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Investments (Tables)

3 Months Ended

Mar. 31, 2021

Financing Receivable, Credit Quality Indicator [Line Items]

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



	As of March 31, 2021
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	86,879	$	10,397	$	693	$	13	$	96,570
U.S. government bonds		393		54		3		-		444
State and municipal bonds		5,474		1,185		34		-		6,625
Foreign government bonds		428		63		6		-		485
RMBS		2,820		261		3		1		3,077
CMBS		1,464		68		16		-		1,516
ABS		7,880		143		27		-		7,996
Hybrid and redeemable preferred securities		528		93		21		-		600
Total fixed maturity AFS securities	$	105,866	$	12,264	$	803	$	14	$	117,313



	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

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,198	$	3,219
Due after one year through five years		15,156		16,072
Due after five years through ten years		19,308		20,949
Due after ten years		56,040		64,484
Subtotal		93,702		104,724
Structured securities (RMBS, CMBS, ABS)		12,164		12,589
Total fixed maturity AFS securities	$	105,866	$	117,313

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



	As of March 31, 2021
	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	$	12,029		$	633	$	709		$	60	$	12,738		$	693
U.S. government bonds		25			3		-			-		25			3
State and municipal bonds		767			34		-			-		767			34
Foreign government bonds		99			6		-			-		99			6
RMBS		200			3		7			-		207			3
CMBS		371			16		-			-		371			16
ABS		2,401			24		167			3		2,568			27
Hybrid and redeemable
preferred securities		124			8		91			13		215			21
Total fixed maturity AFS securities	$	16,016		$	727	$	974		$	76	$	16,990		$	803

Total number of fixed maturity AFS securities in an unrealized loss position															1,749



	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⁾As of March 31, 2021, and December 31, 2020, we recognized $2 million and $1 million, respectively, of gross unrealized losses in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

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



	As of March 31, 2021
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities⁽¹⁾
Less than six months	$	50	$	16			10
Six months or greater, but less than nine months		52		23			4
Nine months or greater, but less than twelve months		1		1			3
Twelve months or greater		27		8			28
Total	$	130	$	48			45


	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.

Changes In Allowance For Credit Losses On AFS



	For the Three
	Months Ended
	March 31, 2021
	Corporate
	Bonds		RMBS		ABS		Total
Balance as of beginning-of-year	$	12	$	1	$	-	$	13
Additions from purchases of PCD debt securities ⁽¹⁾		-		-		-		-
Additions (reductions) for securities for which credit losses
were previously recognized		1		-		-		1
Balance as of end-of-period ⁽²⁾	$	13	$	1	$	-	$	14



	For the Three
	Months Ended
	March 31, 2020
	Corporate
	Bonds		RMBS		ABS		Total
Balance as of beginning-of-year	$	-	$	-	$	-	$	-
Additions for securities for which credit losses were not
previously recognized		20		-		-		20
Additions from purchases of PCD debt securities ⁽¹⁾		-		-		-		-
Balance as of end-of-period ⁽²⁾	$	20	$	-	$	-	$	20

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

⁽²⁾Accrued interest receivable on fixed maturity AFS securities totaled $1.1 billion and $1.0 billion as of March 31, 2021 and 2020, respectively, and was excluded from the estimate of credit losses.

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of March 31, 2021									As of December 31, 2020
	Commercial			Residential			Total			Commercial			Residential			Total
Current	$	16,674		$	666		$	17,340		$	16,245		$	610		$	16,855
30 to 59 days past due		6			26			32			4			28			32
60 to 89 days past due		-			8			8			-			8			8
90 or more days past due		-			55			55			-			69			69
Allowance for credit losses		(172	)		(12	)		(184	)		(187	)		(17	)		(204	)
Unamortized premium (discount)		(13	)		23			10			(14	)		22			8
Mark-to-market gains (losses) ⁽¹⁾		(6	)		-			(6	)		(5	)		-			(5	)
Total carrying value	$	16,489		$	766		$	17,255		$	16,043		$	720		$	16,763

⁽¹⁾Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 13 for additional information.

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



	For the Three
	Months Ended
	March 31,
	2021		2020
Average carrying value for impaired mortgage loans on real estate	$	36	$	3
Interest income recognized on impaired mortgage loans on real estate		-		-
Interest income collected on impaired mortgage loans on real estate		-		-

Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status


	As of March 31, 2021				As of December 31, 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		-		57		-		71
Total	$	-	$	57	$	-	$	71

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



	For the Three
	Months Ended
	March 31, 2021
	Commercial			Residential			Total
Balance as of beginning-of-year	$	187		$	17		$	204
Additions from provision for credit loss expense ⁽¹⁾		4			2			6
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⁾		(19	)		(7	)		(26	)
Balance as of end-of-period ⁽²⁾	$	172		$	12		$	184



	For the Three
	Months Ended
	March 31, 2020
	Commercial		Residential		Total
Balance as of beginning-of-year	$	-	$	2	$	2
Impact of new accounting standard		62		26		88
Additions from provision for credit loss expense ⁽³⁾		64		7		71
Additions from purchases of PCD mortgage loans on real estate		-		-		-
Balance as of end-of-period ⁽²⁾	$	126	$	35	$	161

⁽¹⁾Due to improving economic projections, the provision for credit loss expense decreased by $20 million for the three months ended March 31, 2021. For the three months ended March 31, 2021, we recognized $4 million of credit loss benefit related to unfunded commitments for mortgage loans on real estate.

⁽²⁾Accrued interest receivable on mortgage loans on real estate totaled $51 million and $50 million as of March 31, 2021 and 2020, respectively, and was excluded from the estimate of credit losses.

⁽³⁾Due to changes in economic projections driven by the impact of the COVID-19 pandemic, the provision for credit loss expense increased by $71 million for the three months ended March 31, 2020. For the three months ended March 31, 2020, we recognized $1 million of credit loss benefit related to unfunded commitments for mortgage loans on real estate.

Credit Loss Expense Incurred



	For the Three
	Months Ended
	March 31,
	2021			2020
Credit Loss Expense
Fixed maturity AFS securities:
Corporate bonds	$	(2	)	$	(20	)
RMBS		-			-
ABS		-			-
Gross credit loss expense		(2	)		(20	)
Associated amortization of DAC, VOBA, DSI and DFEL ⁽¹⁾		-			-
Net credit loss expense	$	(2	)	$	(20	)

⁽¹⁾Deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end loads (“DFEL”).

Payables For Collateral On Investments



	As of March 31, 2021				As of December 31, 2020
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	3,222	$	3,222	$	2,976	$	2,976
Securities pledged under securities lending agreements ⁽²⁾		145		140		116		112
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”)⁽³⁾		4,230		6,819		3,130		5,049
Total payables for collateral on investments	$	7,597	$	10,181	$	6,222	$	8,137

⁽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 5 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 Three
	Months Ended
	March 31,
	2021		2020
Collateral payable for derivative investments	$	246	$	2,555
Securities pledged under securities lending agreements		29		47
Investments pledged for FHLBI		1,100		750
Total increase (decrease) in payables for collateral on investments	$	1,375	$	3,352

Schedule Of Securities Pledged By Contractual Maturity



	As of March 31, 2021
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	145	$	-	$	-	$	-	$	145



	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

Commercial [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of March 31, 2021
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 74%		Ratio	than 75%		Ratio	Total
Origination Year
2021	$	679	2.99	$	25	1.95	$	-	-	$	704
2020		1,371	3.02		109	1.47		40	2.21		1,520
2019		3,050	2.21		318	1.96		25	1.79		3,393
2018		2,338	2.15		218	1.55		15	0.76		2,571
2017		1,753	2.34		153	1.74		27	0.67		1,933
2016 and prior		6,253	2.39		263	1.75		30	1.40		6,546
Total	$	15,444		$	1,086		$	137		$	16,667

	As of December 31, 2020
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 74%		Ratio	than 75%		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 March 31, 2021
	Performing		Nonperforming			Total
Origination Year
2021	$	71		$	-	$	71
2020		197			6		203
2019		295			42		337
2018		158			9		167
2017		-			-		-
2016 and prior		-			-		-
Total	$	721		$	57	$	778



	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