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Investments (Tables)

6 Months Ended

Jun. 30, 2019

Financing Receivable, Credit Quality Indicator [Line Items]

Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value



	As of June 30, 2019
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI ⁽¹⁾			Value
Fixed maturity AFS securities:
Corporate bonds	$	77,806	$	7,327	$	340	$	3		$	84,790
ABS		1,042		59		4		(20	)		1,117
U.S. government bonds		381		49		-		-			430
Foreign government bonds		380		60		-		-			440
RMBS		3,089		193		11		(21	)		3,292
CMBS		920		41		-		(4	)		965
CLOs		2,418		9		7		(5	)		2,425
State and municipal bonds		4,594		1,079		4		-			5,669
Hybrid and redeemable preferred securities		560		70		25		-			605
Total fixed maturity AFS securities	$	91,190	$	8,887	$	391	$	(47	)	$	99,733



	As of December 31, 2018
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI ⁽¹⁾			Value
Fixed maturity AFS securities:
Corporate bonds	$	79,623	$	2,980	$	2,263	$	(8	)	$	80,348
ABS		916		42		6		(14	)		966
U.S. government bonds		390		29		2		-			417
Foreign government bonds		406		42		-		-			448
RMBS		3,308		118		67		(14	)		3,373
CMBS		811		6		16		(3	)		804
CLOs		1,746		3		24		(5	)		1,730
State and municipal bonds		4,647		716		18		-			5,345
Hybrid and redeemable preferred securities		582		45		34		-			593
Total fixed maturity AFS securities	$	92,429	$	3,981	$	2,430	$	(44	)	$	94,024

⁽¹⁾Includes unrealized (gains) and losses on credit-impaired securities related to changes in the fair value of such securities subsequent to the impairment measurement date.

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,340	$	3,324
Due after one year through five years		15,342		15,844
Due after five years through ten years		17,216		18,385
Due after ten years		47,823		54,381
Subtotal		83,721		91,934
Structured securities (ABS, MBS, CLOs)		7,469		7,799
Total fixed maturity AFS securities	$	91,190	$	99,733

Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position



	As of June 30, 2019
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
				Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
	Fair		Losses and			Fair		Losses and			Fair		Losses and
	Value			OTTI		Value			OTTI		Value			OTTI
Fixed maturity AFS securities:
Corporate bonds	$	1,188		$	42	$	6,168		$	309	$	7,356		$	351
ABS		36			-		86			10		122			10
RMBS		11			-		480			11		491			11
CLOs		481			2		204			5		685			7
State and municipal bonds		115			1		82			3		197			4
Hybrid and redeemable
preferred securities		72			1		109			24		181			25
Total fixed maturity AFS securities	$	1,903		$	46	$	7,129		$	362	$	9,032		$	408

Total number of fixed maturity AFS securities in an unrealized loss position															890



	As of December 31, 2018
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
				Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
	Fair		Losses and			Fair		Losses and			Fair		Losses and
	Value			OTTI		Value			OTTI		Value			OTTI
Fixed maturity AFS securities:
Corporate bonds	$	32,493		$	1,530	$	7,228		$	735	$	39,721		$	2,265
ABS		117			2		143			14		260			16
U.S. government bonds		70			1		23			1		93			2
RMBS		472			10		863			60		1,335			70
CMBS		470			11		82			5		552			16
CLOs		1,124			21		103			3		1,227			24
State and municipal bonds		404			8		96			10		500			18
Hybrid and redeemable
preferred securities		96			6		133			28		229			34
Total fixed maturity AFS securities	$	35,246		$	1,589	$	8,671		$	856	$	43,917		$	2,445

Total number of fixed maturity AFS securities in an unrealized loss position															3,414

Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost



	As of June 30, 2019
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities⁽¹⁾
Less than six months	$	44	$	15	$	1			15
Six months or greater, but less than nine months		47		16		-			5
Nine months or greater, but less than twelve months		2		1		-			2
Twelve months or greater		214		93		14		33.0	35
Total	$	307	$	125	$	15			57



	As of December 31, 2018
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities ⁽¹⁾
Less than six months	$	395	$	124	$	1			45
Six months or greater, but less than nine months		96		49		-			11
Nine months or greater, but less than twelve months		11		8		-			2
Twelve months or greater		143		74		8			32
Total	$	645	$	255	$	9			90

⁽¹⁾We may reflect a security in more than one aging category based on various purchase dates.

Schedule Of Changes In Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss)



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Balance as of beginning-of-period	$	359		$	378		$	355		$	378
Increases attributable to:
Credit losses on securities for which an
OTTI was not previously recognized		5			1			11			2
Credit losses on securities for which an
OTTI was previously recognized		-			-			2			1
Decreases attributable to:
Securities sold, paid down or matured		(111	)		(4	)		(115	)		(6	)
Balance as of end-of-period	$	253		$	375		$	253		$	375

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of June 30, 2019									As of December 31, 2018
	Commercial			Residential			Total			Commercial			Residential		Total
Current	$	14,436		$	645		$	15,081		$	13,029		$	239	$	13,268
60 to 90 days past due		-			5			5			-			1		1
Greater than 90 days past due		-			2			2			-			-		-
Valuation allowance		-			(2	)		(2	)		-			-		-
Unamortized premium (discount)		(17	)		21			4			(17	)		8		(9	)
Total carrying value	$	14,419		$	671		$	15,090		$	13,012		$	248	$	13,260

Schedule Of Realized Gain (Loss)



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Fixed maturity AFS securities:
Gross gains	$	20		$	1		$	32		$	16
Gross losses		(17	)		(11	)		(44	)		(42	)
Gross OTTI		(5	)		(1	)		(13	)		(3	)
Gain (loss) on other investments ⁽¹⁾		(4	)		4			1			6
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(5	)		(6	)		(7	)		(11	)
Total realized gain (loss) related to certain investments		(11	)		(13	)		(31	)		(34	)
Realized gain (loss) on the mark-to-market on certain
instruments ⁽²⁾		(37	)		23			(158	)		24
Indexed annuity and IUL contracts net derivatives results: ⁽³⁾
Gross gain (loss)		(41	)		(5	)		(76	)		(6	)
Associated amortization of DAC, VOBA, DSI and DFEL		8			-			9			-
Variable annuity net derivatives results: ⁽⁴⁾
Gross gain (loss)		(43	)		(11	)		(259	)		22
Associated amortization of DAC, VOBA, DSI and DFEL		7			(1	)		35			(1	)
Total realized gain (loss)	$	(117	)	$	(7	)	$	(480	)	$	5

⁽¹⁾Includes market adjustments on equity securities still held of $2 million and $8 million for the three and six months ended June 30, 2019, respectively, and $2 million for the three and six months ended June 30, 2018.

⁽²⁾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 and trading securities. See Note 8 for information regarding modified coinsurance.

⁽³⁾Represents the net difference between the change in the fair value of the S&P 500 Index® (“S&P 500”) call 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 call options we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products.

⁽⁴⁾Includes the net difference in the change in embedded derivative reserves of our guaranteed living benefit (“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.

OTTI Recognized In Net Income (Loss) And OCI



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
OTTI Recognized in Net Income (Loss)
Fixed maturity AFS securities:
Corporate bonds	$	(5	)	$	(1	)	$	(11	)	$	(3	)
ABS		-			-			(1	)		-
RMBS		-			-			(1	)		-
Gross OTTI recognized in net income (loss)		(5	)		(1	)		(13	)		(3	)
Associated amortization of DAC, VOBA, DSI and DFEL		1			-			1			-
Net OTTI recognized in net income (loss)	$	(4	)	$	(1	)	$	(12	)	$	(3	)

OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	-		$	-		$	16		$	-
Change in DAC, VOBA, DSI and DFEL		-			-			(1	)		-
Net OTTI recognized in OCI	$	-		$	-		$	15		$	-

Payables For Collateral On Investments



	As of June 30, 2019				As of December 31, 2018
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	1,140	$	1,140	$	637	$	637
Securities pledged under securities lending agreements ⁽²⁾		156		152		88		85
Securities pledged under repurchase agreements ⁽³⁾		156		189		150		185
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”)⁽⁴⁾		4,180		6,314		3,930		5,923
Total payables for collateral on investments	$	5,632	$	7,795	$	4,805	$	6,830

⁽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 6 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 securities under repurchase agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. 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.

⁽⁴⁾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 Six
	Months Ended
	June 30,
	2019		2018
Collateral payable for derivative investments	$	503	$	(297	)
Securities pledged under securities lending agreements		68		(80	)
Securities pledged under repurchase agreements		6		379
Investments pledged for FHLBI		250		280
Total increase (decrease) in payables for collateral on investments	$	827	$	282

Schedule Of Securities Pledged By Contractual Maturity



	As of June 30, 2019
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	156	$	-	$	-	$	-	$	156
Repurchase Agreements
Corporate bonds		-		-		-		156		156
Total gross secured borrowings	$	156	$	-	$	-	$	156	$	312


	As of December 31, 2018
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	88	$	-	$	-	$	-	$	88
Repurchase Agreements
Corporate bonds		-		-		-		150		150
Total gross secured borrowings	$	88	$	-	$	-	$	150	$	238

Commercial [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Changes In The Valuation Allowance Of Impaired Mortgage Loans On Real Estate



	For the Three					For the Six
	Months Ended					Months Ended
	June 30,					June 30,
	2019		2018			2019		2018
Balance as of beginning-of-period	$	-	$	3		$	-	$	3
Additions		-		-			-		-
Charge-offs, net of recoveries		-		(1	)		-		(1	)
Balance as of end-of-period	$	-	$	2		$	-	$	2

Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate



	For the Three				For the Six
	Months Ended				Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Average carrying value for impaired commercial
mortgage loans on real estate	$	-	$	7	$	-	$	7
Interest income recognized on impaired commercial
mortgage loans on real estate		-		-		-		-
Interest income collected on impaired commercial
mortgage loans on real estate		-		-		-		-

Credit Quality Indicators For Mortgage Loans



	As of June 30, 2019				As of December 31, 2018
				Debt-				Debt-
				Service				Service
	Carrying		% of	Coverage	Carrying		% of	Coverage
Loan-to-Value Ratio	Value		Total	Ratio	Value		Total	Ratio
Less than 65%	$	12,989	90.1%	2.32	$	11,716	90.1%	2.30
65% to 74%		1,429	9.9%	1.81		1,238	9.5%	1.76
75% to 100%		1	0.0%	1.09		58	0.4%	0.95
Total	$	14,419	100.0%		$	13,012	100.0%

Residential [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of June 30, 2019			As of December 31, 2018
	Carrying		% of	Carrying		% of
Performance Indicator	Value		Total	Value		Total
Performing	$	664	99.0%	$	247	99.6%
Nonperforming		7	1.0%		1	0.4%
Total	$	671	100.0%	$	248	100.0%