Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of allowance for credit loss

The Company’s allowance for credit losses is presented in the following table.

($ in millions)	December 31, 2020		January 1, 2020
Fixed income securities	$	1	$	—
Mortgage loans	59		36
Other investments
Bank loans	16		16
Agent loans	5		5
Investments	81		57
Reinsurance recoverables	15		14
Other assets	7		7
Assets	103		78
Commitments to fund mortgage loans, bank loans and agent loans	—		1
Liabilities	—		1
Total	$	103	$	79

Rollforward of credit loss allowance for fixed income securities for the year ended December 31, 2020 is as follows:

($ in millions)	2020
Beginning balance	$	—
Credit losses on securities for which credit losses not previously reported	(3)
Reduction of allowance related to sales	2
Write-offs	—
Ending balance (1)	$	(1)

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(1)Allowance for fixed income securities as of December 31, 2020 comprised $1 million of ABS.

The rollforward of credit loss allowance for bank loans for the years ended December 31 is as follows:

($ in millions)	2020
Beginning balance	$	—
Cumulative effect of change in accounting principle	(16)
Net increases related to credit losses	(4)
Reduction of allowance related to sales	3
Write-offs	1
Ending balance	$	(16)