20 - 51 Derivative investments 595 958 - (189) (216) 1,148 Other assets: (3) GLB ceded embedded derivatives 571 (290) - - - 281 Indexed annuity ceded embedded derivatives 664 295 - (423) - 536 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (2,272) (400) - (16) - (2,688)Other liabilities – GLB direct embedded derivatives (3) (3,086) 1,980 - - - (1,106)Total, net$ 2,126 $ 2,541 $ 200 $ (644)$ (327)$ 3,896 For the Nine Months Ended September 30, 2021 GainsIssuances,Transfers Items (Losses)Sales,Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 5,121 $ 4 $ (139)$ 440 $ (54)$ 5,372 U.S. government bonds 5 - - (5) - - Foreign government bonds 74 - (11) 80 (37) 106 RMBS 2 (1) - - - 1 CMBS - 1 - 8 (8) 1 ABS 570 1 (5) 426 (258) 734 Hybrid and redeemable preferred securities 104 - 18 (41) - 81 Trading securities 644 2 - (31) (15) 600 Equity securities 59 31 - (3) - 87 Mortgage loans on real estate 832 11 6 (57) - 792 Derivative investments 1,542 1,249 - (132) (2,658) 1 Other assets: (3) GLB direct embedded derivatives 450 1,248 - - - 1,698 GLB ceded embedded derivatives 82 (27) - - - 55 Indexed annuity ceded embedded derivatives 550 17 - (60) (12) 495 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (3,594) (579) - 136 (767) (4,804)Other liabilities – GLB ceded embedded derivatives (3) - (146) - - - (146)Total, net$ 6,441 $ 1,811 $ (131)$ 761 $ (3,809)$ 5,073 For the Nine Months Ended September 30, 2020 GainsIssuances,Transfers Items (Losses)Sales,Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 4,281 $ (7)$ 17 $ 181 $ 80 $ 4,552 U.S. government bonds 5 - - - (5) - Foreign government bonds 90 - (4) (20) - 66 RMBS 11 - - - (9) 2 CMBS 1 - - - - 1 ABS 268 - 3 318 (176) 413 Hybrid and redeemable preferred securities 78 - (1) 10 18 105 Trading securities 666 (1) - (140) 10 535 Equity securities 30 1 - 20 - 51 Derivative investments 868 555 267 (326) (216) 1,148 Other assets: (3) GLB direct embedded derivatives 450 (450) - - - - GLB ceded embedded derivatives 60 221 - - - 281 Indexed annuity ceded embedded derivatives 927 484 - (875) - 536 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (2,585) (88) - (15) - (2,688)Other liabilities: (3) GLB direct embedded derivatives - (1,106) - - - (1,106)GLB ceded embedded derivatives (9) 9 - - - - Total, net$ 5,141 $ (382)$ 282 $ (847)$ (298)$ 3,896 (1)The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).(2)Amortization and accretion of premiums and discounts are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).(3)Gains (losses) from the changes in fair value are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, excluding any effect of amortization of DAC, VOBA, DSI and DFEL and changes in future contract benefits, (in millions) as reported above: For the Three Months Ended September 30, 2021 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 219 $ (12)$ (82)$ (70)$ - $ 55 Foreign government bonds 66 - - - - 66 ABS 195 - - (51) - 144 Hybrid and redeemable preferred securities 3 - - - (30) (27)Trading securities 3 (15) - (21) - (33)Mortgage loans on real estate 8 - (22) (19) - (33)Other assets – indexed annuity ceded embedded derivatives 19 - - (25) - (6)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (47) - - 133 - 86 Total, net$ 466 $ (27)$ (104)$ (53)$ (30)$ 252 For the Three Months Ended September 30, 2020 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 154 $ (58)$ (3)$ (18)$ (45)$ 30 Foreign government bonds - - (20) - - (20)ABS 74 - - (14) - 60 Hybrid and redeemable preferred securities 14 - - - - 14 Trading securities 15 - (20) (115) - (120)Equity securities 20 - - - - 20 Derivative investments 126 (177) (138) - - (189)Other assets – indexed annuity ceded embedded derivatives 4 - - (427) - (423)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (88) - - 72 - (16)Total, net$ 319 $ (235)$ (181)$ (502)$ (45)$ (644) For the Nine Months Ended September 30, 2021 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 926 $ (29)$ (103)$ (337)$ (17)$ 440 U.S. government bonds - - (5) - - (5)Foreign government bonds 80 - - - - 80 CMBS 8 - - - - 8 ABS 563 - - (137) - 426 Hybrid and redeemable preferred securities 9 (20) - - (30) (41)Trading securities 127 (23) - (135) - (31)Equity securities 6 (9) - - - (3)Mortgage loans on real estate 89 (101) (26) (19) - (57)Derivative investments 174 (124) (182) - - (132)Other assets – indexed annuity ceded embedded derivatives 22 - - (82) - (60)Future contract benefits – indexed annuity - and IUL contracts embedded derivatives (155) - - 291 - 136 Total, net$ 1,849 $ (306)$ (316)$ (419)$ (47)$ 761 For the Nine Months Ended September 30, 2020 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 683 $ (230)$ (37)$ (112)$ (123)$ 181 Foreign government bonds - - (20) - - (20)ABS 353 - - (35) - 318 Hybrid and redeemable preferred securities 14 (4) - - - 10 Trading securities 53 (25) (20) (148) - (140)Equity securities 21 (1) - - - 20 Derivative investments 374 (395) (305) - - (326)Other assets – indexed annuity ceded embedded derivatives 21 - - (896) - (875)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (170) - - 155 - (15)Total, net$ 1,349 $ (655)$ (382)$ (1,036)$ (123)$ (847) The following summarizes changes in unrealized gains (losses) included in net income, excluding any effect of amortization of DAC, VOBA, DSI and DFEL and changes in future contract benefits, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions): For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Trading securities$ 3 $ - $ 3 $ - Equity securities 5 - 35 - Mortgage loans on real estate 4 - 12 - GLB embedded derivatives 140 2,143 1,854 (1,062) Derivative investments - 731 - 265 Embedded derivatives – indexed annuity and IUL contracts (36) 340 22 582 Total, net (1)$ 116 $ 3,214 $ 1,926 $ (215) (1)Included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, excluding any effect of amortization of DAC, VOBA, DSI and DFEL and changes in future contract benefits, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions): For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Fixed maturity AFS securities: Corporate bonds$ (82)$ 181 $ (139)$ (26) Foreign government bonds (3) - (11) (3) ABS (1) 4 (5) 4 Hybrid and redeemable preferred securities 6 1 19 (1) Mortgage loans on real estate 3 - 5 - Total, net $ (77)$ 186 $ (131)$ (26) The following provides the components of the transfers into and out of Level 3 (in millions) as reported above: For the Three For the Three Months Ended Months Ended September 30, 2021 September 30, 2020 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds$ - $ (25)$ (25)$ 42 $ (54)$ (12)U.S. government bonds - - - - (5) (5)CMBS - (8) (8) - - - ABS 8 (46) (38) - (73) (73)Trading securities - - - - (21) (21)Derivative investments - - - - (216) (216)Other assets – indexed annuity ceded embedded derivatives 515 - 515 - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4,937) - (4,937) - - - Total, net $ (4,414)$ (79)$ (4,493)$ 42 $ (369)$ (327) For the Nine For the Nine Months Ended Months Ended September 30, 2021 September 30, 2020 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds$ 10 $ (64)$ (54)$ 296 $ (216)$ 80 U.S. government bonds - - - - (5) (5)Foreign government bonds - (37) (37) - - - RMBS - - - 1 (10) (9)CMBS - (8) (8) - - - ABS 8 (266) (258) 20 (196) (176)Hybrid and redeemable preferred securities - - - 18 - 18 Trading securities 14 (29) (15) 33 (23) 10 Derivative investments - (2,658) (2,658) - (216) (216)Other assets – indexed annuity ceded embedded derivatives 515 (527) (12) - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4,937) 4,170 (767) - - - Total, net $ (4,390)$ 581 $ (3,809)$ 368 $ (666)$ (298) Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the three and nine months ended September 30, 2021 and 2020, transfers in and out of Level 3 were attributable primarily to the financial instruments’ observable market information no longer being available or becoming available. During the second and third quarters of 2021, transfers into and out of Level 3 included free-standing and embedded derivative instruments for which we changed valuation techniques. This change in valuation technique was primarily from unobservable inputs in counterparty models to a mathematical model provided by a third party. The updated valuation technique is considered industry standard and provides us with greater visibility into the economic valuation inputs. The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of September 30, 2021: Weighted Average Fair Valuation Significant Assumption or Input Value Technique Unobservable Inputs Input Ranges Range (1)Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds$ 3,594 Discounted cash flow Liquidity/duration adjustment (2) 0.0% -6.8% 1.4% Foreign government bonds 106 Discounted cash flow Liquidity/duration adjustment (2) 1.0% -8.8% 3.5% ABS 19 Discounted cash flow Liquidity/duration adjustment (2) 2.2% -2.2% 2.2% Hybrid and redeemable preferred securities 7 Discounted cash flow Liquidity/duration adjustment (2) 1.7% -1.7% 1.7% Equity securities 21 Discounted cash flow Liquidity/duration adjustment (2) 4.5% -6.6% 6.1% Other assets: GLB direct and ceded 1,753 Discounted cash flow Long-term lapse rate (3) 1% -30% (10) embedded derivatives Utilization of guaranteed withdrawals (4)85% -100% 94% Claims utilization factor (5) 60% -100% (10) Premiums utilization factor (5) 80% -115% (10) NPR (6) 0.08% -1.37% 0.93% Mortality rate (7) (9) (10) Volatility (8) 1% -28% 14.55% Indexed annuity ceded embedded derivatives 495 Discounted cash flow Lapse rate (3) 0% -9% (10) Mortality rate (7) (9) (10) Liabilities Future contract benefits – indexed annuity contracts embedded derivatives$ (4,758)Discounted cash flow Lapse rate (3) 0% -9% (10) Mortality rate (7) (9) (10) Other liabilities – GLB ceded embedded derivatives (146)Discounted cash flow Long-term lapse rate (3) 1% -30% (10) Utilization of guaranteed withdrawals (4)85% -100% 94% Claims utilization factor (5) 60% -100% (10) Premiums utilization factor (5) 80% -115% (10) NPR (6) 0.08% -1.37% 0.93% Mortality rate (7) (9) (10) Volatility (8) 1% -28% 14.55% (1)Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.(2)The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.(3)The lapse rate input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapse rates during the surrender charge period.(4)The utilization of guaranteed withdrawals input represents the estimated percentage of contract holders that utilize the guaranteed withdrawal feature.(5)The utilization factors are applied to the present value of claims or premiums, as appropriate, in the GLB reserve calculation to estimate the impact of inefficient withdrawal behavior, including taking less than or more than the maximum guaranteed withdrawal.(6)The NPR input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The NPR input was weighted by the absolute value of the sensitivity of the reserve to the NPR assumption. (7)The mortality rate input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.(8)The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Fair value of the variable annuity GLB embedded derivatives would increase if higher volatilities were used for valuation. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account value assigned to each index.(9)The mortality rate is based on a combination of company and industry experience, adjusted for improvement factors.(10)A weighted average input range is not a meaningful measurement for lapse rate, utilization factors or mortality rate. From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurem |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Information [Abstract] | |
Segment Information | 15. Segment Information We provide products and services and report results through our Annuities, Retirement Plan Services, Life Insurance and Group Protection segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our chief operating decision makers view and manage the business. A discussion of these segments and Other Operations is found in Note 22 to the consolidated financial statements in our 2020 Form 10-K. Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable: Realized gains and losses associated with the following (“excluded realized gain (loss)”): Sales or disposals and impairments of financial assets;Changes in the fair value of equity securities;Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”);Changes in the fair value of the derivatives we own to hedge our GDB riders within our variable annuities;Changes in the fair value of the embedded derivatives of our GLB riders reflected within variable annuity net derivative results accounted for at fair value;Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; andChanges in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting option”);Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”);Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;Gains (losses) on modification or early extinguishment of debt;Losses from the impairment of intangible assets;Income (loss) from discontinued operations;Acquisition and integration costs related to mergers and acquisitions; and Income (loss) from the initial adoption of new accounting standards, regulations, and policy changes including the net impact from the Tax Cuts and Jobs Act. Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: Excluded realized gain (loss);Revenue adjustments from the initial adoption of new accounting standards;Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; andAmortization of deferred gains arising from reserve changes on business sold through reinsurance. The tables below reconcile our segment measures of performance to the GAAP measures presented in our Consolidated Statements of Comprehensive Income (Loss) (in millions): For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues Operating revenues: Annuities$ 1,267 $ 1,126 $ 3,720 $ 3,292 Retirement Plan Services 328 311 989 889 Life Insurance 2,325 2,127 6,293 5,587 Group Protection 1,243 1,184 3,743 3,608 Other Operations 42 40 125 131 Excluded realized gain (loss), pre-tax 36 572 (245) (198)Amortization of DFEL associated with benefit ratio unlocking, pre-tax - 1 2 (6)Total revenues$ 5,241 $ 5,361 $ 14,627 $ 13,303 For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Net Income (Loss) Income (loss) from operations: Annuities$ 338 $ 196 $ 951 $ 694 Retirement Plan Services 60 50 178 119 Life Insurance 93 (311) 455 (177)Group Protection (32) 6 (12) 85 Other Operations (152) (74) (307) (202)Excluded realized gain (loss), after-tax 29 452 (193) (156)Gain (loss) on modification or early extinguishment of debt, after-tax (6) - (6) (12)Benefit ratio unlocking, after-tax (12) 83 119 17 Acquisition and integration costs related to mergers and acquisitions, after-tax - (4) - (12)Net income (loss)$ 318 $ 398 $ 1,185 $ 356 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2021 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature Of Operations | Nature of Operations Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments. See Note 15 for additional details. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth protection, accumulation, retirement income and group protection products and solutions. These products primarily include fixed and indexed annuities, variable annuities, universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, employer-sponsored retirement plans and services, and group life, disability and dental. |
Basis Of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements. Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2020 Form 10-K. In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, especially when considering the risks and uncertainties associated with the COVID-19 pandemic and the future impacts of the pandemic on our business, results of operations and financial condition. All material inter-company accounts and transactions have been eliminated in consolidation |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entity Asset and Liability information | As of September 30, 2021 As of December 31, 2020 Number Number of Notional Carrying of Notional Carrying Instruments Amounts Value Instruments Amounts Value Assets Total return swap 1 $ 593 $ - 1 $ 611 $ - |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value | As of September 30, 2021 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds$ 88,238 $ 12,964 $ 324 $ 16 $ 100,862 U.S. government bonds 385 60 2 - 443 State and municipal bonds 5,543 1,369 11 - 6,901 Foreign government bonds 455 64 7 - 512 RMBS 2,687 252 3 1 2,935 CMBS 1,528 76 10 - 1,594 ABS 8,186 148 31 - 8,303 Hybrid and redeemable preferred securities 437 110 12 - 535 Total fixed maturity AFS securities $ 107,459 $ 15,043 $ 400 $ 17 $ 122,085 As of December 31, 2020 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds$ 86,289 $ 16,662 $ 150 $ 12 $ 102,789 U.S. government bonds 397 88 1 - 484 State and municipal bonds 5,360 1,561 - - 6,921 Foreign government bonds 384 87 1 - 470 RMBS 2,765 313 1 1 3,076 CMBS 1,390 115 - - 1,505 ABS 7,041 158 15 - 7,184 Hybrid and redeemable preferred securities 548 97 30 - 615 Total fixed maturity AFS securities $ 104,174 $ 19,081 $ 198 $ 13 $ 123,044 |
Available-For-Sale Securities By Contractual Maturities | Amortized Fair Cost Value Due in one year or less$ 3,126 $ 3,154 Due after one year through five years 15,454 16,362 Due after five years through ten years 19,277 21,021 Due after ten years 57,201 68,716 Subtotal 95,058 109,253 Structured securities (RMBS, CMBS, ABS) 12,401 12,832 Total fixed maturity AFS securities $ 107,459 $ 122,085 |
Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position | As of September 30, 2021 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross FairUnrealizedFairUnrealizedFair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds$ 8,685 $ 218 $ 1,289 $ 106 $ 9,974 $ 324 U.S. government bonds 29 1 3 1 32 2 State and municipal bonds 485 10 17 1 502 11 Foreign government bonds 152 6 28 1 180 7 RMBS 206 2 19 1 225 3 CMBS 365 9 16 1 381 10 ABS 3,662 29 106 2 3,768 31 Hybrid and redeemable preferred securities 33 1 115 11 148 12 Total fixed maturity AFS securities$ 13,617 $ 276 $ 1,593 $ 124 $ 15,210 $ 400 Total number of fixed maturity AFS securities in an unrealized loss position 1,753 As of December 31, 2020 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross FairUnrealizedFairUnrealizedFair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds$ 3,039 $ 92 $ 607 $ 58 $ 3,646 $ 150 U.S. government bonds 28 1 - - 28 1 Foreign government bonds 57 1 - - 57 1 RMBS 45 1 7 - 52 1 ABS 1,527 9 358 6 1,885 15 Hybrid and redeemable preferred securities 112 13 96 17 208 30 Total fixed maturity AFS securities$ 4,808 $ 117 $ 1,068 $ 81 $ 5,876 $ 198 Total number of fixed maturity AFS securities in an unrealized loss position 802 (1)As of September 30, 2021, and December 31, 2020, we recognized $8 million and $1 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded. |
Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost | As of September 30, 2021 Gross Number Fair Unrealized of Value Losses Securities (1)Less than six months$ 9 $ 2 4 Six months or greater, but less than nine months 17 5 1 Twelve months or greater 60 9 25 Total$ 86 $ 16 30 As of December 31, 2020 Gross Number Fair Unrealized of Value Losses Securities (1)Less than six months$ 63 $ 23 14 Six months or greater, but less than nine months 2 1 4 Nine months or greater, but less than twelve months 23 7 14 Twelve months or greater 30 11 20 Total$ 118 $ 42 52 (1)We may reflect a security in more than one aging category based on various purchase dates. |
Changes In Allowance For Credit Losses On AFS | For the Three Months Ended September 30, 2021 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 8 $ 1 $ - $ 9 Additions for securities for which credit losses were not previously recognized 8 - - 8 Additions from purchases of PCD debt securities (1) - - - - Balance as of end-of-period (2)$ 16 $ 1 $ - $ 17 For the Nine Months Ended September 30, 2021 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 12 $ 1 $ - $ 13 Additions for securities for which credit losses were not previously recognized 8 - - 8 Additions from purchases of PCD debt securities (1) - - - - Additions (reductions) for securities for which credit losses were previously recognized 2 - - 2 Reductions for securities charged-off (6) - - (6)Balance as of end-of-period (2)$ 16 $ 1 $ - $ 17 For the Three Months Ended September 30, 2020 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 20 $ 1 $ 1 $ 22 Additions for securities for which credit losses were not previously recognized 5 - - 5 Additions from purchases of PCD debt securities (1) - - - - Additions (reductions) for securities for which credit losses were previously recognized (3) - (1) (4)Reductions for securities charged-off (11) - - (11)Balance as of end-of-period (2)$ 11 $ 1 $ - $ 12 For the Nine Months Ended September 30, 2020 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ - $ - $ - $ - Additions for securities for which credit losses were not previously recognized 42 1 1 44 Additions from purchases of PCD debt securities (1) - - - - Additions (reductions) for securities for which credit losses were previously recognized (3) - (1) (4)Reductions for securities disposed (17) - - (17)Reductions for securities charged-off (11) - - (11)Balance as of end-of-period (2)$ 11 $ 1 $ - $ 12 (1)Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.(2)Accrued interest receivable on fixed maturity AFS securities totaled $1.1 billion as of September 30, 2021 and 2020, and was excluded from the estimate of credit losses. |
Composition Of Current And Past Due Mortgage Loans On Real Estate | As of September 30, 2021 As of December 31, 2020 Commercial Residential Total Commercial Residential Total Current$ 17,111 $ 691 $ 17,802 $ 16,245 $ 610 $ 16,855 30 to 59 days past due - 15 15 4 28 32 60 to 89 days past due - 3 3 - 8 8 90 or more days past due - 33 33 - 69 69 Allowance for credit losses (115) (16) (131) (187) (17) (204)Unamortized premium (discount) (12) 23 11 (14) 22 8 Mark-to-market gains (losses) (1) (3) - (3) (5) - (5)Total carrying value$ 16,981 $ 749 $ 17,730 $ 16,043 $ 720 $ 16,763 (1)Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 14 for additional information. |
Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Average aggregate carrying value for impaired mortgage loans on real estate$ 31 $ 31 $ 33 $ 17 Interest income recognized on impaired mortgage loans on real estate - - - - Interest income collected on impaired mortgage loans on real estate - - - - |
Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status | As of September 30, 2021 As of December 31, 2020 Nonaccrual Nonaccrual with no with no Allowance Allowance for Credit for Credit Losses Nonaccrual Losses Nonaccrual Commercial mortgage loans on real estate$ - $ - $ - $ - Residential mortgage loans on real estate - 34 - 71 Total$ - $ 34 $ - $ 71 |
Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate | For the Three Months Ended September 30, 2021 Commercial Residential Total Balance as of beginning-of-period$ 156 $ 14 $ 170 Additions (reductions) from provision for credit loss expense (1) (41) 2 (39)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 115 $ 16 $ 131 For the Nine Months Ended September 30, 2021 Commercial Residential Total Balance as of beginning-of-period$ 187 $ 17 $ 204 Additions (reductions) from provision for credit loss expense (1) (72) (1) (73)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 115 $ 16 $ 131 For the Three Months Ended September 30, 2020 Commercial Residential Total Balance as of beginning-of-period$ 236 $ 37 $ 273 Additions (reductions) from provision for credit loss expense (3) (64) (7) (71)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 172 $ 30 $ 202 For the Nine Months Ended September 30, 2020 Commercial Residential Total Balance as of beginning-of-period$ - $ 2 $ 2 Impact of new accounting standard 62 26 88 Additions (reductions) from provision for credit loss expense (3) 110 2 112 Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 172 $ 30 $ 202 (1)Due to improving economic projections, the provision for credit loss expense decreased by $39 million and $73 million for the three and nine months ended September 30, 2021, respectively. We recognized $1 million and $4 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three and nine months ended September 30, 2021, respectively.(2)Accrued interest receivable on mortgage loans on real estate totaled $50 million as of September 30, 2021 and 2020, and was excluded from the estimate of credit losses.(3)Due to changes in economic projections driven by the impact of the COVID-19 pandemic, the provision for credit loss expense decreased by $71 million for the three months ended September 30, 2020, and increased by $112 million for the nine months ended September 30, 2020. For the three months ended September 30, 2020, we recognized no credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate. For the nine months ended September 30, 2020, we recognized $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate. |
Credit Loss Expense Incurred | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Credit Loss Benefit (Expense) Fixed maturity AFS securities: Corporate bonds$ (8)$ (2)$ (9)$ (22)RMBS - - - (1)ABS - 1 - - Gross credit loss benefit (expense) (8) (1) (9) (23)Associated amortization of DAC, VOBA, DSI and DFEL (1) - - - 1 Net credit loss benefit (expense)$ (8)$ (1)$ (9)$ (22) (1)Deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end loads (“DFEL”). |
Payables For Collateral On Investments | As of September 30, 2021 As of December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Collateral payable for derivative investments (1)$ 4,949 $ 4,949 $ 2,976 $ 2,976 Securities pledged under securities lending agreements (2) 300 290 116 112 Investments pledged for Federal Home Loan Bank of Indianapolis (“FHLBI”) (3) 3,130 4,911 3,130 5,049 Total payables for collateral on investments$ 8,379 $ 10,150 $ 6,222 $ 8,137 (1)We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 5 for additional information.(2)Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.(3)Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. |
Schedule Of Increase (Decrease) In Payables For Collateral On Investments | For the Nine Months Ended September 30, 2021 2020 Collateral payable for derivative investments$ 1,973 $ 1,786 Securities pledged under securities lending agreements 184 17 Investments pledged for FHLBI - (450)Total increase (decrease) in payables for collateral on investments$ 2,157 $ 1,353 |
Schedule Of Securities Pledged By Contractual Maturity | As of September 30, 2021 Overnight and Continuous Up to 30 Days 30 - 90Days Greater Than 90 Days Total Securities Lending Corporate bonds$ 299 $ - $ - $ - $ 299 Foreign government bonds 1 - - - 1 Total gross secured borrowings$ 300 $ - $ - $ - $ 300 As of December 31, 2020 Overnight and Continuous Up to 30 Days 30 - 90Days Greater Than 90 Days Total Securities Lending Corporate bonds$ 114 $ - $ - $ - $ 114 Foreign government bonds 2 - - - 2 Total gross secured borrowings$ 116 $ - $ - $ - $ 116 |
Commercial [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Credit Quality Indicators For Mortgage Loans | As of September 30, 2021 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 74% Ratio than 75% Ratio Total Origination Year 2021$ 1,676 3.07 $ 127 1.76 $ - - $ 1,803 2020 1,365 3.03 144 1.67 - - 1,509 2019 3,009 2.19 293 1.62 - - 3,302 2018 2,298 2.15 177 1.58 15 1.02 2,490 2017 1,717 2.32 150 1.74 27 0.96 1,894 2016 and prior 5,869 2.40 195 1.77 37 0.78 6,101 Total$ 15,934 $ 1,086 $ 79 $ 17,099 As of December 31, 2020 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 74% Ratio than 75% Ratio Total Origination Year 2020$ 1,504 2.86 $ 32 1.52 $ - - $ 1,536 2019 3,141 2.25 258 1.78 2 1.74 3,401 2018 2,382 2.16 186 1.49 15 0.71 2,583 2017 1,786 2.34 169 1.73 - - 1,955 2016 1,713 2.37 174 1.56 22 1.58 1,909 2015 and prior 4,710 2.38 133 1.95 8 1.02 4,851 Total$ 15,236 $ 952 $ 47 $ 16,235 |
Residential [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Credit Quality Indicators For Mortgage Loans | As of September 30, 2021 Performing Nonperforming Total Origination Year 2021$ 241 $ 1 $ 242 2020 149 3 152 2019 220 26 246 2018 121 4 125 2017 - - - 2016 and prior - - - Total$ 731 $ 34 $ 765 As of December 31, 2020 Performing Nonperforming Total Origination Year 2020$ 176 $ 8 $ 184 2019 315 51 366 2018 175 12 187 2017 - - - 2016 - - - 2015 and prior - - - Total$ 666 $ 71 $ 737 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments [Abstract] | |
Outstanding Derivative Instruments With Off-Balance-Sheet Risks | As of September 30, 2021 As of December 31, 2020 Notional Fair Value Notional Fair Value Amounts Asset Liability Amounts Asset Liability Qualifying Hedges Cash flow hedges: Interest rate contracts (1)$ 2,729 $ 53 $ 395 $ 2,177 $ 87 $ 563 Foreign currency contracts (1) 3,745 259 54 3,089 147 151 Total cash flow hedges 6,474 312 449 5,266 234 714 Fair value hedges: Interest rate contracts (1) 1,159 - 220 1,161 - 272 Non-Qualifying Hedges Interest rate contracts (1) 78,941 1,211 190 135,434 1,587 159 Foreign currency contracts (1) 369 6 1 304 1 8 Equity market contracts (1) 93,188 5,217 1,651 74,610 3,486 1,952 Credit contracts (1) 32 - - 51 - - Embedded derivatives: GLB direct (2) - 1,698 - - 450 - GLB ceded (2) - 55 146 - 82 - Reinsurance related (3) - - 304 - - 392 Indexed annuity and IUL contracts (2) (4) - 495 4,804 - 550 3,594 Total derivative instruments$ 180,163 $ 8,994 $ 7,765 $ 216,826 $ 6,390 $ 7,091 (1)Reported in derivative investments and other liabilities on our Consolidated Balance Sheets. (2)Reported in other assets and other liabilities on our Consolidated Balance Sheets.(3)Reported in reinsurance related embedded derivatives on our Consolidated Balance Sheets.(4)Reported in future contract benefits on our Consolidated Balance Sheets. |
Maturity Of The Notional Amounts Of Derivative Financial Instruments | Remaining Life as of September 30, 2021 Less Than 1 - 5 6 - 10 11 - 30 Over 30 1 Year Years Years Years Years Total Interest rate contracts (1)$ 2,508 $ 49,605 $ 16,004 $ 13,499 $ 1,213 $ 82,829 Foreign currency contracts (2) 195 563 1,582 1,732 42 4,114 Equity market contracts 59,551 16,253 7,023 1,623 8,738 93,188 Credit contracts - 32 - - - 32 Total derivative instruments with notional amounts$ 62,254 $ 66,453 $ 24,609 $ 16,854 $ 9,993 $ 180,163 (1)As of September 30, 2021, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 20, 2067.(2)As of September 30, 2021, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061. |
Cumulative Basis Adjustments For Fair Value Hedges | Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Amortized Cost of the Hedged Hedged Assets / (Liabilities) Assets / (Liabilities) As of As of As of As of September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included Fixed maturity AFS securities, at fair value$ 762 $ 824 $ 212 $ 271 Long-term debt (1) (849) (900) 26 (25) (1)Includes $(360) million and $(370) million of unamortized adjustments from discontinued hedges as of September 30, 2021, and December 31, 2020, respectively. |
Change In Our Unrealized Gain On Derivative Instruments In Accumulated OCI | For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year$ (402)$ (11)Other comprehensive income (loss): Unrealized holding gains (losses) arising during the period: Cash flow hedges: Interest rate contracts 116 (432)Foreign currency contracts 113 213 Change in foreign currency exchange rate adjustment 129 (16)Change in DAC, VOBA, DSI and DFEL - (64)Income tax benefit (expense) (76) 62 Less: Reclassification adjustment for gains (losses) included in net income (loss): Cash flow hedges: Interest rate contracts (1) 2 2 Interest rate contracts (2) (18) (16)Foreign currency contracts (1) 34 46 Foreign currency contracts (3) (2) 6 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Income tax benefit (expense) (3) (6)Balance as of end-of-period$ (132)$ (272) (1)The OCI offset is reported within net investment income on our Consolidated Statements of Comprehensive Income (Loss).(2)The OCI offset is reported within interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss).(3)The OCI offset is reported within realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). |
Effects Of Qualifying And Non-Qualifying Hedges | Gain (Loss) Recognized in Income For the Three Months Ended September 30, 2021 2020 Realized Net Interest Realized Net Interest Gain Investment and Debt Gain Investment and Debt (Loss) Income Expense (Loss) Income Expense Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded$ 85 $ 1,576 $ 73 $ 629 $ 1,458 $ 66 Qualifying Hedges Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items - (10) 8 - (21) 19 Derivatives designated as hedging instruments - 10 (8) - 21 (19)Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from AOCI into income - 1 (6) - 1 (8)Foreign currency contracts: Amount of gain or (loss) reclassified from AOCI into income - 13 - (2) 24 - Non-Qualifying Hedges Interest rate contracts (149) - - (374) - - Equity market contracts 387 - - 949 - - Credit contracts - - - 1 - - Embedded derivatives: GLB (61) - - 1,690 - - Reinsurance related 24 - - (88) - - Indexed annuity and IUL contracts 33 - - (105) - - Gain (Loss) Recognized in Income For the Nine Months Ended September 30, 2021 2020 Realized Net Interest Realized Net Interest Gain Investment and Debt Gain Investment and Debt (Loss) Income Expense (Loss) Income Expense Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded$ (97)$ 4,670 $ 204 $ (43)$ 4,005 $ 218 Qualifying Hedges Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items - (59) 51 - 100 106 Derivatives designated as hedging instruments - 59 (51) - (100) (106)Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from AOCI into income - 2 (18) - 2 (16)Foreign currency contracts: Amount of gain or (loss) reclassified from AOCI into income (2) 34 - 6 46 - Non-Qualifying Hedges Interest rate contracts (876) - - 1,795 - - Foreign currency contracts (1) - - - - - Equity market contracts 2,342 - - 565 - - Credit contracts - - - (4) - - Embedded derivatives: GLB 1,075 - - (1,326) - - Reinsurance related 88 - - (7) - - Indexed annuity and IUL contracts (1,296) - - 396 - - |
Open Credit Default Swap Liabilities | As of December 31, 2020 Credit Reason Nature Rating of Number Maximum for of Underlyingof Fair PotentialCredit Contract Type Maturity Entering RecourseObligation (1)Instruments Value (2) PayoutBasket CDSs 12/20/2025 (3) (4) BBB+ 1 $ 1 $ 51 (1)Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.(2)Broker quotes are used to determine the market value of our CDSs.(3)CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.(4)Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract. |
Collateral Support Agreements | As of As of September 30,December 31, 2021 2020 Maximum potential payout $ - $ 51 Less: Counterparty thresholds - - Maximum collateral potentially required to post $ - $ 51 |
Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash | As of September 30, 2021 As of December 31, 2020 Collateral Collateral Collateral Collateral Posted by Posted by Posted by Posted by S&P Counter- LNC Counter- LNC Credit Party (Held by Party (Held by Rating of (Held by Counter- (Held by Counter- Counterparty LNC) Party) LNC) Party) AA- $ 1,940 $ (274)$ 1,233 $ (371)A+ 2,527 (254) 1,119 (445)A 60 - 53 - A- 421 (172) 571 (245) $ 4,948 $ (700)$ 2,976 $ (1,061) |
Schedule Of Offsetting Assets And Liabilities | As of September 30, 2021 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ 7,393 $ 2,248 $ 9,641 Gross amounts offset (1,914) - (1,914)Net amount of assets (1) 5,479 2,248 7,727 Gross amounts not offset: Cash collateral (4,948) - (4,948)Non-cash collateral (224) - (224)Net amount $ 307 $ 2,248 $ 2,555 Financial Liabilities Gross amount of recognized liabilities $ 1,032 $ 5,254 $ 6,286 Gross amounts offset (3) - (3)Net amount of liabilities 1,029 5,254 6,283 Gross amounts not offset: Cash collateral (700) - (700)Non-cash collateral - - - Net amount $ 329 $ 5,254 $ 5,583 (1)Includes deferred premiums of $651 million reported in other assets on our Consolidated Balance Sheets. As of December 31, 2020 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ 4,978 $ 1,082 $ 6,060 Gross amounts offset (1,869) - (1,869)Net amount of assets 3,109 1,082 4,191 Gross amounts not offset: Cash collateral (2,976) - (2,976)Non-cash collateral (56) - (56)Net amount $ 77 $ 1,082 $ 1,159 Financial Liabilities Gross amount of recognized liabilities $ 1,456 $ 3,986 $ 5,442 Gross amounts offset (330) - (330)Net amount of liabilities 1,126 3,986 5,112 Gross amounts not offset: Cash collateral (1,061) - (1,061)Non-cash collateral - - - Net amount $ 65 $ 3,986 $ 4,051 |
Reinsurance (Tables)
Reinsurance (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Reinsurance [Abstract] | |
Schedule Of Assets In Support Of Reserves | As ofAs of September 30,December 31, 20212020 Fixed maturity AFS securities $ 1,114 $ 1,531 Trading securities 3,096 3,357 Equity securities 27 17 Mortgage loans on real estate 792 832 Derivative investments 86 103 Other investments 251 167 Cash and invested cash 207 92 Accrued investment income 36 42 Other assets 25 3 Total $ 5,634 $ 6,144 |
Guaranteed Benefit Features (Ta
Guaranteed Benefit Features (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Guaranteed Benefit Features [Abstract] | |
Information On Guaranteed Death Benefit Features | As ofAs of September 30,December 31, 2021 (1) 2020 (1) Return of Net Deposits Total account value $ 114,058 $ 109,856 Net amount at risk (2) 96 72 Average attained age of contract holders 66 years 66 years Minimum Return Total account value $ 98 $ 100 Net amount at risk (2) 12 12 Average attained age of contract holders 79 years 78 years Guaranteed minimum return 5% 5% Anniversary Contract Value Total account value $ 28,067 $ 27,650 Net amount at risk (2) 511 390 Average attained age of contract holders 73 years 72 years (1)Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive.(2)Represents the amount of death benefit in excess of the account balance that is subject to market fluctuations. |
Summary Of Guaranteed Death Benefit Liabilities | For the Nine Months Ended September 30, 2021 2020 Balance as of beginning-of-year$ 121 $ 117 Changes in reserves 31 46 Benefits paid (16) (21) Balance as of end-of-period$ 136 $ 142 |
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts | As ofAs of September 30,December 31, 2021 2020 Asset Type Domestic equity $ 73,503 $ 70,362 International equity 21,041 20,855 Fixed income 44,627 43,521 Total $ 139,171 $ 134,738 Percent of total variable annuity separate account values 98% 98% |
Liability For Unpaid Claims (Ta
Liability For Unpaid Claims (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Liability For Unpaid Claims [Abstract] | |
Changes In Liability For Unpaid Claims | For the Nine Months Ended September 30, 2021 2020 Balance as of beginning-of-year$ 5,934 $ 5,552 Reinsurance recoverable 151 152 Net balance as of beginning-of-year 5,783 5,400 Incurred related to: Current year 2,999 2,615 Prior years: Interest 112 116 All other incurred (1) (284) (157)Total incurred 2,827 2,574 Paid related to: Current year (1,393) (1,184)Prior years (1,222) (1,118)Total paid (2,615) (2,302)Net balance as of end-of-period 5,995 5,672 Reinsurance recoverable 145 149 Balance as of end-of-period$ 6,140 $ 5,821 (1)All other incurred is primarily impacted by the level of claim resolutions in the period compared to that which is expected by the reserve assumption. A negative number implies a favorable result where claim resolutions were more favorable than assumed. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the long-term life of the block of claims. It will vary from actual experience in any one period, both favorably and unfavorably. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Schedule Of Changes In Debt | For the Nine Months Ended September 30, 2021 Balance as of beginning-of-year $ 6,682 Capital securities exchanged: LIBOR + 236 bps, due 2066 (562) LIBOR + 204 bps, due 2067 (433) Subordinated notes issued: LIBOR + 236 bps, due 2066 562 LIBOR + 204 bps, due 2067 433 Unamortized debt issuance costs 3 Unamortized adjustments from discontinued hedges (11) Fair value hedge on interest rate swap agreements (51) Balance as of end-of-period $ 6,623 |
Shares and Stockholders' Equi_2
Shares and Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Shares and Stockholders' Equity [Abstract] | |
Changes In Common stock (Number Of Shares) | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Common Stock Balance as of beginning-of-period 189,089,948 193,247,103 192,329,691 196,668,532 Stock compensation/issued for benefit plans 61,099 7,845 943,925 396,340 Retirement/cancellation of shares (3,061,825) - (7,184,394) (3,809,924)Balance as of end-of-period 186,089,222 193,254,948 186,089,222 193,254,948 Common Stock as of End-of-Period Basic basis 186,089,222 193,254,948 186,089,222 193,254,948 Diluted basis 188,103,623 195,331,049 188,103,623 195,331,049 |
Reconciliation Of The Denominator Calculations Of Basic And Diluted EPS | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average shares, as used in basic calculation 187,276,859 193,250,727 189,665,059 193,849,829 Shares to cover non-vested stock 1,451,686 629,997 1,239,640 644,192 Average stock options outstanding during the period 1,847,513 689,975 1,604,627 752,922 Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) (1,444,711) (592,887) (1,224,255) (588,805)Shares repurchasable from measured but unrecognized stock option expense (40,280) (3,515) (26,570) (2,402)Average deferred compensation shares - 1,382,128 - 1,285,205 Weighted-average shares, as used in diluted calculation 189,091,067 195,356,425 191,258,501 195,940,941 |
Components And Changes In Accumulated OCI | For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities Balance as of beginning-of-year$ 9,611 $ 5,983 Cumulative effect from adoption of new accounting standard - 45 Unrealized holding gains (losses) arising during the period (4,244) 5,426 Change in foreign currency exchange rate adjustment (123) 21 Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds 1,359 (2,403)Income tax benefit (expense) 640 (652)Less: Reclassification adjustment for gains (losses) included in net income (loss) (4) (48)Associated amortization of DAC, VOBA, DSI and DFEL (18) 42 Income tax benefit (expense) 5 1 Balance as of end-of-period$ 7,260 $ 8,425 Unrealized Other-Than-Temporary-Impairment on Fixed Maturity AFS Securities Balance as of beginning-of-year$ - $ 45 Cumulative effect from adoption of new accounting standard - (45)Balance as of end-of-period$ - $ - Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year$ (402)$ (11)Unrealized holding gains (losses) arising during the period 229 (219)Change in foreign currency exchange rate adjustment 129 (16)Change in DAC, VOBA, DSI and DFEL - (64)Income tax benefit (expense) (76) 62 Less: Reclassification adjustment for gains (losses) included in net income (loss) 16 38 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Income tax benefit (expense) (3) (6)Balance as of end-of-period$ (132)$ (272)Foreign Currency Translation Adjustment Balance as of beginning-of-year$ (12)$ (17)Foreign currency translation adjustment arising during the period (2) (4)Balance as of end-of-period$ (14)$ (21)Funded Status of Employee Benefit Plans Balance as of beginning-of-year$ (266)$ (327)Adjustment arising during the period 1 4 Balance as of end-of-period$ (265)$ (323) |
Schedule of Reclassifications Out Of AOCI | For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities Gross reclassification$ (4) $ (48)Realized gain (loss)Associated amortization of DAC, VOBA, DSI and DFEL (18) 42 Realized gain (loss)Reclassification before income tax benefit (expense) (22) (6)Income (loss) before taxesIncome tax benefit (expense) 5 1 Federal income tax expense (benefit)Reclassification, net of income tax$ (17) $ (5)Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts$ 2 $ 2 Net investment incomeInterest rate contracts (18) (16)Interest and debt expenseForeign currency contracts 34 46 Net investment incomeForeign currency contracts (2) 6 Realized gain (loss)Total gross reclassifications 16 38 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Commissions and other expensesReclassifications before income tax benefit (expense) 15 30 Income (loss) before taxesIncome tax benefit (expense) (3) (6)Federal income tax expense (benefit)Reclassifications, net of income tax$ 12 $ 24 Net income (loss) |
Realized Gain (Loss) (Tables)
Realized Gain (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Realized Gain (Loss) [Abstract] | |
Schedule Of Realized Gain (Loss) | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Fixed maturity AFS securities: Gross gains$ 1 $ 2 $ 17 $ 30 Gross losses (3) (6) (21) (78)Credit loss benefit (expense) (1) (8) (1) (9) (22)Realized gain (loss) on equity securities (2) 5 5 37 (9)Credit loss benefit (expense) on mortgage loans on real estate 40 71 77 (112)Credit loss benefit (expense) on reinsurance related assets (2) - (6) - Other gain (loss) on investments (1) 2 1 (6)Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds (9) (8) (19) 34 Total realized gain (loss) related to certain financial assets 23 65 77 (163)Realized gain (loss) on the mark-to-market on certain instruments (3)(4) 8 (13) 25 27 Indexed annuity and IUL contracts net derivative results: (5) Gross gain (loss) (24) 47 16 (3)Associated amortization of DAC, VOBA, DSI and DFEL 19 (20) 8 (5)Variable annuity net derivative results: (6) Gross gain (loss) 60 704 (274) 223 Associated amortization of DAC, VOBA, DSI and DFEL (1) (154) 51 (122)Total realized gain (loss)$ 85 $ 629 $ (97)$ (43) (1)Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.(2)Includes market adjustments on equity securities still held of $4 million and $5 million for the three months ended September 30, 2021 and 2020, respectively, and $40 million and $(8) million for the nine months ended September 30, 2021 and 2020, respectively.(3)Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivative results), reinsurance related embedded derivatives, mortgage loans on real estate accounted for under the fair value option and trading securities. See Note 7 for information regarding Modco.(4)Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $2 million and $3 million for the three months ended September 30, 2021 and 2020, respectively, and $2 million and $8 million for the nine months ended September 30, 2021 and 2020, respectively.(5)Represents the net difference between the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts along with changes in the fair value of embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products.(6)Includes the net difference in the change in embedded derivative reserves of our GLB riders and the change in the fair value of the derivative instruments we own to hedge the change in embedded derivative reserves on our GLB riders and the benefit ratio unlocking on our GLB and GDB riders, including the cost of purchasing the hedging instruments. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value of Financial Instruments [Abstract] | |
Carrying And Estimated Fair Values Of Financial Instruments | As of September 30, 2021 As of December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Assets Fixed maturity AFS securities$ 122,085 $ 122,085 $ 123,044 $ 123,044 Trading securities 4,191 4,191 4,501 4,501 Equity securities 243 243 129 129 Mortgage loans on real estate 17,730 18,612 16,763 18,219 Derivative investments (1) 4,828 4,828 3,109 3,109 Other investments 4,059 4,059 3,974 3,974 Cash and invested cash 2,614 2,614 1,708 1,708 Other assets: GLB direct embedded derivatives 1,698 1,698 450 450 GLB ceded embedded derivatives 55 55 82 82 Indexed annuity ceded embedded derivatives 495 495 550 550 Separate account assets 175,667 175,667 167,965 167,965 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4,804) (4,804) (3,594) (3,594)Other contract holder funds: Remaining guaranteed interest and similar contracts (1,813) (1,813) (1,854) (1,854)Account values of certain investment contracts (40,587) (46,418) (40,947) (49,745)Short-term debt (300) (305) - - Long-term debt (6,323) (6,734) (6,682) (7,067)Reinsurance related embedded derivatives (304) (304) (392) (392)Other liabilities: Derivative liabilities (1) (593) (593) (906) (906)GLB ceded embedded derivatives (146) (146) - - (1)We have master netting agreements with each of our derivative counterparties, which allow for the netting of our derivative asset and liability positions by counterparty. |
Schedule of Mortgage Loans With Election Of Fair Value Option | As of As of September 30, December 31, 2021 2020 Fair value $ 792 $ 832 Aggregate contractual principal 795 839 |
Fair Value Of Assets And Liabilities On A Recurring Basis | As of September 30, 2021 Quoted Prices in Active Markets forSignificantSignificant Identical ObservableUnobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 95,490 $ 5,372 $ 100,862 U.S. government bonds 438 5 - 443 State and municipal bonds - 6,901 - 6,901 Foreign government bonds - 406 106 512 RMBS - 2,934 1 2,935 CMBS - 1,593 1 1,594 ABS - 7,569 734 8,303 Hybrid and redeemable preferred securities 56 398 81 535 Trading securities 32 3,559 600 4,191 Equity securities 11 145 87 243 Mortgage loans on real estate - - 792 792 Derivative investments (1) - 6,577 169 6,746 Other investments - short term investments - 108 - 108 Cash and invested cash - 2,614 - 2,614 Other assets: GLB direct embedded derivatives - - 1,698 1,698 GLB ceded embedded derivatives - - 55 55 Indexed annuity ceded embedded derivatives - - 495 495 Separate account assets 561 175,098 - 175,659 Total assets $ 1,098 $ 303,397 $ 10,191 $ 314,686 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ (4,804) $ (4,804)Reinsurance related embedded derivatives - (304) - (304)Other liabilities: Derivative liabilities (1) - (2,343) (168) (2,511)GLB ceded embedded derivatives - - (146) (146)Total liabilities $ - $ (2,647) $ (5,118) $ (7,765) As of December 31, 2020 Quoted Prices in Active Markets forSignificantSignificant Identical ObservableUnobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 97,668 $ 5,121 $ 102,789 U.S. government bonds 473 6 5 484 State and municipal bonds - 6,921 - 6,921 Foreign government bonds - 396 74 470 RMBS - 3,074 2 3,076 CMBS - 1,505 - 1,505 ABS - 6,614 570 7,184 Hybrid and redeemable preferred securities 54 457 104 615 Trading securities 5 3,852 644 4,501 Equity securities 22 48 59 129 Mortgage loans on real estate - - 832 832 Derivative investments (1) - 1,733 3,575 5,308 Cash and invested cash - 1,708 - 1,708 Other assets: GLB direct embedded derivatives - - 450 450 GLB ceded embedded derivatives - - 82 82 Indexed annuity ceded embedded derivatives - - 550 550 Separate account assets 606 167,351 - 167,957 Total assets $ 1,160 $ 291,333 $ 12,068 $ 304,561 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ (3,594) $ (3,594)Reinsurance related embedded derivatives - (392) - (392)Other liabilities – derivative liabilities (1) - (1,072) (2,033) (3,105)Total liabilities $ - $ (1,464) $ (5,627) $ (7,091) (1)Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty. |
Fair Value Measured On A Recurring Basis Reconciliation | For the Three Months Ended September 30, 2021 GainsIssuances,Transfers Items (Losses) Sales, Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 5,429 $ 1 $ (88)$ 55 $ (25)$ 5,372 Foreign government bonds 43 - (3) 66 - 106 RMBS 1 - - - - 1 CMBS 9 - - - (8) 1 ABS 630 - (2) 144 (38) 734 Hybrid and redeemable preferred securities 102 - 6 (27) - 81 Trading securities 630 3 - (33) - 600 Equity securities 82 5 - - - 87 Mortgage loans on real estate 818 4 3 (33) - 792 Derivative investments 1 - - - - 1 Other assets: (3) GLB direct embedded derivatives 1,767 (69) - - - 1,698 GLB ceded embedded derivatives 53 2 - - - 55 Indexed annuity ceded embedded derivatives - (14) - (6) 515 495 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) - 47 - 86 (4,937) (4,804)Other liabilities – GLB ceded embedded derivatives (3) (152) 6 - - - (146)Total, net$ 9,413 $ (15)$ (84)$ 252 $ (4,493)$ 5,073 For the Three Months Ended September 30, 2020 GainsIssuances,Transfers Items (Losses) Sales, Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 4,344 $ (7)$ 197 $ 30 $ (12)$ 4,552 U.S. government bonds 5 - - - (5) - Foreign government bonds 86 - - (20) - 66 RMBS 2 - - - - 2 CMBS 1 - - - - 1 ABS 424 - 2 60 (73) 413 Hybrid and redeemable preferred securities 90 - 1 14 - 105 Trading securities 673 3 - (120) (21) 535 Equity securities 29 2 - 20 - 51 Derivative investments 595 958 - (189) (216) 1,148 Other assets: (3) GLB ceded embedded derivatives 571 (290) - - - 281 Indexed annuity ceded embedded derivatives 664 295 - (423) - 536 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (2,272) (400) - (16) - (2,688)Other liabilities – GLB direct embedded derivatives (3) (3,086) 1,980 - - - (1,106)Total, net$ 2,126 $ 2,541 $ 200 $ (644)$ (327)$ 3,896 For the Nine Months Ended September 30, 2021 GainsIssuances,Transfers Items (Losses)Sales,Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 5,121 $ 4 $ (139)$ 440 $ (54)$ 5,372 U.S. government bonds 5 - - (5) - - Foreign government bonds 74 - (11) 80 (37) 106 RMBS 2 (1) - - - 1 CMBS - 1 - 8 (8) 1 ABS 570 1 (5) 426 (258) 734 Hybrid and redeemable preferred securities 104 - 18 (41) - 81 Trading securities 644 2 - (31) (15) 600 Equity securities 59 31 - (3) - 87 Mortgage loans on real estate 832 11 6 (57) - 792 Derivative investments 1,542 1,249 - (132) (2,658) 1 Other assets: (3) GLB direct embedded derivatives 450 1,248 - - - 1,698 GLB ceded embedded derivatives 82 (27) - - - 55 Indexed annuity ceded embedded derivatives 550 17 - (60) (12) 495 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (3,594) (579) - 136 (767) (4,804)Other liabilities – GLB ceded embedded derivatives (3) - (146) - - - (146)Total, net$ 6,441 $ 1,811 $ (131)$ 761 $ (3,809)$ 5,073 For the Nine Months Ended September 30, 2020 GainsIssuances,Transfers Items (Losses)Sales,Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 4,281 $ (7)$ 17 $ 181 $ 80 $ 4,552 U.S. government bonds 5 - - - (5) - Foreign government bonds 90 - (4) (20) - 66 RMBS 11 - - - (9) 2 CMBS 1 - - - - 1 ABS 268 - 3 318 (176) 413 Hybrid and redeemable preferred securities 78 - (1) 10 18 105 Trading securities 666 (1) - (140) 10 535 Equity securities 30 1 - 20 - 51 Derivative investments 868 555 267 (326) (216) 1,148 Other assets: (3) GLB direct embedded derivatives 450 (450) - - - - GLB ceded embedded derivatives 60 221 - - - 281 Indexed annuity ceded embedded derivatives 927 484 - (875) - 536 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (2,585) (88) - (15) - (2,688)Other liabilities: (3) GLB direct embedded derivatives - (1,106) - - - (1,106)GLB ceded embedded derivatives (9) 9 - - - - Total, net$ 5,141 $ (382)$ 282 $ (847)$ (298)$ 3,896 (1)The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).(2)Amortization and accretion of premiums and discounts are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).(3)Gains (losses) from the changes in fair value are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). |
Schedule Of Investment Holdings Movements | For the Three Months Ended September 30, 2021 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 219 $ (12)$ (82)$ (70)$ - $ 55 Foreign government bonds 66 - - - - 66 ABS 195 - - (51) - 144 Hybrid and redeemable preferred securities 3 - - - (30) (27)Trading securities 3 (15) - (21) - (33)Mortgage loans on real estate 8 - (22) (19) - (33)Other assets – indexed annuity ceded embedded derivatives 19 - - (25) - (6)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (47) - - 133 - 86 Total, net$ 466 $ (27)$ (104)$ (53)$ (30)$ 252 For the Three Months Ended September 30, 2020 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 154 $ (58)$ (3)$ (18)$ (45)$ 30 Foreign government bonds - - (20) - - (20)ABS 74 - - (14) - 60 Hybrid and redeemable preferred securities 14 - - - - 14 Trading securities 15 - (20) (115) - (120)Equity securities 20 - - - - 20 Derivative investments 126 (177) (138) - - (189)Other assets – indexed annuity ceded embedded derivatives 4 - - (427) - (423)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (88) - - 72 - (16)Total, net$ 319 $ (235)$ (181)$ (502)$ (45)$ (644) For the Nine Months Ended September 30, 2021 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 926 $ (29)$ (103)$ (337)$ (17)$ 440 U.S. government bonds - - (5) - - (5)Foreign government bonds 80 - - - - 80 CMBS 8 - - - - 8 ABS 563 - - (137) - 426 Hybrid and redeemable preferred securities 9 (20) - - (30) (41)Trading securities 127 (23) - (135) - (31)Equity securities 6 (9) - - - (3)Mortgage loans on real estate 89 (101) (26) (19) - (57)Derivative investments 174 (124) (182) - - (132)Other assets – indexed annuity ceded embedded derivatives 22 - - (82) - (60)Future contract benefits – indexed annuity - and IUL contracts embedded derivatives (155) - - 291 - 136 Total, net$ 1,849 $ (306)$ (316)$ (419)$ (47)$ 761 For the Nine Months Ended September 30, 2020 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 683 $ (230)$ (37)$ (112)$ (123)$ 181 Foreign government bonds - - (20) - - (20)ABS 353 - - (35) - 318 Hybrid and redeemable preferred securities 14 (4) - - - 10 Trading securities 53 (25) (20) (148) - (140)Equity securities 21 (1) - - - 20 Derivative investments 374 (395) (305) - - (326)Other assets – indexed annuity ceded embedded derivatives 21 - - (896) - (875)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (170) - - 155 - (15)Total, net$ 1,349 $ (655)$ (382)$ (1,036)$ (123)$ (847) |
Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Trading securities$ 3 $ - $ 3 $ - Equity securities 5 - 35 - Mortgage loans on real estate 4 - 12 - GLB embedded derivatives 140 2,143 1,854 (1,062) Derivative investments - 731 - 265 Embedded derivatives – indexed annuity and IUL contracts (36) 340 22 582 Total, net (1)$ 116 $ 3,214 $ 1,926 $ (215) (1)Included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). |
Changes in Unrealized Gains (Losses) Included in OCI | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Fixed maturity AFS securities: Corporate bonds$ (82)$ 181 $ (139)$ (26) Foreign government bonds (3) - (11) (3) ABS (1) 4 (5) 4 Hybrid and redeemable preferred securities 6 1 19 (1) Mortgage loans on real estate 3 - 5 - Total, net $ (77)$ 186 $ (131)$ (26) |
Components Of The Transfers In And Out Of Level 3 | For the Three For the Three Months Ended Months Ended September 30, 2021 September 30, 2020 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds$ - $ (25)$ (25)$ 42 $ (54)$ (12)U.S. government bonds - - - - (5) (5)CMBS - (8) (8) - - - ABS 8 (46) (38) - (73) (73)Trading securities - - - - (21) (21)Derivative investments - - - - (216) (216)Other assets – indexed annuity ceded embedded derivatives 515 - 515 - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4,937) - (4,937) - - - Total, net $ (4,414)$ (79)$ (4,493)$ 42 $ (369)$ (327) For the Nine For the Nine Months Ended Months Ended September 30, 2021 September 30, 2020 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds$ 10 $ (64)$ (54)$ 296 $ (216)$ 80 U.S. government bonds - - - - (5) (5)Foreign government bonds - (37) (37) - - - RMBS - - - 1 (10) (9)CMBS - (8) (8) - - - ABS 8 (266) (258) 20 (196) (176)Hybrid and redeemable preferred securities - - - 18 - 18 Trading securities 14 (29) (15) 33 (23) 10 Derivative investments - (2,658) (2,658) - (216) (216)Other assets – indexed annuity ceded embedded derivatives 515 (527) (12) - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4,937) 4,170 (767) - - - Total, net $ (4,390)$ 581 $ (3,809)$ 368 $ (666)$ (298) |
Fair Value Inputs Quantitative Information | Weighted Average Fair Valuation Significant Assumption or Input Value Technique Unobservable Inputs Input Ranges Range (1)Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds$ 3,594 Discounted cash flow Liquidity/duration adjustment (2) 0.0% -6.8% 1.4% Foreign government bonds 106 Discounted cash flow Liquidity/duration adjustment (2) 1.0% -8.8% 3.5% ABS 19 Discounted cash flow Liquidity/duration adjustment (2) 2.2% -2.2% 2.2% Hybrid and redeemable preferred securities 7 Discounted cash flow Liquidity/duration adjustment (2) 1.7% -1.7% 1.7% Equity securities 21 Discounted cash flow Liquidity/duration adjustment (2) 4.5% -6.6% 6.1% Other assets: GLB direct and ceded 1,753 Discounted cash flow Long-term lapse rate (3) 1% -30% (10) embedded derivatives Utilization of guaranteed withdrawals (4)85% -100% 94% Claims utilization factor (5) 60% -100% (10) Premiums utilization factor (5) 80% -115% (10) NPR (6) 0.08% -1.37% 0.93% Mortality rate (7) (9) (10) Volatility (8) 1% -28% 14.55% Indexed annuity ceded embedded derivatives 495 Discounted cash flow Lapse rate (3) 0% -9% (10) Mortality rate (7) (9) (10) Liabilities Future contract benefits – indexed annuity contracts embedded derivatives$ (4,758)Discounted cash flow Lapse rate (3) 0% -9% (10) Mortality rate (7) (9) (10) Other liabilities – GLB ceded embedded derivatives (146)Discounted cash flow Long-term lapse rate (3) 1% -30% (10) Utilization of guaranteed withdrawals (4)85% -100% 94% Claims utilization factor (5) 60% -100% (10) Premiums utilization factor (5) 80% -115% (10) NPR (6) 0.08% -1.37% 0.93% Mortality rate (7) (9) (10) Volatility (8) 1% -28% 14.55% (1)Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.(2)The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.(3)The lapse rate input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapse rates during the surrender charge period.(4)The utilization of guaranteed withdrawals input represents the estimated percentage of contract holders that utilize the guaranteed withdrawal feature.(5)The utilization factors are applied to the present value of claims or premiums, as appropriate, in the GLB reserve calculation to estimate the impact of inefficient withdrawal behavior, including taking less than or more than the maximum guaranteed withdrawal.(6)The NPR input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The NPR input was weighted by the absolute value of the sensitivity of the reserve to the NPR assumption. (7)The mortality rate input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.(8)The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Fair value of the variable annuity GLB embedded derivatives would increase if higher volatilities were used for valuation. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account value assigned to each index.(9)The mortality rate is based on a combination of company and industry experience, adjusted for improvement factors.(10)A weighted average input range is not a meaningful measurement for lapse rate, utilization factors or mortality rate. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Information [Abstract] | |
Reconciliation Of Revenue From Segments To Consolidated | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues Operating revenues: Annuities$ 1,267 $ 1,126 $ 3,720 $ 3,292 Retirement Plan Services 328 311 989 889 Life Insurance 2,325 2,127 6,293 5,587 Group Protection 1,243 1,184 3,743 3,608 Other Operations 42 40 125 131 Excluded realized gain (loss), pre-tax 36 572 (245) (198)Amortization of DFEL associated with benefit ratio unlocking, pre-tax - 1 2 (6)Total revenues$ 5,241 $ 5,361 $ 14,627 $ 13,303 |
Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss) | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Net Income (Loss) Income (loss) from operations: Annuities$ 338 $ 196 $ 951 $ 694 Retirement Plan Services 60 50 178 119 Life Insurance 93 (311) 455 (177)Group Protection (32) 6 (12) 85 Other Operations (152) (74) (307) (202)Excluded realized gain (loss), after-tax 29 452 (193) (156)Gain (loss) on modification or early extinguishment of debt, after-tax (6) - (6) (12)Benefit ratio unlocking, after-tax (12) 83 119 17 Acquisition and integration costs related to mergers and acquisitions, after-tax - (4) - (12)Net income (loss)$ 318 $ 398 $ 1,185 $ 356 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Nature of Operations and Basis of Presentation [Abstract] | |
Number of segments | 4 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||||
Gains (losses) for consolidated variable interest entities | $ 0 | $ 0 | $ 0 | $ 0 | |
Carrying amount of other investments | 4,069 | 4,069 | $ 3,984 | ||
Income Tax Credits And Other Tax Benefits From Qualified Affordable Housing Projects | 1 | 1 | |||
Income tax expense | $ (4) | ||||
Maximum [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Income tax expense | $ 1 | ||||
Limited Partnerships and Limited Liability Companies [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of other investments | 2,700 | 2,700 | 2,100 | ||
Carrying Amount Of Investments In Qualified Affordable Housing Projects | $ 5 | $ 5 | $ 7 |
Variable Interest Entities (Con
Variable Interest Entities (Consolidated Variable Interest Entity Asset and Liability Information) (Details) - Total Return Swap [Member] - Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] $ in Millions | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | ||
Number of Instruments, Assets | security | 1 | 1 |
Notional Amounts, Assets | $ 593 | $ 611 |
Carrying Value, Assets |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)securityloanitem | Dec. 31, 2020USD ($)securityloanitem | |
Investments [Line Items] | ||
Increase (decrease) in gross AFS securities unrealized losses | $ 202 | |
Number of partnerships in alternative investment portfolio | item | 300 | 271 |
Alternative investments as a percentage of overall invested assets | 2.00% | 1.00% |
Amortized cost | $ 107,459 | $ 104,174 |
Fair Value | 122,085 | 123,044 |
Fair value of collateral received that we are permitted to sell or re-pledge | 23 | |
Investment commitments | 2,700 | |
Investment commitments for limited partnerships | 1,700 | |
Investment commitments for mortgage loans on real estate | 346 | |
Investment commitments for private placements | $ 667 | |
Minimum [Member] | ||
Investments [Line Items] | ||
Percentage of the fair value of securities obtained as collateral under reverse repurchase agreements | 80.00% | |
Maximum [Member] | ||
Investments [Line Items] | ||
Percentage of the fair value of securities obtained as collateral under reverse repurchase agreements | 95.00% | |
Federal Home Loan Mortgage Corporation [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Fair value | $ 1,100 | 1,200 |
Federal National Mortgage Association [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Fair value | 1,000 | |
Consumer Non-Cyclical Industry [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Fair value | 20,100 | 20,300 |
Financial Service [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Fair value | $ 19,400 | $ 19,600 |
Corporate Bonds [Member] | ||
Investments [Line Items] | ||
Percentage of fair value rated as investment grade | 96.00% | 96.00% |
Corporate Bonds [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Investments [Line Items] | ||
Amortized cost | $ 3,900 | $ 4,100 |
Fair Value | $ 4,100 | $ 4,200 |
Federal National Mortgage Association [Member] | Federal Home Loan Mortgage Corporation [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 1.00% | 1.00% |
Federal National Mortgage Association [Member] | Federal National Mortgage Association [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 1.00% | 1.00% |
Federal National Mortgage Association [Member] | Consumer Non-Cyclical Industry [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 13.00% | 13.00% |
Federal National Mortgage Association [Member] | Financial Service [Member] | Investments [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 12.00% | 13.00% |
Commercial [Member] | ||
Investments [Line Items] | ||
Number of impaired loans | security | 6 | 4 |
Impaired financing receivable, principal balance | $ 1 | $ 1 |
Commercial [Member] | Federal National Mortgage Association [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | California [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 26.00% | 24.00% |
Commercial [Member] | Federal National Mortgage Association [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | Texas [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 9.00% | 10.00% |
Residential [Member] | ||
Investments [Line Items] | ||
Number of loans past due | loan | 65 | 147 |
Number of impaired loans | security | 54 | 76 |
Impaired financing receivable, principal balance | $ 25 | $ 34 |
Residential [Member] | Federal National Mortgage Association [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | California [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 23.00% | 32.00% |
Residential [Member] | Federal National Mortgage Association [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | Florida [Member] | ||
Investments [Line Items] | ||
Concentration risk, percentage | 16.00% | 18.00% |
Investments (Reconciliation Of
Investments (Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | $ 107,459 | $ 104,174 | |||
Allowance for Credit Losses | 17 | 13 | |||
Fair Value | 122,085 | 123,044 | |||
Fixed Maturity AFS Securities [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 107,459 | 104,174 | |||
Gross unrealized gains | 15,043 | 19,081 | |||
Gross unrealized losses | 400 | 198 | |||
Allowance for Credit Losses | 17 | $ 9 | 13 | $ 12 | $ 22 |
Fair Value | 122,085 | 123,044 | |||
Fixed Maturity AFS Securities [Member] | Corporate Bonds [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 88,238 | 86,289 | |||
Gross unrealized gains | 12,964 | 16,662 | |||
Gross unrealized losses | 324 | 150 | |||
Allowance for Credit Losses | 16 | 8 | 12 | 11 | 20 |
Fair Value | 100,862 | 102,789 | |||
Fixed Maturity AFS Securities [Member] | U.S. Government Bonds [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 385 | 397 | |||
Gross unrealized gains | 60 | 88 | |||
Gross unrealized losses | 2 | 1 | |||
Fair Value | 443 | 484 | |||
Fixed Maturity AFS Securities [Member] | State And Municipal Bonds [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 5,543 | 5,360 | |||
Gross unrealized gains | 1,369 | 1,561 | |||
Gross unrealized losses | 11 | ||||
Fair Value | 6,901 | 6,921 | |||
Fixed Maturity AFS Securities [Member] | Foreign Government Bonds [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 455 | 384 | |||
Gross unrealized gains | 64 | 87 | |||
Gross unrealized losses | 7 | 1 | |||
Fair Value | 512 | 470 | |||
Fixed Maturity AFS Securities [Member] | RMBS [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 2,687 | 2,765 | |||
Gross unrealized gains | 252 | 313 | |||
Gross unrealized losses | 3 | 1 | |||
Allowance for Credit Losses | 1 | $ 1 | 1 | $ 1 | 1 |
Fair Value | 2,935 | 3,076 | |||
Fixed Maturity AFS Securities [Member] | CMBS [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 1,528 | 1,390 | |||
Gross unrealized gains | 76 | 115 | |||
Gross unrealized losses | 10 | ||||
Fair Value | 1,594 | 1,505 | |||
Fixed Maturity AFS Securities [Member] | ABS [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 8,186 | 7,041 | |||
Gross unrealized gains | 148 | 158 | |||
Gross unrealized losses | 31 | 15 | |||
Allowance for Credit Losses | $ 1 | ||||
Fair Value | 8,303 | 7,184 | |||
Fixed Maturity AFS Securities [Member] | Hybrid And Redeemable Preferred Securities [Member] | |||||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||||
Amortized Cost | 437 | 548 | |||
Gross unrealized gains | 110 | 97 | |||
Gross unrealized losses | 12 | 30 | |||
Fair Value | $ 535 | $ 615 |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized Cost | $ 107,459 | $ 104,174 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | 122,085 | 123,044 |
Fixed Maturity AFS Securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized Cost | 107,459 | 104,174 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | 122,085 | $ 123,044 |
Fixed Maturity AFS Securities [Member] | Fixed maturity AFS securities other than structured securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Due in one year or less | 3,126 | |
Due after one year through five years | 15,454 | |
Due after five years through ten years | 19,277 | |
Due after ten years | 57,201 | |
Amortized Cost | 95,058 | |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Due in one year or less | 3,154 | |
Due after one year through five years | 16,362 | |
Due after five years through ten years | 21,021 | |
Due after ten years | 68,716 | |
Fair Value | 109,253 | |
Fixed Maturity AFS Securities [Member] | Structured securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized Cost | 12,401 | |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | $ 12,832 |
Investments (Fair Value And Gro
Investments (Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position) (Details) - Fixed Maturity AFS Securities [Member] $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | $ 276 | $ 117 |
Greater Than Twelve Months | 124 | 81 |
Continuous Unrealized Loss Position, Total | 400 | 198 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 13,617 | 4,808 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,593 | 1,068 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 15,210 | $ 5,876 |
Total number of fixed maturity AFS securities in an unrealized loss position | security | 1,753 | 802 |
Unrealized holding gains (losses) arising during the period | $ 8 | $ 1 |
Corporate Bonds [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 218 | 92 |
Greater Than Twelve Months | 106 | 58 |
Continuous Unrealized Loss Position, Total | 324 | 150 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 8,685 | 3,039 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,289 | 607 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 9,974 | 3,646 |
U.S. Government Bonds [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1 | 1 |
Greater Than Twelve Months | 1 | |
Continuous Unrealized Loss Position, Total | 2 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 29 | 28 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 32 | 28 |
State And Municipal Bonds [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 10 | |
Greater Than Twelve Months | 1 | |
Continuous Unrealized Loss Position, Total | 11 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 485 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 17 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 502 | |
Foreign Government Bonds [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 6 | 1 |
Greater Than Twelve Months | 1 | |
Continuous Unrealized Loss Position, Total | 7 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 152 | 57 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 28 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 180 | 57 |
RMBS [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 2 | 1 |
Greater Than Twelve Months | 1 | |
Continuous Unrealized Loss Position, Total | 3 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 206 | 45 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 19 | 7 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 225 | 52 |
CMBS [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 9 | |
Greater Than Twelve Months | 1 | |
Continuous Unrealized Loss Position, Total | 10 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 365 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 16 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 381 | |
ABS [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 29 | 9 |
Greater Than Twelve Months | 2 | 6 |
Continuous Unrealized Loss Position, Total | 31 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,662 | 1,527 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 106 | 358 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,768 | 1,885 |
Hybrid And Redeemable Preferred Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1 | 13 |
Greater Than Twelve Months | 11 | 17 |
Continuous Unrealized Loss Position, Total | 12 | 30 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 33 | 112 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 115 | 96 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 148 | $ 208 |
Investments (Schedule Of Availa
Investments (Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost) (Details) - Fair Value Decline, Greater Than 20% [Member] $ in Millions | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value - Less than six months | $ 9 | $ 63 |
Fair Value - Six months or greater, but less than nine months | 17 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 23 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 60 | 30 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 86 | 118 |
Gross Unrealized Losses - Less than six months | 2 | 23 |
Gross Unrealized Losses - Six months or greater, but less than nine months | 5 | 1 |
Less Than or Equal to Twelve Months | 7 | |
Greater Than Twelve Months | 9 | 11 |
Fair Value - Total | $ 16 | $ 42 |
Number of Securities - Less than six months | security | 4 | 14 |
Number of Securities - Six months or greater, but less than nine months | security | 1 | 4 |
Number of Securities - Nine months or greater, but less than twelve months | security | 14 | |
Number of Securities - Twelve months or greater | security | 25 | 20 |
Number of Securities - Total | security | 30 | 52 |
Investments (Changes In Allowan
Investments (Changes In Allowance For Credit Losses On AFS) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Balance as of beginning-of-period | $ 13 | |||
Balance as of end-of-period | $ 17 | 17 | ||
Accrued interest receivable on fixed maturity AFS securities | 1,100 | $ 1,100 | ||
Fixed Maturity AFS Securities [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Balance as of beginning-of-period | 9 | $ 22 | 13 | |
Additions for securities for which credit losses were not previously recognized | 8 | 5 | 8 | 44 |
Additions (reductions) for securities for which credit losses were previously recognized | (4) | 2 | (4) | |
Reductions for securities disposed | (17) | |||
Reductions for securities charged-off | (11) | (6) | (11) | |
Balance as of end-of-period | 17 | 12 | 17 | 12 |
Fixed Maturity AFS Securities [Member] | Corporate Bonds [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Balance as of beginning-of-period | 8 | 20 | 12 | |
Additions for securities for which credit losses were not previously recognized | 8 | 5 | 8 | 42 |
Additions (reductions) for securities for which credit losses were previously recognized | (3) | 2 | (3) | |
Reductions for securities disposed | (17) | |||
Reductions for securities charged-off | (11) | (6) | (11) | |
Balance as of end-of-period | 16 | 11 | 16 | 11 |
Fixed Maturity AFS Securities [Member] | RMBS [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Balance as of beginning-of-period | 1 | 1 | 1 | |
Additions for securities for which credit losses were not previously recognized | 1 | |||
Balance as of end-of-period | $ 1 | 1 | $ 1 | 1 |
Fixed Maturity AFS Securities [Member] | ABS [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Balance as of beginning-of-period | 1 | |||
Additions for securities for which credit losses were not previously recognized | 1 | |||
Additions (reductions) for securities for which credit losses were previously recognized | $ (1) | $ (1) |
Investments (Composition Of Cur
Investments (Composition Of Current And Past Due Mortgage Loans On Real Estate) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | $ 16,235 | |||||
Allowance for credit losses | $ (131) | $ (170) | (204) | $ (202) | $ (273) | $ (2) |
Unamortized premium (discount) | 11 | 8 | ||||
Mark-to-market gains (losses) | (3) | (5) | ||||
Total carrying value | 17,730 | 16,763 | ||||
Current [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 17,802 | 16,855 | ||||
30 to 59 Days Past Due [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 15 | 32 | ||||
60 to 89 Days Past Due [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 3 | 8 | ||||
90 Or More Days Past Due [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 33 | 69 | ||||
Commercial [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 17,099 | |||||
Allowance for credit losses | (115) | (156) | (187) | (172) | (236) | |
Unamortized premium (discount) | (12) | (14) | ||||
Mark-to-market gains (losses) | (3) | (5) | ||||
Total carrying value | 16,981 | 16,043 | ||||
Commercial [Member] | Current [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 17,111 | 16,245 | ||||
Commercial [Member] | 30 to 59 Days Past Due [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 4 | |||||
Residential [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 765 | 737 | ||||
Allowance for credit losses | (16) | $ (14) | (17) | $ (30) | $ (37) | $ (2) |
Unamortized premium (discount) | 23 | 22 | ||||
Total carrying value | 749 | 720 | ||||
Residential [Member] | Current [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 691 | 610 | ||||
Residential [Member] | 30 to 59 Days Past Due [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 15 | 28 | ||||
Residential [Member] | 60 to 89 Days Past Due [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | 3 | 8 | ||||
Residential [Member] | 90 Or More Days Past Due [Member] | ||||||
Mortgage Loans On Real Estate Aging [Abstract] | ||||||
Mortgage loans on real estate, gross | $ 33 | $ 69 |
Investments (Schedule Of Averag
Investments (Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commercial [Member] | ||||
Information about impaired mortgage loans on real estate | ||||
Average carrying value for impaired mortgage loans on real estate | $ 31 | $ 31 | $ 33 | $ 17 |
Investments (Amortized Cost Of
Investments (Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 34 | $ 71 |
Commercial [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with no ACL | ||
Nonaccrual | ||
Residential [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 34 | $ 71 |
Investments (Commercial Mortgag
Investments (Commercial Mortgage Loans By Year Of Origination) (Details) $ in Millions | Sep. 30, 2021USD ($)item | Dec. 31, 2020USD ($)item |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 1,536 | |
Amount originated in prior year | 3,401 | |
Amount originated 2 years prior | 2,583 | |
Amount originated 3 years prior | 1,955 | |
Amount originated 4 years prior | 1,909 | |
Amount originated 5 or more years prior | 4,851 | |
Total | 16,235 | |
Loan-to-value ratio, less than 65% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | 1,504 | |
Amount originated in prior year | 3,141 | |
Amount originated 2 years prior | 2,382 | |
Amount originated 3 years prior | 1,786 | |
Amount originated 4 years prior | 1,713 | |
Amount originated 5 or more years prior | 4,710 | |
Total | $ 15,236 | |
Ratio of originations in current year | item | 2.86 | |
Ratio of originations in prior year | item | 2.25 | |
Ratio of originations 2 years prior | item | 2.16 | |
Ratio of originations 3 years prior | item | 2.34 | |
Ratio of originations 4 years prior | item | 2.37 | |
Ratio of originations 5 or more years prior | item | 2.38 | |
Loan-to-value ratio, 65% to 74% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 32 | |
Amount originated in prior year | 258 | |
Amount originated 2 years prior | 186 | |
Amount originated 3 years prior | 169 | |
Amount originated 4 years prior | 174 | |
Amount originated 5 or more years prior | 133 | |
Total | $ 952 | |
Ratio of originations in current year | item | 1.52 | |
Ratio of originations in prior year | item | 1.78 | |
Ratio of originations 2 years prior | item | 1.49 | |
Ratio of originations 3 years prior | item | 1.73 | |
Ratio of originations 4 years prior | item | 1.56 | |
Ratio of originations 5 or more years prior | item | 1.95 | |
Loan-to-value ratio, 75% to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in prior year | $ 2 | |
Amount originated 2 years prior | 15 | |
Amount originated 4 years prior | 22 | |
Amount originated 5 or more years prior | 8 | |
Total | $ 47 | |
Ratio of originations in prior year | item | 1.74 | |
Ratio of originations 2 years prior | item | 0.71 | |
Ratio of originations 4 years prior | item | 1.58 | |
Ratio of originations 5 or more years prior | item | 1.02 | |
Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 1,803 | |
Amount originated in prior year | 1,509 | |
Amount originated 2 years prior | 3,302 | |
Amount originated 3 years prior | 2,490 | |
Amount originated 4 years prior | 1,894 | |
Amount originated 5 or more years prior | 6,101 | |
Total | 17,099 | |
Commercial [Member] | Loan-to-value ratio, less than 65% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | 1,676 | |
Amount originated in prior year | 1,365 | |
Amount originated 2 years prior | 3,009 | |
Amount originated 3 years prior | 2,298 | |
Amount originated 4 years prior | 1,717 | |
Amount originated 5 or more years prior | 5,869 | |
Total | $ 15,934 | |
Ratio of originations in current year | item | 3.07 | |
Ratio of originations in prior year | item | 3.03 | |
Ratio of originations 2 years prior | item | 2.19 | |
Ratio of originations 3 years prior | item | 2.15 | |
Ratio of originations 4 years prior | item | 2.32 | |
Ratio of originations 5 or more years prior | item | 2.40 | |
Commercial [Member] | Loan-to-value ratio, 65% to 74% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 127 | |
Amount originated in prior year | 144 | |
Amount originated 2 years prior | 293 | |
Amount originated 3 years prior | 177 | |
Amount originated 4 years prior | 150 | |
Amount originated 5 or more years prior | 195 | |
Total | $ 1,086 | |
Ratio of originations in current year | item | 1.76 | |
Ratio of originations in prior year | item | 1.67 | |
Ratio of originations 2 years prior | item | 1.62 | |
Ratio of originations 3 years prior | item | 1.58 | |
Ratio of originations 4 years prior | item | 1.74 | |
Ratio of originations 5 or more years prior | item | 1.77 | |
Commercial [Member] | Loan-to-value ratio, 75% to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated 3 years prior | $ 15 | |
Amount originated 4 years prior | 27 | |
Amount originated 5 or more years prior | 37 | |
Total | $ 79 | |
Ratio of originations 3 years prior | item | 1.02 | |
Ratio of originations 4 years prior | item | 0.96 | |
Ratio of originations 5 or more years prior | item | 0.78 |
Investments (Residential Mortga
Investments (Residential Mortgage Loans By Year Of Origination) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 1,536 | |
Amount originated in prior year | 3,401 | |
Amount originated 2 years prior | 2,583 | |
Amount originated 3 years prior | 1,955 | |
Amount originated 4 years prior | 1,909 | |
Amount originated 5 or more years prior | 4,851 | |
Total | 16,235 | |
Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 242 | 184 |
Amount originated in prior year | 152 | 366 |
Amount originated 2 years prior | 246 | 187 |
Amount originated 3 years prior | 125 | |
Total | 765 | 737 |
Performing [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | 241 | 176 |
Amount originated in prior year | 149 | 315 |
Amount originated 2 years prior | 220 | 175 |
Amount originated 3 years prior | 121 | |
Total | 731 | 666 |
Nonperforming [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | 1 | 8 |
Amount originated in prior year | 3 | 51 |
Amount originated 2 years prior | 26 | 12 |
Amount originated 3 years prior | 4 | |
Total | $ 34 | $ 71 |
Investments (Changes In Allow_2
Investments (Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance as of beginning-of-year | $ 170,000,000 | $ 273,000,000 | $ 204,000,000 | $ 2,000,000 |
Additions (reductions) from provision for credit loss expense | (39,000,000) | (71,000,000) | (73,000,000) | 112,000,000 |
Balance as of end-of-year | 131,000,000 | 202,000,000 | 131,000,000 | 202,000,000 |
Changes in economic assumptions increasing provision | (39,000,000) | (73,000,000) | ||
Accrued interest receivable excluded from credit losses | 50,000,000 | 50,000,000 | ||
Covid 19 [Member] | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 71,000,000 | 112,000,000 | ||
Unfunded Loan Commitment [Member] | ||||
Additions (reductions) for mortgage loans on real estate for which credit losses were previously recognized | 1,000,000 | 4,000,000 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | 0 | 1,000,000 | ||
Commercial [Member] | ||||
Balance as of beginning-of-year | 156,000,000 | 236,000,000 | 187,000,000 | |
Additions (reductions) from provision for credit loss expense | (41,000,000) | (64,000,000) | (72,000,000) | 110,000,000 |
Balance as of end-of-year | 115,000,000 | 172,000,000 | 115,000,000 | 172,000,000 |
Residential [Member] | ||||
Balance as of beginning-of-year | 14,000,000 | 37,000,000 | 17,000,000 | 2,000,000 |
Additions (reductions) from provision for credit loss expense | 2,000,000 | (7,000,000) | (1,000,000) | 2,000,000 |
Balance as of end-of-year | $ 16,000,000 | $ 30,000,000 | $ 16,000,000 | 30,000,000 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance as of beginning-of-year | 88,000,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial [Member] | ||||
Balance as of beginning-of-year | 62,000,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential [Member] | ||||
Balance as of beginning-of-year | $ 26,000,000 |
Investments (Credit Loss Expens
Investments (Credit Loss Expense Incurred) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Gross credit loss expense recognized in net income (loss) | $ (8) | $ (1) | $ (9) | $ (23) |
Associated amortization of DAC, VOBA, DSI and DFEL | 1 | |||
Net credit loss expense recognized in net income (loss) | (8) | (1) | (9) | (22) |
Corporate Bonds [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Gross credit loss expense recognized in net income (loss) | $ (8) | (2) | $ (9) | (22) |
RMBS [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Gross credit loss expense recognized in net income (loss) | $ (1) | |||
ABS [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Gross credit loss expense recognized in net income (loss) | $ 1 |
Investments (Payables For Colla
Investments (Payables For Collateral On Investments) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Carrying Value Of Payables For Collateral On Investments [Abstract] | ||
Collateral payable for derivative investments | $ 4,949 | $ 2,976 |
Securities pledged under securities lending agreements | 300 | 116 |
Investments pledged for Federal Home Loan Bank of Indianapolis ('FHLBI') | 3,130 | 3,130 |
Total payables for collateral on investments | 8,379 | 6,222 |
Fair Value Of Related Investments Or Collateral [Abstract] | ||
Collateral payable for derivative investments | 4,949 | 2,976 |
Securities pledged under securities lending agreements | 290 | 112 |
Investments pledged for Federal Home Loan Bank of Indianapolis('FHLBI') | 4,911 | 5,049 |
Total payables for collateral on investments | $ 10,150 | $ 8,137 |
Percentage of the fair value of domestic securities obtained as collateral under securities lending agreements. | 102.00% | |
Percentage of the fair value of foreign securities obtained as collateral under securities lending agreements. | 105.00% | |
Maximum [Member] | ||
Fair Value Of Related Investments Or Collateral [Abstract] | ||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for AFS Securities | 115.00% | |
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for mortgage loan | 175.00% | |
Minimum [Member] | ||
Fair Value Of Related Investments Or Collateral [Abstract] | ||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for AFS Securities | 105.00% | |
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for mortgage loan | 155.00% |
Investments (Schedule Of Increa
Investments (Schedule Of Increase (Decrease) In Payables For Collateral On Investments) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (decrease) in payables for collateral on investments | ||
Collateral payable for derivative investments | $ 1,973 | $ 1,786 |
Securities pledged under securities lending agreements | 184 | 17 |
Investments pledged for FHLBI | (450) | |
Total increase (decrease) in payables for collateral on investments | $ 2,157 | $ 1,353 |
Investments (Schedule of Securi
Investments (Schedule of Securities Pledged by Contractual Maturity) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | $ 300 | $ 116 |
Total gross secured borrowings | 300 | 116 |
Corporate Bonds [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total gross secured borrowings | 299 | 114 |
Foreign Government Bonds [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total gross secured borrowings | 1 | 2 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total gross secured borrowings | 300 | 116 |
Overnight and Continuous [Member] | Corporate Bonds [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total gross secured borrowings | 299 | 114 |
Overnight and Continuous [Member] | Foreign Government Bonds [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total gross secured borrowings | $ 1 | $ 2 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Credit Derivatives [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 46 | ||
Cash flow hedge, reclassified to earnings, net | 0 | $ 0 | |
Non-performance Risk Adjustment | 0 | ||
Exposure Associated With Collateralization Events | $ 0 | $ 0 | |
Indexed Annuity [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative term | 6 years |
Derivative Instruments (Outstan
Derivative Instruments (Outstanding Derivative Instruments With Off-Balance-Sheet Risks) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | $ 180,163 | |
Interest Rate Contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 82,829 | |
Foreign currency contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 4,114 | |
Equity market contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 93,188 | |
Credit contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 32 | |
Total Derivative Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 180,163 | $ 216,826 |
Asset Fair Value | 8,994 | 6,390 |
Liability Fair Value | 7,765 | 7,091 |
Derivative Investments [Member] | Interest Rate Contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 78,941 | 135,434 |
Asset Fair Value | 1,211 | 1,587 |
Liability Fair Value | 190 | 159 |
Derivative Investments [Member] | Foreign currency contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 369 | 304 |
Asset Fair Value | 6 | 1 |
Liability Fair Value | 1 | 8 |
Derivative Investments [Member] | Equity market contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 93,188 | 74,610 |
Asset Fair Value | 5,217 | 3,486 |
Liability Fair Value | 1,651 | 1,952 |
Derivative Investments [Member] | Credit contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 32 | 51 |
Derivative Investments [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 6,474 | 5,266 |
Asset Fair Value | 312 | 234 |
Liability Fair Value | 449 | 714 |
Derivative Investments [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 2,729 | 2,177 |
Asset Fair Value | 53 | 87 |
Liability Fair Value | 395 | 563 |
Derivative Investments [Member] | Cash Flow Hedges [Member] | Foreign currency contracts [Member] | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 3,745 | 3,089 |
Asset Fair Value | 259 | 147 |
Liability Fair Value | 54 | 151 |
Derivative Investments [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 1,159 | 1,161 |
Liability Fair Value | 220 | 272 |
Other Assets [Member] | GLB Direct Embedded Derivatives [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Asset Fair Value | 1,698 | 450 |
Other Liabilities [Member] | GLB Ceded Embedded Derivatives [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Asset Fair Value | 55 | 82 |
Liability Fair Value | 146 | |
Reinsurance Related Embedded Derivatives [Member] | Reinsurance Related [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Liability Fair Value | 304 | 392 |
Future Contract Benefits [Member] | Indexed Annuity And IUL Contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Asset Fair Value | 495 | 550 |
Liability Fair Value | $ 4,804 | $ 3,594 |
Derivative Instruments (Maturit
Derivative Instruments (Maturity Of The Notional Amounts Of Derivative Financial Instruments) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Maturity of the notional amounts of derivative financial instruments | |
Remaining Life Less Than 1 Year | $ 62,254 |
Remaining Life - 1 - 5 Years | 66,453 |
Remaining Life - 6 - 10 Years | 24,609 |
Remaining Life - 11 - 30 Years | 16,854 |
Remaining Life Over - 30 Years | 9,993 |
Remaining Life - Total Years | 180,163 |
Interest Rate Contracts [Member] | |
Maturity of the notional amounts of derivative financial instruments | |
Remaining Life Less Than 1 Year | 2,508 |
Remaining Life - 1 - 5 Years | 49,605 |
Remaining Life - 6 - 10 Years | 16,004 |
Remaining Life - 11 - 30 Years | 13,499 |
Remaining Life Over - 30 Years | 1,213 |
Remaining Life - Total Years | $ 82,829 |
Derivative maturity date | Apr. 20, 2067 |
Foreign currency contracts [Member] | |
Maturity of the notional amounts of derivative financial instruments | |
Remaining Life Less Than 1 Year | $ 195 |
Remaining Life - 1 - 5 Years | 563 |
Remaining Life - 6 - 10 Years | 1,582 |
Remaining Life - 11 - 30 Years | 1,732 |
Remaining Life Over - 30 Years | 42 |
Remaining Life - Total Years | $ 4,114 |
Derivative maturity date | Jun. 16, 2061 |
Equity market contracts [Member] | |
Maturity of the notional amounts of derivative financial instruments | |
Remaining Life Less Than 1 Year | $ 59,551 |
Remaining Life - 1 - 5 Years | 16,253 |
Remaining Life - 6 - 10 Years | 7,023 |
Remaining Life - 11 - 30 Years | 1,623 |
Remaining Life Over - 30 Years | 8,738 |
Remaining Life - Total Years | 93,188 |
Credit contracts [Member] | |
Maturity of the notional amounts of derivative financial instruments | |
Remaining Life - 1 - 5 Years | 32 |
Remaining Life - Total Years | $ 32 |
Derivative Instruments (Cumulat
Derivative Instruments (Cumulative Basis Adjustments For Fair Value Hedges) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fixed Maturity AFS Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amortized cost of the hedged assets | $ 762 | $ 824 |
Cumulative fair value hedging adjustment included in the amortized cost of the hedged assets | 212 | 271 |
Long-term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amortized cost of the hedged liabilities | (849) | (900) |
Cumulative fair value hedging adjustment included in the amortized cost of the hedged liabilities | 26 | (25) |
Discontinued Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cumulative fair value hedging adjustment included in the amortized cost of the hedged liabilities | $ (360) | $ (370) |
Derivative Instruments (Change
Derivative Instruments (Change In Our Unrealized Gain On Derivative Instruments In Accumulated OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Balance as of beginning-of-year | $ 8,931 | |||
Income tax benefit (expense) | $ (50) | $ (62) | (217) | $ 22 |
Balance as of end-of-period | 6,849 | 6,849 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | ||||
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Balance as of beginning-of-year | (402) | (11) | ||
Change in foreign currency exchange rate adjustment | 129 | (16) | ||
Change in DAC, VOBA, DSI and DFEL | (64) | |||
Income tax benefit (expense) | (76) | 62 | ||
Associated amortization of DAC, VOBA, DSI and DFEL | (1) | (8) | ||
Income tax benefit (expense) | (3) | (6) | ||
Balance as of end-of-period | $ (132) | $ (272) | (132) | (272) |
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||||
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Unrealized holding gains (losses) arising during the period | 116 | (432) | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Net Investment Income [Member] | ||||
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Reclassification adjustment for gains (losses) included in net income (loss) | 2 | 2 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest and Debt Expense [Member] | ||||
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Reclassification adjustment for gains (losses) included in net income (loss) | (18) | (16) | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency contracts [Member] | ||||
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Unrealized holding gains (losses) arising during the period | 113 | 213 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency contracts [Member] | Net Investment Income [Member] | ||||
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Reclassification adjustment for gains (losses) included in net income (loss) | 34 | 46 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency contracts [Member] | Realized Gain (Loss) [Member] | ||||
Change in our unrealized gain on derivative instruments in accumulated OCI | ||||
Reclassification adjustment for gains (losses) included in net income (loss) | $ (2) | $ 6 |
Derivative Instruments (Effects
Derivative Instruments (Effects Of Qualifying And Non-Qualifying Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | $ 85 | $ 629 | ||
Net Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | 1,576 | 1,458 | ||
Interest and Debt Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | 73 | 66 | ||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | $ (97) | $ (43) | ||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Net Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | 4,670 | 4,005 | ||
Hedged items | (59) | 100 | ||
Derivatives designated as hedging instruments | 59 | (100) | ||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest and Debt Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | 204 | 218 | ||
Hedged items | 51 | 106 | ||
Derivatives designated as hedging instruments | (51) | (106) | ||
Interest Rate Contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | (149) | (374) | ||
Interest Rate Contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | (876) | 1,795 | ||
Interest Rate Contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Net Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into income | 1 | 1 | 2 | 2 |
Interest Rate Contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest and Debt Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into income | (6) | (8) | (18) | (16) |
Interest Rate Contracts [Member] | Fair Value Hedges [Member] | Designated as Hedging Instrument [Member] | Net Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | (10) | (21) | ||
Derivatives designated as hedging instruments | 10 | 21 | ||
Interest Rate Contracts [Member] | Fair Value Hedges [Member] | Designated as Hedging Instrument [Member] | Interest and Debt Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | 8 | 19 | ||
Derivatives designated as hedging instruments | (8) | (19) | ||
Foreign currency contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into income | (2) | (2) | 6 | |
Non-Qualifying Hedges Gain (Loss) | (1) | |||
Foreign currency contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Net Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into income | 13 | 24 | 34 | 46 |
Equity market contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | 387 | 949 | ||
Equity market contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | 2,342 | 565 | ||
Credit contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | 1 | |||
Credit contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | (4) | |||
Embedded derivatives - GLB [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | (61) | 1,690 | ||
Embedded derivatives - GLB [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | 1,075 | (1,326) | ||
Reinsurance Related [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | 24 | (88) | ||
Reinsurance Related [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | 88 | (7) | ||
Indexed Annuity And IUL Contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | $ 33 | $ (105) | ||
Indexed Annuity And IUL Contracts [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-Qualifying Hedges Gain (Loss) | $ (1,296) | $ 396 |
Derivative Instruments (Open Cr
Derivative Instruments (Open Credit Default Swap Liabilities) (Details) - Credit Default Swap, Seller [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)security | Sep. 30, 2021USD ($) | |
Summary Of Credit Derivatives | ||
Maximum potential payout | $ 51 | |
BBB+ [Member] | Derivative Contract, Maturing 12-20-2025 [Member] | ||
Summary Of Credit Derivatives | ||
Maturity | Dec. 20, 2025 | |
Credit rating of underlying obligation | BBB+ | |
Number of instruments | security | 1 | |
Fair value | $ 1 | |
Maximum potential payout | $ 51 |
Derivative Instruments (Collate
Derivative Instruments (Collateral Support Agreements) (Details) - Credit Default Swap, Seller [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Credit risk related contingent features collateral | ||
Maximum potential payout | $ 51 | |
Less: Counterparty thresholds | ||
Maximum collateral potentially required to post | $ 51 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | $ 4,948 | $ 2,976 |
Collateral Posted by LNC (Held by Counter-Party) | (700) | (1,061) |
AA- [Member] | ||
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | 1,940 | 1,233 |
Collateral Posted by LNC (Held by Counter-Party) | (274) | (371) |
A+ [Member] | ||
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | 2,527 | 1,119 |
Collateral Posted by LNC (Held by Counter-Party) | (254) | (445) |
A [Member] | ||
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | 60 | 53 |
Collateral Posted by LNC (Held by Counter-Party) | ||
A- [Member] | ||
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | 421 | 571 |
Collateral Posted by LNC (Held by Counter-Party) | $ (172) | $ (245) |
Derivative Instruments (Sched_2
Derivative Instruments (Schedule Of Offsetting Assets And Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Derivative Instruments, Gross amount of recognized assets | $ 7,393 | $ 4,978 |
Derivative Instruments, Gross amounts offset | (1,914) | (1,869) |
Derivative Instruments, Net amount of assets | 5,479 | 3,109 |
Derivative Instruments, Cash collateral | (4,948) | (2,976) |
Derivative Instruments, Non-cash collateral | (224) | (56) |
Derivative Instruments, Net amount | 307 | 77 |
Embedded Derivative Instruments, Gross amount of recognized assets | 2,248 | 1,082 |
Embedded Derivative Instruments, Gross amounts offset | ||
Embedded Derivative Instruments, Net amount of assets | 2,248 | 1,082 |
Embedded Derivative Instruments, Cash collateral | ||
Embedded Derivative Instruments, Non-cash collateral | ||
Embedded Derivative Instruments, Net amount | 2,248 | 1,082 |
Total, Gross amount of recognized assets | 9,641 | 6,060 |
Total, Gross amounts offset | (1,914) | (1,869) |
Total, Net amount of assets | 7,727 | 4,191 |
Total, Cash collateral | (4,948) | (2,976) |
Total, Non-cash collateral | (224) | (56) |
Total, Net amount | 2,555 | 1,159 |
Financial Liabilities | ||
Derivative Instruments, Gross amount of recognized liabilities | 1,032 | 1,456 |
Derivative Instruments, Gross amounts offset | (3) | (330) |
Derivative Instruments, Net amount of liabilities | 1,029 | 1,126 |
Derivative Instruments, Cash collateral | (700) | (1,061) |
Derivative Instruments, Non-cash collateral | ||
Derivative Instruments, Net amount | 329 | 65 |
Embedded Derivative Instruments, Gross amount of recognized liabilities | 5,254 | 3,986 |
Embedded Derivative Instruments, Gross amounts offset | ||
Embedded Derivative Instruments, Net amount of liabilities | 5,254 | 3,986 |
Embedded Derivative Instruments, Cash collateral | ||
Embedded Derivative Instruments, Non-cash collateral | ||
Embedded Derivative Instruments, Net amount | 5,254 | 3,986 |
Total, Gross amount of recognized liabilities | 6,286 | 5,442 |
Total, Gross amounts offset | (3) | (330) |
Total, Net amount of liabilities | 6,283 | 5,112 |
Total, Cash collateral | (700) | (1,061) |
Total, Net amount | 5,583 | $ 4,051 |
Other Assets [Member] | ||
Financial Assets | ||
Total, Net amount of assets | $ 651 |
Federal Income Taxes (Narrative
Federal Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Federal Income Taxes [Abstract] | ||||
Effective tax rate | 14.00% | 13.00% | 15.00% | (7.00%) |
Federal rate | 21.00% | 21.00% | 21.00% | 21.00% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | Oct. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Ceded Credit Risk [Line Items] | |||
Reinsurance, ACL | $ 198 | ||
Athene Holding Ltd. [Member] | |||
Ceded Credit Risk [Line Items] | |||
Deposit assets | 5,100 | $ 5,800 | |
Letter of credit | 152 | ||
Athene Holding Ltd. [Member] | Over-Collateralization [Member] | |||
Ceded Credit Risk [Line Items] | |||
Reserves associated with modified coinsurance reinsurance arrangements | $ 166 | ||
Subsequent Event [Member] | |||
Ceded Credit Risk [Line Items] | |||
Proceeds From Reinsurance Recapture | $ 1,200 |
Reinsurance (Schedule Of Assets
Reinsurance (Schedule Of Assets In Support Of Reserves) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Ceded Credit Risk [Line Items] | ||||
Fixed maturity AFS securities | $ 122,085 | $ 123,044 | ||
Trading securities | 4,191 | 4,501 | ||
Equity securities | 243 | 129 | ||
Mortgage loans on real estate | 17,730 | 16,763 | ||
Derivative investments | 4,828 | 3,109 | ||
Other investments | 4,069 | 3,984 | ||
Cash and invested cash | 2,614 | 1,708 | $ 2,595 | $ 2,563 |
Accrued investment income | 1,297 | 1,257 | ||
Other assets | 17,367 | 15,960 | ||
Modco [Member] | ||||
Ceded Credit Risk [Line Items] | ||||
Fixed maturity AFS securities | 1,114 | 1,531 | ||
Trading securities | 3,096 | 3,357 | ||
Equity securities | 27 | 17 | ||
Mortgage loans on real estate | 792 | 832 | ||
Derivative investments | 86 | 103 | ||
Other investments | 251 | 167 | ||
Cash and invested cash | 207 | 92 | ||
Accrued investment income | 36 | 42 | ||
Other assets | 25 | 3 | ||
Total | 5,634 | 6,144 | ||
Commercial [Member] | ||||
Ceded Credit Risk [Line Items] | ||||
Mortgage loans on real estate | $ 16,981 | $ 16,043 |
Guaranteed Benefit Features (Na
Guaranteed Benefit Features (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Guaranteed Benefit Features [Abstract] | |||||
Percent of permanent life insurance in force | 38.00% | ||||
Percent of permanent life insurance sales | 17.00% | 32.00% | 15.00% | 32.00% |
Guaranteed Benefit Features (In
Guaranteed Benefit Features (Information On Guaranteed Death Benefit Features) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Return of Net Deposits [Member] | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 114,058 | $ 109,856 |
Net amount at risk | $ 96 | $ 72 |
Average attained age of contract holders | 66 years | 66 years |
Minimum Return [Member] | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 98 | $ 100 |
Net amount at risk | $ 12 | $ 12 |
Average attained age of contract holders | 79 years | 78 years |
Guaranteed minimum return | 5.00% | 5.00% |
Anniversary Contract Value [Member] | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 28,067 | $ 27,650 |
Net amount at risk | $ 511 | $ 390 |
Average attained age of contract holders | 73 years | 72 years |
Guaranteed Benefit Features (Su
Guaranteed Benefit Features (Summary Of Guaranteed Death Benefit Liabilities) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Guaranteed Benefit Features [Abstract] | ||
Balance as of beginning-of-year | $ 121 | $ 117 |
Changes in reserves | 31 | 46 |
Benefits paid | (16) | (21) |
Balance as of end-of-period | $ 136 | $ 142 |
Guaranteed Benefit Features (Ac
Guaranteed Benefit Features (Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts) (Details) - Variable Annuity [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | $ 139,171 | $ 134,738 |
Percent of total variable annuity separate account values | 98.00% | 98.00% |
Domestic Equity [Member] | ||
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | $ 73,503 | $ 70,362 |
International Equity [Member] | ||
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | 21,041 | 20,855 |
Fixed Income [Member] | ||
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | $ 44,627 | $ 43,521 |
Liability For Unpaid Claims (Ch
Liability For Unpaid Claims (Changes In Liability For Unpaid Claims) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Liability For Unpaid Claims [Abstract] | ||
Balance as of beginning-of-year | $ 5,934 | $ 5,552 |
Reinsurance recoverable | 151 | 152 |
Net balance as of beginning-of-year | 5,783 | 5,400 |
Incurred related to: | ||
Current year | 2,999 | 2,615 |
Interest | 112 | 116 |
All other incurred | (284) | (157) |
Total incurred | 2,827 | 2,574 |
Paid related to: | ||
Current year | (1,393) | (1,184) |
Prior years | (1,222) | (1,118) |
Total paid | (2,615) | (2,302) |
Net balance as of end-of-period | 5,995 | 5,672 |
Reinsurance recoverable | 145 | 149 |
Balance as of end-of-period | $ 6,140 | $ 5,821 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Interest and debt expense | $ 73 | $ 66 | $ 204 | $ 218 |
Capital Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest and debt expense | 8 | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | 2,500 | 2,500 | ||
Minimum consolidated net worth | $ 10,000 | $ 10,000 | ||
Percentage of aggregate net proceeds of equity issuances | 50.00% | 50.00% | ||
Debt to capital ratio (low end of range) | 0.35% | 0.35% | ||
Debt to capital ratio (high end of range) | 1.00% | 1.00% | ||
Non-operating indebtedness of subsidiaries to total capitalization, maximum | 7.50% |
Debt (Schedule Of Changes In De
Debt (Schedule Of Changes In Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||
Balance as of beginning-of-year | $ 6,682 | |
Notes issued | $ 1,289 | |
Repayment of notes | $ (1,096) | |
Unamortized debt issuance costs | 3 | |
Unamortized adjustments from discontinued hedges | (11) | |
Fair value hedge on interest rate swap agreements | (51) | |
Balance as of end-of-period | 6,623 | |
LIBOR + 236 bps, due 2066 [Member] | ||
Debt Instrument [Line Items] | ||
Capital securities exchanged | (562) | |
Notes issued | $ 562 | |
LIBOR + 236 bps, due 2066 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Variable rate | 2.36% | |
LIBOR + 204 bps, due 2067 [Member] | ||
Debt Instrument [Line Items] | ||
Capital securities exchanged | $ (433) | |
Notes issued | $ 433 | |
LIBOR + 204 bps, due 2067 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Variable rate | 2.04% |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) $ in Millions | Sep. 30, 2021USD ($) |
Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate | $ 120 |
Shares and Stockholders' Equi_3
Shares and Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Shares and Stockholders' Equity [Abstract] | ||
Deferred compensation plan mark to market adjustment | $ 5 | $ 16 |
Shares and Stockholders' Equi_4
Shares and Stockholders' Equity (Changes In Common stock (Number Of Shares)) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes In Common Stock (Number Of Shares) [Line Items] | ||||
Balance as of beginning-of-year | 192,329,691 | |||
Balance as of end-of-year | 186,089,222 | 186,089,222 | ||
Common stock as of End-of-Year | ||||
Basic basis | 186,089,222 | 193,254,948 | 186,089,222 | 193,254,948 |
Diluted basis | 188,103,623 | 195,331,049 | 188,103,623 | 195,331,049 |
Common Stock [Member] | ||||
Changes In Common Stock (Number Of Shares) [Line Items] | ||||
Balance as of beginning-of-year | 189,089,948 | 193,247,103 | 192,329,691 | 196,668,532 |
Stock compensation/issued for benefit plans | 61,099 | 7,845 | 943,925 | 396,340 |
Retirement/cancellation of shares | (3,061,825) | (7,184,394) | (3,809,924) | |
Balance as of end-of-year | 186,089,222 | 193,254,948 | 186,089,222 | 193,254,948 |
Shares And Stockholders' Equi_5
Shares And Stockholders' Equity (Reconciliation Of The Denominator Calculations Of Basic And Diluted EPS) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share | ||||
Weighted-average shares, as used in basic calculation | 187,276,859 | 193,250,727 | 189,665,059 | 193,849,829 |
Shares to cover non-vested stock | 1,451,686 | 629,997 | 1,239,640 | 644,192 |
Average stock options outstanding during the period | 1,847,513 | 689,975 | 1,604,627 | 752,922 |
Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) | (1,444,711) | (592,887) | (1,224,255) | (588,805) |
Shares repurchasable from measured but unrecognized stock option expense | (40,280) | (3,515) | (26,570) | (2,402) |
Average deferred compensation shares | 1,382,128 | 1,285,205 | ||
Weighted-average shares, as used in diluted calculation | 189,091,067 | 195,356,425 | 191,258,501 | 195,940,941 |
Shares And Stockholders' Equi_6
Shares And Stockholders' Equity (Components And Changes In Accumulated OCI) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Unrealized Gain (Loss) on AFS Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of beginning-of-year | $ 9,611 | $ 5,983 |
Income tax benefit (expense) | 640 | (652) |
Less: | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (4) | (48) |
Associated amortization of DAC, VOBA, DSI, and DFEL | (18) | 42 |
Income tax benefit (expense) | 5 | 1 |
Balance as of end-of-period | 7,260 | 8,425 |
Unrealized Gain (Loss) on AFS Securities [Member] | Gains (Losses) Arising During The Year [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications and taxes | (4,244) | 5,426 |
Unrealized Gain (Loss) on AFS Securities [Member] | Change in Foreign Currency Exchange Rate Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications and taxes | (123) | 21 |
Unrealized Gain (Loss) on AFS Securities [Member] | Change in Deferred Insurance Charges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications and taxes | 1,359 | (2,403) |
Unrealized OTTI on AFS Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of beginning-of-year | 45 | |
Unrealized Gain (Loss) on Derivative Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of beginning-of-year | (402) | (11) |
Change in DAC, VOBA, DSI and DFEL | (64) | |
Income tax benefit (expense) | (76) | 62 |
Less: | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 16 | 38 |
Associated amortization of DAC, VOBA, DSI, and DFEL | (1) | (8) |
Income tax benefit (expense) | (3) | (6) |
Balance as of end-of-period | (132) | (272) |
Unrealized Gain (Loss) on Derivative Instruments [Member] | Gains (Losses) Arising During The Year [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications and taxes | 229 | (219) |
Unrealized Gain (Loss) on Derivative Instruments [Member] | Change in Foreign Currency Exchange Rate Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications and taxes | 129 | (16) |
Unrealized Gain (Loss) on Derivative Instruments [Member] | Change in Deferred Insurance Charges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications and taxes | (64) | |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of beginning-of-year | (12) | (17) |
Other comprehensive income (loss) before reclassifications and taxes | (2) | (4) |
Less: | ||
Balance as of end-of-period | (14) | (21) |
Funded Status of Employee Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of beginning-of-year | (266) | (327) |
Other comprehensive income (loss) before reclassifications and taxes | 1 | 4 |
Less: | ||
Balance as of end-of-period | $ (265) | (323) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unrealized Gain (Loss) on AFS Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of beginning-of-year | 45 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unrealized OTTI on AFS Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of beginning-of-year | $ (45) |
Shares And Stockholders' Equi_7
Shares And Stockholders' Equity (Schedule of Reclassifications Out Of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | $ 85 | $ 629 | $ (97) | $ (43) |
Net investment income | 1,576 | 1,458 | 4,670 | 4,005 |
Interest and debt expense | (73) | (66) | (204) | (218) |
Commissions and other expenses | (1,906) | (1,599) | (4,462) | (3,807) |
Income (loss) from continuing operations before taxes | 368 | 460 | 1,402 | 334 |
Income tax benefit (expense) | (50) | (62) | (217) | 22 |
Net income (loss) | $ 318 | $ 398 | 1,185 | 356 |
Unrealized Gain (Loss) on AFS Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | (4) | (48) | ||
Income (loss) from continuing operations before taxes | (22) | (6) | ||
Income tax benefit (expense) | 5 | 1 | ||
Net income (loss) | (17) | (5) | ||
Unrealized Gain (Loss) on AFS Securities [Member] | Associated amortization of DAC, VOBA, DSI and DFEL [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | (18) | 42 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Nonoperating income expense | 16 | 38 | ||
Income (loss) from continuing operations before taxes | 15 | 30 | ||
Income tax benefit (expense) | (3) | (6) | ||
Net income (loss) | 12 | 24 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Interest Rate Contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment income | 2 | 2 | ||
Interest and debt expense | (18) | (16) | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Foreign currency contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | (2) | 6 | ||
Net investment income | 34 | 46 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Associated amortization of DAC, VOBA, DSI and DFEL [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Commissions and other expenses | $ (1) | $ (8) |
Realized Gain (Loss) (Schedule
Realized Gain (Loss) (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Realized gain (loss) related to certain investments | ||||
Realized gain (loss) on equity securities | $ 5 | $ 5 | $ 37 | $ (9) |
Other gain (loss) on investments | (1) | 2 | 1 | (6) |
Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds | (9) | (8) | (19) | 34 |
Total realized gain (loss) related to certain financial assets | 23 | 65 | 77 | (163) |
Realized gain (loss) on the mark-to-market on certain instruments | 8 | (13) | 25 | 27 |
Indexed annuity and IUL contracts net derivatives results: | ||||
Gross gain (loss) | (24) | 47 | 16 | (3) |
Associated amortization of DAC, VOBA, DSI, and DFEL | 19 | (20) | 8 | (5) |
Variable annuity net derivatives results: | ||||
Gross gain (loss) | 60 | 704 | (274) | 223 |
Associated amortization of DAC, VOBA, DSI, and DFEL | (1) | (154) | 51 | (122) |
Total realized gain (loss) | 85 | 629 | (97) | (43) |
Mortgage Loans On Real Estate [Member] | ||||
Realized gain (loss) related to certain investments | ||||
Credit loss benefit (expense) on mortgage loans on real estate | 40 | 71 | 77 | (112) |
Realized gain (loss) on the mark-to-market on certain instruments | 2 | 3 | 2 | 8 |
Reinsurance Related Assets [Member] | ||||
Realized gain (loss) related to certain investments | ||||
Credit loss benefit (expense) on mortgage loans on real estate | (2) | (6) | ||
Fixed Maturity AFS Securities [Member] | ||||
Realized gain (loss) related to certain investments | ||||
AFS securities. Gross gains | 1 | 2 | 17 | 30 |
AFS securities. Gross losses | (3) | (6) | (21) | (78) |
Credit loss benefit (expense) | (8) | (1) | (9) | (22) |
Equity Securities [Member] | ||||
Realized gain (loss) related to certain investments | ||||
Realized gain (loss) on equity securities | $ 4 | $ 5 | $ 40 | $ (8) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 314,686 | $ 304,561 |
Liabilities measured at fair value | 7,765 | 7,091 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Liabilities measured at fair value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Carrying and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Fixed maturity AFS securities | $ 122,085 | $ 123,044 |
Trading securities | 4,191 | 4,501 |
Equity securities | 243 | 129 |
Mortgage loans on real estate | 17,730 | 16,763 |
Derivative investments | 4,828 | 3,109 |
Other investments | 4,069 | 3,984 |
Carrying Value [Member] | ||
Assets | ||
Trading securities | 4,191 | 4,501 |
Equity securities | 243 | 129 |
Mortgage loans on real estate | 17,730 | 16,763 |
Derivative investments | 4,828 | 3,109 |
Other investments | 4,059 | 3,974 |
Cash and invested cash | 2,614 | 1,708 |
Separate account assets | 175,667 | 167,965 |
Future contract benefits: | ||
Indexed annuity and IUL contracts embedded derivatives | (4,804) | (3,594) |
Other contract holder funds: | ||
Remaining guaranteed interest and similar contracts | (1,813) | (1,854) |
Account values of certain investment contracts | (40,587) | (40,947) |
Short-term debt | (300) | |
Long-term debt | (6,323) | (6,682) |
Reinsurance related embedded derivatives | (304) | (392) |
Fair Value [Member] | ||
Assets | ||
Trading securities | 4,191 | 4,501 |
Equity securities | 243 | 129 |
Mortgage loans on real estate | 18,612 | 18,219 |
Derivative investments | 4,828 | 3,109 |
Other investments | 4,059 | 3,974 |
Cash and invested cash | 2,614 | 1,708 |
Separate account assets | 175,667 | 167,965 |
Future contract benefits: | ||
Indexed annuity and IUL contracts embedded derivatives | (4,804) | (3,594) |
Other contract holder funds: | ||
Remaining guaranteed interest and similar contracts | (1,813) | (1,854) |
Account values of certain investment contracts | (46,418) | (49,745) |
Short-term debt | (305) | |
Long-term debt | (6,734) | (7,067) |
Reinsurance related embedded derivatives | (304) | (392) |
Fixed Maturity AFS Securities [Member] | Carrying Value [Member] | ||
Assets | ||
Fixed maturity AFS securities | 122,085 | 123,044 |
Fixed Maturity AFS Securities [Member] | Fair Value [Member] | ||
Assets | ||
Fixed maturity AFS securities | 122,085 | 123,044 |
Other Assets [Member] | Carrying Value [Member] | ||
Assets | ||
Indexed annuity ceded embedded derivatives | 495 | 550 |
Other Assets [Member] | Fair Value [Member] | ||
Assets | ||
Indexed annuity ceded embedded derivatives | 495 | 550 |
Other Assets [Member] | GLB Direct Embedded Derivatives [Member] | Carrying Value [Member] | ||
Assets | ||
Other assets - GLB embedded derivatives | 1,698 | 450 |
Other Assets [Member] | GLB Direct Embedded Derivatives [Member] | Fair Value [Member] | ||
Assets | ||
Other assets - GLB embedded derivatives | 1,698 | 450 |
Other Assets [Member] | GLB Ceded Embedded Derivatives [Member] | Carrying Value [Member] | ||
Assets | ||
Other assets - GLB embedded derivatives | 55 | 82 |
Other Assets [Member] | GLB Ceded Embedded Derivatives [Member] | Fair Value [Member] | ||
Assets | ||
Other assets - GLB embedded derivatives | 55 | 82 |
Other Liabilities [Member] | Carrying Value [Member] | ||
Other contract holder funds: | ||
Other liabilities - derivative liabilities | (593) | (906) |
Other Liabilities [Member] | Fair Value [Member] | ||
Other contract holder funds: | ||
Other liabilities - derivative liabilities | (593) | $ (906) |
Other Liabilities [Member] | GLB Ceded Embedded Derivatives [Member] | Carrying Value [Member] | ||
Other contract holder funds: | ||
Other liabilities - GLB embedded derivatives | (146) | |
Other Liabilities [Member] | GLB Ceded Embedded Derivatives [Member] | Fair Value [Member] | ||
Other contract holder funds: | ||
Other liabilities - GLB embedded derivatives | $ (146) |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Schedule of Mortgage Loans With Election Of Fair Value Option) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value | $ 792 | $ 832 |
Commercial [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value | 792 | 832 |
Aggregate contractual principal | 795 | 839 |
Loans with fair value option in non-accrual | $ 0 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Fair Value of Assets and Liabilities on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | $ 314,686 | $ 304,561 |
Liabilities measured at fair value | (7,765) | (7,091) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,098 | 1,160 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 303,397 | 291,333 |
Liabilities measured at fair value | (2,647) | (1,464) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 10,191 | 12,068 |
Liabilities measured at fair value | (5,118) | (5,627) |
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 100,862 | 102,789 |
Corporate Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 95,490 | 97,668 |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 5,372 | 5,121 |
ABS [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 8,303 | 7,184 |
ABS [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 7,569 | 6,614 |
ABS [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 734 | 570 |
U.S. Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 443 | 484 |
U.S. Government Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 438 | 473 |
U.S. Government Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 5 | 6 |
U.S. Government Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 5 | |
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 512 | 470 |
Foreign Government Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 406 | 396 |
Foreign Government Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 106 | 74 |
RMBS [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,935 | 3,076 |
RMBS [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,934 | 3,074 |
RMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1 | 2 |
CMBS [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,594 | 1,505 |
CMBS [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,593 | 1,505 |
CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1 | |
State And Municipal Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 6,901 | 6,921 |
State And Municipal Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 6,901 | 6,921 |
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 535 | 615 |
Hybrid And Redeemable Preferred Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 56 | 54 |
Hybrid And Redeemable Preferred Securities [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 398 | 457 |
Hybrid And Redeemable Preferred Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 81 | 104 |
Mortgage Loans On Real Estate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 792 | 832 |
Mortgage Loans On Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 792 | 832 |
Trading Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 4,191 | 4,501 |
Trading Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 32 | 5 |
Trading Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 3,559 | 3,852 |
Trading Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 600 | 644 |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 243 | 129 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 11 | 22 |
Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 145 | 48 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 87 | 59 |
Derivative Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 6,746 | 5,308 |
Derivative Investments [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 6,577 | 1,733 |
Derivative Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 169 | 3,575 |
Other Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 108 | |
Other Investments [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 108 | |
Invested Cash [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,614 | 1,708 |
Invested Cash [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,614 | 1,708 |
Reinsurance Related Embedded Derivatives [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (304) | (392) |
Reinsurance Related Embedded Derivatives [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (304) | (392) |
GLB Direct Embedded Derivatives [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,698 | 450 |
GLB Direct Embedded Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,698 | 450 |
GLB Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 55 | 82 |
GLB Ceded Embedded Derivatives [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (146) | |
GLB Ceded Embedded Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 55 | 82 |
GLB Ceded Embedded Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (146) | |
Indexed Annuity And IUL Contracts [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 495 | 550 |
Indexed Annuity And IUL Contracts [Member] | Future Contract Benefits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (4,804) | (3,594) |
Indexed Annuity And IUL Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 495 | 550 |
Indexed Annuity And IUL Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Future Contract Benefits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (4,804) | (3,594) |
Separate Account Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 175,659 | 167,957 |
Separate Account Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 561 | 606 |
Separate Account Assets [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 175,098 | 167,351 |
Derivative Liabilities [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (2,511) | (3,105) |
Derivative Liabilities [Member] | Significant Observable Inputs (Level 2) [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (2,343) | (1,072) |
Derivative Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | $ (168) | $ (2,033) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Fair Value Measured On A Recurring Basis Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | $ 9,413 | $ 2,126 | $ 6,441 | $ 5,141 |
Items Included in Net Income | (15) | 2,541 | 1,811 | (382) |
Gains (Losses) in OCI and Other | (84) | 200 | (131) | 282 |
Issuances, Sales, Maturities, Settlements, Calls, Net | 252 | (644) | 761 | (847) |
Transfers Into or Out of Level 3, Net | (4,493) | (327) | (3,809) | (298) |
Ending Fair Value | 5,073 | 3,896 | 5,073 | 3,896 |
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 5,429 | 4,344 | 5,121 | 4,281 |
Items Included in Net Income | 1 | (7) | 4 | (7) |
Gains (Losses) in OCI and Other | (88) | 197 | (139) | 17 |
Issuances, Sales, Maturities, Settlements, Calls, Net | 55 | 30 | 440 | 181 |
Transfers Into or Out of Level 3, Net | (25) | (12) | (54) | 80 |
Ending Fair Value | 5,372 | 4,552 | 5,372 | 4,552 |
U.S. Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 5 | 5 | 5 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | (5) | |||
Transfers Into or Out of Level 3, Net | (5) | (5) | ||
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 43 | 86 | 74 | 90 |
Items Included in Net Income | ||||
Gains (Losses) in OCI and Other | (3) | (11) | (4) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | 66 | (20) | 80 | (20) |
Transfers Into or Out of Level 3, Net | (37) | |||
Ending Fair Value | 106 | 66 | 106 | 66 |
RMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 1 | 2 | 2 | 11 |
Items Included in Net Income | (1) | |||
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | ||||
Transfers Into or Out of Level 3, Net | (9) | |||
Ending Fair Value | 1 | 2 | 1 | 2 |
CMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 9 | 1 | 1 | |
Items Included in Net Income | 1 | |||
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | 8 | |||
Transfers Into or Out of Level 3, Net | (8) | (8) | ||
Ending Fair Value | 1 | 1 | 1 | 1 |
ABS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 630 | 424 | 570 | 268 |
Items Included in Net Income | 1 | |||
Gains (Losses) in OCI and Other | (2) | 2 | (5) | 3 |
Issuances, Sales, Maturities, Settlements, Calls, Net | 144 | 60 | 426 | 318 |
Transfers Into or Out of Level 3, Net | (38) | (73) | (258) | (176) |
Ending Fair Value | 734 | 413 | 734 | 413 |
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 102 | 90 | 104 | 78 |
Items Included in Net Income | ||||
Gains (Losses) in OCI and Other | 6 | 1 | 18 | (1) |
Issuances, Sales, Maturities, Settlements, Calls, Net | (27) | 14 | (41) | 10 |
Transfers Into or Out of Level 3, Net | 18 | |||
Ending Fair Value | 81 | 105 | 81 | 105 |
Mortgage Loans On Real Estate [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 818 | 832 | ||
Items Included in Net Income | 4 | 11 | ||
Gains (Losses) in OCI and Other | 3 | 6 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | (33) | (57) | ||
Transfers Into or Out of Level 3, Net | ||||
Ending Fair Value | 792 | 792 | ||
Trading Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 630 | 673 | 644 | 666 |
Items Included in Net Income | 3 | 3 | 2 | (1) |
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | (33) | (120) | (31) | (140) |
Transfers Into or Out of Level 3, Net | (21) | (15) | 10 | |
Ending Fair Value | 600 | 535 | 600 | 535 |
Equity Securities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 82 | 29 | 59 | 30 |
Items Included in Net Income | 5 | 2 | 31 | 1 |
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | 20 | (3) | 20 | |
Transfers Into or Out of Level 3, Net | ||||
Ending Fair Value | 87 | 51 | 87 | 51 |
Derivative Investments [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 1 | 595 | 1,542 | 868 |
Items Included in Net Income | 958 | 1,249 | 555 | |
Gains (Losses) in OCI and Other | 267 | |||
Issuances, Sales, Maturities, Settlements, Calls, Net | (189) | (132) | (326) | |
Transfers Into or Out of Level 3, Net | (216) | (2,658) | (216) | |
Ending Fair Value | 1 | 1,148 | 1 | 1,148 |
GLB Direct Embedded Derivatives [Member] | Other Assets [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 1,767 | 450 | 450 | |
Items Included in Net Income | (69) | 1,248 | (450) | |
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | ||||
Transfers Into or Out of Level 3, Net | ||||
Ending Fair Value | 1,698 | 1,698 | ||
GLB Direct Embedded Derivatives [Member] | Other Liabilities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | (152) | (3,086) | ||
Items Included in Net Income | 6 | 1,980 | (146) | (1,106) |
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | ||||
Transfers Into or Out of Level 3, Net | ||||
Ending Fair Value | (146) | (1,106) | (146) | (1,106) |
GLB Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 53 | 571 | 82 | 60 |
Items Included in Net Income | 2 | (290) | (27) | 221 |
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | ||||
Transfers Into or Out of Level 3, Net | ||||
Ending Fair Value | 55 | 281 | 55 | 281 |
GLB Ceded Embedded Derivatives [Member] | Other Liabilities [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | (9) | |||
Items Included in Net Income | 9 | |||
Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | 664 | 550 | 927 | |
Items Included in Net Income | (14) | 295 | 17 | 484 |
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | (6) | (423) | (60) | (875) |
Transfers Into or Out of Level 3, Net | 515 | (12) | ||
Ending Fair Value | 495 | 536 | 495 | 536 |
Indexed Annuity And IUL Contracts [Member] | Future Contract Benefits [Member] | ||||
Level 3 Unobservable Input Reconciliation | ||||
Beginning Fair Value | (2,272) | (3,594) | (2,585) | |
Items Included in Net Income | 47 | (400) | (579) | (88) |
Gains (Losses) in OCI and Other | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | 86 | (16) | 136 | (15) |
Transfers Into or Out of Level 3, Net | (4,937) | (767) | ||
Ending Fair Value | $ (4,804) | $ (2,688) | $ (4,804) | $ (2,688) |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments (Schedule Of Investment Holdings Movements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | $ 466 | $ 319 | $ 1,849 | $ 1,349 |
Sales | (27) | (235) | (306) | (655) |
Maturities | (104) | (181) | (316) | (382) |
Settlements | (53) | (502) | (419) | (1,036) |
Calls | (30) | (45) | (47) | (123) |
Total | 252 | (644) | 761 | (847) |
Other Assets [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 21 | |||
Settlements | (896) | |||
Total | (875) | |||
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 219 | 154 | 926 | 683 |
Sales | (12) | (58) | (29) | (230) |
Maturities | (82) | (3) | (103) | (37) |
Settlements | (70) | (18) | (337) | (112) |
Calls | (45) | (17) | (123) | |
Total | 55 | 30 | 440 | 181 |
U.S. Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Maturities | (5) | |||
Total | (5) | |||
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 66 | 80 | ||
Maturities | (20) | (20) | ||
Total | 66 | (20) | 80 | (20) |
CMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 8 | |||
Total | 8 | |||
ABS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 195 | 74 | 563 | 353 |
Settlements | (51) | (14) | (137) | (35) |
Total | 144 | 60 | 426 | 318 |
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 3 | 14 | 9 | 14 |
Sales | (20) | (4) | ||
Calls | (30) | (30) | ||
Total | (27) | 14 | (41) | 10 |
Mortgage Loans On Real Estate [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 8 | 89 | ||
Sales | (101) | |||
Maturities | (22) | (26) | ||
Settlements | (19) | (19) | ||
Total | (33) | (57) | ||
Trading Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 3 | 15 | 127 | 53 |
Sales | (15) | (23) | (25) | |
Maturities | (20) | (20) | ||
Settlements | (21) | (115) | (135) | (148) |
Total | (33) | (120) | (31) | (140) |
Equity Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 20 | 6 | 21 | |
Sales | (9) | (1) | ||
Total | 20 | (3) | 20 | |
Derivative Investments [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 126 | 174 | 374 | |
Sales | (177) | (124) | (395) | |
Maturities | (138) | (182) | (305) | |
Total | (189) | (132) | (326) | |
Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 19 | 4 | 22 | |
Settlements | (25) | (427) | (82) | |
Total | (6) | (423) | (60) | |
Indexed Annuity And IUL Contracts [Member] | Future Contract Benefits [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | (47) | (88) | (155) | (170) |
Settlements | 133 | 72 | 291 | 155 |
Total | $ 86 | $ (16) | $ 136 | $ (15) |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments (Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | ||||
Change in unrealized gains (losses) included in net income | $ 116 | $ 3,214 | $ 1,926 | $ (215) |
Trading Securities [Member] | ||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | ||||
Change in unrealized gains (losses) included in net income | 3 | 3 | ||
Equity Securities [Member] | ||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | ||||
Change in unrealized gains (losses) included in net income | 5 | 35 | ||
Mortgage Loans On Real Estate [Member] | ||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | ||||
Change in unrealized gains (losses) included in net income | 4 | 12 | ||
GLB Embedded Derivatives [Member] | ||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | ||||
Change in unrealized gains (losses) included in net income | 140 | 2,143 | 1,854 | (1,062) |
Derivative Investments [Member] | ||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | ||||
Change in unrealized gains (losses) included in net income | 731 | 265 | ||
Indexed Annuity And IUL Contracts [Member] | ||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | ||||
Change in unrealized gains (losses) included in net income | $ (36) | $ 340 | $ 22 | $ 582 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments (Changes in Unrealized Gains (Losses) Included in OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | ||||
Unrealized gains (losses) included in OCI, net | $ (77) | $ 186 | $ (131) | $ (26) |
Mortgage Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | ||||
Unrealized gains (losses) included in OCI, net | 3 | 5 | ||
Fixed Maturity AFS Securities [Member] | Corporate Bonds [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | ||||
Unrealized gains (losses) included in OCI, net | (82) | 181 | (139) | (26) |
Fixed Maturity AFS Securities [Member] | Foreign Government Bonds [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | ||||
Unrealized gains (losses) included in OCI, net | (3) | (11) | (3) | |
Fixed Maturity AFS Securities [Member] | ABS [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | ||||
Unrealized gains (losses) included in OCI, net | (1) | 4 | (5) | 4 |
Fixed Maturity AFS Securities [Member] | Hybrid And Redeemable Preferred Securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | ||||
Unrealized gains (losses) included in OCI, net | $ 6 | $ 1 | $ 19 | $ (1) |
Fair Value of Financial Inst_11
Fair Value of Financial Instruments (Components Of The Transfers In And Out Of Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | $ (4,414) | $ 42 | $ (4,390) | $ 368 |
Transfers Out of Level 3 | (79) | (369) | 581 | (666) |
Total | (4,493) | (327) | (3,809) | (298) |
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | 42 | 10 | 296 | |
Transfers Out of Level 3 | (25) | (54) | (64) | (216) |
Total | (25) | (12) | (54) | 80 |
RMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | 1 | |||
Transfers Out of Level 3 | (10) | |||
Total | (9) | |||
ABS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | 8 | 8 | 20 | |
Transfers Out of Level 3 | (46) | (73) | (266) | (196) |
Total | (38) | (73) | (258) | (176) |
U.S. Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (5) | (5) | ||
Total | (5) | (5) | ||
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (37) | |||
Total | (37) | |||
CMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (8) | (8) | ||
Total | (8) | (8) | ||
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | 18 | |||
Total | 18 | |||
Trading Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | 14 | 33 | ||
Transfers Out of Level 3 | (21) | (29) | (23) | |
Total | (21) | (15) | 10 | |
Derivative Investments [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (216) | (2,658) | (216) | |
Total | $ (216) | (2,658) | $ (216) | |
Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | 515 | |||
Total | 515 | |||
Indexed Annuity And IUL Contracts [Member] | Future Contract Benefits [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | (4,937) | (4,937) | ||
Transfers Out of Level 3 | 4,170 | |||
Total | $ (4,937) | (767) | ||
GLB Embedded Derivatives [Member] | Other Assets [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Into Level 3 | 515 | |||
Transfers Out of Level 3 | (527) | |||
Total | $ (12) |
Fair Value of Financial Inst_12
Fair Value of Financial Instruments (Fair Value Inputs Quantitative Information) (Details) $ in Millions | Sep. 30, 2021USD ($)item | Dec. 31, 2020USD ($) |
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 314,686 | $ 304,561 |
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | (7,765) | (7,091) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 10,191 | 12,068 |
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | (5,118) | $ (5,627) |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Corporate Bonds [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 3,594 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Foreign Government Bonds [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 106 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | ABS [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 19 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Hybrid And Redeemable Preferred Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 7 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Minimum [Member] | Corporate Bonds [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Minimum [Member] | Foreign Government Bonds [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.010 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Minimum [Member] | ABS [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.022 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Minimum [Member] | Hybrid And Redeemable Preferred Securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.017 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Maximum [Member] | Corporate Bonds [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.068 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Maximum [Member] | Foreign Government Bonds [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.088 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Maximum [Member] | ABS [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.022 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Maximum [Member] | Hybrid And Redeemable Preferred Securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.017 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Weighted Average [Member] | Corporate Bonds [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.014 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Weighted Average [Member] | Foreign Government Bonds [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.035 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Weighted Average [Member] | ABS [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.022 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed Maturity AFS Securities [Member] | Weighted Average [Member] | Hybrid And Redeemable Preferred Securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 0.017 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Equity Securities [Member] | Equity Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 21 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Equity Securities [Member] | Minimum [Member] | Equity Securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Equity securities, measurement input | 0.045 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Equity Securities [Member] | Maximum [Member] | Equity Securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Equity securities, measurement input | 0.066 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Equity Securities [Member] | Weighted Average [Member] | Equity Securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Equity securities, measurement input | 0.061 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 1,753 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.01 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.85 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.60 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.80 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.0008 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.01 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.30 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1.15 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.0137 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.28 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Weighted Average [Member] | Other Assets [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.94 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Weighted Average [Member] | Other Assets [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.0093 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct And Ceded Embedded Derivatives [Member] | Weighted Average [Member] | Other Assets [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.1455 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 495 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.09 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Future contract benefits - indexed annuity and IUL contracts embedded derivatives [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Future Contract Benefits [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | $ (4,758) | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Future contract benefits - indexed annuity and IUL contracts embedded derivatives [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Minimum [Member] | Future Contract Benefits [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Future contract benefits - indexed annuity and IUL contracts embedded derivatives [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Maximum [Member] | Future Contract Benefits [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.09 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Direct Embedded Derivatives [Member] | Other Liabilities [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | $ (146) | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Liabilities [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.01 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Liabilities [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.85 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Liabilities [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.60 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Liabilities [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.80 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Liabilities [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.0008 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Liabilities [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.01 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Liabilities [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.30 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Liabilities [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Liabilities [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Liabilities [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 1.15 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Liabilities [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.0137 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Liabilities [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.28 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Weighted Average [Member] | Other Liabilities [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.94 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Weighted Average [Member] | Other Liabilities [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.0093 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | GLB Ceded Embedded Derivatives [Member] | Weighted Average [Member] | Other Liabilities [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.1455 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Revenue From Segments To Consolidated) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 5,241 | $ 5,361 | $ 14,627 | $ 13,303 |
Annuities Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,267 | 1,126 | 3,720 | 3,292 |
Retirement Plan Services Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 328 | 311 | 989 | 889 |
Life Insurance Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,325 | 2,127 | 6,293 | 5,587 |
Group Protection Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,243 | 1,184 | 3,743 | 3,608 |
Other Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 42 | 40 | 125 | 131 |
Excluded Realized Gain (Loss), Pre-Tax [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 36 | 572 | (245) | (198) |
Amortization Of DFEL Associated With Benefit Ratio Unlocking, Pre-Tax [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 1 | $ 2 | $ (6) |
Segment Information (Reconcil_2
Segment Information (Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | $ 318 | $ 398 | $ 1,185 | $ 356 |
Excluded Realized Gain (Loss) [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | 29 | 452 | (193) | (156) |
Benefit Ratio Unlocking [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | (12) | 83 | 119 | 17 |
Acquisition And Integration Costs Related To Mergers And Acquisitions [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | (4) | (12) | ||
Gain (Loss) On Early Extinguishment Of Debt [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | (6) | (6) | (12) | |
Annuities Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | 338 | 196 | 951 | 694 |
Retirement Plan Services Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | 60 | 50 | 178 | 119 |
Life Insurance Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | 93 | (311) | 455 | (177) |
Group Protection Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | (32) | 6 | (12) | 85 |
Other Operations [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | $ (152) | $ (74) | $ (307) | $ (202) |