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Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Investments [Abstract]  
Debt Securities, Available-for-sale
The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2022 and December 31, 2021 (dollars in millions):
June 30, 2022:Amortized
Cost		Allowance for Credit LossesUnrealized GainsUnrealized LossesEstimated
Fair Value		% of Total
Available-for-sale:
Corporate$37,819 $43 $257 $3,659 $34,374 64.5 %
Canadian government3,308 — 536 35 3,809 7.1 
RMBS1,004 — 8 62 950 1.8 
ABS4,091 5 3 307 3,782 7.1 
CMBS1,856 1 2 122 1,735 3.3 
U.S. government1,101 — 7 146 962 1.8 
State and political subdivisions1,202 — 21 107 1,116 2.1 
Other foreign government7,227 6 36 691 6,566 12.3 
Total fixed maturity securities$57,608 $55 $870 $5,129 $53,294 100.0 %
December 31, 2021:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$35,239 $26 $3,084 $194 $38,103 62.8 %
Canadian government3,339 — 1,606 1 4,944 8.1 
RMBS1,020 — 37 7 1,050 1.7 
ABS4,024 — 22 41 4,005 6.6 
CMBS1,790 1 66 6 1,849 3.0 
U.S. government2,082 — 31 8 2,105 3.5 
State and political subdivisions1,191 — 137 5 1,323 2.2 
Other foreign government7,188 4 273 87 7,370 12.1 
Total fixed maturity securities$55,873 $31 $5,256 $349 $60,749 100.0 %
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, 2022 and December 31, 2021 (dollars in millions):
June 30, 2022December 31, 2021
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities pledged as collateral$373 $335 $100 $103 
Fixed maturity securities received as collateraln/a1,591 n/a1,922 
Assets in trust held to satisfy collateral requirements30,476 28,080 28,671 31,173 
Concentration Risk Disclosure [Text Block] The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies as well as the securities disclosed below, as of June 30, 2022 and December 31, 2021 (dollars in millions).
June 30, 2022December 31, 2021
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Government of Japan$3,031 $2,755 $3,080 $3,063 
Canadian province of Quebec1,390 1,747 1,377 2,347 
Canadian province of Ontario1,047 1,155 1,092 1,451 
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, 2022, 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$1,408 $1,407 
Due after one year through five years9,847 9,730 
Due after five years through ten years11,466 10,701 
Due after ten years27,936 24,989 
Structured securities6,951 6,467 
Total$57,608 $53,294 
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, 2022 and December 31, 2021 (dollars in millions): 
June 30, 2022: Estimated 
 Amortized CostFair Value% of Total
Finance$14,008 $12,703 37.0 %
Industrial19,152 17,526 51.0 
Utility4,659 4,145 12.0 
Total$37,819 $34,374 100.0 %
December 31, 2021: Estimated 
 Amortized CostFair Value% of Total
Finance$13,101 $14,045 36.9 %
Industrial17,857 19,375 50.8 
Utility4,281 4,683 12.3 
Total$35,239 $38,103 100.0 %
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the six months ended June 30, 2022 and 2021 (dollars in millions):
Six months ended June 30, 2022
 CorporateABSCMBSOther Foreign GovernmentTotal
Balance, beginning of period$26 $— $1 $4 $31 
Credit losses recognized on securities for which credit losses were not previously recorded18 5 — 1 24 
Reductions for securities sold during the period(6)— — (1)(7)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period5 — — 2 7 
Balance, end of period$43 $5 $1 $6 $55 
Six months ended June 30, 2021
 CorporateABSCMBSOther 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 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
June 30, 2022:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$25,035 $3,170 $1,124 $327 $26,159 $3,497 
Canadian government359 29 13 6 372 35 
RMBS631 39 122 23 753 62 
ABS2,850 244 640 45 3,490 289 
CMBS1,523 111 39 4 1,562 115 
U.S. government839 137 24 9 863 146 
State and political subdivisions789 100 27 7 816 107 
Other foreign government4,348 469 795 145 5,143 614 
Total investment grade securities36,374 4,299 2,784 566 39,158 4,865 
 
Below investment grade securities:
Corporate1,234 137 103 25 1,337 162 
ABS61 9 8 2 69 11 
CMBS29 3 11 1 40 4 
Other foreign government170 28 115 49 285 77 
Total below investment grade securities1,494 177 237 77 1,731 254 
Total fixed maturity securities$37,868 $4,476 $3,021 $643 $40,889 $5,119 
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
December 31, 2021:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$4,135 $86 $946 $51 $5,081 $137 
Canadian government20 1 — — 20 1 
RMBS132 3 102 4 234 7 
ABS1,747 22 589 6 2,336 28 
CMBS152 2 35 2 187 4 
U.S. government1,513 6 31 2 1,544 8 
State and political subdivisions109 3 28 2 137 5 
Other foreign government2,237 33 724 37 2,961 70 
Total investment grade securities10,045 156 2,455 104 12,500 260 
Below investment grade securities:
Corporate463 13 97 44 560 57 
ABS— — 13 13 13 13 
CMBS— — — — — — 
Other foreign government136 7 75 10 211 17 
Total below investment grade securities599 20 185 67 784 87 
Total fixed maturity securities$10,644 $176 $2,640 $171 $13,284 $347 
Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Fixed maturity securities available-for-sale$559 $516 $1,092 $1,011 
Equity securities1 1 3 3 
Mortgage loans76 73 149 139 
Policy loans14 13 27 27 
Funds withheld at interest57 95 108 179 
Short-term investments and cash and cash equivalents2 — 4 1 
Other invested assets – limited partnerships and real estate joint ventures77 70 238 231 
Other invested assets – all other— 17 2 30 
Investment income786 785 1,623 1,621 
Investment expense(32)(26)(59)(50)
Net investment income$754 $759 $1,564 $1,571 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments$(15)$5 $(27)$3 
Realized gains on investment activity34 53 45 220 
Realized losses on investment activity(94)(30)(130)(43)
Net gains (losses) on equity securities(15)20 (23)23 
Other impairment losses and change in mortgage loan allowance for credit losses(1)3 (3)21 
Change in fair value of certain limited partnership investments and other, net19 32 45 143 
Net gains (losses) on derivatives(182)29 (287)47 
Total investment related gains (losses), net$(254)$112 $(380)$414 
Schedule of Repurchase Agreements [Table Text Block]
The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of June 30, 2022 and December 31, 2021 (dollars in millions):
June 30, 2022December 31, 2021
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Securities borrowing agreements:
Securities borrowed (1)
n/a$676 n/a$420 
Securities pledged as collateral (2)
529 466 279 290 
Securities lending agreements:
Securities loaned (2)
82 81 94 102 
Securities received as collateral (3)
n/a92 n/a102 
Repurchase/reverse repurchase agreements:
Securities pledged (2)
643 593 704 736 
Cash (4)
— — 10 10 
Securities received (3)
n/a565 n/a728 
Cash received (5)
162 162 — — 
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] June 30, 2022 and December 31, 2021 (dollars in millions):
June 30, 2022
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $68 $68 
State and political subdivisions— — — 3 3 
Other foreign government— — — 10 10 
Total— — — 81 81 
Repurchase agreements:
Corporate— — 51 289 340 
Other foreign government— — 7 246 253 
Total— — 58 535 593 
Total agreements$— $— $58 $616 $674 
December 31, 2021
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $94 $94 
State and political subdivisions— — — 3 3 
Other foreign government— — — 5 5 
Total— — — 102 102 
Repurchase agreements:
Corporate— — — 366 366 
Other foreign government— — — 370 370 
Total— — — 736 736 
Total agreements$— $— $— $838 $838 
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, 2022 and December 31, 2021 (dollars in millions):
 June 30, 2022December 31, 2021
 Property type:Carrying Value% of Total Carrying Value% of Total
Office $1,729 26.2 %$1,683 26.6 %
Retail2,319 35.1 2,090 33.0 
Industrial1,415 21.5 1,249 19.7 
Apartment776 11.8 801 12.7 
Other commercial355 5.4 506 8.0 
Recorded investment6,594 100.0 %6,329 100.0 %
Unamortized balance of loan origination fees and expenses(12)(11)
Allowance for credit losses(38)(35)
Total mortgage loans$6,544 $6,283 
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, 2022 and December 31, 2021 (dollars in millions):
June 30, 2022December 31, 2021
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$2,578 39.1 %$2,660 42.0 %
Due after five years through ten years2,759 41.8 2,593 41.0 
Due after ten years1,257 19.1 1,076 17.0 
Total$6,594 100.0 %$6,329 100.0 %
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, 2022 and December 31, 2021 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction Loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
June 30, 2022:
Loan-to-Value Ratio
0% – 59.99%$3,350 $222 $67 $10 $3,649 55.3 %
60% – 69.99%1,909 196 96 — 2,201 33.4 
70% – 79.99%455 34 40 — 529 8.0 
80% or greater89 — 126 — 215 3.3 
Total$5,803 $452 $329 $10 $6,594 100.0 %
Recorded Investment
Debt Service RatiosConstruction
Loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2021:
Loan-to-Value Ratio
0% – 59.99%$3,111 $238 $51 $6 $3,406 53.8 %
60% – 69.99%1,906 190 46 — 2,142 33.8 
70% – 79.99%520 41 12 — 573 9.1 
80% or greater148 — 60 — 208 3.3 
Total$5,685 $469 $169 $6 $6,329 100.0 %
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, 2022 and December 31, 2021 (dollars in millions):
Recorded Investment
Year of Origination
20222021202020192018PriorTotal
June 30, 2022:
Internal credit quality grade:
High investment grade$451 $705 $373 $586 $431 $1,651 $4,197 
Investment grade368 313 246 312 271 645 2,155 
Average— 6 — 26 76 98 206 
Watch list— — — — — — — 
In or near default— — — — — 36 36 
Total$819 $1,024 $619 $924 $778 $2,430 $6,594 
Recorded Investment
Year of Origination
20212020201920182017PriorTotal
December 31, 2021:
Internal credit quality grade:
High investment grade$725 $402 $645 $461 $344 $1,534 $4,111 
Investment grade367 272 331 301 296 502 2,069 
Average6 — 27 39 5 32 109 
Watch list— — — — — 4 4 
In or near default— — — — — 36 36 
Total$1,098 $674 $1,003 $801 $645 $2,108 $6,329 
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, 2022 and December 31, 2021 (dollars in millions):
June 30, 2022December 31, 2021
Current$6,575 $6,329 
Greater than 90 days19 — 
Total$6,594 $6,329 
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 for the six months ended June 30, 2022 and 2021 (dollars in millions):
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Balance, beginning of period$37 $47 $35 $64 
Change in allowance for credit losses1 (2)3 (19)
Balance, end of period$38 $45 $38 $45 
Schedule Of Other Invested Assets [Table Text Block] arrying values of other invested assets as of June 30, 2022 and December 31, 2021 are as follows (dollars in millions):
June 30, 2022December 31, 2021
Limited partnership interests and real estate joint ventures$2,074 $1,996 
Lifetime mortgages812 758 
Derivatives115 175 
Other109 141 
Total other invested assets$3,110 $3,070