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Investments (Tables)

12 Months Ended

Dec. 31, 2019

Financing Receivable, Credit Quality Indicator [Line Items]

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



	As of December 31, 2019
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI ⁽¹⁾			Value
Fixed maturity AFS securities:
Corporate bonds	$	79,417	$	9,479	$	184	$	(4	)	$	88,716
U.S. government bonds		384		51		-		-			435
State and municipal bonds		4,778		1,113		7		-			5,884
Foreign government bonds		329		64		-		-			393
RMBS		3,042		190		10		(19	)		3,241
CMBS		1,038		45		1		(1	)		1,083
ABS		4,810		62		18		(35	)		4,889
Hybrid and redeemable preferred securities		497		82		20		-			559
Total fixed maturity AFS securities	$	94,295	$	11,086	$	240	$	(59	)	$	105,200



	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
U.S. government bonds		390		29		2		-			417
State and municipal bonds		4,647		716		18		-			5,345
Foreign government bonds		406		42		-		-			448
RMBS		3,308		118		67		(14	)		3,373
CMBS		811		6		16		(3	)		804
ABS		2,662		45		30		(19	)		2,696
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	$	2,825	$	2,811
Due after one year through five years		15,123		15,708
Due after five years through ten years		17,049		18,503
Due after ten years		50,408		58,965
Subtotal		85,405		95,987
Structured securities (RMBS, CMBS, ABS)		8,890		9,213
Total fixed maturity AFS securities	$	94,295	$	105,200

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



	As of December 31, 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	$	2,935		$	46	$	1,406		$	141	$	4,341		$	187
State and municipal bonds		333			7		18			-		351			7
RMBS		536			10		15			-		551			10
CMBS		48			1		4			-		52			1
ABS		1,792			8		303			10		2,095			18
Hybrid and redeemable
preferred securities		29			1		102			19		131			20
Total fixed maturity AFS securities	$	5,673		$	73	$	1,848		$	170	$	7,521		$	243

Total number of fixed maturity AFS securities in an unrealized loss position															895



	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
U.S. government bonds		70			1		23			1		93			2
State and municipal bonds		404			8		96			10		500			18
RMBS		472			10		863			60		1,335			70
CMBS		470			11		82			5		552			16
ABS		1,241			23		246			17		1,487			40
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 December 31, 2019
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities⁽¹⁾
Less than six months	$	15	$	5	$	-			7
Six months or greater, but less than nine months		10		3		-			4
Twelve months or greater		132		76		-			31
Total	$	157	$	84	$	-			42



	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 Years Ended December 31,
	2019			2018			2017
Balance as of beginning-of-year	$	355		$	378		$	430
Increases attributable to:
Credit losses on securities for which an
OTTI was not previously recognized		13			5			13
Credit losses on securities for which an
OTTI was previously recognized		3			2			7
Decreases attributable to:
Securities sold, paid down or matured		(160	)		(30	)		(72	)
Balance as of end-of-year	$	211		$	355		$	378

Fair Value Of Trading Securities



	As of December 31,
	2019		2018
Fixed maturity securities:
Corporate bonds	$	2,947	$	1,639
U.S. government bonds		45		43
State and municipal bonds		17		16
Foreign government bonds		44		23
RMBS		170		79
CMBS		163		7
ABS		1,238		121
Hybrid and redeemable preferred securities		49		22
Total trading securities	$	4,673	$	1,950

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of December 31, 2019									As of December 31, 2018
	Commercial			Residential			Total			Commercial			Residential		Total
Current	$	15,620		$	659		$	16,279		$	13,029		$	230	$	13,259
30 to 59 days past due		3			27			30			-			9		9
60 to 89 days past due		-			10			10			-			1		1
90 or more days past due		-			16			16			-			-		-
Valuation allowance		-			(2	)		(2	)		-			-		-
Unamortized premium (discount)		(17	)		23			6			(17	)		8		(9	)
Total carrying value	$	15,606		$	733		$	16,339		$	13,012		$	248	$	13,260

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



		For the Years Ended December 31,
	2019		2018			2017
Valuation Allowance
Balance as of beginning-of-year	$	-	$	3		$	2
Additions		-		-			1
Charge-offs, net of recoveries		-		(3	)		-
Balance as of end-of-year	$	-	$	-		$	3

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


	For the Years Ended December 31,
	2019		2018		2017
Average carrying value for impaired commercial
mortgage loans on real estate	$	-	$	5	$	6
Interest income recognized on impaired commercial
mortgage loans on real estate		-		1		-
Interest income collected on impaired commercial
mortgage loans on real estate		-		1		-

Net Investment Income



	For the Years Ended December 31,
	2019			2018			2017
Fixed maturity AFS securities	$	4,281		$	4,209		$	4,163
Equity AFS securities		-			-			12
Trading securities		191			84			94
Equity securities		4			4			-
Mortgage loans on real estate		629			496			440
Real estate		1			1			2
Policy loans		129			123			135
Invested cash		40			26			11
Commercial mortgage loan prepayment
and bond make-whole premiums		119			79			139
Alternative investments		22			222			165
Consent fees		8			4			6
Other investments		30			23			2
Investment income		5,454			5,271			5,169
Investment expense		(231	)		(186	)		(179	)
Net investment income	$	5,223		$	5,085		$	4,990

Schedule Of Realized Gain (Loss)



	For the Years Ended December 31,
	2019			2018			2017
Fixed maturity AFS securities:
Gross gains	$	45		$	38		$	19
Gross losses		(73	)		(80	)		(44	)
Gross OTTI		(16	)		(7	)		(20	)
Equity AFS securities:
Gross gains		-			-			6
Gain (loss) on other investments ⁽¹⁾		(16	)		(13	)		(12	)
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(13	)		(22	)		(21	)
Total realized gain (loss) related to certain investments		(73	)		(84	)		(72	)
Realized gain (loss) on the mark-to-market on certain
instruments ⁽²⁾		(127	)		4			(11	)
Indexed annuity and IUL contracts net derivatives results: ⁽³⁾
Gross gain (loss)		(80	)		(51	)		(22	)
Associated amortization of DAC, VOBA, DSI and DFEL		2			12			(2	)
Variable annuity net derivatives results: ⁽⁴⁾
Gross gain (loss)		(389	)		295			(71	)
Associated amortization of DAC, VOBA, DSI and DFEL		57			(35	)		8
Total realized gain (loss)	$	(610	)	$	141		$	(170	)

⁽¹⁾Includes market adjustments on equity securities still held of $(4) million and $(17) million for the years ended December 31, 2019 and 2018, respectively.

⁽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 Notes 1 and 9 for information regarding Modco.

⁽³⁾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.

⁽⁴⁾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.

OTTI Recognized In Net Income (Loss) And OCI



	For the Years Ended December 31,
	2019			2018			2017
OTTI Recognized in Net Income (Loss)
Fixed maturity AFS securities:
Corporate bonds	$	(14	)	$	(5	)	$	(13	)
State and municipal bonds		-			-			(1	)
RMBS		(1	)		(1	)		(2	)
CMBS		-			-			(2	)
ABS		(1	)		(1	)		(2	)
Gross OTTI recognized in net income (loss)		(16	)		(7	)		(20	)
Associated amortization of DAC, VOBA, DSI and DFEL		1			-			2
Net OTTI recognized in net income (loss)	$	(15	)	$	(7	)	$	(18	)

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 December 31, 2019				As of December 31, 2018
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	1,388	$	1,388	$	637	$	637
Securities pledged under securities lending agreements ⁽²⁾		114		110		88		85
Securities pledged under repurchase agreements ⁽³⁾		-		-		150		185
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”)⁽⁴⁾		3,580		5,480		3,930		5,923
Total payables for collateral on investments	$	5,082	$	6,978	$	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. As of December 31, 2019, we are not participating in any open repurchase agreements.

⁽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 Years Ended December 31,
	2019			2018			2017
Collateral payable for derivative investments	$	751		$	(128	)	$	(129	)
Securities pledged under securities lending agreements		26			(134	)		6
Securities pledged under repurchase agreements		(150	)		(380	)		(5	)
Investments pledged for FHLBI		(350	)		1,030			(450	)
Total increase (decrease) in payables for collateral on investments	$	277		$	388		$	(578	)

Schedule Of Securities Pledged By Contractual Maturity



	As of December 31, 2019
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	114	$	-	$	-	$	-	$	114
Total gross secured borrowings	$	114	$	-	$	-	$	-	$	114


	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]

Credit Quality Indicators For Mortgage Loans



	As of December 31, 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%	$	14,206	91.0%	2.35	$	11,716	90.1%	2.30
65% to 74%		1,399	9.0%	1.87		1,238	9.5%	1.76
75% to 100%		1	0.0%	1.09		58	0.4%	0.95
Total	$	15,606	100.0%		$	13,012	100.0%

Residential [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of December 31, 2019			As of December 31, 2018
	Carrying		% of	Carrying		% of
Performance Indicator	Value		Total	Value		Total
Performing	$	716	97.7%	$	247	99.6%
Nonperforming		17	2.3%		1	0.4%
Total	$	733	100.0%	$	248	100.0%