Investments, Investment Income and Gains and Losses (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Investments [Line Items]

Investments by category

		December 31, 2019 (1)						December 31, 2018
(In millions)		Current		Long-term		Total		Current		Long-term		Total
Debt securities	$	928	$	22,827	$	23,755	$	1,320	$	21,608	$	22,928
Equity securities		-		303		303		377		171		548
Commercial mortgage loans		-		1,947		1,947		32		1,826		1,858
Policy loans		-		1,357		1,357		-		1,423		1,423
Other long-term investments		-		2,403		2,403		-		1,901		1,901
Short-term investments		423		-		423		316		-		316
Total		1,351		28,837		30,188		2,045		26,929		28,974
Investments classified as assets held for sale (1)		(414)		(7,295)		(7,709)
Investments per Consolidated Balance Sheets	$	937	$	21,542	$	22,479	$	2,045	$	26,929	$	28,974
(1) The table above includes $7.7 billion of investments associated with the Group Disability and Life business that is held for sale to New York Life. Under the terms of the definitive agreement, some of the assets currently associated with the Group Disability and Life business can be substituted for other assets. The assets that will transfer to New York Life will be primarily debt securities and to a lesser extent commercial mortgage loans and short-term investments.

Other long-term investments

					Unfunded
		Carrying value as of December 31,			Commitments as of
(In millions)	2019		2018		December 31, 2019
Real estate investments	$	788	$	679	$	551
Securities partnerships		1,409		1,045		1,379
Other		206		177		24
Total	$	2,403	$	1,901	$	1,954

Schedule of short-term investments and cash equivalents

		December 31,		December 31,
(In millions)		2019		2018
Corporate securities	$	1,985	$	581
Federal government securities	$	472	$	82
Foreign government securities	$	65	$	238
Money market funds	$	631	$	1,174

Schedule of derivative instruments

		Notional Value as of
(In millions)		December 31,		December 31,
Purpose	Type of Instrument	2019		2018
Fair value hedge: To hedge the foreign exchange-related changes in fair values of certain foreign-denominated bonds, primarily Euro and British pounds. The notional value of these derivatives matches the amortized cost of the hedged bonds.	Foreign currency swap contracts	$	817	$	525
Net investment hedge: To reduce the risk of changes in net assets due to changes in foreign currency spot exchange rates for certain foreign subsidiaries that conduct their business principally in Euros and Korean Won. The notional value of hedging instruments matches the hedged amount of subsidiary net assets.	Foreign currency swap contracts and foreign currency forward contracts	$	844	$	439
Economic hedge: To hedge the foreign exchange-related changes in fair values of a U.S. dollar-denominated investment portfolio to reflect the local currency for the Company’s foreign subsidiary in South Korea. The notional value of hedging instruments generally aligns with the fair value of the hedged investment portfolio.	Foreign currency forward contracts	$	410	$	309

Components of pre-tax net investment income

(In millions)	2019		2018		2017
Debt Securities	$	986	$	1,009	$	946
Equity securities		5		28		14
Commercial mortgage loans		88		78		81
Policy loans		66		70		69
Other long-term investments		167		156		124
Short-term investments and cash		131		194		42
Total investment income		1,443		1,535		1,276
Less investment expenses		53		55		50
Net investment income	$	1,390	$	1,480	$	1,226

Realized gains and losses on investments

(In millions)	2019		2018		2017
Net realized investment gains (losses), excluding investment asset write-downs	$	189	$	(34)	$	268
Write-downs on debt securities		(12)		(43)		(26)
Write-downs on other invested assets		-		(4)		(5)
Net realized investment gains (losses), before income taxes	$	177	$	(81)	$	237

Sales information for available-for-sale fixed maturities and equity securities

(In millions)	2019		2018		2017
Proceeds from sales	$	3,077	$	2,625	$	2,012
Gross gains on sales	$	72	$	28	$	103
Gross losses on sales	$	(19)	$	(47)	$	(18)

Debt Securities [Member]

Schedule of Investments [Line Items]

Investment maturities

	Amortized		Fair
(In millions)	Cost		Value
Due in one year or less	$	920	$	932
Due after one year through five years		7,176		7,452
Due after five years through ten years		9,098		9,644
Due after ten years		4,209		5,191
Mortgage and other asset-backed securities		506		536
Total	$	21,909	$	23,755

Gross unrealized appreciation (depreciation) on debt securities

	Amortized		Unrealized		Unrealized		Fair
(In millions)	Cost		Appreciation		Depreciation		Value
December 31, 2019
Federal government and agency	$	498	$	235	$	-	$	733
State and local government		729		81		-		810
Foreign government		2,027		230		(1)		2,256
Corporate		18,149		1,299		(28)		19,420
Mortgage and other asset-backed		506		31		(1)		536
Total	$	21,909	$	1,876	$	(30)	$	23,755
Investments supporting liabilities of the Company’s run-off settlement annuity business (included in total above) (1)	$	2,229	$	740	$	(4)	$	2,965
December 31, 2018
Federal government and agency	$	507	$	204	$	(1)	$	710
State and local government		920		66		(1)		985
Foreign government		2,214		155		(7)		2,362
Corporate		18,403		411		(453)		18,361
Mortgage and other asset-backed		506		16		(12)		510
Total	$	22,550	$	852	$	(474)	$	22,928
Investments supporting liabilities of the Company’s run-off settlement annuity business (included in total above) (1)	$	2,264	$	479	$	(40)	$	2,703
(1) Net unrealized appreciation for these investments is excluded from accumulated other comprehensive income.

Debt securities with a decline in fair value from amortized cost

	December 31, 2019							December 31, 2018
	Fair		Amortized		Unrealized		Number	Fair		Amortized		Unrealized		Number
(Dollars in millions)	Value		Cost		Depreciation		of Issues	Value		Cost		Depreciation		of Issues
One year or less
Investment grade	$	723	$	729	$	(6)	267	$	7,127	$	7,367	$	(240)	1,324
Below investment grade	$	340	$	348	$	(8)	355	$	1,185	$	1,240	$	(55)	1,190
More than one year
Investment grade	$	366	$	378	$	(12)	118	$	3,023	$	3,181	$	(158)	784
Below investment grade	$	84	$	88	$	(4)	93	$	249	$	270	$	(21)	245

Commercial mortgage loans [Member]

Schedule of Investments [Line Items]

Credit risk profile of commercial mortgage loan portfolio

(Dollars in millions)	December 31, 2019				December 31, 2018
Loan-to-Value Ratio		Carrying Value	Average Debt Service Coverage Ratio	Average Loan-to-Value Ratio		Carrying Value	Average Debt Service Coverage Ratio	Average Loan-to-Value Ratio
Below 60%	$	1,136	2.19		$	1,132	2.14
60% to 79%		723	1.98			650	1.93
80% to 100%		88	1.62			76	1.49
Total	$	1,947	2.09	58%	$	1,858	2.04	58%