(State or other jurisdiction | (IRS employer | |||||||
of incorporation or organization) | identification number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item | Page | |||||||||||||
PART I – FINANCIAL INFORMATION | ||||||||||||||
1 | ||||||||||||||
2 | ||||||||||||||
3 | ||||||||||||||
4 | ||||||||||||||
PART II – OTHER INFORMATION | ||||||||||||||
1 | ||||||||||||||
1A | ||||||||||||||
2 | ||||||||||||||
6 | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $ | $ | $ | ||||||||||||
Equity securities, at fair value | ||||||||||||||
Mortgage loans on real estate (net of allowances of $ | ||||||||||||||
Policy loans | ||||||||||||||
Funds withheld at interest | ||||||||||||||
Short-term investments | ||||||||||||||
Other invested assets | ||||||||||||||
Total investments | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Accrued investment income | ||||||||||||||
Premiums receivable and other reinsurance balances | ||||||||||||||
Reinsurance ceded receivables | ||||||||||||||
Deferred policy acquisition costs | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Future policy benefits | $ | $ | ||||||||||||
Interest-sensitive contract liabilities | ||||||||||||||
Other policy claims and benefits | ||||||||||||||
Other reinsurance balances | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Collateral finance and securitization notes | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingent liabilities (See Note 8) | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||
Preferred stock – par value $ | ||||||||||||||
Common stock – par value $ | ||||||||||||||
Additional paid-in-capital | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury stock, at cost – | ( | ( | ||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||
Net premiums | $ | $ | ||||||||||||
Investment income, net of related expenses | ||||||||||||||
Investment related gains (losses), net: | ||||||||||||||
Impairments and change in allowance for credit losses on fixed maturity securities | ( | ( | ||||||||||||
Other investment related gains (losses), net | ( | |||||||||||||
Total investment related gains (losses), net | ( | |||||||||||||
Other revenues | ||||||||||||||
Total revenues | ||||||||||||||
Benefits and Expenses: | ||||||||||||||
Claims and other policy benefits | ||||||||||||||
Interest credited | ||||||||||||||
Policy acquisition costs and other insurance expenses | ||||||||||||||
Other operating expenses | ||||||||||||||
Interest expense | ||||||||||||||
Collateral finance and securitization expense | ||||||||||||||
Total benefits and expenses | ||||||||||||||
Income (loss) before income taxes | ( | |||||||||||||
Provision for income taxes | ( | |||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Earnings per share: | ||||||||||||||
Basic earnings per share | $ | $ | ( | |||||||||||
Diluted earnings per share | $ | $ | ( |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Comprehensive income (loss) | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation adjustments | ( | |||||||||||||
Net unrealized investment gains (losses) | ( | ( | ||||||||||||
Defined benefit pension and postretirement plan adjustments | ( | |||||||||||||
Total other comprehensive income (loss), net of tax | ( | ( | ||||||||||||
Total comprehensive income (loss) | $ | ( | $ | ( |
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Adoption of new accounting standards | |||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||
Dividends to stockholders, $ | ( | ( | |||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Reissuance of treasury stock | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | $ |
Common Stock | Additional Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Adoption of new accounting standards | ( | ( | |||||||||||||||||||||||||||||||||
Net income | ( | ( | |||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||
Dividends to stockholders, $ | ( | ( | |||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Reissuance of treasury stock | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Change in operating assets and liabilities: | ||||||||||||||
Accrued investment income | ( | ( | ||||||||||||
Premiums receivable and other reinsurance balances | ( | |||||||||||||
Deferred policy acquisition costs | ( | |||||||||||||
Reinsurance ceded receivable balances | ( | |||||||||||||
Future policy benefits, other policy claims and benefits, and other reinsurance balances | ||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Other assets and other liabilities, net | ( | |||||||||||||
Amortization of net investment premiums, discounts and other | ( | ( | ||||||||||||
Depreciation and amortization expense | ||||||||||||||
Investment related (gains) losses, net | ( | |||||||||||||
Other, net | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Sales of fixed maturity securities available-for-sale | ||||||||||||||
Maturities of fixed maturity securities available-for-sale | ||||||||||||||
Sales of equity securities | ||||||||||||||
Principal payments on mortgage loans on real estate | ||||||||||||||
Principal payments on policy loans | ||||||||||||||
Purchases of fixed maturity securities available-for-sale | ( | ( | ||||||||||||
Purchases of equity securities | ( | |||||||||||||
Cash invested in mortgage loans on real estate | ( | ( | ||||||||||||
Cash invested in policy loans | ( | |||||||||||||
Cash invested in funds withheld at interest, net | ( | ( | ||||||||||||
Purchases of property and equipment | ( | ( | ||||||||||||
Change in short-term investments | ( | |||||||||||||
Change in other invested assets | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Dividends to stockholders | ( | ( | ||||||||||||
Repayment of collateral finance and securitization notes | ( | ( | ||||||||||||
Principal payments of long-term debt | ( | ( | ||||||||||||
Purchases of treasury stock | ( | ( | ||||||||||||
Exercise of stock options, net | ||||||||||||||
Change in cash collateral for derivative positions and other arrangements | ( | |||||||||||||
Deposits on universal life and other investment type policies and contracts | ||||||||||||||
Withdrawals on universal life and other investment type policies and contracts | ( | ( | ||||||||||||
Net cash (used in) provided by financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash | ( | ( | ||||||||||||
Change in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents, beginning of period | ||||||||||||||
Cash and cash equivalents, end of period | $ | $ | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||
Interest paid | $ | $ | ||||||||||||
Income taxes paid (received), net of refunds | $ | $ | ( | |||||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Earnings: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Shares: | |||||||||||
Weighted average outstanding shares | |||||||||||
Equivalent shares from outstanding stock awards | |||||||||||
Denominator for diluted calculation | |||||||||||
Earnings per share: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Excluded from common equivalent shares: | |||||||||||
Stock appreciation rights | |||||||||||
Performance contingent awards |
Issued | Held In Treasury | Outstanding | ||||||||||||||||||
Balance, December 31, 2020 | ||||||||||||||||||||
Stock-based compensation (1) | ( | |||||||||||||||||||
Balance, March 31, 2021 | ||||||||||||||||||||
Issued | Held In Treasury | Outstanding | ||||||||||||||||||
Balance, December 31, 2019 | ||||||||||||||||||||
Common Stock acquired | ( | |||||||||||||||||||
Stock-based compensation (1) | ( | |||||||||||||||||||
Balance, March 31, 2020 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | ||||||||||||||||||||||||||
Accumulated Currency Translation Adjustments | Unrealized Appreciation (Depreciation) of Investments(1) | Pension and Postretirement Benefits | Total | |||||||||||||||||||||||
Balance, December 31, 2020 | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||
Amounts reclassified to (from) AOCI | ( | ( | ||||||||||||||||||||||||
Deferred income tax benefit (expense) | ( | |||||||||||||||||||||||||
Balance, March 31, 2021 | $ | ( | $ | $ | ( | $ |
Accumulated Other Comprehensive Income (Loss), Net of Income Tax | ||||||||||||||||||||||||||
Accumulated Currency Translation Adjustments | Unrealized Appreciation (Depreciation) of Investments(1) | Pension and Postretirement Benefits | Total | |||||||||||||||||||||||
Balance, December 31, 2019 | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||
Amounts reclassified to (from) AOCI | ||||||||||||||||||||||||||
Deferred income tax benefit (expense) | ( | |||||||||||||||||||||||||
Balance, March 31, 2020 | $ | ( | $ | $ | ( | $ |
Amount Reclassified from AOCI | ||||||||||||||||||||
Three months ended March 31, | Affected Line Item in Statement of Income | |||||||||||||||||||
Details about AOCI Components | 2021 | 2020 | ||||||||||||||||||
Net unrealized investment gains (losses): | ||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | $ | $ | ( | Investment related gains (losses), net | ||||||||||||||||
Cash flow hedges – Interest rate | (1) | |||||||||||||||||||
Cash flow hedges – Currency/Interest rate | ( | (1) | ||||||||||||||||||
Deferred policy acquisition costs attributed to unrealized gains and losses | ( | ( | (2) | |||||||||||||||||
Total | ( | |||||||||||||||||||
Provision for income taxes | ( | |||||||||||||||||||
Net unrealized gains (losses), net of tax | $ | $ | ( | |||||||||||||||||
Amortization of defined benefit plan items: | ||||||||||||||||||||
Prior service cost (credit) | $ | $ | (3) | |||||||||||||||||
Actuarial gains (losses) | ( | ( | (3) | |||||||||||||||||
Total | ( | ( | ||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||
Amortization of defined benefit plans, net of tax | $ | ( | $ | ( | ||||||||||||||||
Total reclassifications for the period | $ | $ | ( |
March 31, 2021: | Amortized | Allowance for | Unrealized | Unrealized | Estimated Fair | % of | ||||||||||||||||||||||||||||||||
Cost | Credit Losses | Gains | Losses | Value | Total | |||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||
Canadian government | ||||||||||||||||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||||||||||||||
U.S. government | ||||||||||||||||||||||||||||||||||||||
State and political subdivisions | ||||||||||||||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ | % |
December 31, 2020: | Amortized | Allowance for | Unrealized | Unrealized | Estimated Fair | % of | ||||||||||||||||||||||||||||||||
Cost | Credit Losses | Gains | Losses | Value | Total | |||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||
Canadian government | ||||||||||||||||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||||||||||||||
U.S. government | ||||||||||||||||||||||||||||||||||||||
State and political subdivisions | ||||||||||||||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||
Fixed maturity securities pledged as collateral | $ | $ | $ | $ | |||||||||||||||||||
Fixed maturity securities received as collateral | n/a | n/a | |||||||||||||||||||||
Assets in trust held to satisfy collateral requirements |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||
Fixed maturity securities guaranteed or issued by: | |||||||||||||||||||||||
Government of Japan | $ | $ | $ | $ | |||||||||||||||||||
Canadian province of Quebec | |||||||||||||||||||||||
Canadian province of Ontario |
Amortized Cost | Estimated Fair Value | |||||||||||||
Available-for-sale: | ||||||||||||||
Due in one year or less | $ | $ | ||||||||||||
Due after one year through five years | ||||||||||||||
Due after five years through ten years | ||||||||||||||
Due after ten years | ||||||||||||||
Structured securities | ||||||||||||||
Total | $ | $ |
March 31, 2021: | Estimated | |||||||||||||||||||
Amortized Cost | Fair Value | % of Total | ||||||||||||||||||
Finance | $ | $ | % | |||||||||||||||||
Industrial | ||||||||||||||||||||
Utility | ||||||||||||||||||||
Total | $ | $ | % | |||||||||||||||||
December 31, 2020: | Estimated | |||||||||||||||||||
Amortized Cost | Fair Value | % of Total | ||||||||||||||||||
Finance | $ | $ | % | |||||||||||||||||
Industrial | ||||||||||||||||||||
Utility | ||||||||||||||||||||
Total | $ | $ | % |
Three months ended March 31, 2021 | |||||||||||||||||||||||
Corporate | CMBS | Other Foreign Government | Total | ||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Credit losses recognized on securities for which credit losses were not previously recorded | |||||||||||||||||||||||
Reductions for securities sold during the period | ( | ( | ( | ||||||||||||||||||||
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period | ( | ( | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
Three months ended March 31, 2020 | |||||||||||||||||
Corporate | Other Foreign Government | Total | |||||||||||||||
Balance, beginning of period | $ | $ | $ | ||||||||||||||
Credit losses recognized on securities for which credit losses were not previously recorded | |||||||||||||||||
Balance, end of period | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Gross Unrealized Losses | % of Total | Gross Unrealized Losses | % of Total | |||||||||||||||||||||||
Less than 20% | $ | % | $ | % | ||||||||||||||||||||||
20% or more for less than six months | ||||||||||||||||||||||||||
20% or more for six months or greater | ||||||||||||||||||||||||||
Total | $ | % | $ | % |
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||||||||||||||||
March 31, 2021: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||||||||||
Investment grade securities: | ||||||||||||||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Canadian government | ||||||||||||||||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||||||||||||||
U.S. government | ||||||||||||||||||||||||||||||||||||||
State and political subdivisions | ||||||||||||||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||||||||||||||
Total investment grade securities | ||||||||||||||||||||||||||||||||||||||
Below investment grade securities: | ||||||||||||||||||||||||||||||||||||||
Corporate | $ | $ | ||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||||||||||||||
Total below investment grade securities | ||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ | $ |
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||||||||||||||||
December 31, 2020: | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||||||||||
Investment grade securities: | ||||||||||||||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Canadian government | ||||||||||||||||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||||||||||||||
U.S. government | ||||||||||||||||||||||||||||||||||||||
State and political subdivisions | ||||||||||||||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||||||||||||||
Total investment grade securities | ||||||||||||||||||||||||||||||||||||||
Below investment grade securities: | ||||||||||||||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||||||||||||||
Total below investment grade securities | ||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Fixed maturity securities available-for-sale | $ | $ | |||||||||
Equity securities | |||||||||||
Mortgage loans on real estate | |||||||||||
Policy loans | |||||||||||
Funds withheld at interest | |||||||||||
Short-term investments and cash and cash equivalents | |||||||||||
Other invested assets | ( | ||||||||||
Investment income | |||||||||||
Investment expense | ( | ( | |||||||||
Investment income, net of related expenses | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Fixed maturity securities available-for-sale: | |||||||||||
Impairments and change in allowance for credit losses | $ | ( | $ | ( | |||||||
Gain on investment activity | |||||||||||
Loss on investment activity | ( | ( | |||||||||
Net gains (losses) on equity securities | ( | ||||||||||
Other impairment losses and change in mortgage loan provision | ( | ||||||||||
Change in fair value of certain limited partnership investments and other, net | |||||||||||
Net gains (losses) on derivatives | ( | ||||||||||
Total investment related gains (losses), net | $ | $ | ( |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||
Borrowed securities | $ | $ | $ | $ | |||||||||||||||||||
Securities lending: | |||||||||||||||||||||||
Securities loaned | |||||||||||||||||||||||
Securities received | n/a | n/a | |||||||||||||||||||||
Repurchase program/reverse repurchase program: | |||||||||||||||||||||||
Securities pledged | |||||||||||||||||||||||
Securities received | n/a | n/a |
March 31, 2021 | |||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30 – 90 Days | Greater than 90 Days | Total | |||||||||||||||||||||||||
Securities lending transactions: | |||||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Repurchase/reverse repurchase transactions: | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Other foreign government | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Total transactions | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table | $ | ||||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ |
December 31, 2020 | |||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30 – 90 Days | Greater than 90 Days | Total | |||||||||||||||||||||||||
Securities lending transactions: | |||||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Repurchase/reverse repurchase transactions: | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Other foreign government | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Total transactions | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table | $ | ||||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Property type: | Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||||||||||||||
Office | $ | % | $ | % | ||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||
Other commercial | ||||||||||||||||||||||||||
Recorded investment | $ | % | % | |||||||||||||||||||||||
Unamortized balance of loan origination fees and expenses | ( | ( | ||||||||||||||||||||||||
Valuation allowances | ( | ( | ||||||||||||||||||||||||
Total mortgage loans on real estate | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Recorded Investment | % of Total | Recorded Investment | % of Total | |||||||||||||||||||||||
Due within five years | $ | % | $ | % | ||||||||||||||||||||||
Due after five years through ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
Total | $ | % | $ | % |
Recorded Investment | |||||||||||||||||||||||||||||||||||
Debt Service Ratios | Construction loans | ||||||||||||||||||||||||||||||||||
>1.20x | 1.00x – 1.20x | <1.00x | Total | % of Total | |||||||||||||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio | |||||||||||||||||||||||||||||||||||
0% – 59.99% | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||
60% – 69.99% | |||||||||||||||||||||||||||||||||||
70% – 79.99% | |||||||||||||||||||||||||||||||||||
80% or greater | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | % |
Recorded Investment | |||||||||||||||||||||||||||||||||||
Debt Service Ratios | Construction loans | ||||||||||||||||||||||||||||||||||
>1.20x | 1.00x – 1.20x | <1.00x | Total | % of Total | |||||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio | |||||||||||||||||||||||||||||||||||
0% – 59.99% | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||
60% – 69.99% | |||||||||||||||||||||||||||||||||||
70% – 79.99% | |||||||||||||||||||||||||||||||||||
80% or greater | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | % |
Recorded Investment | |||||||||||||||||||||||||||||||||||||||||
Year of Origination | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||||||||||||||||||||
Internal credit quality grade: | |||||||||||||||||||||||||||||||||||||||||
High investment grade | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Investment grade | |||||||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||||||
Watch list | |||||||||||||||||||||||||||||||||||||||||
In or near default | | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Recorded Investment | |||||||||||||||||||||||||||||||||||||||||
Year of Origination | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||||||||
Internal credit quality grade: | |||||||||||||||||||||||||||||||||||||||||
High investment grade | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Investment grade | |||||||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||||||
Watch list | |||||||||||||||||||||||||||||||||||||||||
In or near default | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Current | $ | $ | ||||||||||||
31 – 60 days past due | ||||||||||||||
Total | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Mortgage loans: | ||||||||||||||
Individually measured for impairment | $ | $ | ||||||||||||
Collectively measured for impairment | ||||||||||||||
Recorded investment | $ | $ | ||||||||||||
Valuation allowances: | ||||||||||||||
Individually measured for impairment | $ | $ | ||||||||||||
Collectively measured for impairment | ||||||||||||||
Total valuation allowances | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Balance, beginning of period | $ | $ | |||||||||
Adoption of new accounting standard, see Note 13 | |||||||||||
Provision (release) | ( | ||||||||||
Balance, end of period | $ | $ |
Unpaid Principal Balance | Recorded Investment | Related Allowance | Carrying Value | |||||||||||||||||||||||
March 31, 2021: | ||||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | $ | $ | $ | ||||||||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | ||||||||||||||||||||||||||
Total impaired mortgage loans | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | $ | $ | $ | ||||||||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | ||||||||||||||||||||||||||
Total impaired mortgage loans | $ | $ | $ | $ | ||||||||||||||||||||||
The following table presents the Company’s average investment balance of impaired mortgage loans and the related interest income for the periods indicated (dollars in millions): | ||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Average Recorded Investment(1) | Interest Income | Average Recorded Investment(1) | Interest Income | |||||||||||||||||||||||
Impaired mortgage loans with no valuation allowance recorded | $ | $ | $ | $ | ||||||||||||||||||||||
Impaired mortgage loans with valuation allowance recorded | ||||||||||||||||||||||||||
Total impaired mortgage loans | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Limited partnership interests and real estate joint ventures | $ | $ | ||||||||||||
Lifetime mortgages | ||||||||||||||
Derivatives | ||||||||||||||
FVO contractholder-directed unit-linked investments | ||||||||||||||
Other | ||||||||||||||
Total other invested assets | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Primary Underlying Risk | Notional | Carrying Value/Fair Value | Notional | Carrying Value/Fair Value | ||||||||||||||||||||||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Financial futures | Equity | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | Foreign currency | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency forwards | Foreign currency | |||||||||||||||||||||||||||||||||||||||||||
CPI swaps | CPI | |||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | Credit | |||||||||||||||||||||||||||||||||||||||||||
Equity options | Equity | |||||||||||||||||||||||||||||||||||||||||||
Synthetic GICs | Interest rate | |||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives in: | ||||||||||||||||||||||||||||||||||||||||||||
Modco or funds withheld arrangements | ||||||||||||||||||||||||||||||||||||||||||||
Indexed annuity products | ||||||||||||||||||||||||||||||||||||||||||||
Variable annuity products | ||||||||||||||||||||||||||||||||||||||||||||
Total non-hedging derivatives | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Foreign currency/Interest rate | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | Foreign currency | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency forwards | Foreign currency | |||||||||||||||||||||||||||||||||||||||||||
Other derivatives | Interest rate | |||||||||||||||||||||||||||||||||||||||||||
Total hedging derivatives | ||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ | $ | $ |
Type of Fair Value Hedge | Hedged Item | Gains (Losses) Recognized for Derivatives | Gains (Losses) Recognized for Hedged Items | |||||||||||||||||
Investment Related Gains (Losses) | ||||||||||||||||||||
For the three months ended March 31, 2021: | ||||||||||||||||||||
Foreign currency swaps | Foreign-denominated fixed maturity securities | $ | $ | |||||||||||||||||
For the three months ended March 31, 2020: | ||||||||||||||||||||
Foreign currency swaps | Foreign-denominated fixed maturity securities | $ | ( | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Balance, beginning of period | $ | ( | $ | ( | ||||||||||
Gains (losses) deferred in other comprehensive income (loss) | ( | ( | ||||||||||||
Amounts reclassified to investment income | ||||||||||||||
Amounts reclassified to interest expense | ||||||||||||||
Balance, end of period | $ | ( | $ | ( |
Derivative Type | Gain (Loss) Deferred in OCI | Gain (Loss) Reclassified into Income from OCI | ||||||||||||||||||
Investment Income | Interest Expense | |||||||||||||||||||
For the three months ended March 31, 2021: | ||||||||||||||||||||
Interest rate | $ | ( | $ | $ | ( | |||||||||||||||
Foreign currency/interest rate | ( | |||||||||||||||||||
Total | $ | ( | $ | $ | ( | |||||||||||||||
For the three months ended March 31, 2020: | ||||||||||||||||||||
Interest rate | $ | ( | $ | $ | ||||||||||||||||
Foreign currency/interest rate | ( | |||||||||||||||||||
Total | $ | ( | $ | $ | ||||||||||||||||
Derivative Gains (Losses) Deferred in AOCI | ||||||||||||||
For the three months ended March 31, | ||||||||||||||
Type of NIFO Hedge | 2021 | 2020 | ||||||||||||
Foreign currency swaps | $ | ( | $ | |||||||||||
Foreign currency forwards | ( | |||||||||||||
Total | $ | ( | $ |
Gain (loss) for the three months ended March 31, | ||||||||||||||||||||
Type of Non-hedging Derivative | Income Statement Location of Gain (Loss) | 2021 | 2020 | |||||||||||||||||
Interest rate swaps | Investment related gains (losses), net | $ | ( | $ | ||||||||||||||||
Financial futures | Investment related gains (losses), net | ( | ||||||||||||||||||
Foreign currency swaps | Investment related gains (losses), net | ( | ||||||||||||||||||
Foreign currency forwards | Investment related gains (losses), net | ( | ( | |||||||||||||||||
CPI swaps | Investment related gains (losses), net | ( | ||||||||||||||||||
Credit default swaps | Investment related gains (losses), net | ( | ||||||||||||||||||
Equity options | Investment related gains (losses), net | ( | ||||||||||||||||||
Subtotal | ( | |||||||||||||||||||
Embedded derivatives in: | ||||||||||||||||||||
Modco or funds withheld arrangements | Investment related gains (losses), net | ( | ||||||||||||||||||
Indexed annuity products | Interest credited | |||||||||||||||||||
Variable annuity products | Investment related gains (losses), net | ( | ||||||||||||||||||
Total non-hedging derivatives | $ | $ | ( | |||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Subtotal | ||||||||||||||||||||||||||||||||||||||
BBB+/BBB/BBB- | ||||||||||||||||||||||||||||||||||||||
Single name credit default swaps | ||||||||||||||||||||||||||||||||||||||
Credit default swaps referencing indices | ||||||||||||||||||||||||||||||||||||||
Subtotal | ||||||||||||||||||||||||||||||||||||||
BB+/BB/BB- | ||||||||||||||||||||||||||||||||||||||
Single name credit default swaps | ||||||||||||||||||||||||||||||||||||||
Subtotal | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
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 | |||||||||||||||||||||||||||||||||
March 31, 2021: | ||||||||||||||||||||||||||||||||||||||
Derivative assets | $ | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Derivative liabilities | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||||||||
Derivative assets | $ | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Derivative liabilities | ( | ( | ( | ( |
March 31, 2021: | Fair Value Measurements Using: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | ||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | ||||||||||||||||||||||
Canadian government | ||||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
U.S. government | ||||||||||||||||||||||||||
State and political subdivisions | ||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||
Total fixed maturity securities – available-for-sale | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Funds withheld at interest – embedded derivatives & other | ||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | ||||||||||||||||||||||||||
Total other invested assets (1) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2020: | Fair Value Measurements Using: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Fixed maturity securities – available-for-sale: | ||||||||||||||||||||||||||
Corporate | $ | $ | $ | $ | ||||||||||||||||||||||
Canadian government | ||||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
U.S. government | ||||||||||||||||||||||||||
State and political subdivisions | ||||||||||||||||||||||||||
Other foreign government | ||||||||||||||||||||||||||
Total fixed maturity securities – available-for-sale | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Funds withheld at interest – embedded derivatives & other | ||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | ||||||||||||||||||||||||||
Total other invested assets | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest-sensitive contract liabilities – embedded derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Estimated Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Corporate | $ | $ | Market comparable securities | Liquidity premium | N/A | ||||||||||||||||||||||||||||||
EBITDA Multiple | |||||||||||||||||||||||||||||||||||
ABS | Market comparable securities | Liquidity premium | |||||||||||||||||||||||||||||||||
U.S. government | Market comparable securities | Liquidity premium | |||||||||||||||||||||||||||||||||
Equity securities | Market comparable securities | EBITDA Multiple | |||||||||||||||||||||||||||||||||
Funds withheld at interest – embedded derivatives | Total return swap | Mortality | |||||||||||||||||||||||||||||||||
Lapse | |||||||||||||||||||||||||||||||||||
Withdrawal | |||||||||||||||||||||||||||||||||||
CVA | |||||||||||||||||||||||||||||||||||
Crediting rate | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives – indexed annuities | Discounted cash flow | Mortality | |||||||||||||||||||||||||||||||||
Lapse | |||||||||||||||||||||||||||||||||||
Withdrawal | |||||||||||||||||||||||||||||||||||
Option budget projection | |||||||||||||||||||||||||||||||||||
Interest sensitive contract liabilities – embedded derivatives – variable annuities | Discounted cash flow | Mortality | |||||||||||||||||||||||||||||||||
Lapse | |||||||||||||||||||||||||||||||||||
Withdrawal | |||||||||||||||||||||||||||||||||||
CVA | |||||||||||||||||||||||||||||||||||
Long-term volatility | |||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2021: | Fixed maturity securities – available-for-sale | Funds withheld at interest –embedded derivatives & other | Interest-sensitive contract liabilities embedded derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign govt | Structured securities | U.S. and local govt | Equity securities | Short-term investments | |||||||||||||||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income, net of related expenses | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases(1) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales(1) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Settlements(1) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, end of period | $ | $ | $ | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income, net of related expenses | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Claims and other policy benefits | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | ( | ( | ( |
For the three months ended March 31, 2020: | Fixed maturity securities – available-for-sale | Funds withheld at interest –embedded derivatives | Interest-sensitive contract liabilities embedded derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign govt | Structured securities | U.S. and local govt | Equity securities | Short-term investments | |||||||||||||||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||
Total gains/losses (realized/unrealized) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income, net of related expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest credited | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases(1) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales(1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Settlements(1) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value, end of period | $ | $ | $ | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income, net of related expenses | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Claims & other policy benefits | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | ( | ( | ( |
March 31, 2021: | Carrying Value (1) | Estimated Fair Value | Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV | |||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Policy loans | ||||||||||||||||||||||||||||||||||||||
Funds withheld at interest | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||||||||
Accrued investment income | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-sensitive contract liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||||
Collateral finance and securitization notes | ||||||||||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Policy loans | ||||||||||||||||||||||||||||||||||||||
Funds withheld at interest | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||||||||
Accrued investment income | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-sensitive contract liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||||
Collateral finance and securitization notes |
Three months ended March 31, | |||||||||||
Revenues: | 2021 | 2020 | |||||||||
U.S. and Latin America: | |||||||||||
Traditional | $ | $ | |||||||||
Financial Solutions | |||||||||||
Total | |||||||||||
Canada: | |||||||||||
Traditional | |||||||||||
Financial Solutions | |||||||||||
Total | |||||||||||
Europe, Middle East and Africa: | |||||||||||
Traditional | |||||||||||
Financial Solutions | |||||||||||
Total | |||||||||||
Asia Pacific: | |||||||||||
Traditional | |||||||||||
Financial Solutions | |||||||||||
Total | |||||||||||
Corporate and Other | ( | ||||||||||
Total | $ | $ |
Three months ended March 31, | ||||||||||||||
Income (loss) before income taxes: | 2021 | 2020 | ||||||||||||
U.S. and Latin America: | ||||||||||||||
Traditional | $ | ( | $ | ( | ||||||||||
Financial Solutions | ( | |||||||||||||
Total | ( | ( | ||||||||||||
Canada: | ||||||||||||||
Traditional | ||||||||||||||
Financial Solutions | ||||||||||||||
Total | ||||||||||||||
Europe, Middle East and Africa: | ||||||||||||||
Traditional | ( | |||||||||||||
Financial Solutions | ||||||||||||||
Total | ( | |||||||||||||
Asia Pacific: | ||||||||||||||
Traditional | ||||||||||||||
Financial Solutions | ( | |||||||||||||
Total | ( | |||||||||||||
Corporate and Other | ( | |||||||||||||
Total | $ | $ | ( |
Assets: | March 31, 2021 | December 31, 2020 | ||||||||||||
U.S. and Latin America: | ||||||||||||||
Traditional | $ | $ | ||||||||||||
Financial Solutions | ||||||||||||||
Total | ||||||||||||||
Canada: | ||||||||||||||
Traditional | ||||||||||||||
Financial Solutions | ||||||||||||||
Total | ||||||||||||||
Europe, Middle East and Africa: | ||||||||||||||
Traditional | ||||||||||||||
Financial Solutions | ||||||||||||||
Total | ||||||||||||||
Asia Pacific: | ||||||||||||||
Traditional | ||||||||||||||
Financial Solutions | ||||||||||||||
Total | ||||||||||||||
Corporate and Other | ||||||||||||||
Total | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Limited partnership interests and joint ventures | $ | $ | |||||||||
Mortgage loans on real estate | |||||||||||
Bank loans and private placements | |||||||||||
Lifetime mortgages |
Commitment Period | Maximum Potential Obligation | ||||
2034 | $ | ||||
2035 | |||||
2036 | |||||
2037 | |||||
2038 | |||||
2039 | |||||
2046 |
March 31, 2021 | December 31, 2020 | ||||||||||
Treaty guarantees | $ | $ | |||||||||
Treaty guarantees, net of assets in trust | |||||||||||
Securities borrowing and repurchase arrangements | |||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | ||||||||||||||||||||||||||
Amortization of prior actuarial losses | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Reinsurer | A.M. Best Rating | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||
Reinsurer A | A+ | $ | % | $ | % | |||||||||||||||||||||||||||
Reinsurer B | A+ | |||||||||||||||||||||||||||||||
Reinsurer C | A | |||||||||||||||||||||||||||||||
Reinsurer D | A++ | |||||||||||||||||||||||||||||||
Reinsurer E | A+ | |||||||||||||||||||||||||||||||
Other reinsurers | ||||||||||||||||||||||||||||||||
Total | $ | % | $ | % |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Balance at beginning of year | $ | $ | ||||||||||||
Less: reinsurance recoverable | ( | ( | ||||||||||||
Net balance at beginning of year | ||||||||||||||
Incurred: | ||||||||||||||
Current year | ||||||||||||||
Prior years | ( | |||||||||||||
Total incurred | ||||||||||||||
Payments: | ||||||||||||||
Current year | ( | ( | ||||||||||||
Prior years | ( | ( | ||||||||||||
Total payments | ( | ( | ||||||||||||
Other changes: | ||||||||||||||
Interest accretion | ||||||||||||||
Foreign exchange adjustments | ( | ( | ||||||||||||
Total other changes | ( | ( | ||||||||||||
Net balance at end of period | ||||||||||||||
Plus: reinsurance recoverable | ||||||||||||||
Balance at end of period | $ | $ |
Description | Date of Adoption | Effect on the Consolidated Financial Statements | ||||||
Standards adopted: | ||||||||
Financial Instruments – Credit Losses This guidance adds to U.S. GAAP an impairment model, known as current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. For traditional and other receivables, held-to-maturity debt securities, loans and other instruments entities will be required to use the new forward-looking “expected loss” model that generally will result in earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses similar to what they do today, except the losses will be recognized through an allowance for credit losses and adjusted each period for changes in credit risks. Early adoption is permitted. | January 1, 2020 | For asset classes within the scope of the CECL model, this guidance was adopted through a cumulative-effect adjustment to retained earnings (that is, a modified-retrospective approach). For available-for-sale debt securities, this guidance was applied prospectively. The allowance for credit losses increased when this guidance was adopted to include expected losses over the lifetime of commercial mortgages and other loans, including reasonable and supportable forecasts and expected changes in future economic conditions. The overall impact was an approximate $ | ||||||
Fair Value Measurement This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. Early adoption is permitted. | January 1, 2020 | Certain disclosure changes in the new guidance were applied prospectively in the year of adoption. The remaining changes in the new guidance were applied retrospectively to all periods presented in the year of adoption. As of December 31, 2019, the Company early adopted the guidance that removed the requirements relating to transfers between fair value hierarchy levels and certain disclosures about valuation processes for Level 3 fair value measurements. The Company adopted the remainder of the guidance on January 1, 2020. The adoption of the new guidance was not material to the Company’s financial position. | ||||||
Reference Rate Reform This guidance eases the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. which includes the transition away from the London Interbank Offered Rate (“LIBOR”). The ASU provides optional expedients and exceptions for applying GAAP modification to contracts and hedge accounting relationships affected by reference rate reform on financial reporting. Under the new guidance, a change in the reference rate for a contract that meets certain criteria will be accounted for as a continuation of that contract rather than the creation of a new contract. The new guidance applies to debt, insurance contracts, leases, derivative contracts and other arrangements. | January 1, 2020 | The reference rate reform is not expected to have material accounting consequences. The Company has established a team that is currently assessing the effects of the discontinuation of LIBOR on existing contracts that extend beyond 2021 (that is, the date when the Financial Conduct Authority intends to stop persuading or compelling banks to submit LIBOR), by analyzing contractual fallback provisions, evaluating alternative rate ramifications and assessing the effects on current hedging strategies, systems and operations. |
Description | Anticipated Date of Adoption | Effect on the Consolidated Financial Statements | ||||||
Standards not yet adopted: | ||||||||
Financial Services – Insurance This guidance significantly changes how insurers account for long-duration insurance contracts. The new guidance also significantly expands the disclosure requirements of long-duration insurance contracts. The new guidance will be effective for annual and interim reporting periods beginning January 1, 2023. Below are the most significant areas of change: | January 1, 2023 | See each significant area of change below for the method of adoption and expected impact to the Company’s results of operations and financial position. | ||||||
Cash flow assumptions for measuring liability for future policy benefits The new guidance requires insurers to review, and if necessary, update the cash flow assumptions used to measure liabilities for future policy benefits periodically. The change in the liability estimate as a result of updating cash flow assumptions will be recognized in net income. | Cash flow assumptions for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. | |||||||
Discount rate assumption for measuring liability for future policy benefits The new guidance requires insurers to update the discount rate assumption used to measure liabilities for future policy benefits at each reporting period, and the discount rate utilized must be based on an upper-medium grade fixed income instrument yield. The change in the liability estimate as a result of updating the discount rate assumption will be recognized in other comprehensive income. | Discount rate assumption for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. | |||||||
Market risk benefits The new guidance created a new category of benefit features called market risk benefits that will be measured at fair value with changes in fair value attributable to a change in the instrument-specific credit risk recognized in other comprehensive income. | Market risk benefits The Company will adopt this guidance on a retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. | |||||||
Amortization of deferred acquisition costs (“DAC”) and other balances The new guidance requires DAC and other balances to be amortized on a constant level basis over the expected term of the related contracts. | Amortization of deferred acquisition costs (“DAC”) and other balances The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. |
For the three months ended March 31, | ||||||||||||||||||||
(Dollars in millions, except per share data) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 2,914 | $ | 2,819 | $ | 95 | ||||||||||||||
Investment income, net of related expenses | 812 | 594 | 218 | |||||||||||||||||
Investment related gains (losses), net: | ||||||||||||||||||||
Impairments and change in allowance for credit losses on fixed maturity securities | (2) | (34) | 32 | |||||||||||||||||
Other investment related gains (losses), net | 304 | (251) | 555 | |||||||||||||||||
Total investment related gains (losses), net | 302 | (285) | 587 | |||||||||||||||||
Other revenues | 91 | 76 | 15 | |||||||||||||||||
Total revenues | 4,119 | 3,204 | 915 | |||||||||||||||||
Benefits and Expenses: | ||||||||||||||||||||
Claims and other policy benefits | 3,192 | 2,664 | 528 | |||||||||||||||||
Interest credited | 146 | 146 | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 333 | 248 | 85 | |||||||||||||||||
Other operating expenses | 214 | 195 | 19 | |||||||||||||||||
Interest expense | 45 | 41 | 4 | |||||||||||||||||
Collateral finance and securitization expense | 3 | 6 | (3) | |||||||||||||||||
Total benefits and expenses | 3,933 | 3,300 | 633 | |||||||||||||||||
Income (loss) before income taxes | 186 | (96) | 282 | |||||||||||||||||
Provision for income taxes | 47 | (8) | 55 | |||||||||||||||||
Net income (loss) | $ | 139 | $ | (88) | $ | 227 | ||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic earnings per share | $ | 2.04 | $ | (1.41) | $ | 3.45 | ||||||||||||||
Diluted earnings per share | $ | 2.03 | $ | (1.41) | $ | 3.44 |
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Modco/Funds withheld: | |||||||||||||||||
Unrealized gains (losses) | $ | 50 | $ | (230) | $ | 280 | |||||||||||
Deferred acquisition costs/retrocession | (17) | 113 | (130) | ||||||||||||||
Net effect | 33 | (117) | 150 | ||||||||||||||
EIAs: | |||||||||||||||||
Unrealized gains (losses) | 29 | (12) | 41 | ||||||||||||||
Deferred acquisition costs/retrocession | (15) | 8 | (23) | ||||||||||||||
Net effect | 14 | (4) | 18 | ||||||||||||||
Guaranteed minimum benefit riders: | |||||||||||||||||
Unrealized gains (losses) | 19 | (128) | 147 | ||||||||||||||
Related freestanding derivatives, net of deferred acquisition costs costs/retrocession | (54) | 164 | (218) | ||||||||||||||
Net effect | (35) | 36 | (71) | ||||||||||||||
Total net effect after freestanding derivatives | $ | 12 | $ | (85) | $ | 97 |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 1,432 | $ | 1,385 | $ | 47 | ||||||||||||||
Investment income, net of related expenses | 465 | 395 | 70 | |||||||||||||||||
Investment related gains (losses), net | — | (167) | 167 | |||||||||||||||||
Other revenues | 58 | 59 | (1) | |||||||||||||||||
Total revenues | 1,955 | 1,672 | 283 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 1,800 | 1,420 | 380 | |||||||||||||||||
Interest credited | 131 | 148 | (17) | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 231 | 137 | 94 | |||||||||||||||||
Other operating expenses | 48 | 44 | 4 | |||||||||||||||||
Total benefits and expenses | 2,210 | 1,749 | 461 | |||||||||||||||||
Income (loss) before income taxes | $ | (255) | $ | (77) | $ | (178) |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 1,419 | $ | 1,373 | $ | 46 | ||||||||||||||
Investment income, net of related expenses | 207 | 161 | 46 | |||||||||||||||||
Investment related gains (losses), net | 6 | (7) | 13 | |||||||||||||||||
Other revenues | 5 | 6 | (1) | |||||||||||||||||
Total revenues | 1,637 | 1,533 | 104 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 1,740 | 1,367 | 373 | |||||||||||||||||
Interest credited | 17 | 19 | (2) | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 182 | 175 | 7 | |||||||||||||||||
Other operating expenses | 36 | 34 | 2 | |||||||||||||||||
Total benefits and expenses | 1,975 | 1,595 | 380 | |||||||||||||||||
Income (loss) before income taxes | $ | (338) | $ | (62) | $ | (276) | ||||||||||||||
Key metrics: | ||||||||||||||||||||
Life insurance in force | $1,610.2 billion | $1,618.4 billion | ||||||||||||||||||
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) | 122.6 | % | 99.6 | % | ||||||||||||||||
Policy acquisition costs and other insurance expenses as a percentage of net premiums | 12.8 | % | 12.7 | % | ||||||||||||||||
Other operating expenses as a percentage of net premiums | 2.5 | % | 2.5 | % |
For the three months ended March 31, | 2021 | 2020 | 2021 vs 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-Intensive | Capital Solutions | Total | Asset-Intensive | Capital Solutions | Total | Asset-Intensive | Capital Solutions | Total | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums | $ | 13 | $ | — | $ | 13 | $ | 12 | $ | — | $ | 12 | $ | 1 | $ | — | $ | 1 | |||||||||||||||||||||||||||||||||||
Investment income, net of related expenses | 257 | 1 | 258 | 233 | 1 | 234 | 24 | — | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | (6) | — | (6) | (160) | — | (160) | 154 | — | 154 | ||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 26 | 27 | 53 | 28 | 25 | 53 | (2) | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 290 | 28 | 318 | 113 | 26 | 139 | 177 | 2 | 179 | ||||||||||||||||||||||||||||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims and other policy benefits | 60 | — | 60 | 53 | — | 53 | 7 | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Interest credited | 114 | — | 114 | 129 | — | 129 | (15) | — | (15) | ||||||||||||||||||||||||||||||||||||||||||||
Policy acquisition costs and other insurance expenses | 47 | 2 | 49 | (38) | — | (38) | 85 | 2 | 87 | ||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 9 | 3 | 12 | 7 | 3 | 10 | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | 230 | 5 | 235 | 151 | 3 | 154 | 79 | 2 | 81 | ||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 60 | $ | 23 | $ | 83 | $ | (38) | $ | 23 | $ | (15) | $ | 98 | $ | — | $ | 98 |
(dollars in millions) | Three months ended March 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||
Total revenues | $ | 290 | $ | 113 | ||||||||||
Less: | ||||||||||||||
Embedded derivatives – modco/funds withheld treaties | 44 | (222) | ||||||||||||
Guaranteed minimum benefit riders and related free standing derivatives | (64) | 74 | ||||||||||||
Revenues before certain derivatives | 310 | 261 | ||||||||||||
Benefits and expenses: | ||||||||||||||
Total benefits and expenses | 230 | 151 | ||||||||||||
Less: | ||||||||||||||
Embedded derivatives – modco/funds withheld treaties | 17 | (113) | ||||||||||||
Guaranteed minimum benefit riders and related free standing derivatives | (29) | 38 | ||||||||||||
Equity-indexed annuities | (14) | 4 | ||||||||||||
Benefits and expenses before certain derivatives | 256 | 222 | ||||||||||||
Income before income taxes: | ||||||||||||||
Income (loss) before income taxes | 60 | (38) | ||||||||||||
Less: | ||||||||||||||
Embedded derivatives – modco/funds withheld treaties | 27 | (109) | ||||||||||||
Guaranteed minimum benefit riders and related free standing derivatives | (35) | 36 | ||||||||||||
Equity-indexed annuities | 14 | (4) | ||||||||||||
Income before income taxes and certain derivatives | $ | 54 | $ | 39 |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 303 | $ | 281 | $ | 22 | ||||||||||||||
Investment income, net of related expenses | 60 | 50 | 10 | |||||||||||||||||
Investment related gains (losses), net | 2 | (12) | 14 | |||||||||||||||||
Other revenues | 4 | 1 | 3 | |||||||||||||||||
Total revenues | 369 | 320 | 49 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 284 | 240 | 44 | |||||||||||||||||
Interest credited | — | — | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 45 | 45 | — | |||||||||||||||||
Other operating expenses | 10 | 9 | 1 | |||||||||||||||||
Total benefits and expenses | 339 | 294 | 45 | |||||||||||||||||
Income (loss) before income taxes | $ | 30 | $ | 26 | $ | 4 |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 280 | $ | 260 | $ | 20 | ||||||||||||||
Investment income, net of related expenses | 60 | 49 | 11 | |||||||||||||||||
Investment related gains (losses), net | 2 | (12) | 14 | |||||||||||||||||
Other revenues | 1 | (1) | 2 | |||||||||||||||||
Total revenues | 343 | 296 | 47 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 266 | 220 | 46 | |||||||||||||||||
Interest credited | — | — | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 45 | 45 | — | |||||||||||||||||
Other operating expenses | 8 | 8 | — | |||||||||||||||||
Total benefits and expenses | 319 | 273 | 46 | |||||||||||||||||
Income (loss) before income taxes | $ | 24 | $ | 23 | $ | 1 | ||||||||||||||
Key metrics: | ||||||||||||||||||||
Life insurance in force | $460.1 billion | $389.5 billion | ||||||||||||||||||
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) | 95.0 | % | 84.6 | % | ||||||||||||||||
Policy acquisition costs and other insurance expenses as a percentage of net premiums | 16.1 | % | 17.3 | % | ||||||||||||||||
Other operating expenses as a percentage of net premiums | 2.9 | % | 3.1 | % |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 23 | $ | 21 | $ | 2 | ||||||||||||||
Investment income, net of related expenses | — | 1 | (1) | |||||||||||||||||
Investment related gains (losses), net | — | — | — | |||||||||||||||||
Other revenues | 3 | 2 | 1 | |||||||||||||||||
Total revenues | 26 | 24 | 2 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 18 | 20 | (2) | |||||||||||||||||
Interest credited | — | — | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | — | — | — | |||||||||||||||||
Other operating expenses | 2 | 1 | 1 | |||||||||||||||||
Total benefits and expenses | 20 | 21 | (1) | |||||||||||||||||
Income (loss) before income taxes | $ | 6 | $ | 3 | $ | 3 |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 517 | $ | 443 | $ | 74 | ||||||||||||||
Investment income, net of related expenses | 68 | 47 | 21 | |||||||||||||||||
Investment related gains (losses), net | 16 | (6) | 22 | |||||||||||||||||
Other revenues | 2 | 1 | 1 | |||||||||||||||||
Total revenues | 603 | 485 | 118 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 544 | 387 | 157 | |||||||||||||||||
Interest credited | (1) | (17) | 16 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 31 | 31 | — | |||||||||||||||||
Other operating expenses | 37 | 37 | — | |||||||||||||||||
Total benefits and expenses | 611 | 438 | 173 | |||||||||||||||||
Income (loss) before income taxes | $ | (8) | $ | 47 | $ | (55) |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 438 | $ | 390 | $ | 48 | ||||||||||||||
Investment income, net of related expenses | 20 | 19 | 1 | |||||||||||||||||
Investment related gains (losses), net | — | — | — | |||||||||||||||||
Other revenues | (1) | (2) | 1 | |||||||||||||||||
Total revenues | 457 | 407 | 50 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 469 | 334 | 135 | |||||||||||||||||
Interest credited | — | — | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 29 | 30 | (1) | |||||||||||||||||
Other operating expenses | 27 | 26 | 1 | |||||||||||||||||
Total benefits and expenses | 525 | 390 | 135 | |||||||||||||||||
Income (loss) before income taxes | $ | (68) | $ | 17 | $ | (85) | ||||||||||||||
Key metrics: | ||||||||||||||||||||
Life insurance in force | $830.8 billion | $763.1 billion | ||||||||||||||||||
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) | 107.1 | % | 85.6 | % | ||||||||||||||||
Policy acquisition costs and other insurance expenses as a percentage of net premiums | 6.6 | % | 7.7 | % | ||||||||||||||||
Other operating expenses as a percentage of net premiums | 6.2 | % | 6.7 | % |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 79 | $ | 53 | $ | 26 | ||||||||||||||
Investment income, net of related expenses | 48 | 28 | 20 | |||||||||||||||||
Investment related gains (losses), net | 16 | (6) | 22 | |||||||||||||||||
Other revenues | 3 | 3 | — | |||||||||||||||||
Total revenues | 146 | 78 | 68 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 75 | 53 | 22 | |||||||||||||||||
Interest credited | (1) | (17) | 16 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 2 | 1 | 1 | |||||||||||||||||
Other operating expenses | 10 | 11 | (1) | |||||||||||||||||
Total benefits and expenses | 86 | 48 | 38 | |||||||||||||||||
Income (loss) before income taxes | $ | 60 | $ | 30 | $ | 30 |
For the three months ended March 31, | |||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | ||||||||||||||
Revenues: | |||||||||||||||||
Net premiums | $ | 662 | $ | 710 | $ | (48) | |||||||||||
Investment income, net of related expenses | 61 | 44 | 17 | ||||||||||||||
Investment related gains (losses), net | 11 | (33) | 44 | ||||||||||||||
Other revenues | 17 | 14 | 3 | ||||||||||||||
Total revenues | 751 | 735 | 16 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||
Claims and other policy benefits | 564 | 617 | (53) | ||||||||||||||
Interest credited | 15 | 13 | 2 | ||||||||||||||
Policy acquisition costs and other insurance expenses | 54 | 63 | (9) | ||||||||||||||
Other operating expenses | 49 | 43 | 6 | ||||||||||||||
Total benefits and expenses | 682 | 736 | (54) | ||||||||||||||
Income (loss) before income taxes | $ | 69 | $ | (1) | $ | 70 |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 609 | $ | 636 | $ | (27) | ||||||||||||||
Investment income, net of related expenses | 33 | 27 | 6 | |||||||||||||||||
Investment related gains (losses), net | (1) | — | (1) | |||||||||||||||||
Other revenues | 6 | 4 | 2 | |||||||||||||||||
Total revenues | 647 | 667 | (20) | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 518 | 555 | (37) | |||||||||||||||||
Interest credited | — | — | — | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 43 | 49 | (6) | |||||||||||||||||
Other operating expenses | 45 | 39 | 6 | |||||||||||||||||
Total benefits and expenses | 606 | 643 | (37) | |||||||||||||||||
Income (loss) before income taxes | $ | 41 | $ | 24 | $ | 17 | ||||||||||||||
Key metrics: | ||||||||||||||||||||
Life insurance in force | $521.0 billion | $635.6 billion | ||||||||||||||||||
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) | 85.1 | % | 87.3 | % | ||||||||||||||||
Policy acquisition costs and other insurance expenses as a percentage of net premiums | 7.1 | % | 7.7 | % | ||||||||||||||||
Other operating expenses as a percentage of net premiums | 7.4 | % | 6.1 | % |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | 53 | $ | 74 | $ | (21) | ||||||||||||||
Investment income, net of related expenses | 28 | 17 | 11 | |||||||||||||||||
Investment related gains (losses), net | 12 | (33) | 45 | |||||||||||||||||
Other revenues | 11 | 10 | 1 | |||||||||||||||||
Total revenues | 104 | 68 | 36 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | 46 | 62 | (16) | |||||||||||||||||
Interest credited | 15 | 13 | 2 | |||||||||||||||||
Policy acquisition costs and other insurance expenses | 11 | 14 | (3) | |||||||||||||||||
Other operating expenses | 4 | 4 | — | |||||||||||||||||
Total benefits and expenses | 76 | 93 | (17) | |||||||||||||||||
Income (loss) before income taxes | $ | 28 | $ | (25) | $ | 53 |
For the three months ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums | $ | — | $ | — | $ | — | ||||||||||||||
Investment income, net of related expenses | 158 | 58 | 100 | |||||||||||||||||
Investment related gains (losses), net | 273 | (67) | 340 | |||||||||||||||||
Other revenues | 10 | 1 | 9 | |||||||||||||||||
Total revenues | 441 | (8) | 449 | |||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||
Claims and other policy benefits | — | — | — | |||||||||||||||||
Interest credited | 1 | 2 | (1) | |||||||||||||||||
Policy acquisition costs and other insurance income | (28) | (28) | — | |||||||||||||||||
Other operating expenses | 70 | 62 | 8 | |||||||||||||||||
Interest expense | 45 | 41 | 4 | |||||||||||||||||
Collateral finance and securitization expense | 3 | 6 | (3) | |||||||||||||||||
Total benefits and expenses | 91 | 83 | 8 | |||||||||||||||||
Loss before income taxes | $ | 350 | $ | (91) | $ | 441 |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest expense | $ | 52 | $ | 50 | ||||||||||
Capital contributions to subsidiaries | 4 | 15 | ||||||||||||
Dividends to shareholders | 48 | 44 | ||||||||||||
Repurchases of treasury stock | — | 153 | ||||||||||||
Interest and dividend income | 32 | 226 |
March 31, 2021 | December 31, 2020 | |||||||||||||
Cash and invested assets | $ | 1,176 | $ | 1,308 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Dividends to shareholders | $ | 48 | $ | 44 | |||||||
Repurchases of common stock | — | 153 | |||||||||
Total amount paid to shareholders | $ | 48 | $ | 197 | |||||||
Number of shares repurchased | — | 1,074,413 | |||||||||
Average price per share | $ | — | $ | 142.05 |
For the three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(Dollars in millions) | ||||||||||||||
Sources: | ||||||||||||||
Net cash provided by operating activities | 2,366 | 2,207 | ||||||||||||
Exercise of stock options, net | — | 1 | ||||||||||||
Change in cash collateral for derivative positions and other arrangements | — | 51 | ||||||||||||
Cash provided by changes in universal life and other | ||||||||||||||
investment type policies and contracts | — | 475 | ||||||||||||
Total sources | 2,366 | 2,734 | ||||||||||||
Uses: | ||||||||||||||
Net cash used in investing activities | 2,492 | 1,096 | ||||||||||||
Dividends to stockholders | 48 | 44 | ||||||||||||
Repayment of collateral finance and securitization notes | 42 | 19 | ||||||||||||
Principal payments of long-term debt | 1 | 1 | ||||||||||||
Purchases of treasury stock | 1 | 156 | ||||||||||||
Change in cash collateral for derivative positions and other arrangements | 25 | — | ||||||||||||
Cash used for changes in universal life and other | ||||||||||||||
investment type policies and contracts | 26 | — | ||||||||||||
Effect of exchange rate changes on cash | 17 | 47 | ||||||||||||
Total uses | 2,652 | 1,363 | ||||||||||||
Net change in cash and cash equivalents | (286) | 1,371 |
March 31, 2021 | % of Total | December 31, 2020 | % of Total | |||||||||||||||||||||||
Fixed maturity securities, available-for-sale | $ | 56,426 | 74.7 | % | $ | 56,735 | 74.8 | % | ||||||||||||||||||
Equity securities | 135 | 0.2 | 132 | 0.2 | ||||||||||||||||||||||
Mortgage loans on real estate | 6,001 | 7.9 | 5,787 | 7.6 | ||||||||||||||||||||||
Policy loans | 1,253 | 1.7 | 1,258 | 1.7 | ||||||||||||||||||||||
Funds withheld at interest | 5,459 | 7.2 | 5,432 | 7.2 | ||||||||||||||||||||||
Short-term investments | 157 | 0.2 | 227 | 0.3 | ||||||||||||||||||||||
Other invested assets | 2,983 | 4.0 | 2,829 | 3.7 | ||||||||||||||||||||||
Cash and cash equivalents | 3,122 | 4.1 | 3,408 | 4.5 | ||||||||||||||||||||||
Total cash and invested assets | $ | 75,536 | 100.0 | % | $ | 75,808 | 100.0 | % |
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | Increase/ (Decrease) | |||||||||||||||
Average invested assets at amortized cost | $ | 33,367 | $ | 29,728 | $ | 3,639 | |||||||||||
Net investment income | $ | 463 | $ | 299 | $ | 164 | |||||||||||
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) | 5.67 | % | 4.08 | % | 159 bps | ||||||||||||
VII (included in net investment income) | $ | 162 | $ | 3 | $ | 159 | |||||||||||
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) | 3.79 | % | 4.19 | % | (40) bps |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | Rating Agency Designation | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | |||||||||||||||||||||||||||||||||||||
1 | AAA/AA/A | $ | 31,323 | $ | 34,096 | 60.4 | % | $ | 29,770 | $ | 34,589 | 60.9 | % | |||||||||||||||||||||||||||||||
2 | BBB | 17,402 | 18,799 | 33.3 | 16,440 | 18,751 | 33.1 | |||||||||||||||||||||||||||||||||||||
3 | BB | 2,622 | 2,704 | 4.8 | 2,480 | 2,588 | 4.6 | |||||||||||||||||||||||||||||||||||||
4 | B | 695 | 669 | 1.2 | 713 | 697 | 1.2 | |||||||||||||||||||||||||||||||||||||
5 | CCC and lower | 170 | 145 | 0.3 | 131 | 102 | 0.2 | |||||||||||||||||||||||||||||||||||||
6 | In or near default | 17 | 13 | — | 14 | 8 | — | |||||||||||||||||||||||||||||||||||||
Total | $ | 52,229 | $ | 56,426 | 100.0 | % | $ | 49,548 | $ | 56,735 | 100.0 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | |||||||||||||||||||||||||||||||||
RMBS: | ||||||||||||||||||||||||||||||||||||||
Agency | $ | 659 | $ | 701 | 10.7 | % | $ | 686 | $ | 744 | 11.0 | % | ||||||||||||||||||||||||||
Non-agency | 877 | 890 | 13.4 | 1,049 | 1,073 | 15.8 | ||||||||||||||||||||||||||||||||
Total RMBS | 1,536 | 1,591 | 24.1 | 1,735 | 1,817 | 26.8 | ||||||||||||||||||||||||||||||||
ABS: | ||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations (“CLOs”) | 1,603 | 1,593 | 24.2 | 1,707 | 1,689 | 24.9 | ||||||||||||||||||||||||||||||||
ABS, excluding CLOs | 1,553 | 1,558 | 23.7 | 1,392 | 1,403 | 20.7 | ||||||||||||||||||||||||||||||||
Total ABS | 3,156 | 3,151 | 47.9 | 3,099 | 3,092 | 45.6 | ||||||||||||||||||||||||||||||||
CMBS | 1,774 | 1,840 | 28.0 | 1,790 | 1,868 | 27.6 | ||||||||||||||||||||||||||||||||
Total | $ | 6,466 | $ | 6,582 | 100.0 | % | $ | 6,624 | $ | 6,777 | 100.0 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Recorded Investment | % of Total | Recorded Investment | % of Total | |||||||||||||||||||||||
U.S. Region: | ||||||||||||||||||||||||||
West | $ | 2,317 | 38.3 | % | $ | 2,253 | 38.5 | % | ||||||||||||||||||
South | 2,097 | 34.6 | 2,040 | 34.8 | ||||||||||||||||||||||
Midwest | 1,055 | 17.4 | 1,027 | 17.5 | ||||||||||||||||||||||
Northeast | 287 | 4.7 | 277 | 4.7 | ||||||||||||||||||||||
Subtotal - U.S. | 5,756 | 95.0 | 5,597 | 95.5 | ||||||||||||||||||||||
Canada | 194 | 3.2 | 188 | 3.2 | ||||||||||||||||||||||
United Kingdom | 108 | 1.8 | 76 | 1.3 | ||||||||||||||||||||||
Total | $ | 6,058 | 100.0 | % | $ | 5,861 | 100.0 | % |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Impairments and change in allowance for credit losses | $ | 2 | $ | 34 | |||||||
Other impairment losses and changes in provision | (1) | — | |||||||||
Change in mortgage loan provision | (17) | 13 | |||||||||
Total | $ | (16) | $ | 47 |
Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Program | |||||||||||||||||||||||
January 1, 2021 – January 31, 2021 | 8,600 | $ | 111.17 | — | $ | 167,573,148 | ||||||||||||||||||||
February 1, 2021 – February 29, 2021 | 3,834 | $ | 114.24 | — | $ | 167,573,148 | ||||||||||||||||||||
March 1, 2021 – March 31, 2021 | 1,355 | $ | 128.09 | — | $ | 167,573,148 |
Exhibit Number | Description | |||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101). |
Reinsurance Group of America, Incorporated | |||||||||||
Date: May 7, 2021 | By: | /s/ Anna Manning | |||||||||
Anna Manning | |||||||||||
President & Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: May 7, 2021 | By: | /s/ Todd C. Larson | |||||||||
Todd C. Larson | |||||||||||
Senior Executive Vice President & Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
Date | Cumulative Percentage of SAR Shares That Are Vested | |||||||
December 31, ____ | 25% | |||||||
December 31, ____ | 50% | |||||||
December 31, ____ | 75% | |||||||
December 31, ____ | 100% |
Date | Cumulative Percentage of Option Shares That Are Vested | |||||||
December 31, ____ | 25% | |||||||
December 31, ____ | 50% | |||||||
December 31, ____ | 75% | |||||||
December 31, ____ | 100% |
Date: May 7, 2021 | /s/ Anna Manning | |||||||||||||
Anna Manning | ||||||||||||||
President & Chief Executive Officer |
Date: May 7, 2021 | /s/ Todd C. Larson | |||||||||||||
Todd C. Larson | ||||||||||||||
Senior Executive Vice President & Chief Financial Officer |
Date: May 7, 2021 | /s/ Anna Manning | |||||||||||||
Anna Manning | ||||||||||||||
President & Chief Executive Officer |
Date: May 7, 2021 | /s/ Todd C. Larson | |||||||||||||
Todd C. Larson | ||||||||||||||
Chief Financial Officer | ||||||||||||||
& Senior Executive Vice President |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Apr. 30, 2021 |
|
Cover [Abstract] | ||
Entity Incorporation, State or Country Code | MO | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Amendment flag | false | |
Entity registrant name | REINSURANCE GROUP OF AMERICA, INCORPORATED | |
Entity central index key | 0000898174 | |
Entity current reporting status | Yes | |
Entity Interactive Data Current | Yes | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Common Shares Outstanding | 67,985,243 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Tax Identification Number | 43-1627032 | |
Document Transition Report | false | |
Entity File Number | 1-11848 |
Document and Entity Information Address |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Document Information [Line Items] | |
Entity Address, Address Line One | 16600 Swingley Ridge Road |
Entity Address, City or Town | Chesterfield |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63017 |
City Area Code | 636 |
Local Phone Number | 736-7000 |
Document and Entity Information Document and Entity Information Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member] |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
RGA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | RGA |
Security Exchange Name | NYSE |
RZA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 |
Trading Symbol | RZA |
Security Exchange Name | NYSE |
RZB [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |
Trading Symbol | RZB |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Available for Sale at Fair value - Amortized cost | $ 52,229 | $ 49,548 |
Preferred stock par value (per share) | $ 0.01 | |
Common stock par value (per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 140,000,000 | 140,000,000 |
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 |
Treasury stock, shares | 17,325,355 | 17,353,697 |
Allowance for Loan and Lease Losses, Real Estate | $ 47 | $ 64 |
Financing Receivable, Allowance for Credit Loss | $ 22 | $ 20 |
Preferred stock shares authorized | 10,000,000 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Comprehensive income (loss) | ||
Net income | $ 139 | $ (88) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 30 | (131) |
Net unrealized investment gains (losses) | (2,387) | (1,873) |
Defined benefit pension and postretirement plan adjustments | 0 | (3) |
Total other comprehensive income (loss), net of tax | (2,357) | (2,007) |
Total comprehensive income (loss) | $ (2,218) | $ (2,095) |
Condensed Consolidated Statements of Stockholders Equity Parenthetical - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | $ 0.70 |
Business and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Business and Basis of Presentation Business Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability, and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products, primarily annuities, financial reinsurance, capital solutions and stable value products. Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K filed with the SEC on February 26, 2021 (the “2020 Annual Report”). In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Consolidation These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting.
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Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):
As a result of the net loss for the three months ended March 31, 2020, the Company is required to use basic weighted average common shares outstanding of 62 million in the calculation of diluted loss per share, since the inclusion of shares for outstanding stock awards of 1 million would have been anti-dilutive to the loss per share calculations. In the absence of the losses, weighted average common shares outstanding and dilutive potential common shares would have totaled 63 million. The calculation of common equivalent shares does not include the impact of stock appreciation rights having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be anti-dilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent awards, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. The following table presents approximate amounts of stock appreciation rights and performance contingent awards excluded from the calculation of common equivalent shares (in thousands):
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Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Equity Common stock The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:
(1)Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. Common Stock Held in Treasury Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings. On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2017. On May 6, 2020, the Company announced that it has suspended stock repurchases until further notice. The resumption and pace of repurchase activity depends on various factors such as the level of available cash, the impact of the ongoing COVID-19 pandemic, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price. During the three months ended March 31, 2021, RGA did not repurchase any shares of common stock under this program. During the three months ended March 31, 2020, RGA repurchased 1 million shares of common stock under this program for $153 million. Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2021 and 2020 are as follows (dollars in millions):
(1)Includes cash flow hedges of $(71) and $(49) as of March 31, 2021 and December 31, 2020, respectively, and $(87) and $(26) as of March 31, 2020 and December 31, 2019, respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2021 and 2020 (dollars in millions):
(1)See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. (2)This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2020 Annual Report for additional details. (3)This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details.
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Equity Based Compensation |
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Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $5 million for the three months ended March 31, 2021 and 2020. In the first quarter of 2021, the Company granted 200,201 stock appreciation rights at $129.01 weighted average exercise price per share, 167,862 performance contingent awards and 328,725 restricted stock units to employees. Performance contingent awards include both performance contingent shares and performance share units. As of March 31, 2021, 1,644,630 share awards at a weighted average strike price per share of $96.71 were vested and exercisable, with a remaining weighted average exercise period of 4.6 years. As of March 31, 2021, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $73 million. It is estimated that these costs will vest over a weighted average period of 1.2 years.
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Investments |
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Investments | Investments Fixed Maturity Securities Available-for-Sale The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). RMBS, ABS and CMBS are collectively “structured securities.” The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2021 and December 31, 2020 (dollars in millions):
The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2021 and December 31, 2020, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2021 and December 31, 2020 (dollars in millions):
The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included the securities disclosed below, as of March 31, 2021. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of December 31, 2020 (dollars in millions).
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2021, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Corporate Fixed Maturity Securities The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2021 and December 31, 2020 (dollars in millions):
Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2020 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net on the condensed consolidated statements of income. For these securities, the net amount recognized represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the fixed maturity security prior to the allowance for credit losses. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The following table presents the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2021 and 2020 (dollars in millions):
Unrealized Losses for Fixed Maturity Securities Available-for-Sale The following table presents the total gross unrealized losses for the 1,650 and 877 fixed maturity securities as of March 31, 2021 and December 31, 2020, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions):
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. The following tables present the estimated fair values and gross unrealized losses for fixed maturity securities that have estimated fair values below amortized cost as of March 31, 2021 and December 31, 2020 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.
The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the table above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in interest rates. Investment Income and Investment Related Gains (Loss), Net - Accounting Correction During the three-months ended March 31, 2021, the Company reclassified approximately $92 million of pre-tax unrealized gains from AOCI to investment income, net of related expenses associated with investments in limited partnerships and private equity funds for which it utilizes the equity method of accounting. The unrealized gains should have been recognized directly in investment income in the same prior periods they were reported by the investees. In addition, the Company recorded approximately $70 million of pre-tax gains in investment related gains (losses), net, associated with investments in limited partnerships considered to be investment companies in order to adjust the carrying value from cost less impairments to a fair value approach, using the net asset value (“NAV”) per share or its equivalent. Had the adjustments been recorded in the years they were reported by the investees, the Company estimates it would have recognized approximately $102 million, $(2) million, $1 million and $10 million of pre-tax income (loss) in the years ended December 31, 2020, 2019, 2018 and 2017, respectively. Investment Income, Net of Related Expenses Major categories of investment income, net of related expenses, consist of the following (dollars in millions):
Investment Related Gains (Losses), Net Investment related gains (losses), net, consist of the following (dollars in millions):
Securities Borrowing, Lending and Repurchase Agreements The following table includes the amount of borrowed securities, loaned securities, and securities received as collateral as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of March 31, 2021 and December 31, 2020 (dollars in millions).
The Company held cash collateral for repurchase/reverse repurchase programs of $5 million as of March 31, 2021. There was no cash collateral held for repurchase/reverse repurchase programs as of December 31, 2020. No cash or securities have been pledged by the Company for its securities borrowing and lending programs as of March 31, 2021 and December 31, 2020. The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of March 31, 2021 and December 31, 2020 (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.
The Company has elected to offset amounts recognized as receivables and payables resulting from the repurchase/reverse repurchase programs. After the effect of offsetting, the net amount presented on the condensed consolidated balance sheet was a liability of $5 million as of March 31, 2021. After the effect of offsetting, there was no liability presented on the consolidated balance sheet as of December 31, 2020. As of March 31, 2021, the Company recognized payables resulting from cash received as collateral associated with a repurchase/reverse repurchase agreement, as discussed above. As of December 31, 2020, the Company did not have payables resulting from cash received as collateral associated with a repurchase/reverse repurchase agreements. Amounts owed to and due from the counterparties may be settled in cash or offset, in accordance with the agreements. Mortgage Loans on Real Estate As of March 31, 2021, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (13.9%), Texas (13.6%) and Washington (8.8%), in addition to loans secured by properties in Canada (3.2%) and United Kingdom (1.8%). The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses and valuation allowances. The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2021 and December 31, 2020 (dollars in millions):
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020.
The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2021 and December 31, 2020 (dollars in millions):
The following table presents information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2021 and 2020 (dollars in millions):
The following table presents information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2021 and December 31, 2020 (dollars in millions):
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2021 and 2020. The Company had no mortgage loans that were on a nonaccrual status as of March 31, 2021 and December 31, 2020. For the three months ended March 31, 2021, the Company modified the payment terms of one commercial mortgage loan, with a carrying value of approximately $10 million in response to COVID-19. For the year ended December 31, 2020, the Company modified the payment terms of 52 commercial mortgage loans, with a carrying value of approximately $660 million in response to COVID-19. These loans met the criteria established in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and were not considered a troubled debt restructuring. In accordance with the CARES Act criteria, these loans were not more than 30 days past due at December 31, 2019, and the modifications included deferral or delayed payments of principal or interest on the loan. Policy Loans The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities. Funds Withheld at Interest As of March 31, 2021, $3.2 billion of the funds withheld at interest balance is associated with one client. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company. Other Invested Assets Other invested assets include limited partnership interests, joint ventures (other than operating joint ventures), lifetime mortgages, derivative contracts and fair value option (“FVO”) contractholder-directed unit-linked investments. Other invested assets also include FHLB common stock, which is included in Other in the table below. The allowance for credit losses for lifetime mortgages as of March 31, 2021 and December 31, 2020, was $1 million and $2 million, respectively. Carrying values of these assets as of March 31, 2021 and December 31, 2020 are as follows (dollars in millions):
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments Accounting for Derivative Instruments and Hedging Activities See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2020 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 6 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives. Types of Derivatives Used by the Company Commonly used derivative instruments include, but are not necessarily limited to: credit default swaps, financial futures, equity options, foreign currency swaps, foreign currency forwards, interest rate swaps, synthetic guaranteed investment contracts (“GICs”), consumer price index (“CPI”) swaps, other derivatives, and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 5 – “Derivative Instruments” of the Company’s 2020 Annual Report. Summary of Derivative Positions Derivatives, except for embedded derivatives, are included in other invested assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modco or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. 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 March 31, 2021 and December 31, 2020 (dollars in millions):
Fair Value Hedges The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. 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 March 31, 2021 and 2020 were (dollars in millions):
Cash Flow Hedges Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; and (iii) forward bond purchase commitments. The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2021 and 2020 (dollars in millions):
As of March 31, 2021, approximately $6 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months. For the same time period, there was an immaterial amount of before-tax deferred net gains expected to be reclassified to investment income during the next twelve months. The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2021 and 2020 (dollars in millions):
For the three months ended March 31, 2021 and 2020, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. Hedges of Net Investments in Foreign Operations The Company uses foreign currency swaps and foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in AOCI for the three months ended March 31, 2021 and 2020 (dollars in millions):
The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $124 million and $139 million as of March 31, 2021 and December 31, 2020, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net in the condensed consolidated statements of income, except where otherwise noted. A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2021 and 2020 is as follows (dollars in millions):
Credit Derivatives 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 at March 31, 2021 and December 31, 2020 (dollars in millions):
(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. Netting Arrangements and Credit Risk Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements. The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – “Investments” for information regarding the Company’s securities borrowing, lending, and repurchase/reverse repurchase programs. The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2021 and December 31, 2020 (dollars in millions):
(1)Includes initial margin posted to a central clearing partner. The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of March 31, 2021, the Company had credit exposure of $18 million. Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value of Assets and Liabilities Fair Value Measurement General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities are traded in active exchange markets. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities. Additionally, the Company’s embedded derivatives, all of which are associated with reinsurance treaties, are classified in Level 3 since their values include significant unobservable inputs. For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 are summarized below (dollars in millions):
(1)Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of March 31, 2021, the fair value of such investments was $465 million.
Quantitative Information Regarding Internally Priced Assets and Liabilities The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2021 and December 31, 2020 (dollars in millions):
Changes in Level 3 Assets and Liabilities Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third-party pricing quotation that appropriately reflects the fair value of those assets and liabilities. For further information on the Company’s valuation processes, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):
(1)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. Nonrecurring Fair Value Measurements The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. During the three months ended March 31, 2021 and 2020, the Company did not have any material assets that were measured at fair value due to impairment. Fair Value of Financial Instruments The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2021 and December 31, 2020 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. This table excludes any payables or receivables for collateral under repurchase or reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.
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Segment Information |
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Segment Information | Segment Information The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions):
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Commitments, Contingencies and Guarantees |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments, Contingencies and Guarantees Commitments Funding of Investments The Company’s commitments to fund investments as of March 31, 2021 and December 31, 2020, are presented in the following table (dollars in millions):
The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale. The Company has a liability for expected credit losses associated with unfunded commitments of approximately $1 million and $2 million as of March 31, 2021 and December 31, 2020, which is included in other liabilities on the Company’s condensed consolidated balance sheets. Contingencies Litigation The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated. Other Contingencies The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future. Guarantees Statutory Reserve Support Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right to use asset and lease obligation. As of March 31, 2021, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of March 31, 2021 (dollars in millions):
Other Guarantees RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain securities borrowing and repurchase arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. Additionally, in limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration of any legally offsetting amounts due from the guaranteed party are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to securities borrowing and repurchase arrangements provide additional security to third parties should a subsidiary fail to provide securities when due. RGA’s guarantees issued as of March 31, 2021 and December 31, 2020, are reflected in the following table (dollars in millions):
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Income Tax |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income TaxFor the three months ended March 31, 2021, the Company recorded income tax expense of $47 million on pre-tax income of $186 million, or an effective tax rate of 25.3%. The increase to the effective tax rate over the U.S. statutory income tax rate of 21% was primarily the result of income earned in jurisdictions with tax rates higher than the U.S., global intangible low-taxed income (“GILTI”) and Subpart F income primarily generated from earnings in Canada and the United Kingdom (“UK”). For the three months ended March 31, 2020, the Company recorded income tax benefit of $(8) million on pre-tax loss of $(96) million, or an effective tax rate of 8.9%. The effective tax rate on the pre-tax loss was lower than the U.S. Statutory rate of 21% primarily as a result of income earned in jurisdictions with tax rates higher than the U.S. and tax expense related to uncertain tax positions, which was partially offset by valuation allowance releases in various jurisdictions. |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2021 and 2020 were as follows (dollars in millions):
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Reinsurance |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retrocession Arrangements and Reinsurance Ceded Receivables | Reinsurance Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At March 31, 2021 and December 31, 2020, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2021, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of March 31, 2021 or December 31, 2020 (dollars in millions):
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Policy Claims and Benefits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Duration Insurance and Deposit Contracts [Text Block] | Policy Claims and Benefits Rollforward of Claims and Claim Adjustment Expenses The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
Incurred claims associated with prior periods are primarily due to events, related to long-duration business, which were incurred in prior periods but were reported in the current period, and to a lesser extent, the development of short-duration business claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.
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New Accounting Standards |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | New Accounting Standards Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] | The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:
(1)Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.
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Components of Accumulated Other Comprehensive Income | The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2021 and 2020 are as follows (dollars in millions):
(1)Includes cash flow hedges of $(71) and $(49) as of March 31, 2021 and December 31, 2020, respectively, and $(87) and $(26) as of March 31, 2020 and December 31, 2019, respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges.
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Reclassification Out Of Accumulated Other Comprehensive Income | The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2021 and 2020 (dollars in millions):
(1)See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. (2)This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2020 Annual Report for additional details. (3)This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details.
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Concentration Risk Disclosure [Text Block] | The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of December 31, 2020 (dollars in millions).
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Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2021, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
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Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table presents the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2021 and 2020 (dollars in millions):
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Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 1,650 and 877 fixed maturity securities as of March 31, 2021 and December 31, 2020, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions):
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables present the estimated fair values and gross unrealized losses for fixed maturity securities that have estimated fair values below amortized cost as of March 31, 2021 and December 31, 2020 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.
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Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in millions):
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Gain Loss On Investments | Investment related gains (losses), net, consist of the following (dollars in millions):
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Schedule of Repurchase Agreements [Table Text Block] | The following table includes the amount of borrowed securities, loaned securities, and securities received as collateral as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of March 31, 2021 and December 31, 2020 (dollars in millions).
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Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of March 31, 2021 and December 31, 2020 (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.
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Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Mortgage Loan Internal Credit Risk Grade [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Financing Receivable, Past Due [Table Text Block] | The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020.
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Recorded Investment And Allowance For Credit Losses | The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | nformation regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2021 and 2020 (dollars in millions):
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Impaired Financing Receivables Table | The following table presents information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2021 and December 31, 2020 (dollars in millions):
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.
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Schedule Of Other Invested Assets [Table Text Block] | Carrying values of these assets as of March 31, 2021 and December 31, 2020 are as follows (dollars in millions):
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | 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 March 31, 2021 and December 31, 2020 (dollars in millions):
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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 March 31, 2021 and 2020 were (dollars in millions):
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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 condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2021 and 2020 (dollars in millions):
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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 condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2021 and 2020 (dollars in millions):
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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 and the gains (losses) deferred in AOCI for the three months ended March 31, 2021 and 2020 (dollars in millions):
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Derivatives Not Designated as Hedging Instruments [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2021 and 2020 is as follows (dollars in millions):
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Disclosure Of Credit Derivatives | 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 at March 31, 2021 and December 31, 2020 (dollars in millions):
(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.
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Offsetting Assets [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2021 and December 31, 2020 (dollars in millions):
(1)Includes initial margin posted to a central clearing partner.
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Offsetting Liabilities [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2021 and December 31, 2020 (dollars in millions):
(1)Includes initial margin posted to a central clearing partner.
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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) |
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Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 are summarized below (dollars in millions):
(1)Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of March 31, 2021, the fair value of such investments was $465 million.
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Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2021 and December 31, 2020 (dollars in millions):
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
(1)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
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Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2021 and December 31, 2020 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. This table excludes any payables or receivables for collateral under repurchase or reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Revenue From Segments To Consolidated Text Block | Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions):
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Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block |
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Reconciliation Of Assets From Segment To Consolidated Text Block |
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Commitments, Contingencies and Guarantees (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The Company’s commitments to fund investments as of March 31, 2021 and December 31, 2020, are presented in the following table (dollars in millions):
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Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of March 31, 2021 (dollars in millions):
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Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of March 31, 2021 and December 31, 2020, are reflected in the following table (dollars in millions):
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Employee Benefit Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2021 and 2020 were as follows (dollars in millions):
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Reinsurance (Tables) |
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Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ceded Credit Risk [Table Text Block] | The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of March 31, 2021 or December 31, 2020 (dollars in millions):
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Policy Claims and Benefits (Tables) |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
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Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Shares) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||
Net income (numerator for basic and diluted calculations) | $ 139 | $ (88) |
Shares: | ||
Weighted Average Number of Shares Outstanding, Basic | 68,000,000 | 62,000,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,000,000 |
Denominator for diluted calculation | 68,000,000 | 63,000,000 |
Earnings Per Share: | ||
Basic earnings per share | $ 2.04 | $ (1.41) |
Diluted earnings per share | $ 2.03 | $ (1.41) |
Earnings Per Share Earnings Per Share (Stock Options and Performance Shares Excluded From Common Equivalent Shares) (Details) - shares |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000,000 | |
Share-based Payment Arrangement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 291,000 | 150,000 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,248,000 | 1,060,000 |
Earnings Per Share (Narrative) (Details) - shares |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 68,000,000 | 62,000,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,000,000 |
Weighted Average Number of Shares Outstanding, Diluted | 68,000,000 | 63,000,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000,000 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 63,000,000 |
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares |
3 Months Ended | |||||
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | ||||
Common Stock Issuable [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 85,310,598 | 79,137,758 | 85,310,598 | 79,137,758 | ||
Treasury Stock, Shares, Acquired | 0 | |||||
Stock Based Compensation Shares | [1] | 0 | 0 | |||
Common Stock Held In Treasury [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 17,325,355 | 17,491,415 | 17,353,697 | 16,481,656 | ||
Treasury Stock, Shares, Acquired | (1,074,413) | |||||
Stock Based Compensation Shares | [1] | (28,342) | (64,654) | |||
Common Stock Outstanding [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 67,985,243 | 61,646,343 | 67,956,901 | 62,656,102 | ||
Treasury Stock, Shares, Acquired | (1,074,413) | |||||
Stock Based Compensation Shares | [1] | (28,342) | (64,654) | |||
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Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (71) | $ (87) | $ (49) | $ (26) |
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Investment related gains (losses), net | $ 304 | $ (251) | ||||||
Investment income | 812 | 594 | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 186 | (96) | ||||||
Income Tax Expense (Benefit) | (47) | 8 | ||||||
Net income | 139 | (88) | ||||||
Unrealized Appreciation Depreciation Of Investments [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Investment related gains (losses), net | 157 | (39) | ||||||
Deferred policy acquisition costs attributed to unrealized gains and losses | [1] | (42) | (102) | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 113 | (141) | ||||||
Income Tax Expense (Benefit) | (24) | 27 | ||||||
Net income | 89 | (114) | ||||||
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Prior service cost | [2] | 0 | 0 | |||||
Actuarial gains/(losses) | [2] | (1) | (1) | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1) | (1) | ||||||
Income Tax Expense (Benefit) | 0 | 0 | ||||||
Net income | (1) | (1) | ||||||
Amounts Reclassified From AOCI [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net income | 88 | (115) | ||||||
Interest Rate Options [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | 0 | 0 | |||||
Currency Swap [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | $ (2) | $ 0 | |||||
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Equity (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock, Value, Acquired, Cost Method | $ 1 | $ 156 |
Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock, Shares, Acquired | 1,000 | |
Treasury Stock, Value, Acquired, Cost Method | $ 153 | |
Stock Repurchase Program, Authorized Amount | $ 400 |
Equity Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions |
3 Months Ended |
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Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Share-based Payment Arrangement [Abstract] | |
Equity compensation expense | $ | $ 5 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 200,201 |
Stock appreciation rights granted, weighted average exercise price (per share) | $ / shares | 129.01 |
Options exercisable, weighted average price (per share) | $ / shares | $ 96.71 |
Options, remaining term | 4 years 7 months 6 days |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 73 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days |
Shares Granted To Non Employee Directors | shares | 328,725 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 1,644,630 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 167,862 |
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | $ 22 | $ 20 |
Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 52,229 | 49,548 |
Financing Receivable, Allowance for Credit Loss | 22 | 20 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4,709 | 7,404 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 490 | 197 |
Available-for-sale Securities | $ 56,426 | $ 56,735 |
% of Total | 100.00% | 100.00% |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 32,916 | $ 31,963 |
Available-for-sale Securities | $ 35,295 | $ 36,208 |
% of Total | 100.00% | 100.00% |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 32,916 | $ 31,963 |
Financing Receivable, Allowance for Credit Loss | 16 | 17 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,683 | 4,356 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 288 | 94 |
Available-for-sale Securities | $ 35,295 | $ 36,208 |
% of Total | 62.50% | 63.90% |
Canadian and Canadian provincial governments | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,253 | $ 3,145 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,423 | 1,995 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3 | 0 |
Available-for-sale Securities | $ 4,673 | $ 5,140 |
% of Total | 8.30% | 9.10% |
Residential mortgage-backed securities | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,536 | $ 1,735 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 62 | 84 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 7 | 2 |
Available-for-sale Securities | $ 1,591 | $ 1,817 |
% of Total | 2.80% | 3.20% |
Asset-backed Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,156 | $ 3,099 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 25 | 35 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 30 | 42 |
Available-for-sale Securities | $ 3,151 | $ 3,092 |
% of Total | 5.60% | 5.40% |
Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,774 | $ 1,790 |
Financing Receivable, Allowance for Credit Loss | 1 | 3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 78 | 102 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 11 | 21 |
Available-for-sale Securities | $ 1,840 | $ 1,868 |
% of Total | 3.30% | 3.30% |
US Treasury and Government [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 960 | $ 1,242 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 23 | 196 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 53 | 1 |
Available-for-sale Securities | $ 930 | $ 1,437 |
% of Total | 1.60% | 2.50% |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,240 | $ 1,237 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 109 | 157 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 14 | 4 |
Available-for-sale Securities | $ 1,335 | $ 1,390 |
% of Total | 2.40% | 2.40% |
Debt Security, Government, Non-US [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 7,394 | $ 5,337 |
Financing Receivable, Allowance for Credit Loss | 5 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 306 | 479 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 84 | 33 |
Available-for-sale Securities | $ 7,611 | $ 5,783 |
% of Total | 13.50% | 10.20% |
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Mar. 31, 2021 | |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 131 | $ 148 |
Available-for-sale Securities | 139 | 162 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 1,751 | 1,784 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 27,893 | 27,675 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | $ 29,954 | $ 31,179 |
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Mar. 31, 2021 | |
Government Of Japan [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,366 | $ 1,493 |
Available-for-sale Securities | 3,352 | 1,491 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,337 | 1,303 |
Available-for-sale Securities | 2,175 | 2,474 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,081 | 1,054 |
Available-for-sale Securities | $ 1,427 | $ 1,528 |
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 1,361 | |
Due after one year through five years | 8,345 | |
Due after five year through ten years | 10,956 | |
Due after ten years | 25,101 | |
Asset and mortgage-backed securities | 6,466 | |
Total | 52,229 | $ 49,548 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 1,378 | |
Due after one year through five years | 8,829 | |
Due after five year through ten years | 11,763 | |
Due after ten years | 27,874 | |
Asset and mortgage-backed securities | 6,582 | |
Total | $ 56,426 | $ 56,735 |
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - Corporate Debt Securities [Member] - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 32,916 | $ 31,963 |
Estimated Fair Value | $ 35,295 | $ 36,208 |
% of Total | 100.00% | 100.00% |
Finance | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 12,045 | $ 11,785 |
Estimated Fair Value | $ 12,906 | $ 13,236 |
% of Total | 36.60% | 36.60% |
Industrial | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 16,819 | $ 16,274 |
Estimated Fair Value | $ 18,029 | $ 18,435 |
% of Total | 51.00% | 50.90% |
Utility | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 4,052 | $ 3,904 |
Estimated Fair Value | $ 4,360 | $ 4,537 |
% of Total | 12.40% | 12.50% |
Investments Investments (Allowance for Credit Loss Roll Forward) (Details) - Available-for-sale Securities [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | $ 20 | $ 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 6 | 33 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (3) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | (1) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 22 | 33 |
Commercial Mortgage Backed Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | 3 | |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (2) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | (1) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 1 | |
Corporate Debt Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | 17 | 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 26 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (1) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 16 | 26 |
Debt Security, Government, Non-US [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | 0 | 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 5 | 7 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | $ 5 | $ 7 |
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Gross unrealized losses with number of securities [Line Items] | ||
Document Period End Date | Mar. 31, 2021 | |
Gross Unrealized Losses | $ 490 | $ 197 |
% of Total | 100.00% | 100.00% |
Less than 20% | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 427 | $ 133 |
% of Total | 87.20% | 67.50% |
20% or more for less than six months | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 28 | $ 42 |
% of Total | 5.70% | 21.30% |
20% or more for six months or greater | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 35 | $ 22 |
% of Total | 7.10% | 11.20% |
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed Maturities [Member] - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | $ 9,599 | $ 4,068 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 391 | 163 |
Estimated Fair Value - 12 months or greater | 2,058 | 769 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 99 | 34 |
Estimated Fair Value | 11,657 | 4,837 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 490 | 197 |
Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 386 | 522 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 50 | 80 |
Estimated Fair Value - 12 months or greater | 311 | 113 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 45 | 15 |
Estimated Fair Value | 697 | 635 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 95 | 95 |
Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 9,213 | 3,546 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 341 | 83 |
Estimated Fair Value - 12 months or greater | 1,747 | 656 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 54 | 19 |
Estimated Fair Value | 10,960 | 4,202 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 395 | 102 |
Corporate Debt Securities [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 258 | 375 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 45 | 49 |
Estimated Fair Value - 12 months or greater | 226 | 81 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 22 | 11 |
Estimated Fair Value | 484 | 456 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 67 | 60 |
Corporate Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 4,794 | 930 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 211 | 29 |
Estimated Fair Value - 12 months or greater | 219 | 70 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 5 |
Estimated Fair Value | 5,013 | 1,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 221 | 34 |
Canadian and Canadian provincial governments | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 29 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 0 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value | 29 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3 | 0 |
Residential mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 323 | 294 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 2 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value | 323 | 294 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 7 | 2 |
Asset-backed Securities [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 20 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 13 |
Estimated Fair Value - 12 months or greater | 15 | 4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 12 | 1 |
Estimated Fair Value | 15 | 24 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 12 | 14 |
Asset-backed Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 793 | 1,096 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6 | 17 |
Estimated Fair Value - 12 months or greater | 933 | 570 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 12 | 11 |
Estimated Fair Value | 1,726 | 1,666 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 18 | 28 |
Commercial mortgage-backed securities | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 42 | 91 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | |
Estimated Fair Value - 12 months or greater | 44 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | |
Estimated Fair Value | 86 | 91 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 15 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 7 | |
Commercial mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 103 | 160 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 6 |
Estimated Fair Value - 12 months or greater | 68 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 0 |
Estimated Fair Value | 171 | 160 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4 | 6 |
US Government Agencies Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 431 | 27 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 53 | 1 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value | 431 | 27 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 53 | 1 |
US States and Political Subdivisions Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 271 | 66 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 1 |
Estimated Fair Value - 12 months or greater | 29 | 16 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5 | 3 |
Estimated Fair Value | 300 | 82 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 14 | 4 |
Debt Security, Government, Non-US [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 86 | 36 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 3 |
Estimated Fair Value - 12 months or greater | 26 | 28 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5 | 3 |
Estimated Fair Value | 112 | 64 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 9 | 6 |
Debt Security, Government, Non-US [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 2,469 | 973 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 50 | 27 |
Estimated Fair Value - 12 months or greater | 498 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 25 | 0 |
Estimated Fair Value | 2,967 | 973 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 75 | $ 27 |
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ 836 | $ 616 |
Investment expense | (24) | (22) |
Investment income, net of related expenses | 812 | 594 |
Available-for-sale Securities [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 495 | 480 |
Equity securities | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 2 | 2 |
Mortgage Loans on Real Estate [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 66 | 67 |
Policy loans | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 14 | 15 |
Funds withheld at interest | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 84 | 53 |
Short-term Investments [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 1 | 4 |
Other invested assets | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ 174 | $ (5) |
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments [Abstract] | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ (13) | $ (8) |
Gain (Loss) on Sale of Equity Investments | 3 | (23) |
Investment Gains And Losses [Abstract] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 2 | 34 |
Gain on investment activity | 167 | 27 |
Other impairment losses and change in mortgage loan provision | 18 | (13) |
Change in Fair Value Limited Partnership Investments and Other Net | 111 | 9 |
Other investment related gains (losses), net | 304 | (251) |
Derivatives and other, net | 18 | (243) |
Total investment related gains (losses), net | $ 302 | $ (285) |
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Mar. 31, 2021 | |
Securities Loaned, Fair Value of Collateral | $ 102 | $ 105 |
Securities Received as Collateral | 104 | 102 |
Securities for Reverse Repurchase Agreements | 647 | 653 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 657 | 669 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 233 | 118 |
Securities Loaned, Fair Value of Collateral | 94 | 94 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 257 | 161 |
Securities for Reverse Repurchase Agreements | $ 685 | $ 711 |
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 102 | $ 105 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 685 | 711 |
Obligation to Return Securities Received as Collateral | 787 | 816 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 766 | 771 |
SecuredBorrowingsGrossDifferenceAmount | 21 | 45 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 102 | 105 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 407 | 417 |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 278 | 294 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity Overnight [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity up to 30 days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity 30 to 90 Days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 685 | 711 |
Obligation to Return Securities Received as Collateral | 787 | 816 |
Maturity over 90 days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 102 | 105 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 407 | 417 |
Maturity over 90 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 278 | $ 294 |
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Document Period End Date | Mar. 31, 2021 | |||
Percentage of total | 100.00% | 100.00% | ||
Recorded investment | $ 6,058 | $ 5,861 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (10) | (10) | ||
Allowance for Loan and Lease Losses, Real Estate | (47) | (64) | $ (39) | $ (12) |
Mortgage loans on real estate (net of allowances of $47 and $64) | $ 6,001 | $ 5,787 | ||
Apartment | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 14.10% | 13.80% | ||
Recorded investment | $ 856 | $ 808 | ||
Retail | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 28.90% | 29.30% | ||
Recorded investment | $ 1,753 | $ 1,711 | ||
Office building | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 28.50% | 29.00% | ||
Recorded investment | $ 1,724 | $ 1,702 | ||
Industrial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 21.40% | 20.60% | ||
Recorded investment | $ 1,297 | $ 1,210 | ||
Other commercial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 7.10% | 7.30% | ||
Recorded investment | $ 428 | $ 430 |
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Document Period End Date | Mar. 31, 2021 | |
Financing Receivable, before Allowance for Credit Loss | $ 6,058 | $ 5,861 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Due within five years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,478 | $ 2,276 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 40.90% | 38.80% |
Due after five years through ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,674 | $ 2,768 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 44.10% | 47.30% |
Due after ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 906 | $ 817 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 15.00% | 13.90% |
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,058 | $ 5,861 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Construction Loan | $ 26 | $ 12 |
Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 246 | $ 227 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 4.10% | 3.90% |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 608 | $ 617 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 10.00% | 10.50% |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,087 | $ 2,108 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 34.50% | 36.00% |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 3,117 | $ 2,909 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 51.40% | 49.60% |
Construction Loan | $ 26 | $ 12 |
Debt Service Coverage Ratio Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 146 | 80 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 17 | 17 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 43 | 13 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3 | 33 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 83 | 17 |
Debt Service Coverage Ratio Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 287 | 238 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 21 | 21 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 71 | 49 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 64 | 62 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 131 | 106 |
Debt Service Coverage Ratio Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,599 | 5,531 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 208 | 189 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 494 | 555 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,020 | 2,013 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,877 | $ 2,774 |
Investments (Internal Credit Rating Disclosure) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 6,058 | $ 5,861 | ||
Allowance for Loan and Lease Losses, Real Estate | 47 | 64 | $ 39 | $ 12 |
High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 3,476 | 3,438 | ||
Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 2,396 | 2,271 | ||
Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 146 | 111 | ||
Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4 | 4 | ||
Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 36 | 37 | ||
Year Of Origination 2021 | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 346 | |||
Year Of Origination 2021 | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 230 | |||
Year Of Origination 2021 | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 116 | |||
Year Of Origination 2021 | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2021 | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2021 | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2020 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 771 | 763 | ||
Year Of Origination 2020 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 411 | 411 | ||
Year Of Origination 2020 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 360 | 352 | ||
Year Of Origination 2020 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2020 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2020 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2019 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,073 | 1,112 | ||
Year Of Origination 2019 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 575 | 616 | ||
Year Of Origination 2019 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 498 | 496 | ||
Year Of Origination 2019 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2019 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2019 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2018 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 878 | 892 | ||
Year Of Origination 2018 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 451 | 493 | ||
Year Of Origination 2018 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 388 | 399 | ||
Year Of Origination 2018 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 39 | 0 | ||
Year Of Origination 2018 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2018 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2017 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 731 | 762 | ||
Year Of Origination 2017 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 315 | 336 | ||
Year Of Origination 2017 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 397 | 407 | ||
Year Of Origination 2017 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 19 | 19 | ||
Year Of Origination 2017 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2017 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Year Of Origination 2016 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 860 | |||
Year Of Origination 2016 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 574 | |||
Year Of Origination 2016 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 249 | |||
Year Of Origination 2016 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 37 | |||
Year Of Origination 2016 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2016 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination Prior Periods [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 2,259 | 1,472 | ||
Year Of Origination Prior Periods [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,494 | 1,008 | ||
Year Of Origination Prior Periods [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 637 | 368 | ||
Year Of Origination Prior Periods [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 88 | 55 | ||
Year Of Origination Prior Periods [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4 | 4 | ||
Year Of Origination Prior Periods [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 36 | $ 37 |
Investments (Financing Receivables Past Due) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,058 | $ 5,861 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,043 | 5,846 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 15 | $ 15 |
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Document Period End Date | Mar. 31, 2021 | |||
Recorded investment | $ 6,058 | $ 5,861 | ||
Valuation Allowances: | ||||
Allowance for Loan and Lease Losses, Real Estate | 47 | 64 | $ 39 | $ 12 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Evaluated individually for credit losses | 36 | 37 | ||
Evaluated collectively for credit losses | 6,022 | 5,824 | ||
Recorded investment | 6,058 | 5,861 | ||
Valuation Allowances: | ||||
Specific for credit losses | 0 | 0 | ||
Non-specifically identified credit losses | 47 | 64 | ||
Allowance for Loan and Lease Losses, Real Estate | $ 47 | $ 64 |
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Allowance For Loan And Lease Losses Roll Forward | ||
Balance, Beginning of Period | $ 64 | $ 12 |
Adoption of New Accounting Standard Current Expected Credit Loss | 0 | 14 |
Provision (release) | (17) | (13) |
Balance, End of Period | $ 47 | $ 39 |
Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | $ 36 | $ 37 | ||||
Recorded Investment | 36 | 37 | ||||
Related Allowance | 0 | 0 | ||||
Carrying Value | 36 | 37 | ||||
Average Investment | [1] | 36 | $ 17 | |||
Interest Income | 0 | 0 | ||||
Impaired mortgage loans with valuation allowance recorded | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | 0 | 0 | ||||
Recorded Investment | 0 | 0 | ||||
Related Allowance | 0 | 0 | ||||
Carrying Value | 0 | 0 | ||||
Average Investment | 0 | 0 | [1] | |||
Interest Income | 0 | 0 | ||||
Impaired mortgage loans with no valuation allowance recorded | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | 36 | 37 | ||||
Recorded Investment | 36 | 37 | ||||
Related Allowance | 0 | 0 | ||||
Carrying Value | 36 | $ 37 | ||||
Average Investment | 36 | 17 | [1] | |||
Interest Income | $ 0 | $ 0 | ||||
|
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Document Period End Date | Mar. 31, 2021 | |
Other invested assets | $ 2,983 | $ 2,829 |
Limited Partner [Member] | ||
Other invested assets | 1,529 | 1,367 |
Equity Release Mortgages [Member] | ||
Other invested assets | 958 | 935 |
Derivatives | ||
Other invested assets | 125 | 140 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other invested assets | 276 | 289 |
Other | ||
Other invested assets | $ 95 | $ 98 |
Investments (Investment Income Adjustment) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Reclassification of Pre Tax Unrealized Gains From AOCI to Investment Income Associated With Limited Partnerships | $ 92 | ||||
Pre Tax Gains In Investment Related Gains Associated With Investments In Limited Partnerships | $ 70 | ||||
Revision of Prior Period, Reclassification, Adjustment | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 102 | $ (2) | $ 1 | $ 10 |
Investments (Narrative) (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
securities
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
securities
|
|
Investment Narrative [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | $ 1 | $ 2 | |
Document Period End Date | Mar. 31, 2021 | ||
Sales of fixed maturity securities available-for-sale | $ 2,738 | $ 2,141 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 5 | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | 13 | 8 | |
Available-for-sale Securities, Gross Realized Gains | $ 167 | 27 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 1,650,000 | 877 | |
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | |
Funds withheld at interest | $ 5,459 | $ 5,432 | |
Funds Held Under Reinsurance Agreements Asset Specific Client | 3,200 | ||
Gain (Loss) on Sale of Equity Investments | 3 | $ (23) | |
Mortgage Loan Carrying Value Payout Adjusted Due To COVID-19 | $ 10 | $ 660 | |
CALIFORNIA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 13.90% | ||
TEXAS | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 13.60% | ||
GEORGIA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.80% | ||
CANADA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.20% | ||
UNITED KINGDOM | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 1.80% |
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative [Line Items] | ||
Notional Amount | $ 23,577 | $ 23,298 |
Carrying Value / Fair Value of Assets | 268 | 229 |
Derivative Liability, Fair Value, Gross Liability | 943 | 987 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 21,230 | 21,007 |
Carrying Value / Fair Value of Assets | 255 | 208 |
Derivative Liability, Fair Value, Gross Liability | 893 | 947 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,107 | 1,084 |
Carrying Value / Fair Value of Assets | 67 | 93 |
Derivative Liability, Fair Value, Gross Liability | 3 | 1 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 285 | 258 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 475 | 347 |
Carrying Value / Fair Value of Assets | 2 | 4 |
Derivative Liability, Fair Value, Gross Liability | 10 | 2 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 627 | 612 |
Carrying Value / Fair Value of Assets | 19 | 11 |
Derivative Liability, Fair Value, Gross Liability | 12 | 19 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,720 | 1,517 |
Carrying Value / Fair Value of Assets | 32 | 13 |
Derivative Liability, Fair Value, Gross Liability | 3 | 0 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 443 | 395 |
Carrying Value / Fair Value of Assets | 26 | 29 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 16,423 | 16,644 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 109 | 58 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 720 | 752 |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 136 | 155 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 150 | 150 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 9 | 18 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 2,347 | 2,291 |
Carrying Value / Fair Value of Assets | 13 | 21 |
Derivative Liability, Fair Value, Gross Liability | 50 | 40 |
Designated As Hedging Instrument | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 878 | 802 |
Carrying Value / Fair Value of Assets | 2 | 3 |
Derivative Liability, Fair Value, Gross Liability | 24 | 24 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 214 | 234 |
Carrying Value / Fair Value of Assets | 6 | 8 |
Derivative Liability, Fair Value, Gross Liability | 1 | 1 |
Designated As Hedging Instrument | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,141 | 1,255 |
Carrying Value / Fair Value of Assets | 5 | 10 |
Derivative Liability, Fair Value, Gross Liability | 18 | 15 |
Designated As Hedging Instrument | Other Contract | ||
Derivative [Line Items] | ||
Notional Amount | 114 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 7 | $ 0 |
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 0 | $ (22) |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 1 | $ 14 |
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (71) | $ (87) | $ (49) | $ (26) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (24) | (61) | ||
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2) | $ 0 |
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (24) | $ (61) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (71) | (87) | $ (49) | $ (26) |
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | 0 | ||
Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (23) | (36) | ||
Interest Rate Swaps | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Rate Swaps | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | 0 | ||
Currency Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (1) | (25) | ||
Currency Swap [Member] | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Currency Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivatives, Fair Value [Line Items] | ||
Net Derivatives Gains (Losses) Deferred in AOCI | $ (15) | $ 95 |
Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Derivatives Gains (Losses) Deferred in AOCI | (1) | 15 |
Foreign Currency Forwards | ||
Derivatives, Fair Value [Line Items] | ||
Net Derivatives Gains (Losses) Deferred in AOCI | $ (14) | $ 80 |
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $ 302 | $ (285) |
Policy acquisition costs and other insurance expenses | (333) | (248) |
Interest credited | (146) | (146) |
Other revenues | 91 | 76 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | (51) | 123 |
Not Designated as Hedging Instrument | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 32 | (229) |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (70) | 106 |
Not Designated as Hedging Instrument | Financial Futures | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (10) | 44 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 9 | (13) |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (8) | (3) |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 18 | (40) |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 20 | (24) |
Not Designated as Hedging Instrument | Equity Options | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (10) | 53 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 50 | (230) |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Interest credited | (14) | (6) |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $ 19 | $ (128) |
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | $ 29 | $ 13 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,720 | $ 1,517 | |||||
Derivative Average Remaining Maturity | [1],[3] | 7 years 4 months 24 days | 5 years 7 months 6 days | |||||
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | $ 26 | $ 11 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 492 | $ 287 | |||||
Derivative Average Remaining Maturity | [1],[3] | 17 years 9 months 18 days | 15 years | |||||
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | $ 26 | $ 11 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 492 | $ 287 | |||||
Derivative Average Remaining Maturity | [1],[3] | 17 years 9 months 18 days | 15 years | |||||
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | $ 2 | $ 2 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 230 | $ 232 | |||||
Derivative Average Remaining Maturity | [1],[3] | 1 year 8 months 12 days | 1 year 7 months 6 days | |||||
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | $ 1 | $ 0 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 988 | $ 988 | |||||
Derivative Average Remaining Maturity | [1],[3] | 3 years 8 months 12 days | 3 years 10 months 24 days | |||||
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | $ 3 | $ 2 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,218 | $ 1,220 | |||||
Derivative Average Remaining Maturity | [1],[3] | 3 years 3 months 18 days | 3 years 6 months | |||||
Standard & Poor's, BB Rating [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Derivative Average Remaining Maturity | [1],[2] | 6 months | 8 months 12 days | |||||
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | $ 0 | $ 0 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 10 | 10 | |||||
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | ||||||||
Credit Derivatives [Line Items] | ||||||||
Credit Derivative Current Fair Value | [1] | 0 | 0 | |||||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 10 | $ 10 | |||||
|
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Derivative Assets [Abstract] | ||||
Derivative Fair Value Of Free Standing Derivative Asset | $ 159 | $ 171 | ||
Gross Amounts Offset in the Balance Sheet | (34) | (31) | ||
Net Amounts Presented in the Balance Sheet | 125 | 140 | ||
Derivative Asset, Fair Value of Collateral | [1] | (33) | (30) | |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (81) | (98) | ||
Net Amount | 11 | 12 | ||
Derivative Liabilities [Abstract] | ||||
Derivative Fair Value Of Free Standing Derivative Liability | 87 | 80 | ||
Gross Amounts Offset in the Balance Sheet | (34) | (31) | ||
Net Amounts Presented in the Balance Sheet | 53 | 49 | ||
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [1] | (118) | (146) | |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (43) | (47) | ||
Net Amount | $ (108) | $ (144) | ||
|
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | $ 124 | $ 139 |
Counterparty Credit Derivative Exposure | 18 | |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 6 |
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
|||
---|---|---|---|---|---|
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | $ 56,426 | $ 56,735 | |||
Equity Method Investments, Fair Value Disclosure | 135 | 132 | |||
Funds withheld at interest embedded derivatives | 176 | 114 | |||
Cash and cash equivalents | 1,460 | 1,478 | |||
Short-term investments | 123 | 197 | |||
Derivative Assets (Liabilities), at Fair Value, Net | 125 | 140 | |||
Investments, Fair Value Disclosure | 401 | [1] | 429 | ||
Assets, Fair Value Disclosure | 58,721 | 59,085 | |||
Liabilities Fair Value Disclosure | |||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 856 | 907 | |||
Other liabilities | (53) | (49) | |||
Financial Liabilities Fair Value Disclosure | 909 | 956 | |||
Fair Value, Net Asset (Liability) | 465 | ||||
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||||
Assets Fair Value Disclosure | |||||
Investments, Fair Value Disclosure | 276 | 289 | |||
Corporate Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 35,295 | 36,208 | |||
Canadian and Canadian provincial governments | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 4,673 | 5,140 | |||
Residential mortgage-backed securities | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 1,591 | 1,817 | |||
Asset-backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 3,151 | 3,092 | |||
Assets, Fair Value Disclosure | 79 | 87 | |||
Commercial Mortgage Backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 1,840 | 1,868 | |||
US Treasury and Government [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 930 | 1,437 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 1,335 | 1,390 | |||
Debt Security, Government, Non-US [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 7,611 | 5,783 | |||
Fair Value Inputs Level 1 Member | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 809 | 1,312 | |||
Equity Method Investments, Fair Value Disclosure | 81 | 79 | |||
Funds withheld at interest embedded derivatives | 0 | 0 | |||
Cash and cash equivalents | 1,434 | 1,478 | |||
Short-term investments | 3 | 32 | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||
Investments, Fair Value Disclosure | 222 | [1] | 224 | ||
Assets, Fair Value Disclosure | 2,549 | 3,125 | |||
Liabilities Fair Value Disclosure | |||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Financial Liabilities Fair Value Disclosure | 0 | 0 | |||
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||||
Assets Fair Value Disclosure | |||||
Investments, Fair Value Disclosure | 222 | 224 | |||
Fair Value Inputs Level 1 Member | Corporate Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 1 Member | Asset-backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 1 Member | US Treasury and Government [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 809 | 1,312 | |||
Fair Value Inputs Level 1 Member | US States and Political Subdivisions Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 1 Member | Debt Security, Government, Non-US [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 2 Member | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 52,090 | 52,100 | |||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | |||
Funds withheld at interest embedded derivatives | 0 | 0 | |||
Cash and cash equivalents | 26 | 0 | |||
Short-term investments | 109 | 150 | |||
Derivative Assets (Liabilities), at Fair Value, Net | 125 | 140 | |||
Investments, Fair Value Disclosure | 179 | [1] | 205 | ||
Assets, Fair Value Disclosure | 52,404 | 52,455 | |||
Liabilities Fair Value Disclosure | |||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | |||
Other liabilities | (53) | (49) | |||
Financial Liabilities Fair Value Disclosure | 53 | 49 | |||
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||||
Assets Fair Value Disclosure | |||||
Investments, Fair Value Disclosure | 54 | 65 | |||
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 32,194 | 33,179 | |||
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 4,673 | 5,140 | |||
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 1,588 | 1,814 | |||
Fair Value Inputs Level 2 Member | Asset-backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 2,822 | 2,896 | |||
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 1,784 | 1,813 | |||
Fair Value Inputs Level 2 Member | US Treasury and Government [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 108 | 111 | |||
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 1,326 | 1,381 | |||
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 7,595 | 5,766 | |||
Fair Value Inputs Level 3 Member | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 3,527 | 3,323 | |||
Equity Method Investments, Fair Value Disclosure | 54 | 53 | |||
Funds withheld at interest embedded derivatives | 176 | 114 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 11 | 15 | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||
Investments, Fair Value Disclosure | 0 | [1] | 0 | ||
Assets, Fair Value Disclosure | 3,768 | 3,505 | |||
Liabilities Fair Value Disclosure | |||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 856 | 907 | |||
Other liabilities | 0 | 0 | |||
Financial Liabilities Fair Value Disclosure | 856 | 907 | |||
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||||
Assets Fair Value Disclosure | |||||
Investments, Fair Value Disclosure | 0 | 0 | |||
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 3,101 | 3,029 | |||
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 3 | 3 | |||
Fair Value Inputs Level 3 Member | Asset-backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 329 | 196 | |||
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 56 | 55 | |||
Fair Value Inputs Level 3 Member | US Treasury and Government [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 13 | 14 | |||
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | 9 | 9 | |||
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | |||||
Assets Fair Value Disclosure | |||||
Fixed maturity securities, available-for-sale | $ 16 | $ 17 | |||
|
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 58,721 | $ 59,085 |
Asset-backed Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 79 | $ 87 |
Asset-backed Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.05 | 0.01 |
Asset-backed Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.18 | 0.18 |
Asset-backed Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 21 | $ 37 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | |
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | |
Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | 109 | $ 58 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 13 | $ 14 |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Equity securities | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 12 | $ 10 |
Embedded Derivatives In Indexed Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 720 | $ 752 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Variable Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 136 | $ 155 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.14 | 0.13 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.27 | 0.27 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.07 | 0.07 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.14 | 0.13 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.14 | 0.13 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.25 | 0.25 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 6.5 | 7.1 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 7.6 | 11.2 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 5.2 | 5.2 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 8.1 | 7.9 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 10.6 | 10.6 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 6.9 | 6.9 |
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
Corporate Debt Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 3,029 | $ 2,186 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (82) | (115) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (223) | (231) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (1) | (44) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (72) | (52) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 4 | 1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,101 | 2,197 | ||||
Corporate Debt Securities [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | 1 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | 0 | ||||
Corporate Debt Securities [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Corporate Debt Securities [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (11) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | (11) | ||||
Corporate Debt Securities [Member] | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Corporate Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (82) | (140) | ||||
US Government Agencies Debt Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 23 | 25 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1) | (1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 22 | 25 | ||||
US Government Agencies Debt Securities [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 1 | ||||
Debt Security, Government, Non-US [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 17 | 720 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | (1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 704 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 16 | 15 | ||||
Debt Security, Government, Non-US [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Debt Security, Government, Non-US [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Debt Security, Government, Non-US [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Debt Security, Government, Non-US [Member] | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Debt Security, Government, Non-US [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | (1) | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 114 | 121 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (16) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 176 | (109) | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (5) | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (5) | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 50 | (230) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 50 | (230) | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Short-term Investments [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15 | 2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 4 | 1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 11 | 1 | ||||
Short-term Investments [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Short-term Investments [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Short-term Investments [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Short-term Investments [Member] | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Short-term Investments [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | 0 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 856 | 1,042 | $ 907 | $ 930 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | (3) | (11) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 22 | 21 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Interest Income [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (13) | (6) | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (19) | 128 | ||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | (16) | 131 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 8 | 15 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Equity securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 53 | 77 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 14 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 54 | 56 | ||||
Equity securities | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Equity securities | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Equity securities | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | (7) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | (7) | ||||
Equity securities | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Equity securities | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Structured Finance [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 254 | 208 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | (27) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (166) | (9) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (61) | (13) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 30 | 21 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 53 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 388 | 144 | ||||
Structured Finance [Member] | Investment Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Structured Finance [Member] | Interest Income [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Structured Finance [Member] | Investment Related Gains Losses [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Structured Finance [Member] | Insurance Claims [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Structured Finance [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ (1) | $ (27) | ||||
|
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|---|---|
Reported Value Measurement [Member] | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | [1] | $ 6,001 | $ 5,787 | |||
Policy loans | [1] | 1,253 | 1,258 | |||
Funds withheld at interest | [1] | 5,264 | 5,292 | |||
Cash and cash equivalents | [1] | 1,662 | 1,930 | |||
Short-term investments | [1] | 34 | 30 | |||
Other invested assets | [1] | 1,139 | 1,482 | |||
Accrued investment income | [1] | 546 | 511 | |||
Liabilities | ||||||
Interest-sensitive contract liabilities | [1] | 18,031 | 18,106 | |||
Long-term debt | [1] | 3,573 | 3,573 | |||
Collateral finance and securitization notes | [1] | 346 | 388 | |||
Estimate of Fair Value Measurement [Member] | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 6,231 | 6,167 | ||||
Policy loans | 1,253 | 1,258 | ||||
Funds withheld at interest | 5,618 | 5,676 | ||||
Cash and cash equivalents | 1,662 | 1,930 | ||||
Short-term investments | 34 | 30 | ||||
Other invested assets | 1,115 | 1,601 | ||||
Accrued investment income | 546 | 511 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 19,470 | 19,683 | ||||
Long-term Debt, Fair Value | 3,800 | 3,901 | ||||
Collateral finance and securitization notes | 311 | 351 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 1 Member | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ||||
Policy loans | 0 | 0 | ||||
Funds withheld at interest | 0 | 0 | ||||
Cash and cash equivalents | 1,662 | 1,930 | ||||
Short-term investments | 34 | 30 | ||||
Other invested assets | 6 | 5 | ||||
Accrued investment income | 0 | 0 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 0 | 0 | ||||
Long-term Debt, Fair Value | 0 | 0 | ||||
Collateral finance and securitization notes | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 2 Member | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ||||
Policy loans | 1,253 | 1,258 | ||||
Funds withheld at interest | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Other invested assets | 86 | 89 | ||||
Accrued investment income | 546 | 511 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 0 | 0 | ||||
Long-term Debt, Fair Value | 0 | 0 | ||||
Collateral finance and securitization notes | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 6,231 | 6,167 | ||||
Policy loans | 0 | 0 | ||||
Funds withheld at interest | 5,618 | 5,676 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Other invested assets | 1,023 | 1,018 | ||||
Accrued investment income | 0 | 0 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 19,470 | 19,683 | ||||
Long-term Debt, Fair Value | 3,800 | 3,901 | ||||
Collateral finance and securitization notes | 311 | 351 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured at Net Asset Value Per Share | ||||||
Assets | ||||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | ||||
Policy loans | 0 | 0 | ||||
Funds withheld at interest | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Other invested assets | 0 | 489 | ||||
Accrued investment income | 0 | 0 | ||||
Liabilities | ||||||
Interest-sensitive contract liabilities | 0 | 0 | ||||
Long-term Debt, Fair Value | 0 | 0 | ||||
Collateral finance and securitization notes | 0 | 0 | ||||
Mortgage loans on real estate (net of valuation allowances) | 6,001 | 5,787 | ||||
Policy loans | 1,253 | 1,258 | ||||
Funds withheld at interest | 5,459 | 5,432 | ||||
Cash and cash equivalents | 3,122 | 3,408 | $ 2,820 | $ 1,449 | ||
Short-term investments | 157 | 227 | ||||
Other invested assets | 2,983 | 2,829 | ||||
Accrued investment income | 546 | 511 | ||||
Interest-sensitive contract liabilities | 23,142 | 23,276 | ||||
Long-term debt | $ 3,573 | $ 3,573 | ||||
|
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Equity securities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 0 | $ 0 |
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 4,119 | $ 3,204 |
Other Segments | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,955 | 1,672 |
Other Segments | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 369 | 320 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 603 | 485 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 751 | 735 |
Corporate and Other [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 441 | (8) |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,637 | 1,533 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 343 | 296 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 457 | 407 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 647 | 667 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 318 | 139 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 26 | 24 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 146 | 78 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 104 | $ 68 |
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 186 | $ (96) |
Corporate and Other [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 350 | (91) |
Other Segments | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (255) | (77) |
Other Segments | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 30 | 26 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (8) | 47 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 69 | (1) |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (338) | (62) |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 24 | 23 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (68) | 17 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 41 | 24 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 83 | (15) |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 6 | 3 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 60 | 30 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 28 | $ (25) |
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 84,810 | $ 84,656 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8,556 | 9,906 |
Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 44,634 | 45,504 |
Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,949 | 4,695 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 11,700 | 12,055 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 14,971 | 12,496 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 20,208 | 20,071 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,937 | 4,682 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,855 | 4,763 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8,289 | 8,197 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 24,426 | 25,433 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 12 | 13 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,845 | 7,292 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 6,682 | $ 4,299 |
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 713 | $ 678 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 163 | 199 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 269 | 194 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 55 | $ 43 |
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Commitment Period Two Thousand Thirty Four [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,243 |
Commitment Period Two Thousand Thirty Five [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,458 |
Commitment Period Two Thousand Thirty Six [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,599 |
Commitment Period Two Thousand Thirty Seven | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,850 |
Commitment Period Two Thousand Thirty Eight | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,300 |
Commitment Period Two Thousand Thirty Nine | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 11,351 |
Commitment Period Two Thousand Forty Six | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,000 |
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 2,023 | $ 1,934 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 1,092 | 961 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 134 | $ 133 |
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Liability For Expected Credit Losses Included in Other Liabilities | $ 1 | $ 2 |
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 47 | $ (8) |
Effective Income Tax Rate Reconciliation, Percent | 25.30% | 8.90% |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 186 | $ (96) |
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4 | $ 3 |
Interest cost | 1 | 2 |
Expected return on plan assets | (2) | (2) |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 1 | 1 |
Total | 4 | 4 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 0 |
Interest cost | 0 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 0 | 0 |
Total | $ 1 | $ 1 |
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 1,089 | $ 983 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 211 | $ 182 |
Reinsurance Recoverables, Percentage of Total | 19.30% | 18.50% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 463 | $ 420 |
Reinsurance Recoverables, Percentage of Total | 42.50% | 42.70% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 222 | $ 216 |
Reinsurance Recoverables, Percentage of Total | 20.40% | 22.00% |
AM Best, A+ Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 49 | $ 46 |
Reinsurance Recoverables, Percentage of Total | 4.50% | 4.70% |
AM Best, A++ Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 66 | $ 55 |
Reinsurance Recoverables, Percentage of Total | 6.10% | 5.60% |
AM Best, A Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 78 | $ 64 |
Reinsurance Recoverables, Percentage of Total | 7.20% | 6.50% |
Reinsurance (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 216 | $ 278 |
Claims Recoverable From Retrocessionaires Past Due | $ 11 | $ 10 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” |
Policy Claims and Benefits (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Liability for Claims and Claims Adjustment Expense | $ 8,284 | $ 6,904 | $ 7,556 | $ 6,786 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (732) | (580) | (641) | (564) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 7,552 | 6,324 | $ 6,915 | $ 6,222 |
Current Year Claims and Claims Adjustment Expense | 4,097 | 2,838 | ||
Prior Year Claims and Claims Adjustment Expense | (59) | (11) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 4,038 | 2,849 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (164) | (131) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (3,196) | (2,342) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (3,360) | (2,473) | ||
Interest On Liability For Policy And Contract Claims | 10 | 9 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | (51) | (283) | ||
Liability for Unpaid Claims and Claims Adjustment Expense Other | $ (41) | $ (274) |
New Accounting Standards (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of New Accounting Standard Current Expected Credit Losses | $ 15 |
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