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Investments (Tables)
 6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Available For Sale Securities
The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021:Amortized
Cost		Allowance for Credit LossesUnrealized GainsUnrealized LossesEstimated
Fair Value		% of Total
Available-for-sale:
Corporate$33,687 $11 $3,465 $137 $37,004 63.4 %
Canadian government3,303 — 1,602 2 4,903 8.4 
RMBS1,323 — 60 6 1,377 2.4 
ABS3,467 — 36 21 3,482 6.0 
CMBS1,774 1 102 6 1,869 3.2 
U.S. government1,295 — 47 24 1,318 2.3 
State and political subdivisions1,206 — 144 6 1,344 2.3 
Other foreign government6,742 4 317 65 6,990 12.0 
Total fixed maturity securities$52,797 $16 $5,773 $267 $58,287 100.0 %
December 31, 2020:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$31,963 $17 $4,356 $94 $36,208 63.9 %
Canadian government3,145 — 1,995 — 5,140 9.1 
RMBS1,735 — 84 2 1,817 3.2 
ABS3,099 — 35 42 3,092 5.4 
CMBS1,790 3 102 21 1,868 3.3 
U.S. government1,242 — 196 1 1,437 2.5 
State and political subdivisions1,237 — 157 4 1,390 2.4 
Other foreign government5,337 — 479 33 5,783 10.2 
Total fixed maturity securities$49,548 $20 $7,404 $197 $56,735 100.0 %
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 June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021December 31, 2020
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities pledged as collateral$125 $135 $148 $162 
Fixed maturity securities received as collateraln/a1,881 n/a1,784 
Assets in trust held to satisfy collateral requirements27,929 30,749 27,675 31,179 
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).
June 30, 2021December 31, 2020
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Government of Japan$2,890 $2,879 $1,493 $1,491 
Canadian province of Quebec1,372 2,315 1,303 2,474 
Canadian province of Ontario1,097 1,477 1,054 1,528 
Investments Classified By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 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.
Amortized CostEstimated Fair Value
Available-for-sale:
Due in one year or less$1,143 $1,150 
Due after one year through five years8,350 8,887 
Due after five years through ten years10,565 11,518 
Due after ten years26,175 30,004 
Structured securities6,564 6,728 
Total$52,797 $58,287 
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 June 30, 2021 and December 31, 2020 (dollars in millions): 
June 30, 2021: Estimated 
 Amortized CostFair Value% of Total           
Finance$12,479 $13,627 36.8 %
Industrial17,032 18,749 50.7 
Utility4,176 4,628 12.5 
Total$33,687 $37,004 100.0 %
December 31, 2020: Estimated 
 Amortized CostFair Value% of Total
Finance$11,785 $13,236 36.6 %
Industrial16,274 18,435 50.9 
Utility3,904 4,537 12.5 
Total$31,963 $36,208 100.0 %
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 six months ended June 30, 2021 and 2020 (dollars in millions):
Six months ended June 30, 2021
 CorporateCMBSOther Foreign GovernmentTotal
Balance, beginning of period$17 $3 $— $20 
Credit losses recognized on securities for which credit losses were not previously recorded2 1 4 7 
Reductions for securities sold during the period(8)(2)— (10)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period— (1)— (1)
Balance, end of period$11 $1 $4 $16 
Six months ended June 30, 2020
 CorporateCMBSOther Foreign GovernmentTotal
Balance, beginning of period$— $— $— $— 
Credit losses recognized on securities for which credit losses were not previously recorded40 — 2 42 
Reductions for securities sold during the period(8)— (1)(9)
Balance, end of period$32 $— $1 $33 
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures
The following table presents the total gross unrealized losses for the 1,223 and 877 fixed maturity securities as of June 30, 2021 and December 31, 2020, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions):
 June 30, 2021December 31, 2020
 Gross
Unrealized
Losses		% of Total    Gross
Unrealized
Losses		% of Total    
Less than 20%$213 79.8 %$133 67.5 %
20% or more for less than six months2 0.7 42 21.3 
20% or more for six months or greater52 19.5 22 11.2 
Total$267 100.0 %$197 100.0 %
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 June 30, 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.
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
June 30, 2021:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$2,596 $79 $168 $6 $2,764 $85 
Canadian government24 2 — — 24 2 
RMBS261 5 21 1 282 6 
ABS800 4 754 5 1,554 9 
CMBS— — 24 1 24 1 
U.S. government364 24 — — 364 24 
State and political subdivisions95 2 29 4 124 6 
Other foreign government1,630 37 561 23 2,191 60 
Total investment grade securities5,770 153 1,557 40 7,327 193 
 
Below investment grade securities:
Corporate258 42 168 10 426 52 
ABS24 1 15 11 39 12 
CMBS— — 43 5 43 5 
Other foreign government66 3 16 2 82 5 
Total below investment grade securities348 46 242 28 590 74 
Total fixed maturity securities$6,118 $199 $1,799 $68 $7,917 $267 

 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
December 31, 2020:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$930 $29 $70 $5 $1,000 $34 
Canadian government— — — — — — 
RMBS294 2 — — 294 2 
ABS1,096 17 570 11 1,666 28 
CMBS160 6 — — 160 6 
U.S. government27 1 — — 27 1 
State and political subdivisions66 1 16 3 82 4 
Other foreign government973 27 — — 973 27 
Total investment grade securities3,546 83 656 19 4,202 102 
Below investment grade securities:
Corporate375 49 81 11 456 60 
ABS20 13 4 1 24 14 
CMBS91 15 — — 91 15 
Other foreign government36 3 28 3 64 6 
Total below investment grade securities522 80 113 15 635 95 
Total fixed maturity securities$4,068 $163 $769 $34 $4,837 $197 
Investment Income
Major categories of investment income, net of related expenses, consist of the following (dollars in millions):
 Three months ended June 30,Six months ended June 30,
 2021202020212020
Fixed maturity securities available-for-sale$516 $474 $1,011 $954 
Equity securities1 1 3 3 
Mortgage loans on real estate73 66 139 133 
Policy loans13 14 27 29 
Funds withheld at interest95 69 179 122 
Short-term investments and cash and cash equivalents— 2 1 6 
Other invested assets87 41 261 36 
Investment income785 667 1,621 1,283 
Investment expense(26)(22)(50)(44)
Investment income, net of related expenses$759 $645 $1,571 $1,239 
Gain Loss On Investments
Investment related gains (losses), net, consist of the following (dollars in millions): 
 Three months ended June 30,Six months ended June 30,
 2021202020212020
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses$5 $— $3 $(34)
Gain on investment activity53 46 220 73 
Loss on investment activity(30)(46)(43)(54)
Net gains (losses) on equity securities20 8 23 (15)
Other impairment losses and change in mortgage loan allowance for credit losses3 (22)21 (35)
Change in fair value of certain limited partnership investments and other, net32 8 143 17 
Net gains (losses) on derivatives29 87 47 (156)
Total investment related gains (losses), net$112 $81 $414 $(204)
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, securities received and cash received as of June 30, 2021 and December 31, 2020 (dollars in millions).
June 30, 2021December 31, 2020
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Borrowed securities$318 $360 $118 $161 
Securities lending:
Securities loaned94 103 94 105 
Securities receivedn/a102 n/a102 
Repurchase program/reverse repurchase program:
Securities pledged877 919 653 711 
Securities receivedn/a670 n/a669 
Cash receivedn/a207 n/a— 
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of June 30, 2021 and December 31, 2020, respectively (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.
June 30, 2021
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $— $— $103 $103 
Total— — — 103 103 
Repurchase/reverse repurchase transactions:
Corporate— — — 411 411 
Other foreign government— — 220 288 508 
Total— — 220 699 919 
Total transactions$— $— $220 $802 $1,022 
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table$979 
Amounts related to agreements not included in offsetting disclosure$43 
December 31, 2020
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $— $— $105 $105 
Total— — — 105 105 
Repurchase/reverse repurchase transactions:
Corporate— — — 417 417 
Other foreign government— — — 294 294 
Total— — — 711 711 
Total transactions$— $— $— $816 $816 
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table$771 
Amounts related to agreements not included in offsetting disclosure$45 
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 June 30, 2021 and December 31, 2020 (dollars in millions):
 June 30, 2021December 31, 2020
 Property type:Carrying Value% of Total Carrying Value% of Total
Office $1,733 26.5 %$1,702 29.0 %
Retail2,036 31.2 1,711 29.3 
Industrial1,388 21.2 1,210 20.6 
Apartment897 13.7 808 13.8 
Other commercial483 7.4 430 7.3 
Recorded investment6,537 100.0 %5,861 100.0 %
Unamortized balance of loan origination fees and expenses(11)(10)
Allowance for credit losses(45)(64)
Total mortgage loans on real estate$6,481 $5,787 
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 June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021December 31, 2020
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$2,585 39.6 %$2,276 38.8 %
Due after five years through ten years2,845 43.5 2,768 47.3 
Due after ten years1,107 16.9 817 13.9 
Total$6,537 100.0 %$5,861 100.0 %
Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block]
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction Loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
June 30, 2021:
Loan-to-Value Ratio
0% – 59.99%$3,053 $274 $65 $24 $3,416 52.2 %
60% – 69.99%2,110 200 42 — 2,352 36.0 
70% – 79.99%503 36 16 — 555 8.5 
80% or greater193 — 21 — 214 3.3 
Total$5,859 $510 $144 $24 $6,537 100.0 %
Recorded Investment
Debt Service RatiosConstruction
Loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2020:
Loan-to-Value Ratio
0% – 59.99%$2,774 $106 $17 $12 $2,909 49.6 %
60% – 69.99%2,013 62 33 — 2,108 36.0 
70% – 79.99%555 49 13 — 617 10.5 
80% or greater189 21 17 — 227 3.9 
Total$5,531 $238 $80 $12 $5,861 100.0 %
Financing Receivable Credit Quality Indicators [Table Text Block]
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions):
Recorded Investment
Year of Origination
20212020201920182017PriorTotal
June 30, 2021:
Internal credit quality grade:
High investment grade$491 $406 $569 $468 $304 $1,686 $3,924 
Investment grade263 366 474 371 399 580 2,453 
Average6 — — 39 18 57 120 
Watch list— — — — — 4 4 
In or near default— — — — — 36 36 
Total$760 $772 $1,043 $878 $721 $2,363 $6,537 
Recorded Investment
Year of Origination
20202019201820172016PriorTotal
December 31, 2020:
Internal credit quality grade:
High investment grade$411 $616 $493 $336 $574 $1,008 $3,438 
Investment grade352 496 399 407 249 368 2,271 
Average— — — 19 37 55 111 
Watch list— — — — — 4 4 
In or near default— — — — — 37 37 
Total$763 $1,112 $892 $762 $860 $1,472 $5,861 
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 June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021December 31, 2020
Current$6,522 $5,846 
31 – 60 days past due15 15 
Total$6,537 $5,861 
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 allowance for credit losses as of June 30, 2021 and December 31, 2020 (dollars in millions):
 June 30, 2021December 31, 2020
Mortgage loans:
Individually measured for impairment$36 $37 
Collectively measured for impairment6,501 5,824 
Recorded investment$6,537 $5,861 
Allowance for credit losses:
Individually measured for impairment$— $— 
Collectively measured for impairment45 64 
Total allowance for credit losses$45 $64 
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans (dollars in millions):
 Six months ended June 30,
 20212020
Balance, beginning of period$64 $12 
Adoption of new accounting standard, see Note 14— 14 
Change in allowance for credit losses(19)30 
Balance, end of period$45 $56 
Impaired Financing Receivables Table
The following table presents information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2021 and December 31, 2020 (dollars in millions):
Unpaid
Principal
Balance		Recorded
Investment		Related
Allowance		Carrying
Value
June 30, 2021:
Impaired mortgage loans with no allowance for credit losses recorded$36 $36 $— $36 
Impaired mortgage loans with allowance for credit losses recorded— — — — 
Total impaired mortgage loans$36 $36 $— $36 
December 31, 2020:
Impaired mortgage loans with no allowance for credit losses recorded$37 $37 $— $37 
Impaired mortgage loans with allowance for credit losses recorded— — — — 
Total impaired mortgage loans$37 $37 $— $37 
The Company’s average investment balance of impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in millions):
 Three months ended June 30,
 20212020
 
Average
Recorded
Investment(1)
Interest
Income
Average
Recorded
  Investment(1)
Interest
Income
Impaired mortgage loans with no allowance for credit losses recorded$36 $1 $17 $— 
Total impaired mortgage loans$36 $1 $17 $— 
 Six months ended June 30,
 20212020
 
Average
Recorded
Investment(1)
Interest
Income
Average
Recorded
Investment(1)
Interest
Income
Impaired mortgage loans with no allowance for credit losses recorded$36 $1 $17 $— 
Total impaired mortgage loans$36 $1 $17 $— 
(1)Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.
Schedule Of Other Invested Assets [Table Text Block] Carrying values of these assets as of June 30, 2021 and December 31, 2020 are as follows (dollars in millions):
June 30, 2021December 31, 2020
Limited partnership interests and real estate joint ventures$1,611 $1,367 
Lifetime mortgages958 935 
Derivatives146 140 
FVO contractholder-directed unit-linked investments54 289 
Other155 98 
Total other invested assets$2,924 $2,829