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Investments (Tables)
6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Securities Disclosure [Table Text Block]
Available-for-Sale securities distributed by type were as follows:
Description of Securities
June 30, 2020
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Fixed maturities:     
Corporate debt securities$9,844  $1,519  $(33) $(13) $11,317  
Residential mortgage backed securities3,213  124  (2) —  3,335  
Commercial mortgage backed securities3,789  199  (10) —  3,978  
State and municipal obligations1,048  274  (2) —  1,320  
Asset backed securities1,371  36  (32) —  1,375  
Foreign government bonds and obligations246  17  (2) —  261  
U.S. government and agency obligations1  —  —  —  1  
Total$19,512  $2,169  $(81) $(13) $21,587  
Description of Securities
December 31, 2019
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
 (in millions)
Fixed maturities:    
Corporate debt securities$10,188  $1,336  $(2) $11,522  
Residential mortgage backed securities3,039  73  (4) 3,108  
Commercial mortgage backed securities3,526  95  (3) 3,618  
State and municipal obligations1,071  237  (2) 1,306  
Asset backed securities1,036  45  (1) 1,080  
Foreign government bonds and obligations250  19  (2) 267  
U.S. government and agency obligations1  —  —  1  
Total$19,111  $1,805  $(14) $20,902  
Fixed Maturity Securities by Rating Disclosure [Table Text Block]
A summary of fixed maturity securities by rating was as follows:
Ratings
June 30, 2020
December 31, 2019
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$7,643  $7,978  37 %$6,771  $6,950  33 %
AA1,077  1,283  6  1,176  1,374  7  
A2,635  3,162  15  2,695  3,157  15  
BBB6,992  7,975  37  7,709  8,626  41  
Below investment grade1,165  1,189  5  760  795  4  
Total fixed maturities$19,512  $21,587  100 %$19,111  $20,902  100 %
Available-for-Sale Securities Continuous Unrealized Loss Disclosure [Table Text Block]
The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position:
Description of Securities 
June 30, 2020
Less than 12 months12 months or moreTotal
Number of SecuritiesFair Value
Unrealized Losses (1)
Number of SecuritiesFair Value
Unrealized Losses (1)
Number of SecuritiesFair Value
Unrealized Losses (1)
 (in millions, except number of securities)
Corporate debt securities60  $387  $(39) 3  $15  $(7) 63  $402  $(46) 
Residential mortgage backed securities
29  331  (2) 6  8  —  35  339  (2) 
Commercial mortgage backed securities
24  384  (10) 1  —  —  25  384  (10) 
State and municipal obligations
4  54  (2) 1  4  —  5  58  (2) 
Asset backed securities
21  595  (31) 1  24  (1) 22  619  (32) 
Foreign government bonds and obligations
4  17  (1) 9  10  (1) 13  27  (2) 
Total142  $1,768  $(85) 21  $61  $(9) 163  $1,829  $(94) 
(1) The portion of unrealized losses due to credit-related factors is recorded in the allowance for credit losses.
Description of Securities 
December 31, 2019
Less than 12 months12 months or moreTotal
Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
 (in millions, except number of securities)
Corporate debt securities15  $64  $—  7  $90  $(2) 22  $154  $(2) 
Residential mortgage backed securities
29  571  (1) 20  298  (3) 49  869  (4) 
Commercial mortgage backed securities
18  310  (1) 7  82  (2) 25  392  (3) 
State and municipal obligations
5  23  —  3  54  (2) 8  77  (2) 
Asset backed securities10  111  (1) 6  54  —  16  165  (1) 
Foreign government bonds and obligations
1  —  —  10  15  (2) 11  15  (2) 
Total78  $1,079  $(3) 53  $593  $(11) 131  $1,672  $(14) 
Rollforward of allowance for credit losses on Available-for-Sale Securities [Table Text Block]
The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:
Corporate Debt Securities
(in millions)
Balance, April 1, 2020
$13  
Additions for which credit losses were not previously recognized
—  
Balance, June 30, 2020
$13  
Corporate Debt Securities
(in millions)
Balance, January 1, 2020 (1)
$—  
Additions for which credit losses were not previously recognized
13  
Balance, June 30, 2020
$13  
(1) Prior to January 1, 2020, credit losses on Available-for-Sale securities were not recorded in an allowance but were recorded as a reduction of the book value of the security if the security was other-than-temporarily impaired. There is no adoption impact due to the prospective transition for Available-for-Sale securities.
Net Realized Gains and Losses on Available-for-Sale Securities Disclosure [Table Text Block]
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in net realized investment gains (losses) were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2020
2019
2020
2019
(in millions)
Gross realized investment gains$4  $3  $10  $22  
Gross realized investment losses(1) (3) (2) (12) 
Credit losses—  —  (13) —  
Total$3  $—  $(5) $10  
Available-for-Sale Securities Contractual Maturity Disclosure [Table Text Block]
Available-for-Sale securities by contractual maturity as of June 30, 2020 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$619  $628  
Due after one year through five years4,311  4,572  
Due after five years through 10 years2,258  2,529  
Due after 10 years3,951  5,170  
11,139  12,899  
Residential mortgage backed securities3,213  3,335  
Commercial mortgage backed securities3,789  3,978  
Asset backed securities1,371  1,375  
Total$19,512  $21,587  
Schedule of Net Investment Income [Table Text Block]
The following is a summary of net investment income:
Three Months Ended
June 30,
Six Months Ended
June 30,
2020
2019
2020
2019
(in millions)
Fixed maturities$193  $210  $394  $439  
Mortgage loans28  30  57  59  
Other investments(5) —  (6) 4  
216  240  445  502  
Less: investment expenses4  6  10  12  
Total$212  $234  $435  $490