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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of December 31, 2020 and 2019 (dollars in millions):
 December 31, 2020December 31, 2019
 Primary Underlying RiskNotionalCarrying Value/Fair ValueNotionalCarrying Value/Fair Value
 AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swapsInterest rate$1,084 $93 $1 $909 $70 $3 
Financial futuresEquity258 — — 307 — — 
Foreign currency swapsForeign currency150 — 18 150 — 9 
Foreign currency forwardsForeign currency347 4 2 175 1 — 
CPI swapsCPI612 11 19 441 — 28 
Credit default swapsCredit1,517 13 — 1,306 5 — 
Equity optionsEquity395 29 — 364 15 — 
Synthetic GICsInterest rate16,644 — — 13,823 — — 
Embedded derivatives in:
Modco or funds withheld arrangements— 58 — — 121 — 
Indexed annuity products— — 752 — — 767 
Variable annuity products— — 155 — — 163 
Total non-hedging derivatives21,007 208 947 17,475 212 970 
Derivatives designated as hedging instruments:
Interest rate swapsForeign currency/Interest rate802 3 24 535 1 29 
Foreign currency swapsForeign currency234 8 1 342 17 2 
Foreign currency forwardsForeign currency1,255 10 15 1,094 28 2 
Total hedging derivatives2,291 21 40 1,971 46 33 
Total derivatives$23,298 $229 $987 $19,446 $258 $1,003 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of December 31, 2020, 2019 and 2018 were (dollars in millions):
Type of Fair Value HedgeHedged ItemGains (Losses) Recognized for DerivativesGains (Losses) Recognized for Hedged Items
Investment Related Gains (Losses)
For the Year Ended December 31, 2020:
Foreign currency swapsForeign-denominated fixed maturity securities$8 $(10)
For the Year Ended December 31, 2019:
Foreign currency swapsForeign-denominated fixed maturity securities$(4)$— 
For the Year Ended December 31, 2018:
Foreign currency swapsForeign-denominated fixed maturity securities$(11)$12 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2020, 2019 and 2018 (dollars in millions):
Amounts Included in AOCI
Balance December 31, 2017$3 
Gains (losses) deferred in other comprehensive income (loss)6 
Amounts reclassified to investment income— 
Amounts reclassified to interest expense— 
Balance December 31, 20189 
Gains (losses) deferred in other comprehensive income (loss)(34)
Amounts reclassified to investment income— 
Amounts reclassified to interest expense(1)
Balance December 31, 2019(26)
Gains (losses) deferred in other comprehensive income (loss)(27)
Amounts reclassified to investment income— 
Amounts reclassified to interest expense4 
Balance December 31, 2020$(49)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the effect of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2020, 2019 and 2018 (dollars in millions):
Derivative TypeGains (Losses) Deferred in OCIGains (Losses) Reclassified into Income from OCI
For the year ended December 31, 2020:Investment Related Gains (Losses)Investment IncomeInterest Expense
Interest rate$(33)$— $— $(4)
Foreign currency/Interest rate6 — — — 
Total$(27)$— $— $(4)
For the year ended December 31, 2019:
Interest rate$(32)$— $— $1 
Foreign currency/Interest rate(2)— — — 
Total$(34)$— $— $1 
For the year ended December 31, 2018:
Interest rate$12 $— $— $— 
Foreign currency/Interest rate(6)— — — 
Total$6 $— $— $— 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the years ended December 31, 2020, 2019 and 2018 (dollars in millions):
 Derivative Gains (Losses) Deferred in AOCI
 For the year ended
Type of NIFO Hedge202020192018
Foreign currency swaps$1 $(9)$31 
Foreign currency forwards(30)(24)56 
Total$(29)$(33)$87 
Derivative Instruments Gain Loss By Income Statement Location [Table Text Block]
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2020, 2019 and 2018 is as follows (dollars in millions):
  
 Gains (Losses) for the Years Ended December 31,
Type of Non-hedging DerivativeIncome Statement
Location of Gains (Losses)		202020192018
Interest rate swapsInvestment related gains (losses), net$76 $65 $(21)
Financial futuresInvestment related gains (losses), net(47)(46)21 
Foreign currency swapsInvestment related gains (losses), net(7)— (4)
Foreign currency forwardsInvestment related gains (losses), net5 1 — 
Consumer price index swapsInvestment related gains (losses), net16 (18)(10)
Credit default swapsInvestment related gains (losses), net16 30 (2)
Equity optionsInvestment related gains (losses), net— (40)7 
Longevity swapsOther revenues— 13 9 
Mortality swapsOther revenues— (1)— 
Subtotal59 4 — 
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net(62)11 (13)
Indexed annuity productsInterest credited(30)(57)27 
Variable annuity productsInvestment related gains (losses), net8 5 (15)
Total non-hedging derivatives$(25)$(37)$(1)
Disclosure Of Credit Derivatives [Table Text Block]
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company as of December 31, 2020 and 2019 (dollars in millions):
 20202019
Rating Agency Designation of Referenced Credit Obligations(1)
Estimated Fair
Value of Credit
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)
Estimated Fair
Value of Credit
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)
AAA/AA+/AA/AA-/A+/A/A-
Single name credit default swaps$11 $287 15.0$2 $142 1.7
Subtotal11 287 15.02 142 1.7
BBB+/BBB/BBB-
Single name credit default swaps2 232 1.63 291 1.9
Credit default swaps referencing indices— 988 3.9— 873 4.7
Subtotal2 1,220 3.53 1,164 4.0
BB+/BB/BB-
Single name credit default swaps— 10 0.7— — 0.0
Subtotal— 10 0.7— — 0.0
Total$13 $1,517 5.6$5 $1,306 3.7
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)Assumes the value of the referenced credit obligations is zero.
(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Offsetting Assets [Table Text Block]
The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2020 and December 31, 2019 (dollars in millions):
    Gross Amounts Not
Offset in the Balance Sheet		 
Gross Amounts
Recognized		Gross Amounts
Offset in the
Balance Sheet		Net Amounts
Presented in the
Balance Sheet
Financial Instruments(1)
Cash Collateral
Pledged/
Received		Net Amount
December 31, 2020:
Derivative assets$171 $(31)$140 $(30)$(98)$12 
Derivative liabilities80 (31)49 (146)(47)(144)
December 31, 2019:
Derivative assets$137 $(20)$117 $— $(119)$(2)
Derivative liabilities73 (20)53 (92)(52)(91)
(1)Includes initial margin posted to a central clearing partner.
Offsetting Liabilities [Table Text Block]
The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2020 and December 31, 2019 (dollars in millions):
    Gross Amounts Not
Offset in the Balance Sheet		 
Gross Amounts
Recognized		Gross Amounts
Offset in the
Balance Sheet		Net Amounts
Presented in the
Balance Sheet
Financial Instruments(1)
Cash Collateral
Pledged/
Received		Net Amount
December 31, 2020:
Derivative assets$171 $(31)$140 $(30)$(98)$12 
Derivative liabilities80 (31)49 (146)(47)(144)
December 31, 2019:
Derivative assets$137 $(20)$117 $— $(119)$(2)
Derivative liabilities73 (20)53 (92)(52)(91)
(1)Includes initial margin posted to a central clearing partner.