Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (dollars in millions):

September 30, 2022:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	38,293	$	43	$	163	$	5,758	$	32,655	64.6	%
Canadian government	3,124		—		503		41		3,586		7.1
RMBS	1,054		—		4		105		953		1.9
ABS	4,165		4		6		444		3,723		7.4
CMBS	1,843		1		3		175		1,670		3.3
U.S. government	1,064		—		3		204		863		1.7
State and political subdivisions	1,254		—		9		177		1,086		2.2
Other foreign government	6,833		4		21		891		5,959		11.8
Total fixed maturity securities	$	57,630	$	52	$	712	$	7,795	$	50,495	100.0	%

December 31, 2021:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	3,339		—		1,606		1		4,944		8.1
RMBS	1,020		—		37		7		1,050		1.7
ABS	4,024		—		22		41		4,005		6.6
CMBS	1,790		1		66		6		1,849		3.0
U.S. government	2,082		—		31		8		2,105		3.5
State and political subdivisions	1,191		—		137		5		1,323		2.2
Other foreign government	7,188		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 September 30, 2022 and December 31, 2021 (dollars in millions):

	September 30, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	414	$	362	$	100	$	103
Fixed maturity securities received as collateral	n/a		1,273		n/a		1,922
Assets in trust held to satisfy collateral requirements	31,060		26,993		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 September 30, 2022 and December 31, 2021 (dollars in millions).

	September 30, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Government of Japan	$	2,761	$	2,440	$	3,080	$	3,063
Canadian province of Quebec	1,304		1,646		1,377		2,347
Canadian province of Ontario	964		1,058		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 September 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 Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	1,480	$	1,473
Due after one year through five years	9,448		9,138
Due after five years through ten years	11,292		10,015
Due after ten years	28,348		23,523
Structured securities	7,062		6,346
Total	$	57,630	$	50,495

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 September 30, 2022 and December 31, 2021 (dollars in millions): 

September 30, 2022:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	14,152	$	12,064	36.9	%
Industrial	19,434		16,736		51.3
Utility	4,707		3,855		11.8
Total	$	38,293	$	32,655	100.0	%
December 31, 2021:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	13,101	$	14,045	36.9	%
Industrial	17,857		19,375		50.8
Utility	4,281		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 nine months ended September 30, 2022 and 2021 (dollars in millions):

	Nine months ended September 30, 2022
	Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	26	$	—	$	1	$	4	$	31
Credit losses recognized on securities for which credit losses were not previously recorded	26		4		—		1		31
Reductions for securities sold during the period	(9)		—		—		(3)		(12)
Reductions for securities the Company intends to sell or more likely than not will be required to sell before recovery of its amortized cost	(4)		—		—		—		(4)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	4		—		—		2		6
Balance, end of period	$	43	$	4	$	1	$	4	$	52

	Nine months ended September 30, 2021
	Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	17	$	—	$	3	$	—	$	20
Credit losses recognized on securities for which credit losses were not previously recorded	5		—		1		4		10
Reductions for securities sold during the period	(8)		—		(2)		—		(10)
Reductions for securities the Company intends to sell or more likely than not will be required to sell before recovery of its amortized cost	—		—		—		—		—
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(2)		—		(1)		—		(3)
Balance, end of period	$	12	$	—	$	1	$	4	$	17

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
September 30, 2022:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate	$	25,451	$	4,761	$	2,283	$	811	$	27,734	$	5,572
Canadian government	368		36		12		5		380		41
RMBS	678		69		128		36		806		105
ABS	2,333		296		1,054		121		3,387		417
CMBS	1,461		149		83		17		1,544		166
U.S. government	721		190		116		14		837		204
State and political subdivisions	883		161		44		16		927		177
Other foreign government	3,834		509		1,291		290		5,125		799
Total investment grade securities	35,729		6,171		5,011		1,310		40,740		7,481
Below investment grade securities:
Corporate	1,144		118		202		62		1,346		180
ABS	53		12		23		7		76		19
CMBS	22		3		18		3		40		6
Other foreign government	186		28		124		62		310		90
Total below investment grade securities	1,405		161		367		134		1,772		295
Total fixed maturity securities	$	37,134	$	6,332	$	5,378	$	1,444	$	42,512	$	7,776

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2021:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	10,045		156		2,455		104		12,500		260
Below investment grade securities:
Corporate	463		13		97		44		560		57
ABS	—		—		13		13		13		13
CMBS	—		—		—		—		—		—
Other foreign government	136		7		75		10		211		17
Total below investment grade securities	599		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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Fixed maturity securities available-for-sale	$	591	$	519	$	1,683	$	1,530
Equity securities	2		1		5		4
Mortgage loans	74		81		223		220
Policy loans	13		14		40		41
Funds withheld at interest	67		100		175		279
Short-term investments and cash and cash equivalents	7		1		11		2
Other invested assets – limited partnerships and real estate joint ventures	43		96		281		327
Other invested assets – all other	3		14		5		44
Investment income	800		826		2,423		2,447
Investment expense	(31)		(30)		(90)		(80)
Net investment income	$	769	$	796	$	2,333	$	2,367

Gain Loss On Investments

Investment related gains (losses), net consist of the following (dollars in millions): 

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	(9)	$	(1)	$	(36)	$	2
Realized gains on investment activity	20		45		65		265
Realized losses on investment activity	(106)		(9)		(236)		(52)
Net gains (losses) on equity securities	7		8		(16)		31
Other impairment losses and change in mortgage loan allowance for credit losses	(6)		4		(9)		25
Change in fair value of certain limited partnership investments and other, net	7		27		52		170
Net gains (losses) on derivatives	(47)		(16)		(334)		31
Total investment related gains (losses), net	$	(134)	$	58	$	(514)	$	472

Schedule of Repurchase Agreements [Table Text Block]

The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of September 30, 2022 and December 31, 2021 (dollars in millions):

	September 30, 2022			December 31, 2021
	Amortized Cost	Estimated Fair Value		Amortized Cost	Estimated Fair Value
Securities borrowing agreements:
Securities borrowed (1)	n/a	$	630	n/a	$	420
Securities pledged as collateral (2)	545	459		279	290
Securities lending agreements:
Securities loaned (2)	59	55		94	102
Securities received as collateral (3)	n/a	66		n/a	102
Repurchase/reverse repurchase agreements:
Securities pledged (2)	745	629		704	736
Cash (4)	—	—		10	10
Securities received (3)	n/a	620		n/a	728
Cash received (5)	66	66		—	—

(1)Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows.

(2)Securities loaned and pledged to counterparties are included within fixed maturity securities.

(3)Securities received as collateral from counterparties are not reflected on the condensed consolidated financial statements.

(4)A receivable for the cash held by counterparties is included within other assets.

(5)A payable for the cash received by the Company is included within other liabilities.

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 remaining contractual maturity of the Company’s securities lending and repurchase agreements as of September 30, 2022 and December 31, 2021 (dollars in millions):

	September 30, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending agreements:
Corporate	$	—	$	—	$	—	$	42	$	42
State and political subdivisions	—		—		—		3		3
Other foreign government	—		—		—		10		10
Total	—		—		—		55		55
Repurchase agreements:
Corporate	—		—		—		278		278
Other foreign government	—		—		118		233		351
Total	—		—		118		511		629
Total agreements	$	—	$	—	$	118	$	566	$	684

	December 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 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 September 30, 2022 and December 31, 2021 (dollars in millions):

	September 30, 2022				December 31, 2021
Property type:	Carrying Value		% of Total		Carrying Value		% of Total
Office	$	1,727	26.1	%	$	1,683	26.6	%
Retail	2,317		35.0		2,090		33.0
Industrial	1,431		21.6		1,249		19.7
Apartment	751		11.4		801		12.7
Other commercial	387		5.9		506		8.0
Recorded investment	6,613		100.0	%	6,329		100.0	%
Unamortized balance of loan origination fees and expenses	(12)				(11)
Allowance for credit losses	(43)				(35)
Total mortgage loans	$	6,558			$	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 September 30, 2022 and December 31, 2021 (dollars in millions):

	September 30, 2022				December 31, 2021
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	2,504	37.8	%	$	2,660	42.0	%
Due after five years through ten years	3,047		46.0		2,593		41.0
Due after ten years	1,062		16.2		1,076		17.0
Total	$	6,613	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 September 30, 2022 and December 31, 2021 (dollars in millions):

	Recorded Investment
	Debt Service Ratios						Construction Loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
September 30, 2022:
Loan-to-Value Ratio
0% – 59.99%	$	3,334	$	226	$	74	$	27	$	3,661	55.3	%
60% – 69.99%	1,946		181		113		—		2,240		33.9
70% – 79.99%	434		34		35		—		503		7.6
80% or greater	84		—		125		—		209		3.2
Total	$	5,798	$	441	$	347	$	27	$	6,613	100.0	%

	Recorded Investment
	Debt Service Ratios						Construction Loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% 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 greater	148		—		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 September 30, 2022 and December 31, 2021 (dollars in millions):

	Recorded Investment
	Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
September 30, 2022:
Internal credit quality grade:
High investment grade	$	619	$	697	$	331	$	568	$	417	$	1,538	$	4,170
Investment grade	460		284		245		323		279		629		2,220
Average	—		6		—		26		66		89		187
Watch list	—		—		—		—		—		—		—
In or near default	—		—		—		—		—		36		36
Total	$	1,079	$	987	$	576	$	917	$	762	$	2,292	$	6,613

	Recorded Investment
	Year of Origination
	2021		2020		2019		2018		2017		Prior		Total
December 31, 2021:
Internal credit quality grade:
High investment grade	$	725	$	402	$	645	$	461	$	344	$	1,534	$	4,111
Investment grade	367		272		331		301		296		502		2,069
Average	6		—		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 September 30, 2022 and December 31, 2021 (dollars in millions):

	September 30, 2022		December 31, 2021
Current	$	6,577	$	6,329
31 – 60 days past due	17		—
Greater than 90 days	19		—
Total	$	6,613	$	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 three and nine months ended September 30, 2022 and 2021 (dollars in millions):

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Balance, beginning of period	$	38	$	45	$	35	$	64
Change in allowance for credit losses	5		(6)		8		(25)
Balance, end of period	$	43	$	39	$	43	$	39

Schedule Of Other Invested Assets [Table Text Block]

The carrying values of other invested assets as of September 30, 2022 and December 31, 2021 are as follows (dollars in millions):

	September 30, 2022		December 31, 2021
Limited partnership interests and real estate joint ventures	$	2,196	$	1,996
Lifetime mortgages	786		758
Derivatives	161		175
Other	103		141
Total other invested assets	$	3,246	$	3,070