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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Portfolio composition
Portfolio composition
($ in millions)March 31, 2022December 31, 2021
Fixed income securities, at fair value$40,745 $42,136 
Equity securities, at fair value5,315 7,061 
Mortgage loans, net855 821 
Limited partnership interests 7,977 8,018 
Short-term investments, at fair value4,344 4,009 
Other investments, net2,532 2,656 
Total$61,768 $64,701 
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
March 31, 2022    
U.S. government and agencies$6,613 $3 $(131)$6,485 
Municipal5,805 54 (161)5,698 
Corporate26,334 120 (1,118)25,336 
Foreign government1,092 1 (40)1,053 
ABS2,183 11 (21)2,173 
Total fixed income securities$42,027 $189 $(1,471)$40,745 
December 31, 2021    
U.S. government and agencies$6,287 $12 $(26)$6,273 
Municipal6,130 279 (16)6,393 
Corporate26,834 688 (192)27,330 
Foreign government982 9 (6)985 
ABS1,143 14 (2)1,155 
Total fixed income securities$41,376 $1,002 $(242)$42,136 
Schedule for fixed income securities based on contractual maturities
Scheduled maturities for fixed income securities
($ in millions)March 31, 2022December 31, 2021
Amortized cost, net Fair valueAmortized cost, netFair value
Due in one year or less$1,454 $1,455 $1,105 $1,111 
Due after one year through five years22,599 22,035 21,039 21,291 
Due after five years through ten years12,412 11,796 13,808 14,079 
Due after ten years3,379 3,286 4,281 4,500 
 39,844 38,572 40,233 40,981 
ABS2,183 2,173 1,143 1,155 
Total$42,027 $40,745 $41,376 $42,136 
Schedule of net investment income
Net investment income
($ in millions)Three months ended March 31,
20222021
Fixed income securities$267 $301 
Equity securities36 14 
Mortgage loans8 10 
Limited partnership interests292 378 
Short-term investments2 1 
Other investments40 41 
Investment income, before expense645 745 
Investment expense(51)(37)
Net investment income
$594 $708 
Schedule of realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended March 31,
20222021
Fixed income securities$(152)$183 
Equity securities(347)164 
Mortgage loans(1)6 
Limited partnership interests(101)4 
Derivatives318 11 
Other investments16 58 
Net gains (losses) on investments and derivatives$(267)$426 
Schedule of realized capital gains and losses by transaction type
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended March 31,
20222021
Sales$(127)$246 
Credit losses(11)2 
Valuation change of equity investments (1)
(447)167 
Valuation change and settlements of derivatives318 11 
Net gains (losses) on investments and derivatives$(267)$426 
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Gross realized gains (losses) on sales of fixed income securities
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended March 31,
20222021
Gross realized gains$66 $245 
Gross realized losses (218)(64)
Valuation changes included in net income for investments
Net appreciation (decline) recognized in net income
($ in millions)Three months ended March 31,
20222021
Equity securities$(92)$125 
Limited partnership interests carried at fair value
38 141 
Total$(54)$266 
Schedule of credit losses on fixed income securities recognized in earnings
Credit losses recognized in net income
($ in millions)Three months ended March 31,
20222021
Assets
Fixed income securities:  
Corporate$— $1 
ABS— 1 
Total fixed income securities— 2 
Mortgage loans(1)6 
Other investments
Bank loans(10)(6)
Total credit losses by asset type$(11)$2 
Liabilities
Commitments to fund commercial mortgage loans and bank loans— — 
Total $(11)$2 
Schedule of unrealized net capital gains and losses
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
March 31, 2022GainsLosses
Fixed income securities$40,745 $189 $(1,471)$(1,282)
Short-term investments4,344 — (1)(1)
Derivative instruments— — (3)(3)
Equity method of accounting (“EMA”) limited partnerships (1)
   4 
Unrealized net capital gains and losses, pre-tax   (1,282)
Amounts recognized for:    
DAC (2)
   1 
Reclassification of noncontrolling interest16 
Amounts recognized   17 
Deferred income taxes   270 
Unrealized net capital gains and losses, after-tax   $(995)
December 31, 2021
Fixed income securities$42,136 $1,002 $(242)$760 
Short-term investments4,009 — — — 
Derivative instruments — — (3)(3)
EMA limited partnerships (1)
 
 
 
(1)
Unrealized net capital gains and losses, pre-tax   756 
Amounts recognized for:   
 
DAC (2)
   1 
Reclassification of noncontrolling interest4 
Amounts recognized   5 
Deferred income taxes   (163)
Unrealized net capital gains and losses, after-tax   $598 
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)The DAC balance represents the amount by which the amortization of DAC would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.
Schedule of change in unrealized net capital gains and losses
Change in unrealized net capital gains (losses)
($ in millions)Three months ended March 31, 2022
Fixed income securities$(2,042)
Short-term investments(1)
Derivative instruments— 
EMA limited partnerships5 
Total(2,038)
Amounts recognized for: 
DAC— 
Reclassification of noncontrolling interest12 
Amounts recognized12 
Deferred income taxes433 
Decrease in unrealized net capital gains and losses, after-tax$(1,593)
Carrying value for limited partnership interests
Carrying value for limited partnership interests
($ in millions)March 31, 2022December 31, 2021
EMAFair ValueTotalEMAFair ValueTotal
Private equity$5,127 $1,393 $6,520 $4,905 $1,434 $6,339 
Real estate859 97 956 823 97 920 
Other (1)
501 — 501 759 — 759 
Total$6,487 $1,490 $7,977 $6,487 $1,531 $8,018 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Schedule of other investments by type
Other investments by asset type
($ in millions)March 31, 2022December 31, 2021
Bank loans, net$1,520 $1,574 
Real estate750 809 
Policy loans144 148 
Derivatives7 12 
Other111 113 
Total$2,532 $2,656 
Allowance for credit loss
Rollforward of credit loss allowance for fixed income securities
Three months ended March 31,
($ in millions)20222021
Beginning balance$(6)$(3)
Credit losses on securities for which credit losses not previously reported— — 
Net (increases) decreases related to credit losses previously reported— 2 
Reduction of allowance related to sales— — 
Write-offs— — 
Ending balance (1)
$(6)$(1)
(1)Allowance for fixed income securities as of March 31, 2022 comprised $6 million of corporate bonds. Allowance for fixed income securities as of March 31, 2021 comprised $1 million of ABS that were classified as held for sale.
Rollforward of credit loss allowance for mortgage loans
Three months ended March 31,
($ in millions)20222021
Beginning balance$(6)$(67)
Net (increases) decreases related to credit losses(1)22 
Write-offs— — 
Ending balance (1)
$(7)$(45)
(1)Includes $31 million of credit loss allowance for mortgage loans that were classified as held for sale as of March 31, 2021.
Rollforward of credit loss allowance for bank loans
($ in millions)Three months ended March 31,
20222021
Beginning balance$(61)$(67)
Net increases related to credit losses(10)(2)
Reduction of allowance related to sales3 9 
Write-offs— — 
Ending balance (1)
$(68)$(60)
(1)Includes $11 million of credit loss allowance for bank loans that were classified as held for sale as of March 31, 2021.
Schedule of gross unrealized losses and fair value of available for sale securities by length of time
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
($ in millions)Less than 12 months12 months or more
Total
unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
March 31, 2022       
Fixed income securities       
U.S. government and agencies140 $5,954 $(119)18 $247 $(12)$(131)
Municipal2,523 3,145 (155)49 68 (6)(161)
Corporate2,177 18,250 (988)281 1,170 (130)(1,118)
Foreign government87 922 (29)34 116 (11)(40)
ABS175 1,917 (21)56 11 — (21)
Total fixed income securities5,102 $30,188 $(1,312)438 $1,612 $(159)$(1,471)
Investment grade fixed income securities4,498 $25,027 $(1,014)421 $1,554 $(148)$(1,162)
Below investment grade fixed income securities604 5,161 (298)17 58 (11)(309)
Total fixed income securities5,102 $30,188 $(1,312)438 $1,612 $(159)$(1,471)
December 31, 2021       
Fixed income securities       
U.S. government and agencies112 $5,451 $(24)4 $72 $(2)$(26)
Municipal767 1,213 (15)2 14 (1)(16)
Corporate1,197 9,725 (176)22 130 (16)(192)
Foreign government51 415 (6)4 3 — (6)
ABS80 500 (2)53 8 — (2)
Total fixed income securities2,207 $17,304 $(223)85 $227 $(19)$(242)
Investment grade fixed income securities1,993 $15,391 $(188)71 $183 $(8)$(196)
Below investment grade fixed income securities214 1,913 (35)14 44 (11)(46)
Total fixed income securities2,207 $17,304 $(223)85 $227 $(19)$(242)
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution
Gross unrealized losses by unrealized loss position and credit quality as of March 31, 2022
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(1,156)$(292)$(1,448)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(6)(17)(23)
Total unrealized losses$(1,162)$(309)$(1,471)
(1)Below investment grade fixed income securities include $286 million that have been in an unrealized loss position for less than twelve months.
(2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Accrued interest
Accrued interest
($ in millions)March 31,December 31,
20222021
Mortgage loans$3 $2 
Bank Loans7 4 
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
March 31, 2022December 31, 2021
($ in millions)2017 and prior2018201920202021CurrentTotalTotal
Below 1.0$— $— $— $— $— $— $— $— 
1.0 - 1.2536 — 25 10 — — 71 46 
1.26 - 1.5018 — 105 — 12 7 142 160 
Above 1.50103 106 140 67 203 30 649 621 
Amortized cost before allowance$157 $106 $270 $77 $215 $37 $862 $827 
Allowance(7)(6)
Amortized cost, net$855 $821 
Bank loans amortized cost by credit quality and year of origination
Bank loans amortized cost by credit rating and year of origination
March 31, 2022December 31, 2021
($ in millions)2017 and prior2018201920202021CurrentTotalTotal
BBB$— $1 $13 $8 $53 $— $75 $86 
BB20 5 15 16 455 13 524 656 
B11 35 30 57 690 40 863 768 
CCC and below24 17 44 16 23 2 126 125 
Amortized cost before allowance$55 $58 $102 $97 $1,221 $55 $1,588 $1,635 
Allowance(68)(61)
Amortized cost, net$1,520 $1,574