XML 70 R60.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Values of Assets and Liabilities (Recurring) (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Mar. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Assets      
Available-for-Sale securities   $ 21,587 $ 20,902
Separate account assets at NAV   79,059 82,425
Liabilities      
Individual contracts in a liability position [1]   7,649 5,168
Individual contracts in an asset position [2]   5,711 4,283
Cumulative increase (decrease) in embedded derivatives of adjustment for nonperformance risk $ (502) (1,200)  
GMWB and GMAB embedded derivatives [Member]      
Liabilities      
Individual contracts in a liability position   3,200 981
Individual contracts in an asset position   25 218
Recurring basis [Member]      
Assets      
Available-for-Sale securities   21,587 20,902
Cash equivalents   4,014 1,256
Other assets   5,711 4,283
Separate account assets at NAV [3]   79,059 82,425
Total assets at fair value   110,371 108,866
Liabilities      
Policyholder account balances, future policy benefits and claims   4,064 [4] 1,690 [5]
Other liabilities   3,585 3,478
Total liabilities at fair value   7,649 5,168
Recurring basis [Member] | Interest rate derivative contracts [Member]      
Assets      
Other assets   3,096 1,451
Liabilities      
Other liabilities   1,031 418
Recurring basis [Member] | Equity derivative contracts [Member]      
Assets      
Other assets   2,583 2,812
Liabilities      
Other liabilities   2,531 3,054
Recurring basis [Member] | Foreign exchange derivative contracts [Member]      
Assets      
Other assets   32 16
Liabilities      
Other liabilities   13 6
Recurring basis [Member] | Credit derivative contracts [Member]      
Assets      
Other assets     4
Liabilities      
Other liabilities   10  
Recurring basis [Member] | Fixed deferred indexed annuity embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   44 46
Recurring basis [Member] | IUL embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   882 881
Recurring basis [Member] | GMWB and GMAB embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   3,129 [6] 763 [7]
Recurring basis [Member] | Structured annuity embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   9  
Recurring basis [Member] | Corporate debt securities [Member]      
Assets      
Available-for-Sale securities   11,317 11,522
Recurring basis [Member] | Residential mortgage backed securities [Member]      
Assets      
Available-for-Sale securities   3,335 3,108
Recurring basis [Member] | Commercial mortgage backed securities [Member]      
Assets      
Available-for-Sale securities   3,978 3,618
Recurring basis [Member] | State and municipal obligations [Member]      
Assets      
Available-for-Sale securities   1,320 1,306
Recurring basis [Member] | Asset backed securities [Member]      
Assets      
Available-for-Sale securities   1,375 1,080
Recurring basis [Member] | Foreign government bonds and obligations [Member]      
Assets      
Available-for-Sale securities   261 267
Recurring basis [Member] | U.S. government and agencies obligations [Member]      
Assets      
Available-for-Sale securities   1 1
Level 1 [Member] | Recurring basis [Member]      
Assets      
Available-for-Sale securities   1 1
Cash equivalents   2,950  
Other assets   387 163
Total assets at fair value   3,338 164
Liabilities      
Other liabilities   185 37
Total liabilities at fair value   185 37
Level 1 [Member] | Recurring basis [Member] | Equity derivative contracts [Member]      
Assets      
Other assets   386 162
Liabilities      
Other liabilities   182 36
Level 1 [Member] | Recurring basis [Member] | Foreign exchange derivative contracts [Member]      
Assets      
Other assets   1 1
Liabilities      
Other liabilities   3 1
Level 1 [Member] | Recurring basis [Member] | U.S. government and agencies obligations [Member]      
Assets      
Available-for-Sale securities   1 1
Level 2 [Member] | Recurring basis [Member]      
Assets      
Available-for-Sale securities   20,447 19,760
Cash equivalents   1,064 1,256
Other assets   5,324 4,120
Total assets at fair value   26,835 25,136
Liabilities      
Policyholder account balances, future policy benefits and claims   3 3
Other liabilities   3,400 3,441
Total liabilities at fair value   3,403 3,444
Level 2 [Member] | Recurring basis [Member] | Interest rate derivative contracts [Member]      
Assets      
Other assets   3,096 1,451
Liabilities      
Other liabilities   1,031 418
Level 2 [Member] | Recurring basis [Member] | Equity derivative contracts [Member]      
Assets      
Other assets   2,197 2,650
Liabilities      
Other liabilities   2,349 3,018
Level 2 [Member] | Recurring basis [Member] | Foreign exchange derivative contracts [Member]      
Assets      
Other assets   31 15
Liabilities      
Other liabilities   10 5
Level 2 [Member] | Recurring basis [Member] | Credit derivative contracts [Member]      
Assets      
Other assets     4
Liabilities      
Other liabilities   10  
Level 2 [Member] | Recurring basis [Member] | Fixed deferred indexed annuity embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   3 3
Level 2 [Member] | Recurring basis [Member] | Corporate debt securities [Member]      
Assets      
Available-for-Sale securities   10,586 10,787
Level 2 [Member] | Recurring basis [Member] | Residential mortgage backed securities [Member]      
Assets      
Available-for-Sale securities   3,279 3,091
Level 2 [Member] | Recurring basis [Member] | Commercial mortgage backed securities [Member]      
Assets      
Available-for-Sale securities   3,978 3,618
Level 2 [Member] | Recurring basis [Member] | State and municipal obligations [Member]      
Assets      
Available-for-Sale securities   1,320 1,306
Level 2 [Member] | Recurring basis [Member] | Asset backed securities [Member]      
Assets      
Available-for-Sale securities   1,023 691
Level 2 [Member] | Recurring basis [Member] | Foreign government bonds and obligations [Member]      
Assets      
Available-for-Sale securities   261 267
Level 3 [Member] | Recurring basis [Member]      
Assets      
Available-for-Sale securities   1,139 1,141
Total assets at fair value   1,139 1,141
Liabilities      
Policyholder account balances, future policy benefits and claims   4,061 1,687
Total liabilities at fair value   4,061 1,687
Level 3 [Member] | Recurring basis [Member] | Fixed deferred indexed annuity embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   41 43
Level 3 [Member] | Recurring basis [Member] | IUL embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   882 881
Level 3 [Member] | Recurring basis [Member] | GMWB and GMAB embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   3,129 763
Level 3 [Member] | Recurring basis [Member] | Structured annuity embedded derivatives [Member]      
Liabilities      
Policyholder account balances, future policy benefits and claims   9  
Level 3 [Member] | Recurring basis [Member] | Corporate debt securities [Member]      
Assets      
Available-for-Sale securities   731 735
Level 3 [Member] | Recurring basis [Member] | Residential mortgage backed securities [Member]      
Assets      
Available-for-Sale securities   56 17
Level 3 [Member] | Recurring basis [Member] | Asset backed securities [Member]      
Assets      
Available-for-Sale securities   $ 352 $ 389
[1] The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets.
[2] The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets.
[3] Amounts are comprised of certain financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
[4] The Company’s adjustment for nonperformance risk resulted in a $(1.2) billion cumulative increase (decrease) to the embedded derivatives as of June 30, 2020.
[5] The Company’s adjustment for nonperformance risk resulted in a $(502) million cumulative increase (decrease) to the embedded derivatives as of December 31, 2019.
[6] The fair value of the GMWB and GMAB embedded derivatives included $3.2 billion of individual contracts in a liability position and $25 million of individual contracts in an asset position as of June 30, 2020.
[7] The fair value of the GMWB and GMAB embedded derivatives included $981 million of individual contracts in a liability position and $218 million of individual contracts in an asset position as of December 31, 2019.