Derivative Instruments Level 3 (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

GMWB Hedging Instruments
	Notional Amount				Fair Value
	Successor Company		Predecessor Company		Successor Company			Predecessor Company
	December 31, 2018		December 31, 2017		December 31, 2018			December 31, 2017
Customized swaps	$	3,877	$	5,023	$	71		$	59
Equity swaps, options, and futures	776		1,407		(25		)	(31		)
Interest rate swaps and futures	3,140		3,022		25			39
Total	$	7,793	$	9,452	$	71		$	67

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Net Derivatives										Asset Derivatives [1]				Liability Derivatives [1]
	Notional Amount				Fair Value						Fair Value				Fair Value
	Successor Company		Predecessor Company		Successor Company			Predecessor Company			Successor Company		Predecessor Company		Successor Company			Predecessor Company
Hedge Designation/ Derivative Type	Dec 31, 2018		Dec 31, 2017		Dec 31, 2018			Dec 31, 2017			Dec 31, 2018		Dec 31, 2017		Dec 31, 2018			Dec 31, 2017
Cash flow hedges
Interest rate swaps	$	—	$	1,486	$	—		$	—		$	—	$	1	$	—		$	(1	)
Foreign currency swaps	—		182		—			(12		)	—		5		—			(17		)
Total cash flow hedges	—		1,668		—			(12		)	—		6		—			(18		)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	3,152		3,219		(101		)	(356		)	38		203		(139		)	(559		)
Foreign exchange contracts
Foreign currency swaps and forwards	225		342		(9		)	(6		)	7		—		(16		)	(6		)
Fixed payout annuity hedge	270		540		(82		)	(170		)	—		—		(82		)	(170		)
Credit contracts
Credit derivatives that purchase credit protection	45		80		(1		)	(3		)	—		—		(1		)	(3		)
Credit derivatives that assume credit risk [2]	372		380		3			3			3		3		—			—
Credit derivatives in offsetting positions	43		200		—			1			5		7		(5		)	(6		)
Variable annuity hedge program
GMWB product derivatives [3]	9,957		11,390		(80		)	(75		)	—		—		(80		)	(75		)
GMWB reinsurance contracts	2,115		2,372		40			35			40		35		—			—
GMWB hedging instruments	7,793		9,452		71			67			114		116		(43		)	(49		)
Macro hedge program	10,765		7,252		247			23			288		45		(41		)	(22		)
Other
Modified coinsurance reinsurance contracts	798		861		12			55			12		55		—			—
Total non-qualifying strategies	35,535		36,088		100			(426		)	507		464		(407		)	(890		)
Total cash flow hedges and non-qualifying strategies	$	35,535	$	37,756	$	100		$	(438	)	$	507	$	470	$	(407	)	$	(908	)
Balance Sheet Location
Fixed maturities, available-for-sale	$	41	$	39	$	—		$	—		$	—	$	—	$	—		$	—
Other investments	11,000		10,340		212			135			248		149		(36		)	(14		)
Other liabilities	11,623		12,754		(84		)	(588		)	207		231		(291		)	(819		)
Reinsurance recoverables	2,914		3,233		52			90			52		90		—			—
Other policyholder funds and benefits payable	9,957		11,390		(80		)	(75		)	—		—		(80		)	(75		)
Total derivatives	$	35,535	$	37,756	$	100		$	(438	)	$	507	$	470	$	(407	)	$	(908	)

[1] Certain prior year amounts have been restated to conform to the current year presentation for OTC-cleared derivatives.

[2] The derivative instruments related to this strategy are held for other investment purposes.

[3] These derivatives are embedded within liabilities and are not held for risk management purposes.

Offsetting Assets [Table Text Block]

	(i)			(ii)			(iii) = (i) - (ii)									(v) = (iii) - (iv)
							Net Amounts Presented in the Statement of Financial Position						Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities) [1]			Gross Amounts Offset in the Statement of Financial Position			Derivative Assets [2] (Liabilities) [3]			Accrued Interest and Cash Collateral (Received) [3] Pledged [4]			Financial Collateral (Received) [5]			Net Amount
Successor Company
As of December 31, 2018
Other investments	$	455		$	352		$	212		$	(109	)	$	65		$	38
Other liabilities	(327		)	(147		)	(84		)	(96		)	(178		)	(2		)
Predecessor Company
As of December 31, 2017
Other investments	$	380		$	338		$	135		$	(93	)	$	—		$	42
Other liabilities	(833		)	(154		)	(588		)	(91		)	(674		)	(5		)

[1] Certain prior year amounts have been restated to conform to the current year presentation for OTC-cleared derivatives.

[2] Included in other invested assets in the Company's Consolidated Balance Sheets.

[3] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[5] Excludes collateral associated with exchange-traded derivative instruments.

Offsetting Liabilities [Table Text Block]

Securities Lending and Repurchase Agreements
	Successor Company		Predecessor Company
	December 31, 2018		December 31, 2017
	Fair Value		Fair Value
Securities Lending Transactions:
Gross amount of securities on loan	$	277	$	674
Gross amount of associated liability for collateral received [1]	$	284	$	689
Repurchase Agreements:
Gross amount of recognized liabilities for repurchase agreements	$	186	$	202
Gross amount of collateral pledged related to repurchase agreements [2]	$	190	$	206
Gross amount of recognized receivables for reverse repurchase agreements [3]	$	25	$	—

[1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Consolidated Balance Sheets. Amount includes additional securities collateral received of $1 and $1 which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2018 (Successor Company) and December 31, 2017 (Predecessor Company), respectively.

[2] Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Consolidated Balance Sheets.

[3] Collateral received is included within short term investments in the Company's Consolidated Balance Sheets.

	(i)			(ii)			(iii) = (i) - (ii)									(v) = (iii) - (iv)
							Net Amounts Presented in the Statement of Financial Position						Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities) [1]			Gross Amounts Offset in the Statement of Financial Position			Derivative Assets [2] (Liabilities) [3]			Accrued Interest and Cash Collateral (Received) [3] Pledged [4]			Financial Collateral (Received) [5]			Net Amount
Successor Company
As of December 31, 2018
Other investments	$	455		$	352		$	212		$	(109	)	$	65		$	38
Other liabilities	(327		)	(147		)	(84		)	(96		)	(178		)	(2		)
Predecessor Company
As of December 31, 2017
Other investments	$	380		$	338		$	135		$	(93	)	$	—		$	42
Other liabilities	(833		)	(154		)	(588		)	(91		)	(674		)	(5		)

[1] Certain prior year amounts have been restated to conform to the current year presentation for OTC-cleared derivatives.

[2] Included in other invested assets in the Company's Consolidated Balance Sheets.

[3] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[4] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[5] Excludes collateral associated with exchange-traded derivative instruments.

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

Derivatives in Cash Flow Hedging Relationships
Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
	Successor Company		Predecessor Company
	June 1, 2018 to December 31, 2018		January 1, 2018 to May 31, 2018			2017			2016
Interest rate swaps	$	—	$	(17	)	$	(13	)	$	(16	)
Foreign currency swaps	—		—			4			2
Total	$	—	$	(17	)	$	(9	)	$	(14	)

Derivatives in Cash Flow Hedging Relationships
Gain (Loss) Reclassified from AOCI into Income (Effective  Portion)
		Successor Company		Predecessor Company
		June 1, 2018 to December 31, 2018		January 1, 2018 to May 31, 2018			2017			2016
Interest rate swaps	Net realized capital gains (losses)	$	—	$	—		$	(1	)	$	1
Interest rate swaps	Net investment income	—		8			26			25
Foreign currency swaps	Net realized capital gains (losses)	—		(2		)	11			(2		)
Total		$	—	$	6		$	36		$	24

Derivative Instruments, Gain (Loss) [Table Text Block]

Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses)
	Successor Company			Predecessor Company
	June 1, 2018 to December 31, 2018			January 1, 2018 to May 31, 2018			For the year ended December 31, 2017			For the year ended December 31, 2016
Variable annuity hedge program
GMWB product derivatives	$	(25	)	$	82		$	231		$	88
GMWB reinsurance contracts	1			(25		)	(49		)	(14		)
GMWB hedging instruments	36			(45		)	(134		)	(112		)
Macro hedge program	153			(36		)	(260		)	(163		)
Total variable annuity hedge program	165			(24		)	(212		)	(201		)
Foreign exchange contracts
Foreign currency swaps and forwards	2			(3		)	(9		)	32
Fixed payout annuity hedge	(15		)	10			4			25
Total foreign exchange contracts	(13		)	7			(5		)	57
Other non-qualifying derivatives
Interest rate contracts
Interest rate swaps, swaptions, and futures	23			(40		)	4			(18		)
Credit contracts
Credit derivatives that purchase credit protection	—			1			(12		)	(9		)
Credit derivatives that assume credit risk	(1		)	(3		)	18			15
Equity contracts
Equity index swaps and options	—			—			3			30
Other
Modified coinsurance reinsurance contracts	13			32			(13		)	(12		)
Total other non-qualifying derivatives	35			(10		)	—			6
Total [1]	$	187		$	(27	)	$	(217	)	$	(138	)

[1] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements.

Disclosure of Credit Derivatives [Table Text Block]

As of December 31, 2018 (Successor Company)
							Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	80	$	1		4 years	Corporate Credit/ Foreign Gov.	A	$	—	$	—
Basket credit default swaps [4]
Investment grade risk exposure	202		1			5 years	Corporate Credit	BBB+	—		—
Below investment grade risk exposure	80		2			5 years	Corporate Credit	B+			—
Investment grade risk exposure	12		(1		)	5 years	CMBS Credit	A-	2		—
Below investment grade risk exposure	19		(5		)	Less than 1 Year	CMBS Credit	B-	19		5
Total [5]	$	393	$	(2	)				$	21	$	5

As of December 31, 2017 (Predecessor Company)
							Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	120	$	3		5 years	Corporate Credit/ Foreign Gov.	A-	$	—	$	—
Below investment grade risk exposure	43		—			Less than 1 Year	Corporate Credit	B	43		—
Basket credit default swaps [4]
Investment grade risk exposure	250		—			5 years	Corporate Credit	BBB+	—		—
Below investment grade risk exposure	22		2			3 years	Corporate Credit	B+	22		—
Investment grade risk exposure	15		(1		)	4 years	CMBS Credit	A	5		—
Below investment grade risk exposure	30		(5		)	Less than 1 Year	CMBS Credit	CCC	30		5
Total [5]	$	480	$	(1	)				$	100	$	5

[1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements.