Investments (Tables)

12 Months Ended

Dec. 31, 2020

Financing Receivable, Credit Quality Indicator [Line Items]

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

	As of December 31, 2020
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	86,289	$	16,662	$	150	$	12	$	102,789
U.S. government bonds		397		88		1		-		484
State and municipal bonds		5,360		1,561		-		-		6,921
Foreign government bonds		384		87		1		-		470
RMBS		2,765		313		1		1		3,076
CMBS		1,390		115		-		-		1,505
ABS		7,041		158		15		-		7,184
Hybrid and redeemable preferred securities		548		97		30		-		615
Total fixed maturity AFS securities	$	104,174	$	19,081	$	198	$	13	$	123,044

The amortized cost, gross unrealized gains, losses, OTTI and fair value of fixed maturity AFS securities (in millions) were as follows:

	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

⁽¹⁾Prior to the adoption of ASU 2016-13, we recognized the OTTI attributed to noncredit factors as a separate component in OCI referred to as unrealized OTTI on fixed maturity AFS securities. This 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	$	3,319	$	3,344
Due after one year through five years		15,016		16,052
Due after five years through ten years		19,105		21,660
Due after ten years		55,538		70,223
Subtotal		92,978		111,279
Structured securities (RMBS, CMBS, ABS)		11,196		11,765
Total fixed maturity AFS securities	$	104,174	$	123,044

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

	As of December 31, 2020
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	3,039		$	92	$	607		$	58	$	3,646		$	150
U.S. government bonds		28			1		-			-		28			1
Foreign government bonds		57			1		-			-		57			1
RMBS		45			1		7			-		52			1
ABS		1,527			9		358			6		1,885			15
Hybrid and redeemable
preferred securities		112			13		96			17		208			30
Total fixed maturity AFS securities	$	4,808		$	117	$	1,068		$	81	$	5,876		$	198
Total number of fixed maturity AFS securities in an unrealized loss position															802

⁽¹⁾We recognized $1 million of gross unrealized losses in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value and gross unrealized losses, including the portion of OTTI recognized in OCI, of fixed maturity AFS securities (dollars in millions), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	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

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

	As of December 31, 2020
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities (1)
Less than six months	$	63	$	23			14
Six months or greater, but less than nine months		2		1			4
Nine months or greater, but less than twelve months		23		7			14
Twelve months or greater		30		11			20
Total	$	118	$	42			52

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

The fair value, gross unrealized losses, the portion of OTTI recognized in OCI (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

	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

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

Changes In Allowance For Credit Losses On AFS

	For the Year Ended December 31, 2020
	Corporate
	Bonds			RMBS		ABS			Total
Balance as of beginning-of-year	$	-		$	-	$	-		$	-
Additions for securities for which credit losses were not
previously recognized		43			1		1			45
Additions from purchases of PCD debt securities (1)		-			-		-			-
Additions (reductions) for securities for which credit losses
were previously recognized		(1	)		-		(1	)		(2	)
Reductions for securities disposed		(17	)		-		-			(17	)
Reductions for securities charged-off		(13	)		-		-			(13	)
Balance as of end-of-year (2)	$	12		$	1	$	-		$	13

⁽¹⁾Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

⁽²⁾Accrued interest receivable on fixed maturity AFS securities totaled $1.0 billion as of December 31, 2020, and was excluded from the estimate of credit losses.

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

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

Fair Value Of Trading Securities

	As of December 31,
	2020		2019
Fixed maturity securities:
Corporate bonds	$	3,107	$	2,947
U.S. government bonds		-		45
State and municipal bonds		28		17
Foreign government bonds		92		44
RMBS		132		170
CMBS		134		163
ABS		966		1,238
Hybrid and redeemable preferred securities		42		49
Total trading securities	$	4,501	$	4,673

Composition Of Current And Past Due Mortgage Loans On Real Estate

	As of December 31, 2020									As of December 31, 2019
	Commercial			Residential			Total			Commercial			Residential			Total
Current	$	16,245		$	610		$	16,855		$	15,620		$	659		$	16,279
30 to 59 days past due		4			28			32			3			27			30
60 to 89 days past due		-			8			8			-			10			10
90 or more days past due		-			69			69			-			16			16
Allowance for credit losses		(187	)		(17	)		(204	)		-			(2	)		(2	)
Unamortized premium (discount)		(14	)		22			8			(17	)		23			6
Mark-to-market gains (losses) (1)		(5	)		-			(5	)		-			-			-
Total carrying value	$	16,043		$	720		$	16,763		$	15,606		$	733		$	16,339

⁽¹⁾Represents the mark-to-market on certain commercial mortgage loans on real estate for which we have elected the fair value option. See Note 21 for additional information.

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

	For the Years Ended December 31,
	2020		2019		2018
Average carrying value for impaired mortgage loans on real estate	$	21	$	-	$	5
Interest income recognized on impaired mortgage loans on real estate		-		-		1
Interest income collected on impaired mortgage loans on real estate		-		-		1

Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status

	As of December 31, 2020				As of January 1, 2020
	Nonaccrual				Nonaccrual
	with no				with no
	Allowance				Allowance
	for Credit				for Credit
	Losses		Nonaccrual		Losses		Nonaccrual
Commercial mortgage loans on real estate	$	-	$	-	$	-	$	-
Residential mortgage loans on real estate		-		71		-		17
Total	$	-	$	71	$	-	$	17

Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate

	For the Year Ended December 31, 2020
	Commercial			Residential			Total
Balance as of beginning-of-year	$	-		$	2		$	2
Impact of adopting ASU 2016-13		62			26			88
Additions from provision for credit loss expense (1)		178			10			188
Additions from purchases of PCD mortgage loans on real estate		-			-			-
Additions (reductions) for mortgage loans on real estate for which
credit losses were previously recognized (1)		(53	)		(21	)		(74	)
Balance as of end-of-year (2)	$	187		$	17		$	204

⁽¹⁾Due to changes in economic projections driven by the impact of the COVID-19 pandemic, the provision for credit loss expense increased by $114 million for the year ended December 31, 2020. For the year ended December 31, 2020, we recognized $2 million of credit loss expense related to unfunded commitments for mortgage loans on real estate.

⁽²⁾Accrued interest receivable on mortgage loans on real estate totaled $49 million as of December 31, 2020, and was excluded from the estimate of credit losses.

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

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

Net Investment Income

	For the Years Ended December 31,
	2020			2019			2018
Fixed maturity AFS securities	$	4,334		$	4,281		$	4,209
Trading securities		202			191			84
Equity securities		3			4			4
Mortgage loans on real estate		677			629			496
Real estate		1			1			1
Policy loans		125			129			123
Invested cash		12			40			26
Commercial mortgage loan prepayment
and bond make-whole premiums		82			119			79
Alternative investments		197			22			222
Consent fees		7			8			4
Other investments		45			30			23
Investment income		5,685			5,454			5,271
Investment expense		(175	)		(231	)		(186	)
Net investment income	$	5,510		$	5,223		$	5,085

Credit Loss Expense Incurred

	For the Years Ended December 31,
	2020			2019			2018
Credit Loss Expense Recognized in Net Income (Loss) (1)
Fixed maturity AFS securities:
Corporate bonds	$	(25	)	$	(14	)	$	(5	)
RMBS		(1	)		(1	)		(1	)
ABS		-			(1	)		(1	)
Gross credit loss expense recognized in net income (loss)		(26	)		(16	)		(7	)
Associated amortization of DAC, VOBA, DSI and DFEL		1			1			-
Net credit loss expense recognized in net income (loss)	$	(25	)	$	(15	)	$	(7	)

⁽¹⁾For the year ended December 31, 2020, we recognized credit loss expense incurred and write-downs taken as a result of impairments through net income (loss), pursuant to ASU 2016-13. For the years ended December 31, 2019 and 2018, prior to the adoption of ASU 2016-13, we recognized write-downs taken as a result of OTTI through net income (loss).

Payables For Collateral On Investments

	As of December 31, 2020				As of December 31, 2019
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments (1)	$	2,976	$	2,976	$	1,388	$	1,388
Securities pledged under securities lending agreements (2)		116		112		114		110
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (3)		3,130		5,049		3,580		5,480
Total payables for collateral on investments	$	6,222	$	8,137	$	5,082	$	6,978

⁽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 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,
	2020			2019			2018
Collateral payable for derivative investments	$	1,588		$	751		$	(128	)
Securities pledged under securities lending agreements		2			26			(134	)
Securities pledged under repurchase agreements		-			(150	)		(380	)
Investments pledged for FHLBI		(450	)		(350	)		1,030
Total increase (decrease) in payables for collateral on investments	$	1,140		$	277		$	388

Schedule Of Securities Pledged By Contractual Maturity

	As of December 31, 2020
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	114	$	-	$	-	$	-	$	114
Foreign government bonds		2		-		-		-		2
Total gross secured borrowings	$	116	$	-	$	-	$	-	$	116

	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

Commercial [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans

	As of December 31, 2020				As of December 31, 2019
				Debt-				Debt-
				Service				Service
	Amortized		% of	Coverage	Amortized		% of	Coverage
Loan-to-Value Ratio	Cost		Total	Ratio	Cost		Total	Ratio
Less than 65%	$	15,236	93.8%	2.36	$	14,206	91.0%	2.35
65% to 74%		952	5.9%	1.69		1,399	9.0%	1.87
75% to 100%		47	0.3%	1.21		1	0.0%	1.09
Total	$	16,235	100.0%		$	15,606	100.0%

The amortized cost of commercial mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

	As of December 31, 2020
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	75%		Coverage
	than 65%		Ratio	to 74%		Ratio	to 100%		Ratio	Total
Origination Year
2020	$	1,504	2.86	$	32	1.52	$	-	-	$	1,536
2019		3,141	2.25		258	1.78		2	1.74		3,401
2018		2,382	2.16		186	1.49		15	0.71		2,583
2017		1,786	2.34		169	1.73		-	-		1,955
2016		1,713	2.37		174	1.56		22	1.58		1,909
2015 and prior		4,710	2.38		133	1.95		8	1.02		4,851
Total	$	15,236		$	952		$	47		$	16,235

Residential [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans

	As of December 31, 2020			As of December 31, 2019
	Amortized		% of	Amortized		% of
Performance Indicator	Cost		Total	Cost (1)		Total
Performing	$	666	90.4%	$	718	97.7%
Nonperforming		71	9.6%		17	2.3%
Total	$	737	100.0%	$	735	100.0%

⁽¹⁾A valuation allowance of $2 million was established on residential mortgage loans on real estate as of December 31, 2019.

The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

	As of December 31, 2020
	Performing		Nonperforming			Total
Origination Year
2020	$	176		$	8	$	184
2019		315			51		366
2018		175			12		187
2017		-			-		-
2016		-			-		-
2015 and prior		-			-		-
Total	$	666		$	71	$	737