GENWORTH FINANCIAL INC, 10-Q filed on 11/5/2020
Quarterly Report
v3.20.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2020
Oct. 28, 2020
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001276520  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2020  
Entity Registrant Name GENWORTH FINANCIAL, INC.  
Entity File Number 001-32195  
Entity Tax Identification Number 80-0873306  
Entity Incorporation, State or Country Code DE  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Address, Address Line One 6620 West Broad Street  
Entity Address, State or Province VA  
Entity Address, City or Town Richmond  
Entity Address, Postal Zip Code 23230  
Entity Interactive Data Current Yes  
City Area Code 804  
Local Phone Number 281-6000  
Trading Symbol GNW  
Security Exchange Name NYSE  
Title of 12(b) Security Class A Common Stock, par value $.001 per share  
Entity Common Stock, Shares Outstanding   505,594,794
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Assets    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $0 and allowance for credit losses of $0 as of September 30, 2020) $ 64,416 $ 60,339
Equity securities, at fair value 629 239
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $0 as of September 30, 2020 and December 31, 2019) 6,911 6,976
Less: Allowance for credit losses (31) (13)
Commercial mortgage loans, net 6,880 6,963
Policy loans 2,153 2,058
Other invested assets 2,402 1,632
Total investments 76,480 71,231
Cash, cash equivalents and restricted cash 2,780 3,341
Accrued investment income 650 654
Deferred acquisition costs 1,623 1,836
Intangible assets and goodwill 209 201
Reinsurance recoverable 16,832 17,103
Less: Allowance for credit losses (44) 0
Reinsurance recoverable, net 16,788 17,103
Other assets 445 443
Deferred tax asset 250 425
Separate account assets 5,700 6,108
Total assets 104,925 101,342
Liabilities and equity    
Future policy benefits 41,995 40,384
Policyholder account balances 22,731 22,217
Liability for policy and contract claims 11,373 10,958
Unearned premiums 1,846 1,893
Other liabilities 1,913 1,386
Non-recourse funding obligations 0 311
Long-term borrowings [1] 3,570 3,277
Separate account liabilities 5,700 6,108
Liabilities related to discontinued operations 565 176
Total liabilities 89,693 86,710
Commitments and contingencies
Equity:    
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 594 million and 592 million shares issued as of September 30, 2020 and December 31, 2019, respectively; 506 million and 504 million shares outstanding as of September 30, 2020 and December 31, 2019, respectively 1 1
Additional paid-in capital 11,997 11,990
Accumulated other comprehensive income (loss) 4,141 3,433
Retained earnings 1,317 1,461
Treasury stock, at cost (88 million shares as of September 30, 2020 and December 31, 2019) (2,700) (2,700)
Total Genworth Financial, Inc.'s stockholders' equity 14,756 14,185
Noncontrolling interests 476 447
Total equity 15,232 14,632
Total liabilities and equity $ 104,925 $ 101,342
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who currently has the option to redeem the notes due in 2025 at face value at any time, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Debt securities amortized costs $ 55,252  
Debt securities allowance for credit losses 5  
Unamortized balance of loan origination fees $ 4 $ 4
Class A common stock, par value $ 0.001 $ 0.001
Class A common stock, shares authorized 1,500,000,000 1,500,000,000
Class A common stock, shares issued 594,000,000 592,000,000
Class A common stock, shares outstanding 506,000,000 504,000,000
Treasury stock, shares 88,000,000 88,000,000
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Premiums $ 1,034 $ 1,015 $ 3,068 $ 3,004
Net investment income 827 816 2,406 2,426
Net investment gains (losses) 375 (2) 382 27
Policy fees and other income 184 191 539 601
Total revenues 2,420 2,020 6,395 6,058
Benefits and expenses:        
Benefits and other changes in policy reserves 1,299 1,284 4,146 3,817
Interest credited 137 146 417 439
Acquisition and operating expenses, net of deferrals 249 247 721 713
Amortization of deferred acquisition costs and intangibles 101 112 310 277
Goodwill impairment 0 0 5 0
Interest expense 49 59 145 179
Total benefits and expenses 1,835 1,848 5,744 5,425
Income from continuing operations before income taxes 585 172 651 633
Provision for income taxes 150 34 186 169
Income from continuing operations 435 138 465 464
Income (loss) from discontinued operations, net of taxes 1 (80) (519) 42
Net income (loss) 436 58 (54) 506
Less: net income from continuing operations attributable to noncontrolling interests 18 10 35 45
Less: net income from discontinued operations attributable to noncontrolling interests 0 30 0 101
Net income (loss) available to Genworth Financial, Inc.'s common stockholders 418 18 (89) 360
Net income (loss) available to Genworth Financial, Inc.'s common stockholders:        
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders 417 128 430 419
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders 1 (110) (519) (59)
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ 418 $ 18 $ (89) $ 360
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share:        
Basic $ 0.83 $ 0.25 $ 0.85 $ 0.83
Diluted 0.82 0.25 0.84 0.82
Net income (loss) available to Genworth Financial, Inc.'s common stockholders per share:        
Basic [1] 0.83 0.04 (0.18) 0.72
Diluted [1] $ 0.82 $ 0.04 $ (0.17) $ 0.71
Weighted-average common shares outstanding:        
Basic 505.6 503.5 505.1 502.7
Diluted 511.5 511.2 511.2 509.5
[1] May not total due to whole number calculation.
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net income (loss) $ 436 $ 58 $ (54) $ 506
Other comprehensive income (loss), net of taxes:        
Net unrealized gains (losses) on securities without an allowance for credit losses (98) 0 264 0
Net unrealized gains (losses) on securities with an allowance for credit losses (2) 0 (10) 0
Net unrealized gains (losses) on securities not other-than-temporarily impaired 0 371 0 1,126
Net unrealized gains (losses) on other-than-temporarily impaired securities 0 0 0 1
Derivatives qualifying as hedges (226) 276 449 478
Foreign currency translation and other adjustments 33 (64) 8 33
Total other comprehensive income (loss) (293) 583 711 1,638
Total comprehensive income 143 641 657 2,144
Less: comprehensive income attributable to noncontrolling interests 31 14 38 206
Total comprehensive income available to Genworth Financial, Inc.'s common stockholders $ 112 $ 627 $ 619 $ 1,938
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Cumulative effect of change in accounting, net of taxes
Common stock
Common stock
Cumulative effect of change in accounting, net of taxes
Additional paid-in capital
Additional paid-in capital
Cumulative effect of change in accounting, net of taxes
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)
Cumulative effect of change in accounting, net of taxes
Retained earnings
Retained earnings
Cumulative effect of change in accounting, net of taxes
Treasury stock, at cost
Treasury stock, at cost
Cumulative effect of change in accounting, net of taxes
Total Genworth Financial, Inc.'s stockholders' equity
Total Genworth Financial, Inc.'s stockholders' equity
Cumulative effect of change in accounting, net of taxes
Noncontrolling interests
Noncontrolling interests
Cumulative effect of change in accounting, net of taxes
Balances, beginning at Dec. 31, 2018 $ 14,189   $ 1   $ 11,987   $ 2,044   $ 1,118   $ (2,700)   $ 12,450   $ 1,739  
Repurchase of subsidiary shares (44)   0   0   0   0   0   0   (44)  
Comprehensive income (loss):                                
Net income (loss) 506   0   0   0   360   0   360   146  
Other comprehensive income (loss), net of taxes 1,638   0   0   1,578   0   0   1,578   60  
Total comprehensive income 2,144                       1,938   206  
Dividends to noncontrolling interests (149)   0   0   0   0   0   0   (149)  
Stock-based compensation expense and exercises and other 5   0   (1)   0   0   0   (1)   6  
Balances, ending at Sep. 30, 2019 16,145   1   11,986   3,622   1,478   (2,700)   14,387   1,758  
Balances, beginning at Jun. 30, 2019 15,592   1   11,983   3,013   1,460   (2,700)   13,757   1,835  
Comprehensive income (loss):                                
Net income (loss) 58   0   0   0   18   0   18   40  
Other comprehensive income (loss), net of taxes 583   0   0   609   0   0   609   (26)  
Total comprehensive income 641                       627   14  
Dividends to noncontrolling interests (96)   0   0   0   0   0   0   (96)  
Stock-based compensation expense and exercises and other 8   0   3   0   0   0   3   5  
Balances, ending at Sep. 30, 2019 16,145   1   11,986   3,622   1,478   (2,700)   14,387   1,758  
Balances, beginning at Dec. 31, 2019 14,632 $ (55) 1 $ 0 11,990 $ 0 3,433 $ 0 1,461 $ (55) (2,700) $ 0 14,185 $ (55) 447 $ 0
Comprehensive income (loss):                                
Net income (loss) (54)   0   0   0   (89)   0   (89)   35  
Other comprehensive income (loss), net of taxes 711   0   0   708   0   0   708   3  
Total comprehensive income 657                       619   38  
Dividends to noncontrolling interests (9)   0   0   0   0   0   0   (9)  
Stock-based compensation expense and exercises and other 7   0   7   0   0   0   7   0  
Balances, ending at Sep. 30, 2020 15,232   1   11,997   4,141   1,317   (2,700)   14,756   476  
Balances, beginning at Jun. 30, 2020 15,088   1   11,996   4,447   899   (2,700)   14,643   445  
Comprehensive income (loss):                                
Net income (loss) 436   0   0   0   418   0   418   18  
Other comprehensive income (loss), net of taxes (293)   0   0   (306)   0   0   (306)   13  
Total comprehensive income 143                       112   31  
Stock-based compensation expense and exercises and other 1   0   1   0   0   0   1   0  
Balances, ending at Sep. 30, 2020 $ 15,232   $ 1   $ 11,997   $ 4,141   $ 1,317   $ (2,700)   $ 14,756   $ 476  
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (54) $ 506
Less (income) loss from discontinued operations, net of taxes 519 (42)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Amortization of fixed maturity securities discounts and premiums (97) (93)
Net investment gains (382) (27)
Charges assessed to policyholders (479) (532)
Acquisition costs deferred (9) (22)
Amortization of deferred acquisition costs and intangibles 310 277
Goodwill impairment 5 0
Deferred income taxes 166 106
Derivative instruments, limited partnerships and other 88 121
Stock-based compensation expense 22 17
Change in certain assets and liabilities:    
Accrued investment income and other assets (183) (327)
Insurance reserves 1,034 906
Current tax liabilities 6 36
Other liabilities, policy and contract claims and other policy-related balances 769 348
Cash from (used by) operating activities—discontinued operations (263) 334
Net cash from operating activities 1,452 1,608
Cash flows used by investing activities:    
Fixed maturity securities 2,760 2,734
Commercial mortgage loans 479 395
Other invested assets 108 106
Proceeds from sales of investments:    
Fixed maturity and equity securities 3,270 3,024
Purchases and originations of investments:    
Fixed maturity and equity securities (7,179) (5,805)
Commercial mortgage loans (414) (682)
Other invested assets (318) (349)
Short-term investments, net (12) (16)
Policy loans, net 27 51
Cash used by investing activities—discontinued operations 0 (6)
Net cash used by investing activities (1,279) (548)
Cash flows used by financing activities:    
Deposits to universal life and investment contracts 693 637
Withdrawals from universal life and investment contracts (1,408) (1,699)
Redemption of non-recourse funding obligations (315) 0
Proceeds from issuance of long-term debt 767 0
Repayment and repurchase of long-term debt (493) (3)
Repurchase of subsidiary shares 0 (22)
Dividends paid to noncontrolling interests (9) (55)
Other, net 31 (24)
Cash used by financing activities—discontinued operations 0 (76)
Net cash used by financing activities (734) (1,242)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $—and $8 related to discontinued operations) 0 (4)
Net change in cash, cash equivalents and restricted cash (561) (186)
Cash, cash equivalents and restricted cash at beginning of period 3,341 2,177
Cash, cash equivalents and restricted cash at end of period 2,780 1,991
Less cash, cash equivalents and restricted cash of discontinued operations at end of period 0 362
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 2,780 $ 1,629
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Statement of Cash Flows [Abstract]    
Discontinued operations exchange rate effect $ 0 $ 8
v3.20.2
Formation of Genworth and Basis of Presentation
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Formation of Genworth and Basis of Presentation
(1) Formation of Genworth and Basis of Presentation
Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering (“IPO”) of Genworth’s common stock, which was completed on May 28, 2004. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company that it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, and was renamed Genworth Financial, Inc. (“Genworth Financial”) upon the completion of the reorganization.
On October 21, 2016, Genworth
F
inancial entered into an agreement and plan of merger (the “Merger Agreement”) with Asia Pacific Global Capital Co., Ltd. (“Parent”), a limited liability company incorporated in the People’s Republic of China and a subsidiary of China Oceanwide Holdings Group Co., Ltd., a limited liability company incorporated in the People’s Republic of China (together with its affiliates, “China Oceanwide”), and Asia Pacific Global Capital USA Corporation (“Merger Sub”), a Delaware corporation and a direct, wholly-owned subsidiary of Asia Pacific Insurance USA Holdings LLC (“Asia Pacific Insurance”), which is a Delaware limited liability company and owned by China Oceanwide, pursuant to which, subject to the terms and conditions set forth therein, Merger Sub would merge with and into Genworth Financial with Genworth Financial surviving the merger as a direct, wholly-owned subsidiary of Asia Pacific Insurance. China Oceanwide has agreed to acquire all of our outstanding common stock for a total transaction value of approximately $2.7 billion, or $5.43 per share in cash. At a special meeting held on March 7, 2017, Genworth Financial’s stockholders voted on and approved a proposal to adopt the Merger Agreement. The closing of the transaction remains subject to other closing conditions.
The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and the affiliate companies in which it holds a majority voting interest or where it is the primary beneficiary of a variable interest entity (“VIE”). All intercompany accounts and transactions have been eliminated in consolidation.
References to “Genworth Financial,” “Genworth,” the “Company,” “we” or “our” in the accompanying unaudited condensed consolidated financial statements and the notes thereto are, unless the context otherwise requires, to Genworth Financial, Inc. on a consolidated basis.
In the third quarter of 2020, we revised the product descriptions in our U.S. Mortgage Insurance segment to conform with industry convention and certain regulatory definitions. Prior year amounts have been reclassified to conform to the current year presentation.
We operate our business through the following four operating segments:
 
 
•
 
U.S. Mortgage Insurance.
In the United States, we offer mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans at specified coverage percentages (“primary mortgage insurance”). We also selectively enter into insurance transactions with lenders and investors, under which we insure a portfolio of loans at or after origination (“pool mortgage insurance”).
 
 
•
 
Australia Mortgage Insurance.
In Australia, we offer lender mortgage insurance products which predominantly insure prime-based, individually underwritten residential mortgage loans (“flow mortgage insurance”) and selectively provide mortgage insurance on a bulk basis (“bulk mortgage insurance”) that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk.
 
 
•
 
U.S. Life Insurance.
We offer long-term care insurance products as well as service traditional life insurance and fixed annuity products in the United States.
 
 
•
 
Runoff.
The Runoff segment includes the results of products which have not been actively sold since 2011, but we continue to service our existing blocks of business. These products primarily include variable annuity, variable life insurance and corporate-owned life insurance, as well as funding agreements.
In addition to our
four
operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are managed outside of our operating segments, including certain smaller international mortgage insurance businesses and discontinued operations.
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. In addition, potential impacts, risks and uncertainties of the coronavirus pandemic (“COVID-19”) may include investment valuations and impairments, commercial mortgage loan restructurings, deferred acquisition cost or intangible assets impairments or the acceleration of amortization, deferred tax asset recoverability and increases to insurance reserves, including higher claims reserves in our mortgage insurance businesses, among other matters. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2019 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation.
Each reporting period, we assess our ability to continue as a going concern for one year from the date the financial statements are issued. As of September 30, 2020, Genworth Holdings has $740 million of unrestricted cash and cash equivalents. For the quarterly period ended September 30, 2020, our evaluation of our ability to meet our obligations included the following contractual obligations due within one year from the issue date of our unaudited condensed consolidated financial statements included herein:
 
  •  
Genworth Holdings has $338 million of its 7.20% senior notes maturing in February 2021 and $659 million of its 7.625% senior note
s
maturing in September 2021, excluding deferred amounts. We are currently in compliance with the terms of our debt agreements and interest payments on our senior notes are forecasted to be $144 million for the next twelve months. See note 9 for additional details on our long-term borrowings.
 
 
•
 
As part of the settlement agreement reached in July 2020 regarding the case titled
AXA S.A. v. Genworth Financial International Holdings, LLC et al.,
we issued a secured promissory note to AXA S.A. (“AXA”) that is due in 2022. Under the settlement, certain cash flows to Genworth Holdings, including dividends and capital raises, above defined thresholds must be paid to AXA until the promissory note is fully repaid. In addition, over the next year, we expect to pay AXA approximately $45 million consisting
of interest on the promissory note, assuming we do not make any pre-payments,
 
 
and a one-time payment on an unrelated liability associated with underwriting losses on a product sold by a distributor in our former lifestyle protection insurance business. See note 12 for additional details on the case. See note 14 for additional details related to the sale of our former lifestyle protection insurance business and amounts recorded related to discontinued operations.
We also evaluate other conditions and events and their relative significance in relation to our ability to meet our obligations. For example, Genworth Holdings expects to receive intercompany tax payments generated primarily from realized gains in the third quarter of 2020, among other transactions, and is expecting additional intercompany tax payments in future periods. In addition, we are exposed to risks associated with COVID-19, which has disrupted the global economy and financial markets, business operations, and consumer behavior and confidence.
  •  
Due to higher delinquencies and the impact to capital levels resulting from COVID-19, we do not expect to receive further dividends in 2020 from our mortgage insurance subsidiaries. In 2021, until the secured promissory note to AXA is paid, dividends above $
50
million from our U.S. mortgage insurance subsidiaries are subject to mandatory prepayment conditions.
 In addition, the receipt of dividends 
and sale proceeds above certain thresholds from ou
r
Australian mort
gage insurance business are also subject to mandatory
 prepayment conditions.
 
  •  
Due to the uncertain macroeconomic conditions surrounding COVID-19, on September 30, 2020, Genworth and China Oceanwide agreed to a sixteenth waiver and agreement extending the merger deadline to no later than November 30, 2020. However, the consummation of this transaction is dependent on steps outside of our control; accordingly, the associated post-closing capital contributions from China Oceanwide have not been included in this evaluation.
Absent accessing additional liquidity through third party sources and/or the completion of the China Oceanwide transaction, Genworth Holdings expects to have a cash shortfall of approximately $215 million which raises doubt about our ability to meet our financial obligations for the next year. While conditions and events occurring and expected to occur raise doubt about our ability to meet our financial obligations for the next year, management’s plans alleviate this doubt.
Management 
believes that its
plans
,
along with existing cash and cash equivalents, will provide Genworth Holdings sufficient liquidity to meet its obligations and maintain business operations for one year from the issue date of the unaudited condensed consolidated financial statements. During the quarter ended September 30, 2020, we successfully executed a debt financing through our U.S. mortgage insurance business, a transaction we deemed probable in our previous assessment of our ability to continue as a going concern. Because of the uncertainty regarding the completion of the China Oceanwide transaction, we are actively taking steps toward raising capital by preparing for a possible public offering of our U.S. mortgage insurance business, subject to market conditions. In addition to a partial sale of our U.S. mortgage insurance business through a public offering, we are also evaluating the possibility of the issuance of convertible, equity-linked securities or another transaction, prior to our senior notes maturing in September 2021. We believe an equity transaction involving our U.S. mortgage insurance business, if needed, is probable of being effectively executed given the value of the U.S. mortgage insurance business, the healthy conditions of the relevant markets, historical investor interest and our successful history of similar transactions, among other factors. Our outside
financial
advisors agree with our assessment based on current conditions.
The impact of the ongoing coronavirus pandemic is very difficult to predict. Its related outcomes and impact on our business and the capital markets, and our ability to raise capital will depend on the length of the pandemic, economic impacts of social, global and political influences, and the shape of the economic recovery, among other
factors and uncertainties. While these risks exist, we believe the execution of our plan will provide sufficient funds to meet our obligations for one year following the issuance of our unaudited condensed consolidated financial statements.
v3.20.2
Accounting Changes
 9 Months Ended
Sep. 30, 2020
Disclosure of Accounting Changes [Abstract]  
Accounting Changes
(2) Accounting Changes
Accounting Pronouncements Recently Adopted
On January 1, 2020, we adopted new accounting guidance related to disclosure requirements for defined benefit plans as part of the Financial Accounting Standards Board’s (the “FASB”) disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for defined benefit pension and other postretirement benefit plans. We adopted this new accounting guidance using the retrospective method, which did not have a significant impact on our condensed consolidated financial statements and disclosures.
On January 1, 2020, we adopted new accounting guidance related to fair value disclosure requirements as part of the FASB’s disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for fair value measurements. The guidance includes new disclosure requirements related to changes in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements. We adopted this new accounting guidance using the prospective method for disclosures related to changes in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period, the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty and the retrospective method for all other disclosures. This accounting guidance did not impact our condensed consolidated financial statements but impacted our fair value disclosures.
In March 2020, the FASB issued new accounting guidance related to reference rate reform, which was effective for us on January 1, 2020. The guidance provides temporary guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform, which includes the transition away from the London Interbank Offered Rate (“LIBOR”). This new guidance provides optional practical expedients and exceptions for applying generally accepted accounting principles to investments, derivatives or other transactions affected by reference rate reform such as those that impact the assessment of derivative hedge effectiveness and contract modifications, to include continuing hedge accounting when certain critical terms of a hedging relationship change and modifying certain effectiveness assessments to exclude certain potential sources of ineffectiveness. In addition to the optional practical expedients, th
e
 guidance includes a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. We adopted this guidance prospectively and it did not have a significant impact on our condensed consolidated financial statements or disclosures. However, the amendments in this guidance may be elected over time through December 31, 2022 as reference rate reform activities occur and therefore, this guidance may impact our procedures, including our process for assessing the effectiveness of our cash flow hedging relationships, determined on an individual hedge basis, as we implement measures to transition away from LIBO
R.
On January 1, 2020, we adopted new accounting guidance related to accounting for credit losses on financial instruments. The guidance requires entities to recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most financial instruments not measured at fair value, which primarily
 
includes our commercial mortgage loans, bank loan investments and reinsurance recoverables. The new guidance also requires the recognition of an allowance for expected credit losses as a liability in our consolidated balance sheet for off-balance sheet credit exposures, including commitments to fund bank loan investments, private placement investments and commercial mortgage loans. The new guidance did not have a significant impact on other assets not measured at fair value. The FASB also issued an amendment to the guidance allowing entities to irrevocably elect the fair value option on an instrument-by-instrument basis for eligible instruments, which we did not elect.
For our commercial mortgage loans, we determine the adequacy of the allowance for credit losses utilizing an analytical model that provides various loss scenarios based on historical experience adjusted for current events, trends, economic conditions and reasonable and supportable forecasts that result in a loss in the loan portfolio over the estimated life of the loans. We revert to historical credit loss experience for periods beyond forecasts that are reasonable and supportable. The allowance for credit losses is measured on a collective basis with consideration for debt service coverage ratio, debt-to-value, property-type and geographic location. Key inputs into the analytical model include exposure, weighted-average life, return, historical loss rates and forecast scenarios. Actual amounts realized over time could differ from the amounts estimated for the allowance for credit losses reported in the condensed consolidated financial statements. Commercial mortgage loans are written off against the allowance to the extent principal or interest is deemed uncollectible. Accrued interest related to commercial mortgage loans is included in accrued investment income in our condensed consolidated balance sheet and had a carrying value of $24 million as of September 30, 2020. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrued interest related to our commercial mortgage loans are written off after 90 days and once collectability is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses).
We adopted the guidance related to our investments carried at amortized cost using the modified retrospective method and recorded an allowance related to lifetime expected credit losses of $23 million, net of deferred taxes of $6 million, for commercial mortgage loans and bank loan investments, with an offset to cumulative effect of change in accounting within retained earnings. See note 4 for additional disclosures related to commercial mortgage loans. We adopted the guidance related to our off-balance sheet credit exposures using the modified retrospective method and recorded an allowance related to lifetime expected credit losses of $1 million, included in other liabilities in our condensed consolidated balance sheet, with an offset to cumulative effect of change in accounting within retained earnings.
The allowance for credit losses for reinsurance recoverables is evaluated based on historical loss experience adjusted for current events and reasonable and supportable forecasts from both internal and external sources. The allowance is measured by reinsurer, taking into consideration the reinsured product type and collateral type, and is calculated based on an externally reported probability of default corresponding to the reinsurer’s credit rating and the expected duration of the reinsurer’s contractual obligation to reimburse us for ceded claims on the underlying policies. Our estimate of the allowance reflects consideration for collateral securing the reinsurance agreements and expected recoveries of amounts previously charged off and expected to be charged off. We also consider other credit risk factors, including, among other factors, the historical frequency and severity of the associated insurance claims, aging of recoverables and regulatory, legal and economic factors, to determine if an additional incremental allowance for credit losses is required. No reversion adjustments are necessary as the starting point for our allowance for credit losses reflects historical loss experience covering the expected duration of the reinsurer’s contractual obligation to reimburse us. If available facts and circumstances indicate the reinsurance recoverable does not reflect expectations consistent with the collective analysis, the reinsurance
 
recoverable is assessed on a separate basis. Write-offs of reinsurance recoverables are deducted from the allowance in the period the reinsurance recoverable is determined to be uncollectible. We adopted the guidance related to our reinsurance recoverables using the modified retrospective method and recorded an allowance related to lifetime expected credit losses of $31 million, net of deferred taxes of $9 million, with an offset to cumulative effect of change in accounting within retained earnings. See note 8 for additional disclosures related to reinsurance recoverables.
The new guidance retains most of the existing impairment guidance for available-for-sale fixed maturity securities but amends the presentation of credit losses to reflect an allowance for credit losses as opposed to a
 
write-down of the amortized cost of the investment and permits the reversal of credit losses through net income (loss) when reassessing changes in credit losses each reporting period. Available-for-sale fixed maturity securities in an unrealized loss position are evaluated to determine whether the decline in fair value is related to credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency/agencies and adverse conditions specifically related to the security, among other factors. If a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Estimating the cash flows expected to be collected is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments. When developing the estimate of cash flows expected to be collected, we utilize an analytical model that provides for various loss scenarios and consider the industry sector, current levels of subordination, geographic location and other relevant characteristics of the security or underlying assets, as well as reasonable and supportable forecasts. Losses are written off against the allowance when deemed uncollectible or when we intend to sell or expect we will be required to sell a security prior to recovering our amortized cost. We exclude accrued interest related to available-for-sale fixed maturity securities from the estimate of allowance for credit losses. Accrued interest is included in accrued investment income in our condensed consolidated balance sheet and had a carrying value of $
565
 million as of September 30, 2020. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrued interest related to our available-for-sale fixed maturity securities are written off after 90 days and once
collectability
is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses). We adopted the guidance related to our available-for-sale fixed maturity securities for which a previous other-than-temporary impairment was recognized prior to the date of adoption using the prospective method and the modified retrospective method for all other available-for-sale fixed maturity securities, which did not have any impact upon adoption.
Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued new accounting guidance related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance is currently effective for us on January 1, 2021 using the retrospective method or modified retrospective method for certain changes and prospective method for all other changes, with early adoption permitted. We do not expect a significant impact from this guidance on our condensed consolidated financial statements and disclosures.
In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts and expands disclosure requirements, which impacts our life
 
 
insurance deferred acquisition costs (“DAC”) and liabilities. In accordance with the guidance, the more significant changes include:
 
 
•
 
assumptions will no longer be locked-in at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits (except the discount rate) will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes will be recorded in net income (loss) using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions;
 
 
•
 
the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a single-A rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss);
 
 
•
 
the provision for adverse deviation and the premium deficiency test will be eliminated;
 
 
•
 
market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss);
 
 
•
 
the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and
 
 
•
 
disclosures will be greatly expanded to include significant assumptions and product liability rollforwards.
We expect this guidance to be effective for us on January 1, 2023, subject to the FASB finalizing an additional one-year delay, using the modified retrospective method, with early adoption permitted, which we do not intend to elect. Given the nature and extent of the changes to our operations, this guidance is expected to have a significant impact on our condensed consolidated financial statements.
v3.20.2
Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2020
Earnings (Loss) Per Share
 
(3) Earnings (Loss) Per Share
Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
 
    
Three months ended

September 30,
    
Nine months ended

September 30,
  
(Amounts in millions, except per share amounts)
   
     2020     
     
     20
19
     
    
2020
    
2019
  
Weighted-average shares used in basic earnings per share calculations
      505.6        503.5       505.1       502.7  
Potentially dilutive securities:
          
Stock options, restricted stock units and stock appreciation rights
      5.9        7.7       6.1       6.8  
  
 
 
     
 
 
    
 
 
    
 
 
  
Weighted-average shares used in diluted earnings per share calculations
      511.5        511.2       511.2       509.5  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income from continuing operations:
          
Income from continuing operations
    $ 435      $ 138     $ 465     $ 464  
Less: net income from continuing operations attributable to noncontrolling interests
      18        10       35       45  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
    $ 417      $ 128     $ 430     $ 419  
  
 
 
     
 
 
    
 
 
    
 
 
  
Basic per share
    $ 0.83      $ 0.25     $ 0.85     $ 0.83  
  
 
 
     
 
 
    
 
 
    
 
 
  
Diluted per share
    $ 0.82      $ 0.25     $ 0.84     $ 0.82  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income (loss) from discontinued operations:
          
Income (loss) from discontinued operations, net of taxes
    $ 1      $ (80 )    $ (519 )    $ 42  
Less: net income from discontinued operations attributable to noncontrolling interests
      —          30       —         101  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ 1      $ (110 )    $ (519 )    $ (59 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Basic per share
    $ —        $ (0.22 )    $ (1.03 )    $ (0.12 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Diluted per share
    $ —        $ (0.21 )    $ (1.02 )    $ (0.12 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss):
          
Income from continuing operations
    $ 435      $ 138     $ 465     $ 464  
Income (loss) from discontinued operations, net of taxes
      1        (80 )      (519 )      42  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss)
      436        58       (54 )      506  
Less: net income attributable to noncontrolling interests
      18        40       35       146  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ 418      $ 18     $ (89 )    $ 360  
  
 
 
     
 
 
    
 
 
    
 
 
  
Basic per share
(1)
    $ 0.83      $ 0.04     $ (0.18 )    $ 0.72  
  
 
 
     
 
 
    
 
 
    
 
 
  
Diluted per share
(1)
    $ 0.82      $ 0.04     $ (0.17 )    $ 0.71  
  
 
 
     
 
 
    
 
 
    
 
 
  
 
(1)
 
May not total due to whole number calculation.
v3.20.2
Investments
 9 Months Ended
Sep. 30, 2020
Investments
(4) Investments
(a) Net Investment Income
 
Sources of net investment income were as follows for the periods indicated:
 
    
Three months ended
September 30,
    
Nine months ended
September 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
    
2020
    
2019
  
Fixed maturity securities—taxable
  
$
632
 
 
$
631
 
 
$
1,855
 
 
$
1,878
 
Fixed maturity securities—non-taxable
  
 
2
 
 
 
2
 
 
 
5
 
 
 
6
 
Equity securities
  
 
3
 
 
 
4
 
 
 
7
 
 
 
13
 
Commercial mortgage loans
  
 
82
 
 
 
87
 
 
 
251
 
 
 
254
 
Policy loans
  
 
51
 
 
 
47
 
 
 
149
 
 
 
138
 
Other invested assets
  
 
79
 
 
 
62
 
 
 
192
 
 
 
180
 
Cash, cash equivalents, restricted cash and short-term investments
  
 
2
 
 
 
8
 
 
 
17
 
 
 
30
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross investment income before expenses and fees
  
 
851
 
 
 
841
 
 
 
2,476
 
 
 
2,499
 
Expenses and fees
  
 
(24
) 
 
 
(25
) 
 
 
(70
) 
 
 
(73
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
  
$
827
 
 
$
816
 
 
$
2,406
 
 
$
2,426
 
  
 
 
    
 
 
    
 
 
    
 
 
  
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
    
Three months ended
September 30,
    
Nine months ended
September 30,
  
(Amounts in millions)
   
     2020     
    
     2019     
    
     2020     
    
     2019     
  
Available-for-sale fixed maturity securities:
  
 
 
 
Realized gains
  
$
332
 
 
$
19
 
 
$
465
 
 
$
93
 
Realized losses
  
 
(2
) 
 
 
(3
) 
 
 
(8
) 
 
 
(30
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gains (losses) on available-for-sale fixed maturity securities
  
 
330
 
 
 
16
 
 
 
457
 
 
 
63
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairments:
  
 
 
 
Total other-than-temporary impairments
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Portion of other-than-temporary impairments included in other comprehensive income (loss)
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net other-than-temporary impairments
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in allowance for credit losses on available-for-sale fixed maturity securities
  
 
2
 
 
 
—  
 
 
 
(5
) 
 
 
—  
 
Write-down of available-for-sale fixed maturity securities
(1)
  
 
(4
) 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
Net realized gains (losses) on equity securities sold
  
 
(3
) 
 
 
6
 
 
 
(3
) 
 
 
9
 
Net unrealized gains (losses) on equity securities still held
  
 
3
 
 
 
(4
) 
 
 
(7
) 
 
 
13
 
Limited partnerships
  
 
31
 
 
 
6
 
 
 
28
 
 
 
10
 
Commercial mortgage loans
  
 
(3
) 
 
 
(1
) 
 
 
(2
) 
 
 
(1
) 
Derivative instruments
(2)
  
 
22
 
 
 
(29
) 
 
 
(73
) 
 
 
(71
) 
Other
  
 
(3
) 
 
 
4
 
 
 
(9
) 
 
 
4
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment gains (losses)
  
$
375
 
 
$
(2
) 
 
$
382
 
 
$
27
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Represents write-down of securities we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2)
 
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
 
See note 2 for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the periods indicated:
 
   
Three months ended September 30, 2020
  
(Amounts in millions)
  
Beginning
balance
    
Increase
from
securities
without
allowance
in
 
previous
periods
    
Increase
(decrease)
from
securities
with
 
allowance
in
 
previous
periods
    
Securities
sold
    
Decrease
due
 
to
 
change
in
 
intent or
requirement
to sell
    
Write-offs
    
Recoveries
    
Ending
balance
  
Fixed maturity securities:
                
Non-U.S. corporate
   $ 4     $ —       $ (2 )    $ —       $ —       $ —       $ —       $ 2  
Commercial mortgage-backed
     3       —         —         —         —         —         —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 7     $ —       $ (2 )    $ —       $ —       $ —       $ —       $ 5  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
Nine months ended September 30, 2020
  
(Amounts in millions)
  
Beginning
balance
    
Increase
from
securities
without
allowance
in
previous
periods
    
Increase
(decrease)
from
securities
with
 
allowance
in
 
previous
periods
    
Securities
sold
    
Decrease
due
 
to
 
change
in
 
intent or
requirement
to sell
    
Write-offs
    
Recoveries
    
Ending
balance
  
Fixed maturity securities:
                
Non-U.S. corporate
   $ —       $ 4     $ (2 )    $ —       $ —       $ —       $ —       $ 2  
Commercial mortgage-backed
     —         3       —         —         —         —         —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ —       $ 7     $ (2 )    $ —       $ —       $ —       $ —       $ 5  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following represents the activity for credit losses recognized in net income (loss) on debt securities where an other-than-temporary impairment was identified and a portion of other-than-temporary impairments was included in other comprehensive income (“OCI”) as of and for the periods indicated:
 
(Amounts in millions)
   
Three months
ended
September 30,
2019
     
Nine months
ended
September 30,
2019
  
Beginning balance
    $ 23      $ 24  
Reductions:
      
Securities sold, paid down or disposed
      —          (1 ) 
  
 
 
     
 
 
  
Ending balance
    $ 23      $ 23  
  
 
 
     
 
 
  
 
(c) Unrealized Investment Gains and Losses
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
 
(Amounts in millions)
   
September 30,
2020
    
December 31,
2019
  
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
    $ 9,218     $ 6,676  
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
      (12 )      —    
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves
      (6,998 )      (4,789 ) 
Income taxes, net
      (473 )      (406 ) 
  
 
 
    
 
 
  
Net unrealized investment gains (losses)
      1,735       1,481  
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
      24       25  
  
 
 
    
 
 
  
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
    $ 1,711     $ 1,456  
  
 
 
    
 
 
  
 
(1)
 
Excludes foreign exchange.
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated:
 
   
As of or for the

three months ended

September 30,
  
(Amounts in millions)
  
2020
    
2019
  
Beginning balance
   $ 1,811     $ 1,305  
Unrealized gains (losses) arising during the period:
    
Unrealized gains (losses) on fixed maturity securities
     781       1,607  
Adjustment to deferred acquisition costs
     (9 )      (8 ) 
Adjustment to present value of future profits
     2       1  
Adjustment to sales inducements
     (5 )      (4 ) 
Adjustment to benefit reserves
     (566 )      (1,108 ) 
Provision for income taxes
     (42 )      (104 ) 
 
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
     161       384  
Reclassification adjustments to net investment (gains) losses, net of taxes of $70 and $4
     (261 )      (13 ) 
 
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
     (100 )      371  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
     —         1  
 
 
 
    
 
 
  
Ending balance
   $ 1,711     $ 1,675  
 
 
 
    
 
 
  
 
   
As of or for the

nine months ended

September 30,
  
(Amounts in millions)
  
2020
    
2019
  
Beginning balance
   $ 1,456     $ 595  
Unrealized gains (losses) arising during the period:
    
Unrealized gains (losses) on fixed maturity securities
     2,980       5,563  
Adjustment to deferred acquisition costs
     48       (1,049 ) 
Adjustment to present value of future profits
     6       (54 ) 
Adjustment to sales inducements
     (3 )      (35 ) 
Adjustment to benefit reserves
     (2,260 )      (2,908 ) 
Provision for income taxes
     (162 )      (331 ) 
 
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
     609       1,186  
Reclassification adjustments to net investment (gains) losses, net of taxes of $95 and $16
     (355 )      (59 ) 
 
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
     254       1,127  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
     (1 )      47  
 
 
 
    
 
 
  
Ending balance
   $ 1,711     $ 1,675  
 
 
 
    
 
 
  
Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.
 
(d) Fixed Maturity Securities
As of September 30, 2020, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
  
Amortized
cost or
cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Allowance
for credit
losses
    
Fair
value
  
Fixed maturity securities:
          
U.S. government, agencies and government-sponsored enterprises
   $ 3,318     $ 1,474     $ —       $ —       $ 4,792  
State and political subdivisions
     2,591       525       (1 )      —         3,115  
Non-U.S. government
     1,276       126       (7 )      —         1,395  
U.S. corporate:
          
Utilities
     4,294       924       (1 )      —         5,217  
Energy
     2,581       238       (54 )      —         2,765  
Finance and insurance
     7,611       1,135       (11 )      —         8,735  
Consumer—non-cyclical
     5,160       1,210       (2 )      —         6,368  
Technology and communications
     2,993       537       (3 )      —         3,527  
Industrial
     1,363       189       (1 )      —         1,551  
Capital goods
     2,558       503       (4 )      —         3,057  
Consumer—cyclical
     1,794       252       (2 )      —         2,044  
Transportation
     1,325       271       (15 )      —         1,581  
Other
     346       43       —         —         389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     30,025       5,302       (93 )      —         35,234  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
          
Utilities
     860       75       —         —         935  
Energy
     1,192       163       (7 )      —         1,348  
Finance and insurance
     2,319       312       (12 )      (1 )      2,618  
Consumer—non-cyclical
     712       95       (1 )      —         806  
Technology and communications
     1,066       190       —         —         1,256  
Industrial
     935       134       (1 )      —         1,068  
Capital goods
     571       61       (6 )      —         626  
Consumer—cyclical
     400       38       (2 )      —         436  
Transportation
     571       87       (9 )      (1 )      648  
Other
     1,562       241       (1 )      —         1,802  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     10,188       1,396       (39 )      (2 )      11,543  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     1,825       250       —         —         2,075  
Commercial mortgage-backed
     2,775       228       (24 )      (3 )      2,976  
Other asset-backed
     3,254       48       (16 )      —         3,286  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 55,252     $ 9,349     $ (180 )    $ (5 )    $ 64,416  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
As of December 31, 2019, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
         
Gross unrealized gains
    
Gross unrealized losses
        
(Amounts in millions)
  
Amortized
cost or
cost
    
Not other-than-
temporarily
impaired
    
Other-
t
han-
temporarily
impaired
    
Not other-than-
temporarily
impaired
    
Other-
t
han-
temporarily
impaired
    
Fair
value
  
Fixed maturity securities:
            
U.S. government, agencies and government-sponsored enterprises
   $ 4,073     $ 952     $ —       $ —       $ —       $ 5,025  
State and political subdivisions
     2,394       355       —         (2 )      —         2,747  
Non-U.S. government
     1,235       117       —         (2 )      —         1,350  
U.S. corporate:
            
Utilities
     4,322       675       —         —         —         4,997  
Energy
     2,404       303       —         (8 )      —         2,699  
Finance and insurance
     6,977       798       —         (1 )      —         7,774  
Consumer—non-cyclical
     4,909       796       —         (4 )      —         5,701  
Technology and communications
     2,883       363       —         (1 )      —         3,245  
Industrial
     1,271       125       —         —         —         1,396  
Capital goods
     2,345       367       —         (1 )      —         2,711  
Consumer—cyclical
     1,590       172       —         (2 )      —         1,760  
Transportation
     1,320       187       —         (1 )      —         1,506  
Other
     292       30       —         —         —         322  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     28,313       3,816       —         (18 )      —         32,111  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
            
Utilities
     779       50       —         —         —         829  
Energy
     1,140       179       —         —         —         1,319  
Finance and insurance
     2,087       232       —         —         —         2,319  
Consumer—non-cyclical
     631       55       —         (2 )      —         684  
Technology and communications
     1,010       128       —         —         —         1,138  
Industrial
     896       92       —         —         —         988  
Capital goods
     565       40       —         —         —         605  
Consumer—cyclical
     373       24       —         —         —         397  
Transportation
     557       73       —         (1 )      —         629  
Other
     1,431       188       —         (2 )      —         1,617  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     9,469       1,061       —         (5 )      —         10,525  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     2,057       199       15       (1 )      —         2,270  
Commercial mortgage-backed
     2,897       137       —         (8 )      —         3,026  
Other asset-backed
     3,262       30       —         (7 )      —         3,285  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 53,700     $ 6,667     $ 15     $ (43 )    $ —       $ 60,339  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of September 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
Fixed maturity securities:
                  
State and political subdivisions
   $ 66     $ (1 )      10     $ —       $ —         —       $ 66     $ (1 )      10  
Non-U.S. government
     103       (7 )      16       —         —         —         103       (7 )      16  
U.S. corporate
     1,475       (82 )      228       95       (11 )      10       1,570       (93 )      238  
Non-U.S. corporate
     589       (27 )      106       7       (1 )      2       596       (28 )      108  
Commercial mortgage-backed
     430       (22 )      68       1       (1 )      1       431       (23 )      69  
Other asset-backed
     675       (10 )      159       308       (6 )      67       983       (16 )      226  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 3,338     $ (149 )      587     $ 411     $ (19 )      80     $ 3,749     $ (168 )      667  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                  
<20% Below cost
   $ 3,264     $ (122 )      569     $ 401     $ (16 )      78     $ 3,665     $ (138 )      647  
20%-50% Below cost
     74       (27 )      18       10       (3 )      2       84       (30 )      20  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 3,338     $ (149 )      587     $ 411     $ (19 )      80     $ 3,749     $ (168 )      667  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 2,631     $ (85 )      472     $ 338     $ (9 )      70     $ 2,969     $ (94 )      542  
Below investment grade
     707       (64 )      115       73       (10 )      10       780       (74 )      125  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 3,338     $ (149 )      587     $ 411     $ (19 )      80     $ 3,749     $ (168 )      667  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of September 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
U.S. corporate:
                  
Utilities
   $ 24     $ (1 )      6     $ —       $ —         —       $ 24     $ (1 )      6  
Energy
     557       (45 )      84       52       (9 )      6       609       (54 )      90  
Finance and insurance
     373       (11 )      42       —         —         —         373       (11 )      42  
Consumer—non-cyclical
     93       (2 )      12       —         —         —         93       (2 )      12  
Technology and communications
     100       (3 )      12       —         —         —         100       (3 )      12  
Industrial
     72       (1 )      6       —         —         —         72       (1 )      6  
Capital goods
     33       (3 )      7       14       (1 )      1       47       (4 )      8  
Consumer—cyclical
     86       (1 )      21       29       (1 )      3       115       (2 )      24  
Transportation
     137       (15 )      38       —         —         —         137       (15 )      38  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     1,475       (82 )      228       95       (11 )      10       1,570       (93 )      238  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                  
Energy
     179       (7 )      18       —         —         —         179       (7 )      18  
Finance and insurance
     196       (5 )      34       —         —         —         196       (5 )      34  
Consumer—non-cyclical
     —         —         —         7       (1 )      2       7       (1 )      2  
Industrial
     29       (1 )      4       —         —         —         29       (1 )      4  
Capital goods
     59       (6 )      11       —         —         —         59       (6 )      11  
Consumer—cyclical
     22       (2 )      11       —         —         —         22       (2 )      11  
Transportation
     59       (5 )      15       —         —         —         59       (5 )      15  
Other
     45       (1 )      13       —         —         —         45       (1 )      13  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     589       (27 )      106       7       (1 )      2       596       (28 )      108  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 2,064     $ (109 )      334     $ 102     $ (12 )      12     $ 2,166     $ (121 )      346  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value is largely due to recent market volatility and is not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without
 
an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.
The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2019:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
Fixed maturity securities:
                  
State and political subdivisions
   $ 91     $ (2 )      14     $ —       $ —         —       $ 91     $ (2 )      14  
Non-U.S. government
     224       (2 )      20       —         —         —         224       (2 )      20  
U.S. corporate
     123       (5 )      27       302       (13 )      33       425       (18 )      60  
Non-U.S. corporate
     79       (1 )      12       62       (4 )      7       141       (5 )      19  
Residential mortgage-backed
     22       (1 )      10       —         —         —         22       (1 )      10  
Commercial mortgage-backed
     381       (5 )      51       14       (3 )      3       395       (8 )      54  
Other asset-backed
     532       (2 )      97       439       (5 )      115       971       (7 )      212  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 1,452     $ (18 )      231     $ 817     $ (25 )      158     $ 2,269     $ (43 )      389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                  
<20% Below cost
   $ 1,452     $ (18 )      231     $ 807     $ (20 )      155     $ 2,259     $ (38 )      386  
20%-50% Below cost
     —         —         —         10       (5 )      3       10       (5 )      3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 1,452     $ (18 )      231     $ 817     $ (25 )      158     $ 2,269     $ (43 )      389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 1,408     $ (14 )      223     $ 702     $ (15 )      145     $ 2,110     $ (29 )      368  
Below investment grade
     44       (4 )      8       115       (10 )      13       159       (14 )      21  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 1,452     $ (18 )      231     $ 817     $ (25 )      158     $ 2,269     $ (43 )      389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
The following table presents the gross unrealized losses and fair values of our corporate securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2019:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
U.S. corporate:
                  
Energy
   $ 54     $ (3 )      10     $ 80     $ (5 )      10     $ 134     $ (8 )      20  
Finance and insurance
     —         —         —         34       (1 )      4       34       (1 )      4  
Consumer—non-cyclical
     34       (1 )      9       93       (3 )      9       127       (4 )      18  
Technology and communications
     —         —         —         18       (1 )      2       18       (1 )      2  
Capital goods
     35       (1 )      8       —         —         —         35       (1 )      8  
Consumer—cyclical
     —         —         —         54       (2 )      6       54       (2 )      6  
Transportation
     —         —         —         23       (1 )      2       23       (1 )      2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     123       (5 )      27       302       (13 )      33       425       (18 )      60  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                  
Consumer—non-cyclical
     —         —         —         31       (2 )      3       31       (2 )      3  
Transportation
     —         —         —         25       (1 )      3       25       (1 )      3  
Other
     79       (1 )      12       6       (1 )      1       85       (2 )      13  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     79       (1 )      12       62       (4 )      7       141       (5 )      19  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 202     $ (6 )      39     $ 364     $ (17 )      40     $ 566     $ (23 )      79  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The scheduled maturity distribution of fixed maturity securities as of September 30, 2020 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
 
(Amounts in millions)
   
Amortized
cost or
cost
     
Fair
value
  
Due one year or less
    $ 1,476      $ 1,499  
Due after one year through five years
      9,646        10,265  
Due after five years through ten years
      13,164        14,863  
Due after ten years
      23,112        29,452  
  
 
 
     
 
 
  
Subtotal
      47,398        56,079  
Residential mortgage-backed
      1,825        2,075  
Commercial mortgage-backed
      2,775        2,976  
Other asset-backed
      3,254        3,286  
  
 
 
     
 
 
  
Total
    $ 55,252      $ 64,416  
  
 
 
     
 
 
  
 
As of September 30, 2020, securities issued by finance and insurance, consumer—non-cyclical, utilities and technology and communications industry groups represented approximately 24%, 15%, 13% and 10%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio.
As of September 30, 2020, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity.
(e) Commercial Mortgage Loans
Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses.
We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
 
    
September 30,
2020
    
December 31,
2019
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Property type:
           
Retail
    $ 2,481        36 %    $ 2,590        37 % 
Industrial
      1,685        24       1,670        24  
Office
      1,625        24       1,632        23  
Apartments
      566        8       541        8  
Mixed use
      292        4       281        4  
Other
      262        4       266        4  
  
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,911        100 %      6,980        100 % 
     
 
 
       
 
 
  
Unamortized balance of loan origination fees
      —            (4 )    
Allowance for credit losses
      (31 )         (13 )    
  
 
 
       
 
 
     
Total
    $ 6,880        $ 6,963     
  
 
 
       
 
 
     
 
 
 
  
September 30,
2020
 
 
December 31,
2019
 
(Amounts in millions)
  
Carrying
value
 
  
% of
total
 
 
Carrying
value
 
  
% of
total
 
Geographic region:
  
      
  
      
 
      
  
      
South Atlantic
  
$
1,761
 
  
 
25
% 
 
$
1,715
 
  
 
25
% 
Pacific
  
 
1,571
 
  
 
23
 
 
 
1,673
 
  
 
24
 
Middle Atlantic
  
 
993
 
  
 
14
 
 
 
992
 
  
 
14
 
Mountain
  
 
776
 
  
 
11
 
 
 
753
 
  
 
11
 
West North Central
  
 
481
 
  
 
7
 
 
 
488
 
  
 
7
 
East North Central
  
 
451
 
  
 
7
 
 
 
455
 
  
 
6
 
West South Central
  
 
427
 
  
 
6
 
 
 
433
 
  
 
6
 
New England
  
 
262
 
  
 
4
 
 
 
257
 
  
 
4
 
East South Central
  
 
189
 
  
 
3
 
 
 
214
 
  
 
3
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Subtotal
  
 
6,911
 
  
 
100
% 
 
 
6,980
 
  
 
100
% 
 
  
      
  
 
 
 
 
      
  
 
 
 
Unamortized balance of loan origination fees
  
 
—  
 
  
      
 
 
(4
) 
  
      
Allowance for credit losses
  
 
(31
) 
  
      
 
 
(13
) 
  
      
 
  
 
 
 
  
      
 
 
 
 
  
      
Total
  
$
6,880
 
  
      
 
$
6,963
 
  
      
 
  
 
 
 
  
      
 
 
 
 
  
      
The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated:
 
    
September 30, 2020
  
(Amounts in millions)
   
31 - 60 days
past due
    
61 - 90 days
past due
    
Greater than
90 days past

due
    
Total
past due
    
Current
    
Total
  
Property type:
             
Retail
    $ 4     $ —       $ 10     $ 14     $ 2,467     $ 2,481  
Industrial
      —         —         —         —         1,685       1,685  
Office
      —         —         —         —         1,625       1,625  
Apartments
      —         —         —         —         566       566  
Mixed use
      —         —         —         —         292       292  
Other
      —         —         —         —         262       262  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 4     $ —       $ 10     $ 14     $ 6,897     $ 6,911  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total commercial mortgage loans
      —   %      —   %      —   %      —   %      100 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
 
    
December 31, 2019
  
(Amounts in millions)
   
31 - 60 days

past due
    
61 - 90 days
past due
    
Greater than
90 days past

due
    
Total
past due
    
Current
    
Total
  
Property type:
             
Retail
    $ —       $ —       $ —       $ —       $ 2,590     $ 2,590  
Industrial
      —         —         —         —         1,670       1,670  
Office
      —         —         —         —         1,632       1,632  
Apartments
      —         —         —         —         541       541  
Mixed use
      —         —         —         —         281       281  
Other
      —         —         —         —         266       266  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recorded investment
    $ —       $ —       $ —       $ —       $ 6,980     $ 6,980  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total commercial mortgage loans
      —   %      —   %      —   %      —   %      100 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2019 Annual Report on Form 10-K. As of September 30, 2020, we had no commercial mortgage loans that were past due for more than 90 days and still accruing interest. We also did not have any commercial mortgage loans that were past due for less than 90 days on non-accrual status as of September 30, 2020.
As of December 31, 2019, we had
no
commercial mortgage loans on non-accrual status.
During the nine months ended September 30, 2020 and the year ended December 31, 2019, we did not have any modifications or extensions that were considered troubled debt restructurings.
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated:
 
    
Three months ended
September 30,
     
Nine months ended
September 30,
  
(Amounts in millions)
   
    2020    
     
    2019    
     
    2020    
     
    2019    
  
Allowance for credit losses:
            
Beginning balance
    $ 28      $ 11      $ 13      $ 9  
Cumulative effect of change in accounting
      —          —          16        —    
Provision
      3        1        2        3  
Write-offs
      —          —          —          —    
Recoveries
      —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Ending balance
    $ 31      $ 12      $ 31      $ 12  
  
 
 
     
 
 
     
 
 
     
 
 
  
In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is
based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of September 30, 2020:
 
(Amounts in millions)
   
2020
     
2019
     
2018
     
2017
     
2016
     
2015 and
prior
     
Total
  
Debt-to-value:
                     
0% - 50%
    $ 9      $ 15      $ 38      $ 108      $ 131      $ 2,307      $ 2,608  
51% - 60%
      29        33        191        289        141        734        1,417  
61% - 75%
      373        746        758        330        223        448        2,878  
76% - 100%
      —          —          8        —          —          —          8  
Greater than 100%
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 411      $ 794      $ 995      $ 727      $ 495      $ 3,489      $ 6,911  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt service coverage ratio:
                     
Less than 1.00
    $ —        $ —        $ 33      $ 3      $ —        $ 123      $ 159  
1.00 - 1.25
      41        12        106        73        13        252        497  
1.26 - 1.50
      69        357        260        96        87        405        1,274  
1.51 - 2.00
      251        356        503        320        266        1,214        2,910  
Greater than 2.00
      50        69        93        235        129        1,495        2,071  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 411      $ 794      $ 995      $ 727      $ 495      $ 3,489      $ 6,911  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, gross
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
Recoveries
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, net
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
 
   
September 30, 2020
  
(Amounts in millions)
  
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
            
Retail
   $ 940     $ 557     $ 984     $ —       $ —       $ 2,481  
Industrial
     775       310       600       —         —         1,685  
Office
     513       337       767       8       —         1,625  
Apartments
     220       85       261       —         —         566  
Mixed use
     106       63       123       —         —         292  
Other
     54       65       143       —         —         262  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
   $ 2,608     $ 1,417     $ 2,878     $ 8     $ —       $ 6,911  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     38 %      20 %      42 %      —   %      —   %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
     2.31       1.81       1.57       1.42       —         1.90  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2019
  
(Amounts in millions)
  
0% - 50%
    
51%
- 60%
    
61% - 75%
    
76% - 100%
    
Greater
than
 
100%
    
Total
  
Property type:
            
Retail
   $ 986     $ 579     $ 1,025     $ —       $ —       $ 2,590  
Industrial
     808       337       525       —         —         1,670  
Office
     529       380       723       —         —         1,632  
Apartments
     211       110       220       —         —         541  
Mixed use
     104       70       107       —         —         281  
Other
     56       69       141       —         —         266  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recorded investment
   $ 2,694     $ 1,545     $ 2,741     $ —       $ —       $ 6,980  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     39 %      22 %      39 %      —   %      —   %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
     2.32       1.81       1.55       —         —         1.90  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
 
   
September 30, 2020
  
(Amounts in millions)
  
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater

than 2.00
    
Total
  
Property type:
            
Retail
   $ 61     $ 134     $ 585     $ 1,100     $ 601     $ 2,481  
Industrial
     23       66       218       704       674       1,685  
Office
     28       111       238       770       478       1,625  
Apartments
     11       24       177       182       172       566  
Mixed use
     3       18       37       118       116       292  
Other
     33       144       19       36       30       262  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
   $ 159     $ 497     $ 1,274     $ 2,910     $ 2,071     $ 6,911  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     2 %      7 %      19 %      42 %      30 %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
     57 %      61 %      63 %      59 %      41 %      54 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2019
  
(Amounts in millions)
  
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater
than 2.00
    
Total
  
Property type:
            
Retail
   $ 68     $ 141     $ 596     $ 1,148     $ 637     $ 2,590  
Industrial
     24       51       221       658       716       1,670  
Office
     44       89       277       751       471       1,632  
Apartments
     16       32       129       175       189       541  
Mixed use
     4       16       37       107       117       281  
Other
     34       147       20       31       34       266  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recorded investment
   $ 190     $ 476     $ 1,280     $ 2,870     $ 2,164     $ 6,980  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     3 %      7 %      18 %      41 %      31 %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
     59 %      61 %      63 %      58 %      41 %      54 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(f) Limited Partnerships or Similar Entities
Limited partnerships are accounted for at fair value when our partnership interest is considered minor (generally less than 3% ownership in the limited partnerships) and we exercise no influence over operating and financial policies. If our ownership percentage exceeds that threshold, limited partnerships are accounted for using the equity method of accounting. In applying either method, we use financial information provided by the investee generally on a one-to-three month lag. However, for limited partnerships measured at fair value, we consider whether an adjustment to the estimated fair value is necessary when the measurement date is not aligned with our reporting date.
Investments in limited partnerships or similar entities are generally considered VIEs when the equity group lacks sufficient financial control. Generally, these investments are limited partner or non-managing member equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of September 30,
2020 and December 31, 2019, the total carrying value of these investments was $823 million and $616 million, respectively. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We have not contributed, and do not plan to contribute, any additional financial or other support outside of what is contractually obligated.
v3.20.2
Derivative Instruments
 9 Months Ended
Sep. 30, 2020
Derivative Instruments
(5) Derivative Instruments
Our business activities routinely deal with fluctuations in interest rates, equity prices, currency
exchange
rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow hedges.
The following table sets forth our positions in derivative instruments as of the dates indicated:
 
   
Derivative assets
    
Derivative liabilities
  
       
Fair value
        
Fair value
  
(Amounts in millions)
  
Balance
sheet
 
classification
  
September 30,
2020
    
December 31,
2019
    
Balance
sheet
 
classification
  
September 30,
2020
    
December 31,
2019
  
Derivatives designated as hedges
            
Cash flow hedges:
            
Interest rate swaps
   Other invested assets   $ 708     $ 197     Other liabilities   $ 4     $ 10  
Foreign currency swaps
   Other invested assets     10       4     Other liabilities     —         —    
   
 
 
    
 
 
      
 
 
    
 
 
  
Total cash flow hedges
       718       201         4       10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives designated as hedges
       718       201         4       10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Derivatives not designated as hedges
              
Equity index options
   Other invested assets     67       81     Other liabilities     —         —    
Financial futures
   Other invested assets     —         —       Other liabilities     —         —    
Other foreign currency contracts
   Other invested assets     19       8     Other liabilities     5       1  
GMWB embedded derivatives
  
Reinsurance recoverable 
(1)
     35       20    
Policyholder account balances 
(2)
     508       323  
Fixed index annuity embedded derivatives
   Other assets     —         —       Policyholder
account balances
(3)
     432       452  
Indexed universal life embedded derivatives
  
Reinsurance recoverable
     —         —      
Policyholder account balances 
(4)
     25       19  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives not designated as hedges
       121       109         970       795  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives
     $ 839     $ 310       $ 974     $ 805  
   
 
 
    
 
 
      
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities.
(2)
 
Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
(3)
 
Represents the embedded derivatives associated with our fixed index annuity liabilities.
(4)
 
Represents the embedded derivatives associated with our indexed universal life liabilities.
The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements.
The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB embedded derivatives, fixed index annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the
number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated:
 
(Notional in millions)
   
Measurement
     
December 31,
2019
     
Additions
     
Maturities/
terminations
    
September 30,
2020
  
Derivatives designated as hedges
              
Cash flow hedges:
              
Interest rate swaps
      Notional      $ 8,968      $ 1,844      $ (2,616 )    $ 8,196  
Foreign currency swaps
      Notional        110        —          —         110  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total cash flow hedges
         9,078        1,844        (2,616 )      8,306  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives designated as hedges
         9,078        1,844        (2,616 )      8,306  
     
 
 
     
 
 
     
 
 
    
 
 
  
Derivatives not designated as hedges
              
Interest rate swaps
      Notional        4,674        —          —         4,674  
Equity index options
      Notional        2,451        1,527        (1,849 )      2,129  
Financial futures
      Notional        1,182        4,362        (4,275 )      1,269  
Other foreign currency contracts
      Notional        628        5,689        (4,687 )      1,630  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives not designated as hedges
         8,935        11,578        (10,811 )      9,702  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives
       $ 18,013      $ 13,422      $ (13,427 )    $ 18,008  
     
 
 
     
 
 
     
 
 
    
 
 
  
 
(Number of policies)
   
Measurement
     
December 31,
2019
     
Additions
     
Maturities/
terminations
    
September 30,
2020
  
Derivatives not designated as hedges
              
GMWB embedded derivatives
     
Policies
        25,623        —          (1,452 )      24,171  
Fixed index annuity embedded derivatives
      Policies        15,441        —          (1,511 )      13,930  
Indexed universal life embedded derivatives
      Policies        884        —          (37 )      847  
Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of OCI. We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; and (v) other instruments to hedge the cash flows of various forecasted transactions.
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2020:
 
(Amounts in millions)
   
Gain (loss)
recognized
 
in OCI
    
Gain (loss)
reclassified into
net income (loss)
from OCI
     
Classification of
 
gain
(loss)
 
reclassified into
net income (loss)
   
Gain (loss)
recognized in
net income (loss)
     
Classification of
 
gain
(loss)
 
recognized in
net
 
income (loss)
Interest rate swaps hedging assets
    $ (246 )    $ 50      Net investment income    $ —        Net investment gains (losses)
Interest rate swaps hedging
 
assets
      —         4      Net investment gains (losses)      —        Net investment gains (losses)
Interest rate swaps hedging liabilities
      10       —        Interest expense      —        Net investment gains (losses)
Foreign currency swaps
      (7 )      —        Net investment income      —        Net investment gains (losses)
  
 
 
    
 
 
        
 
 
     
Total
    $ (243 )    $ 54         $ —       
  
 
 
    
 
 
        
 
 
     
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2019:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net
 
income (loss)
from OCI
    
Classification of gain
(loss) reclassified into
net income (loss)
  
Gain (loss)
recognized in
net income (loss)
    
Classification of gain
(loss) recognized in
net income (loss)
Interest rate swaps hedging assets
   $ 406     $ 41     Net investment income   $ —       Net investment gains (losses)
Interest rate swaps hedging assets
     —         4     Net investment gains (losses)     —       Net investment gains (losses)
Interest rate swaps hedging liabilities
     (23 )      —       Interest expense     —       Net investment gains (losses)
Foreign currency
 
swaps
     5       1     Net investment income     —       Net investment gains (losses)
 
 
 
    
 
 
      
 
 
    
Total
   $ 388     $ 46       $ —      
 
 
 
    
 
 
      
 
 
    
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2020:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net income (loss)
from OCI
    
Classification of gain
(loss) reclassified into
net income (loss)
    
Gain (loss)
recognized in
net income (loss)
    
Classification of gain
(loss) recognized in
net income (loss)
  
Interest rate swaps hedging assets
   $ 738     $ 139       Net investment
income		  
 		   $ —         Net investment
gains (losses)		  
 
Interest rate swaps hedging assets
     —         8       Net investment
gains (losses)		  
 		     —         Net investment
gains (losses)		  
 
Interest rate swaps hedging liabilities
     (52 )      —         Interest expense       —         Net investment
gains (losses)		  
 
Foreign currency
 
swaps
     6       —         Net investment
income		  
 		     —         Net investment
gains (losses)		  
 
 
 
 
    
 
 
      
 
 
    
Total
   $ 692     $ 147       $ —      
 
 
 
    
 
 
      
 
 
    
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2019:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net income (loss)
from OCI
    
Classification of gain
(loss) reclassified into
net income (loss)
    
Gain (loss)
recognized in
net income (loss)
    
Classification of gain
(loss) recognized in
net income (loss)
  
Interest rate swaps hedging assets
   $ 759     $ 121       Net investment
income		  
 		   $ —         Net investment
gains (losses)		  
 
Interest rate swaps hedging assets
     —         6       Net investment
gains (losses)		  
 		     —         Net investment
gains (losses)		  
 
Interest rate swaps hedging liabilities
     (55 )      —         Interest expense       —         Net investment
gains (losses)		  
 
Foreign currency
 
swaps
     4       —         Net investment
income		  
 		     —         Net investment
gains (losses)		  
 
Foreign currency
 
swaps
     —         —         Net investment
gains (losses)		  
 		     2       Net investment
gains (losses)		  
 
 
 
 
    
 
 
      
 
 
    
Total
   $ 708     $ 127       $ 2    
 
 
 
    
 
 
      
 
 
    
 
The following tables provide a reconciliation of current period changes, net of applicable income taxes, for these
designated
derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated:
 
    
Three months ended
September 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
  
Derivatives qualifying as effective accounting hedges as of July 1
    $ 2,677     $ 1,983  
Current period increases (decreases) in fair value, net of deferred taxes of $52 and $(82)
      (191 )      306  
Reclassification to net (income) loss, net of deferred taxes of $19 and $16
      (35 )      (30 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of September 30
    $ 2,451     $ 2,259  
  
 
 
    
 
 
  
 
    
Nine months ended
September 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
  
Derivatives qualifying as effective accounting hedges as of January 1
    $ 2,002     $ 1,781  
Current period increases (decreases) in fair value, net of deferred taxes of $(148) in both periods
      544       560  
Reclassification to net (income) loss, net of deferred taxes of $52 and $45
      (95 )      (82 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of September 30
    $ 2,451     $ 2,259  
  
 
 
    
 
 
  
The total of derivatives designated as cash flow hedges of $2,451 million, net of taxes, recorded in stockholders’ equity as of September 30, 2020 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $127 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2057. During the nine months ended September 30, 2020 and 2019, we reclassified $7 million and $4 million, respectively, to net income (loss) in connection with forecasted transactions that were no longer considered probable of occurring.
Derivatives Not Designated As Hedges
We also enter into certain non-qualifying derivative instruments such as: (i) interest rate swaps and financial futures to mitigate interest rate risk as part of managing regulatory capital positions; (ii) equity index options, equity return swaps, interest rate swaps and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits, fixed index annuities and indexed universal life; (iii) interest rate caps where the hedging relationship does not qualify for hedge accounting; (iv) foreign currency forward contracts to mitigate currency risk associated with non-functional currency investments held by certain foreign subsidiaries; and (v) foreign currency options and forward contracts to mitigate currency risk associated with future dividends or other cash flows from certain foreign subsidiaries to our holding company. Additionally, we provide GMWBs on certain variable annuities that are required to be bifurcated as embedded derivatives. We also offer fixed index annuity and indexed universal life insurance products and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives.
 
The following table provides the pre-tax gain (loss) recognized in net income (loss) for the effects of derivatives not designated as hedges for the periods indicated:
 
   
Three months ended
September 30,
    
Classification of gain (loss) recognized
in net income (loss)
(Amounts in millions)
  
    2020    
    
    2019    
  
Interest rate swaps
   $ 1     $ (2 )    Net investment gains (losses)
Equity index options
     7       1     Net investment gains (losses)
Financial futures
     (41 )      35     Net investment gains (losses)
Other foreign currency contracts
     12       (10 )    Net investment gains (losses)
GMWB embedded derivatives
     54       (44 )    Net investment gains (losses)
Fixed index annuity embedded derivatives
     (18 )      (14 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     3       1     Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ 18     $ (33 )   
 
 
 
    
 
 
    
 
(Amounts in millions)
  
Nine months ended
September 30,
    
Classification of gain (loss) recognized
in net income (loss)
 
    2020    
    
    2019    
  
Interest rate swaps
   $ (11 )    $ (6 )    Net investment gains (losses)
Equity index options
     (2 )      28     Net investment gains (losses)
Financial futures
     97       8     Net investment gains (losses)
Other foreign currency contracts
     9       (17 )    Net investment gains (losses)
GMWB embedded derivatives
     (153 )      (21 )    Net investment gains (losses)
Fixed index annuity embedded derivatives
     (31 )      (72 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     10       1     Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ (81 )    $ (79 )   
 
 
 
    
 
 
    
Derivative Counterparty Credit Risk
Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated:
 
    
September 30, 2020
    
December 31, 2019
  
(Amounts in millions)
   
Derivative
assets
(1)
    
Derivative
liabilities 
(2)
    
Net
derivatives
    
Derivative
assets
(1)
    
Derivative
liabilities 
(2)
    
Net
derivatives
  
Amounts presented in the balance sheet:
             
Gross amounts recognized
    $ 804     $ 9     $ 795     $ 291     $ 11     $ 280  
Gross amounts offset in the balance sheet
      —         —         —         —         —         —    
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amounts presented in the balance sheet
      804       9       795       291       11       280  
Gross amounts not offset in the balance sheet:
               
Financial instruments
(3)
      (5 )      (5 )      —         (7 )      (7 )      —    
Collateral received
      (663 )      —         (663 )      (179 )      —         (179 ) 
Collateral pledged
      —         (489 )      489       —         (405 )      405  
Over collateralization
      13       485       (472 )      18       401       (383 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount
    $ 149     $ —       $ 149     $ 123     $ —       $ 123  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Included $1 million of accruals on derivatives classified as other assets as of December 31, 2019 and does not include amounts related to embedded derivatives as of September 30, 2020 and December 31, 2019.
(2)
 
Does not include amounts related to embedded derivatives as of September 30, 2020 and December 31, 2019.
(3)
 
Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each
counterparty
.
v3.20.2
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2020
Fair Value of Financial Instruments
(6) Fair Value of Financial Instruments
Recurring Fair Value Measurements
We have fixed maturity securities, short-term investments, equity securities, limited partnerships, derivatives, embedded derivatives, securities held as collateral, separate account assets and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument.
Fixed maturity, short-term investments and equity securities
The fair value of fixed maturity securities, short-term investments and equity securities are estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. In addition, a combination of the results from market and income approaches may be used to estimate fair value. These valuation techniques may change from period to period, based on the relevance and availability of market data.
Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.
In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services.
Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3.
Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements.
For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of
our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of September 30, 2020.
For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.
Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.
A summary of the inputs used for our fixed maturity securities, short-term investments and equity securities based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar.
Level 1 measurements
Equity securities.
The primary inputs to the valuation of exchange-traded equity securities include quoted prices for the identical instrument.
Separate account assets.
The fair value of separate account assets is based on the quoted prices of the underlying fund investments and, therefore, represents Level 1 pricing.
Level 2 measurements
Fixed maturity securities
 
  •  
Third-party pricing services:
In estimating the fair value of fixed maturity securities, approximately 91% of our portfolio was priced using third-party pricing services as of September 30, 2020. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by pricing services may
 
include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.
The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level
2
as of September 
30,
2020
:
 
(Amounts in millions)
   
Fair value
     
Primary methodologies
   
Significant inputs
U.S. government, agencies and government-sponsored enterprises
 
$
4,792
 
 
Price quotes from trading desk, broker feeds
 
Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions
 
$
3,058
 
 
Multi-dimensional attribute-based modeling systems, third-party pricing vendors
 
Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S. government
 
$
1,395
 
 
Matrix pricing, spread priced to benchmark curves, price quotes from market makers
 
Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
U.S. corporate
 
$
31,695
 
 
Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models
 
Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Non-U.S. corporate
 
$
9,220
 
 
Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers
 
Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Residential mortgage-backed
 
$
2,061
 
 
OAS-based models, single factor binomial models, internally priced
 
Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Commercial mortgage-backed
 
$
2,956
 
 
Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model
 
Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
Other asset-backed
 
$
3,125
 
 
Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers
 
Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
  •  
Internal models:
A portion of our U.S. corporate and non-U.S. corporate securities are valued using internal models. The fair value of these fixed maturity securities was $1,299 million and $673 million, respectively, as of September 30, 2020. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.
Equity securities.
The primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active.
Securities lending collateral
The fair value of securities held as collateral is primarily based on Level 2 inputs from market information for the collateral that is held on our behalf by the custodian. We determine fair value after considering prices obtained by pricing services.
Short-term investments
The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by pricing services.
Level 3 measurements
Fixed maturity securities
 
  •  
Broker quotes:
A portion of our state and political subdivisions, U.S. corporate, non-U.S. corporate, residential mortgage-backed, commercial mortgage-backed and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $828 million as of September 30, 2020.
 
  •  
Internal models:
A portion of our state and political subdivisions, U.S. corporate, non-U.S. corporate, residential mortgage-backed and other asset-backed securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $3,314 million as of September 30, 2020.
Equity securities.
The primary inputs to the valuation include broker quotes where the underlying inputs are unobservable and for internal models, structure of the security and issuer rating.
Net asset value
Limited partnerships
Limited partnerships are valued based on comparable market transactions, discounted future cash flows, quoted market prices and/or estimates using the most recent data available for the underlying instrument. We utilize the net asset value (“NAV”) from the underlying fund statements as a practical expedient for fair value.
Derivatives
We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our non-performance risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have not recorded any incremental adjustment for our non-performance risk or the non-performance risk of the derivative counterparty for our derivative assets or liabilities.
Interest rate swaps.
The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2.
Interest rate caps.
The valuation of interest rate caps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, forward interest rate volatility and time value component associated with the optionality in the derivative which are generally considered observable inputs and results in the derivatives being classified as Level 2.
Foreign currency swaps.
The valuation of foreign currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered observable inputs, and results in the derivative being classified as Level 2.
Equity index options.
We have equity index options associated with various equity indices. The valuation of equity index options is determined using an income approach. The primary inputs into the valuation represent forward interest rates, equity index volatility, equity index and time value component associated with the optionality in the derivative. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3. As of September 30, 2020, a significant increase (decrease) in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value measurement.
Financial futures.
The fair value of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the margins on these contracts on a daily basis.
 
Equity return swaps.
The valuation of equity return swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and underlying equity index values, which are generally considered observable inputs, and results in the derivative being classified as Level 2.
Other foreign currency contracts.
We have certain foreign currency options classified as other foreign currency contracts. The valuation of foreign currency options is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, foreign currency exchange rates, forward interest rate, foreign currency exchange rate volatility and time value component associated with the optionality in the derivative, which are generally considered observable inputs and results in the derivative being classified as Level 2. We also have foreign currency forward contracts where the valuation is determined using an income approach. The primary inputs into the valuation represent the forward foreign currency exchange rates, which are generally considered observable inputs and results in the derivative being classified as Level 2.
GMWB embedded derivatives
We are required to bifurcate an embedded derivative for certain features associated with annuity products and related reinsurance agreements where we provide a GMWB to the policyholder and are required to record the GMWB embedded derivative at fair value. The valuation of our GMWB embedded derivative is based on an income approach that incorporates inputs such as forward interest rates, equity index volatility, equity index and fund correlation, and policyholder assumptions such as utilization, lapse and mortality. We determine fair value using an internal model based on the various inputs noted above.
Non-performance risk is integrated into the discount rate used to value GMWB liabilities. Our discount rate used to determine fair value of our GMWB liabilities includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the GMWB liabilities. As of September 30, 2020 and December 31, 2019, the impact of non-performance risk resulted in a lower fair value of our GMWB liabilities of $85 million and $62 million, respectively.
We classify the GMWB valuation as Level 3 based on having significant unobservable inputs, with equity index volatility and non-performance risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the GMWB liabilities will increase. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the GMWB liability. Additionally, we consider lapse and utilization assumptions to be significant unobservable inputs. An increase in our lapse assumption would decrease the fair value of the GMWB liability, whereas an increase in our utilization rate would increase the fair value. As of September 30, 2020, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
Fixed index annuity embedded derivatives
We have fixed indexed annuity products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments
 
as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of September 30, 2020, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
Indexed universal life embedded derivatives
We have indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of September 30, 2020, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
 
 
September 30, 2020
 
(Amounts in millions)
 
Total
 
 
Level
 
1
 
 
Level 2
 
 
Level
 
3
 
 
NAV 
(1)
 
Assets
 
 
 
 
 
Investments:
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
U.S. government, agencies and government-sponsored enterprises
 
$
4,792
 
 
$
—  
 
 
$
4,792
 
 
$
—  
 
 
$
—  
 
State and political subdivisions
 
 
3,115
 
 
 
—  
 
 
 
3,058
 
 
 
57
 
 
 
—  
 
Non-U.S. government
 
 
1,395
 
 
 
—  
 
 
 
1,395
 
 
 
—  
 
 
 
—  
 
U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
5,217
 
 
 
—  
 
 
 
4,376
 
 
 
841
 
 
 
—  
 
Energy
 
 
2,765
 
 
 
—  
 
 
 
2,651
 
 
 
114
 
 
 
—  
 
Finance and insurance
 
 
8,735
 
 
 
—  
 
 
 
8,204
 
 
 
531
 
 
 
—  
 
Consumer—non-cyclical
 
 
6,368
 
 
 
—  
 
 
 
6,265
 
 
 
103
 
 
 
—  
 
Technology and communications
 
 
3,527
 
 
 
—  
 
 
 
3,401
 
 
 
126
 
 
 
—  
 
Industrial
 
 
1,551
 
 
 
—  
 
 
 
1,511
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
3,057
 
 
 
—  
 
 
 
2,960
 
 
 
97
 
 
 
—  
 
Consumer—cyclical
 
 
2,044
 
 
 
—  
 
 
 
1,874
 
 
 
170
 
 
 
—  
 
Transportation
 
 
1,581
 
 
 
—  
 
 
 
1,527
 
 
 
54
 
 
 
—  
 
Other
 
 
389
 
 
 
—  
 
 
 
225
 
 
 
164
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
35,234
 
 
 
—  
 
 
 
32,994
 
 
 
2,240
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
935
 
 
 
—  
 
 
 
588
 
 
 
347
 
 
 
—  
 
Energy
 
 
1,348
 
 
 
—  
 
 
 
1,111
 
 
 
237
 
 
 
—  
 
Finance and insurance
 
 
2,618
 
 
 
—  
 
 
 
2,314
 
 
 
304
 
 
 
—  
 
Consumer—non-cyclical
 
 
806
 
 
 
—  
 
 
 
752
 
 
 
54
 
 
 
—  
 
Technology and communications
 
 
1,256
 
 
 
—  
 
 
 
1,228
 
 
 
28
 
 
 
—  
 
Industrial
 
 
1,068
 
 
 
—  
 
 
 
975
 
 
 
93
 
 
 
—  
 
Capital goods
 
 
626
 
 
 
—  
 
 
 
453
 
 
 
173
 
 
 
—  
 
Consumer—cyclical
 
 
436
 
 
 
—  
 
 
 
269
 
 
 
167
 
 
 
—  
 
Transportation
 
 
648
 
 
 
—  
 
 
 
537
 
 
 
111
 
 
 
—  
 
Other
 
 
1,802
 
 
 
—  
 
 
 
1,666
 
 
 
136
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
11,543
 
 
 
—  
 
 
 
9,893
 
 
 
1,650
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
2,075
 
 
 
—  
 
 
 
2,061
 
 
 
14
 
 
 
—  
 
Commercial mortgage-backed
 
 
2,976
 
 
 
—  
 
 
 
2,956
 
 
 
20
 
 
 
—  
 
Other asset-backed
 
 
3,286
 
 
 
—  
 
 
 
3,125
 
 
 
161
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
64,416
 
 
 
—  
 
 
 
60,274
 
 
 
4,142
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
629
 
 
 
465
 
 
 
112
 
 
 
52
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate swaps
 
 
708
 
 
 
—  
 
 
 
708
 
 
 
—  
 
 
 
—  
 
Foreign currency swaps
 
 
10
 
 
 
—  
 
 
 
10
 
 
 
—  
 
 
 
—  
 
Equity index options
 
 
67
 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
—  
 
Other foreign currency contracts
 
 
19
 
 
 
—  
 
 
 
19
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
804
 
 
 
—  
 
 
 
737
 
 
 
67
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities lending collateral
 
 
75
 
 
 
—  
 
 
 
75
 
 
 
—  
 
 
 
—  
 
Short-term investments
 
 
251
 
 
 
—  
 
 
 
251
 
 
 
—  
 
 
 
—  
 
Limited partnerships
 
 
674
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
674
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
1,804
 
 
 
—  
 
 
 
1,063
 
 
 
67
 
 
 
674
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
35
 
 
 
—  
 
 
 
—  
 
 
 
35
 
 
 
—  
 
Separate account assets
 
 
5,700
 
 
 
5,700
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
72,584
 
 
$
6,165
 
 
$
61,449
 
 
$
4,296
 
 
$
674
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
   
December 31, 2019
  
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
    
NAV
 (1)
  
Assets
 
 
 
 
 
Investments:
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
U.S. government, agencies and government-sponsored enterprises
 
$
5,025
 
 
$
—  
 
 
$
5,025
 
 
$
—  
 
 
$
—  
 
State and political subdivisions
 
 
2,747
 
 
 
—  
 
 
 
2,645
 
 
 
102
 
 
 
—  
 
Non-U.S. government
 
 
1,350
 
 
 
—  
 
 
 
1,350
 
 
 
—  
 
 
 
—  
 
U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
4,997
 
 
 
—  
 
 
 
4,132
 
 
 
865
 
 
 
—  
 
Energy
 
 
2,699
 
 
 
—  
 
 
 
2,570
 
 
 
129
 
 
 
—  
 
Finance and insurance
 
 
7,774
 
 
 
—  
 
 
 
7,202
 
 
 
572
 
 
 
—  
 
Consumer—non-cyclical
 
 
5,701
 
 
 
—  
 
 
 
5,607
 
 
 
94
 
 
 
—  
 
Technology and communications
 
 
3,245
 
 
 
—  
 
 
 
3,195
 
 
 
50
 
 
 
—  
 
Industrial
 
 
1,396
 
 
 
—  
 
 
 
1,356
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
2,711
 
 
 
—  
 
 
 
2,609
 
 
 
102
 
 
 
—  
 
Consumer—cyclical
 
 
1,760
 
 
 
—  
 
 
 
1,587
 
 
 
173
 
 
 
—  
 
Transportation
 
 
1,506
 
 
 
—  
 
 
 
1,428
 
 
 
78
 
 
 
—  
 
Other
 
 
322
 
 
 
—  
 
 
 
186
 
 
 
136
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
 
 
32,111
 
 
 
—  
 
 
 
29,872
 
 
 
2,239
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
829
 
 
 
—  
 
 
 
455
 
 
 
374
 
 
 
—  
 
Energy
 
 
1,319
 
 
 
—  
 
 
 
1,072
 
 
 
247
 
 
 
—  
 
Finance and insurance
 
 
2,319
 
 
 
—  
 
 
 
2,085
 
 
 
234
 
 
 
—  
 
Consumer—non-cyclical
 
 
684
 
 
 
—  
 
 
 
625
 
 
 
59
 
 
 
—  
 
Technology and communications
 
 
1,138
 
 
 
—  
 
 
 
1,110
 
 
 
28
 
 
 
—  
 
Industrial
 
 
988
 
 
 
—  
 
 
 
884
 
 
 
104
 
 
 
—  
 
Capital goods
 
 
605
 
 
 
—  
 
 
 
444
 
 
 
161
 
 
 
—  
 
Consumer—cyclical
 
 
397
 
 
 
—  
 
 
 
250
 
 
 
147
 
 
 
—  
 
Transportation
 
 
629
 
 
 
—  
 
 
 
438
 
 
 
191
 
 
 
—  
 
Other
 
 
1,617
 
 
 
—  
 
 
 
1,477
 
 
 
140
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
 
 
10,525
 
 
 
—  
 
 
 
8,840
 
 
 
1,685
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
 
 
2,270
 
 
 
—  
 
 
 
2,243
 
 
 
27
 
 
 
—  
 
Commercial mortgage-backed
 
 
3,026
 
 
 
—  
 
 
 
3,020
 
 
 
6
 
 
 
—  
 
Other asset-backed
 
 
3,285
 
 
 
—  
 
 
 
3,153
 
 
 
132
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
 
 
60,339
 
 
 
—  
 
 
 
56,148
 
 
 
4,191
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
 
 
239
 
 
 
62
 
 
 
126
 
 
 
51
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate swaps
 
 
197
 
 
 
—  
 
 
 
197
 
 
 
—  
 
 
 
—  
 
Foreign currency swaps
 
 
4
 
 
 
—  
 
 
 
4
 
 
 
—  
 
 
 
—  
 
Equity index options
 
 
81
 
 
 
—  
 
 
 
—  
 
 
 
81
 
 
 
—  
 
Other foreign currency contracts
 
 
8
 
 
 
—  
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
 
 
290
 
 
 
—  
 
 
 
209
 
 
 
81
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Securities lending collateral
 
 
51
 
 
 
—  
 
 
 
51
 
 
 
—  
 
 
 
—  
 
Short-term investments
 
 
211
 
 
 
—  
 
 
 
211
 
 
 
—  
 
 
 
—  
 
Limited partnerships
 
 
503
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
503
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
 
 
1,055
 
 
 
—  
 
 
 
471
 
 
 
81
 
 
 
503
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable
(2)
 
 
20
 
 
 
—  
 
 
 
—  
 
 
 
20
 
 
 
—  
 
Separate account assets
 
 
6,108
 
 
 
6,108
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
 
$
67,761
 
 
$
6,170
 
 
$
56,745
 
 
$
4,343
 
 
$
503
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
 
 
Beginning
balance

as of
July 1,
2020
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total gains
(losses)
attributable to
assets still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
63
 
 
$
1
 
 
$
(7
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
57
 
 
$
1
 
 
$
(6
) 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
936
 
 
 
10
 
 
 
(4
) 
 
 
15
 
 
 
—  
 
 
 
—  
 
 
 
(52
) 
 
 
—  
 
 
 
(64
) 
 
 
841
 
 
 
—  
 
 
 
1
 
Energy
 
 
123
 
 
 
—  
 
 
 
—  
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
—  
 
 
 
114
 
 
 
—  
 
 
 
—  
 
Finance and insurance
 
 
551
 
 
 
—  
 
 
 
2
 
 
 
71
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
(77
) 
 
 
531
 
 
 
—  
 
 
 
2
 
Consumer—non-cyclical
 
 
103
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
103
 
 
 
—  
 
 
 
1
 
Technology and communications
 
 
66
 
 
 
—  
 
 
 
3
 
 
 
57
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
126
 
 
 
—  
 
 
 
3
 
Industrial
 
 
39
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
 
 
—  
 
Capital goods
 
 
97
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
97
 
 
 
—  
 
 
 
—  
 
Consumer— cyclical
 
 
198
 
 
 
3
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(30
) 
 
 
—  
 
 
 
—  
 
 
 
170
 
 
 
—  
 
 
 
1
 
Transportation
 
 
54
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
1
 
Other
 
 
165
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
164
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
2,332
 
 
 
13
 
 
 
2
 
 
 
150
 
 
 
—  
 
 
 
—  
 
 
 
(116
) 
 
 
—  
 
 
 
(141
) 
 
 
2,240
 
 
 
—  
 
 
 
9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
357
 
 
 
—  
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
6
 
 
 
(20
) 
 
 
347
 
 
 
—  
 
 
 
3
 
Energy
 
 
237
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
237
 
 
 
—  
 
 
 
1
 
Finance and insurance
 
 
311
 
 
 
1
 
 
 
(2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
19
 
 
 
(25
) 
 
 
304
 
 
 
1
 
 
 
(2
) 
Consumer—non-cyclical
 
 
54
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
—  
 
Technology and communications
 
 
28
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
 
 
—  
 
Industrial
 
 
92
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
93
 
 
 
—  
 
 
 
1
 
Capital goods
 
 
173
 
 
 
—  
 
 
 
—  
 
 
 
10
 
 
 
—  
 
 
 
—  
 
 
 
(10
) 
 
 
—  
 
 
 
—  
 
 
 
173
 
 
 
—  
 
 
 
(1
) 
Consumer—cyclical
 
 
156
 
 
 
—  
 
 
 
4
 
 
 
17
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(10
) 
 
 
167
 
 
 
—  
 
 
 
4
 
Transportation
 
 
141
 
 
 
—  
 
 
 
(2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(28
) 
 
 
111
 
 
 
—  
 
 
 
(3
) 
Other
 
 
145
 
 
 
—  
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(12
) 
 
 
—  
 
 
 
—  
 
 
 
136
 
 
 
—  
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,694
 
 
 
1
 
 
 
8
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(22
) 
 
 
25
 
 
 
(83
) 
 
 
1,650
 
 
 
1
 
 
 
6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
24
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(9
) 
 
 
14
 
 
 
—  
 
 
 
—  
 
Commercial mortgage-backed
 
 
21
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
20
 
 
 
—  
 
 
 
—  
 
Other asset-backed
 
 
121
 
 
 
—  
 
 
 
1
 
 
 
78
 
 
 
—  
 
 
 
—  
 
 
 
(10
) 
 
 
—  
 
 
 
(29
) 
 
 
161
 
 
 
—  
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
4,255
 
 
 
15
 
 
 
2
 
 
 
255
 
 
 
—  
 
 
 
—  
 
 
 
(148
) 
 
 
25
 
 
 
(262
) 
 
 
4,142
 
 
 
2
 
 
 
10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
53
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
52
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
66
 
 
 
7
 
 
 
—  
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
(1
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
66
 
 
 
7
 
 
 
—  
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
(1
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
66
 
 
 
7
 
 
 
—  
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
(1
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
38
 
 
 
(3
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
35
 
 
 
(3
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
4,412
 
 
$
19
 
 
$
2
 
 
$
282
 
 
$
(1
) 
 
$
—  
 
 
$
(181
) 
 
$
25
 
 
$
(262
) 
 
$
4,296
 
 
$
(2
) 
 
$
10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
 
Beginning
balance

as of
July 1,
2019
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total gains
(losses)
included in
net income
(loss)

attributable
to assets
still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
61
 
 
$
—  
 
 
$
11
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
72
 
 
$
1
 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
789
 
 
 
1
 
 
 
28
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(7
) 
 
 
—  
 
 
 
—  
 
 
 
824
 
 
 
—  
 
Energy
 
 
122
 
 
 
—  
 
 
 
2
 
 
 
12
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
135
 
 
 
—  
 
Finance and insurance
 
 
607
 
 
 
—  
 
 
 
11
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(26
) 
 
 
20
 
 
 
—  
 
 
 
612
 
 
 
—  
 
Consumer—non-cyclical
 
 
89
 
 
 
—  
 
 
 
1
 
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
98
 
 
 
—  
 
Technology and communications
 
 
44
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
50
 
 
 
—  
 
Industrial
 
 
40
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
98
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
100
 
 
 
—  
 
Consumer—cyclical
 
 
185
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(2
) 
 
 
—  
 
 
 
(9
) 
 
 
176
 
 
 
—  
 
Transportation
 
 
54
 
 
 
—  
 
 
 
1
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
57
 
 
 
—  
 
Other
 
 
199
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(31
) 
 
 
168
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
2,227
 
 
 
1
 
 
 
48
 
 
 
37
 
 
 
—  
 
 
 
—  
 
 
 
(38
) 
 
 
25
 
 
 
(40
) 
 
 
2,260
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
417
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(25
) 
 
 
—  
 
 
 
—  
 
 
 
397
 
 
 
—  
 
Energy
 
 
241
 
 
 
—  
 
 
 
5
 
 
 
31
 
 
 
—  
 
 
 
—  
 
 
 
(12
) 
 
 
—  
 
 
 
—  
 
 
 
265
 
 
 
—  
 
Finance and insurance
 
 
179
 
 
 
1
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(3
) 
 
 
16
 
 
 
—  
 
 
 
197
 
 
 
1
 
Consumer—non-cyclical
 
 
68
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
—  
 
 
 
—  
 
 
 
64
 
 
 
—  
 
Technology and communications
 
 
27
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
Industrial
 
 
64
 
 
 
—  
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
77
 
 
 
—  
 
Capital goods
 
 
181
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
 
 
—  
 
 
 
179
 
 
 
—  
 
Consumer—cyclical
 
 
126
 
 
 
—  
 
 
 
2
 
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
137
 
 
 
—  
 
Transportation
 
 
199
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
200
 
 
 
—  
 
Other
 
 
129
 
 
 
—  
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
131
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,631
 
 
 
1
 
 
 
24
 
 
 
53
 
 
 
—  
 
 
 
—  
 
 
 
(50
) 
 
 
16
 
 
 
—  
 
 
 
1,675
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
36
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
(4
) 
 
 
32
 
 
 
—  
 
Commercial mortgage-backed
 
 
92
 
 
 
—  
 
 
 
14
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
106
 
 
 
—  
 
Other asset-backed
 
 
234
 
 
 
—  
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(11
) 
 
 
—  
 
 
 
(106
) 
 
 
130
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
4,281
 
 
 
2
 
 
 
98
 
 
 
103
 
 
 
—  
 
 
 
—  
 
 
 
(100
) 
 
 
41
 
 
 
(150
) 
 
 
4,275
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
56
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
65
 
 
 
1
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
65
 
 
 
1
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
65
 
 
 
1
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
20
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
4,422
 
 
$
8
 
 
$
98
 
 
$
116
 
 
$
(2
) 
 
$
—  
 
 
$
(117
) 
 
$
41
 
 
$
(150
) 
 
$
4,416
 
 
$
7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
 
 
Beginning
balance

as of
January 1,
2020
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total gains
(losses)
attributable to
assets still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
102
 
 
$
2
 
 
$
(19
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(1
) 
 
$
—  
 
 
$
(27
) 
 
$
57
 
 
$
2
 
 
$
(19
) 
Non-U.S. government
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
865
 
 
 
10
 
 
 
8
 
 
 
47
 
 
 
—  
 
 
 
—  
 
 
 
(54
) 
 
 
42
 
 
 
(77
) 
 
 
841
 
 
 
—  
 
 
 
14
 
Energy
 
 
129
 
 
 
1
 
 
 
(2
) 
 
 
17
 
 
 
(21
) 
 
 
—  
 
 
 
(19
) 
 
 
22
 
 
 
(13
) 
 
 
114
 
 
 
—  
 
 
 
(4
) 
Finance and insurance
 
 
572
 
 
 
2
 
 
 
4
 
 
 
92
 
 
 
—  
 
 
 
—  
 
 
 
(40
) 
 
 
—  
 
 
 
(99
) 
 
 
531
 
 
 
—  
 
 
 
7
 
Consumer—non-cyclical
 
 
94
 
 
 
—  
 
 
 
2
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
103
 
 
 
—  
 
 
 
3
 
Technology and communications
 
 
50
 
 
 
—  
 
 
 
4
 
 
 
77
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
126
 
 
 
—  
 
 
 
4
 
Industrial
 
 
40
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
 
 
—  
 
Capital goods
 
 
102
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
 
 
—  
 
 
 
97
 
 
 
—  
 
 
 
(1
) 
Consumer—cyclical
 
 
173
 
 
 
3
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
24
 
 
 
—  
 
 
 
170
 
 
 
—  
 
 
 
5
 
Transportation
 
 
78
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(3
) 
 
 
10
 
 
 
(30
) 
 
 
54
 
 
 
—  
 
 
 
1
 
Other
 
 
136
 
 
 
—  
 
 
 
1
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
27
 
 
 
—  
 
 
 
164
 
 
 
—  
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
2,239
 
 
 
16
 
 
 
18
 
 
 
246
 
 
 
(21
) 
 
 
—  
 
 
 
(159
) 
 
 
125
 
 
 
(224
) 
 
 
2,240
 
 
 
—  
 
 
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
374
 
 
 
—  
 
 
 
7
 
 
 
12
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
27
 
 
 
(73
) 
 
 
347
 
 
 
—  
 
 
 
5
 
Energy
 
 
247
 
 
 
—  
 
 
 
(8
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(26
) 
 
 
24
 
 
 
—  
 
 
 
237
 
 
 
—  
 
 
 
(7
) 
Finance and insurance
 
 
234
 
 
 
3
 
 
 
7
 
 
 
15
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
77
 
 
 
(32
) 
 
 
304
 
 
 
3
 
 
 
8
 
Consumer—non-cyclical
 
 
59
 
 
 
—  
 
 
 
2
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1
 
 
 
(16
) 
 
 
54
 
 
 
—  
 
 
 
1
 
Technology and communications
 
 
28
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
 
 
—  
 
Industrial
 
 
104
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
—  
 
 
 
(8
) 
 
 
93
 
 
 
—  
 
 
 
2
 
Capital goods
 
 
161
 
 
 
1
 
 
 
(2
) 
 
 
10
 
 
 
—  
 
 
 
—  
 
 
 
(26
) 
 
 
29
 
 
 
—  
 
 
 
173
 
 
 
—  
 
 
 
(2
) 
Consumer—cyclical
 
 
147
 
 
 
—  
 
 
 
1
 
 
 
21
 
 
 
—  
 
 
 
—  
 
 
 
(7
) 
 
 
32
 
 
 
(27
) 
 
 
167
 
 
 
—  
 
 
 
(1
) 
Transportation
 
 
191
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
22
 
 
 
(102
) 
 
 
111
 
 
 
—  
 
 
 
3
 
Other
 
 
140
 
 
 
—  
 
 
 
3
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
(13
) 
 
 
1
 
 
 
—  
 
 
 
136
 
 
 
—  
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,685
 
 
 
4
 
 
 
12
 
 
 
71
 
 
 
—  
 
 
 
—  
 
 
 
(77
) 
 
 
213
 
 
 
(258
) 
 
 
1,650
 
 
 
3
 
 
 
12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
27
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
4
 
 
 
(15
) 
 
 
14
 
 
 
—  
 
 
 
—  
 
Commercial mortgage-backed
 
 
6
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
20
 
 
 
(7
) 
 
 
20
 
 
 
—  
 
 
 
1
 
Other asset-backed
 
 
132
 
 
 
—  
 
 
 
(1
) 
 
 
93
 
 
 
—  
 
 
 
—  
 
 
 
(32
) 
 
 
—  
 
 
 
(31
) 
 
 
161
 
 
 
—  
 
 
 
(1
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
4,191
 
 
 
22
 
 
 
10
 
 
 
410
 
 
 
(21
) 
 
 
—  
 
 
 
(271
) 
 
 
363
 
 
 
(562
) 
 
 
4,142
 
 
 
5
 
 
 
23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
51
 
 
 
—  
 
 
 
—  
 
 
 
6
 
 
 
(5
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
52
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
81
 
 
 
(2
) 
 
 
—  
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
(57
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
4
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
81
 
 
 
(2
) 
 
 
—  
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
(57
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
4
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
81
 
 
 
(2
) 
 
 
—  
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
(57
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
4
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
20
 
 
 
14
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
35
 
 
 
14
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
4,343
 
 
$
34
 
 
$
10
 
 
$
461
 
 
$
(26
) 
 
$
1
 
 
$
(328
) 
 
$
363
 
 
$
(562
) 
 
$
4,296
 
 
$
23
 
 
$
23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
 
Beginning
balance

as of
January 1,
2019
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total gains
(losses)
included in
net income
(loss)

attributable
to assets
still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
51
 
 
$
2
 
 
$
19
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
72
 
 
$
2
 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
643
 
 
 
1
 
 
 
70
 
 
 
109
 
 
 
(14
) 
 
 
—  
 
 
 
(47
) 
 
 
72
 
 
 
(10
) 
 
 
824
 
 
 
—  
 
Energy
 
 
121
 
 
 
—  
 
 
 
9
 
 
 
17
 
 
 
—  
 
 
 
—  
 
 
 
(12
) 
 
 
—  
 
 
 
—  
 
 
 
135
 
 
 
—  
 
Finance and insurance
 
 
534
 
 
 
—  
 
 
 
49
 
 
 
40
 
 
 
—  
 
 
 
—  
 
 
 
(38
) 
 
 
27
 
 
 
—  
 
 
 
612
 
 
 
—  
 
Consumer—non-cyclical
 
 
73
 
 
 
—  
 
 
 
4
 
 
 
23
 
 
 
—  
 
 
 
—  
 
 
 
(11
) 
 
 
9
 
 
 
—  
 
 
 
98
 
 
 
—  
 
Technology and communications
 
 
50
 
 
 
—  
 
 
 
6
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
(11
) 
 
 
50
 
 
 
—  
 
Industrial
 
 
39
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
92
 
 
 
—  
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
100
 
 
 
—  
 
Consumer—cyclical
 
 
211
 
 
 
—  
 
 
 
12
 
 
 
—  
 
 
 
(13
) 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
(18
) 
 
 
176
 
 
 
—  
 
Transportation
 
 
57
 
 
 
—  
 
 
 
2
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
(9
) 
 
 
—  
 
 
 
—  
 
 
 
57
 
 
 
—  
 
Other
 
 
178
 
 
 
—  
 
 
 
6
 
 
 
22
 
 
 
—  
 
 
 
—  
 
 
 
(15
) 
 
 
8
 
 
 
(31
) 
 
 
168
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
1,998
 
 
 
1
 
 
 
167
 
 
 
218
 
 
 
(27
) 
 
 
—  
 
 
 
(148
) 
 
 
121
 
 
 
(70
) 
 
 
2,260
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
404
 
 
 
—  
 
 
 
28
 
 
 
30
 
 
 
(7
) 
 
 
—  
 
 
 
(42
) 
 
 
—  
 
 
 
(16
) 
 
 
397
 
 
 
—  
 
Energy
 
 
217
 
 
 
—  
 
 
 
17
 
 
 
47
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
—  
 
 
 
265
 
 
 
—  
 
Finance and insurance
 
 
171
 
 
 
3
 
 
 
22
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
16
 
 
 
(6
) 
 
 
197
 
 
 
3
 
Consumer—non-cyclical
 
 
106
 
 
 
2
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(49
) 
 
 
—  
 
 
 
—  
 
 
 
64
 
 
 
—  
 
Technology and communications
 
 
26
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
Industrial
 
 
61
 
 
 
—  
 
 
 
3
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
77
 
 
 
—  
 
Capital goods
 
 
173
 
 
 
—  
 
 
 
11
 
 
 
10
 
 
 
—  
 
 
 
—  
 
 
 
(15
) 
 
 
—  
 
 
 
—  
 
 
 
179
 
 
 
—  
 
Consumer—cyclical
 
 
122
 
 
 
—  
 
 
 
10
 
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
 
 
—  
 
 
 
137
 
 
 
—  
 
Transportation
 
 
171
 
 
 
—  
 
 
 
10
 
 
 
19
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
200
 
 
 
—  
 
Other
 
 
81
 
 
 
—  
 
 
 
11
 
 
 
35
 
 
 
—  
 
 
 
—  
 
 
 
(2
) 
 
 
6
 
 
 
—  
 
 
 
131
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,532
 
 
 
5
 
 
 
119
 
 
 
170
 
 
 
(7
) 
 
 
—  
 
 
 
(144
) 
 
 
22
 
 
 
(22
) 
 
 
1,675
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
35
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
(4
) 
 
 
32
 
 
 
—  
 
Commercial mortgage-backed
 
 
95
 
 
 
—  
 
 
 
23
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(14
) 
 
 
106
 
 
 
—  
 
Other asset-backed
 
 
154
 
 
 
—  
 
 
 
2
 
 
 
109
 
 
 
—  
 
 
 
—  
 
 
 
(53
) 
 
 
28
 
 
 
(110
) 
 
 
130
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
3,865
 
 
 
8
 
 
 
332
 
 
 
499
 
 
 
(34
) 
 
 
—  
 
 
 
(346
) 
 
 
171
 
 
 
(220
) 
 
 
4,275
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
58
 
 
 
—  
 
 
 
—  
 
 
 
2
 
 
 
(6
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
39
 
 
 
28
 
 
 
—  
 
 
 
34
 
 
 
—  
 
 
 
—  
 
 
 
(39
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
(2
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
39
 
 
 
28
 
 
 
—  
 
 
 
34
 
 
 
—  
 
 
 
—  
 
 
 
(39
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
(2
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
39
 
 
 
28
 
 
 
—  
 
 
 
34
 
 
 
—  
 
 
 
—  
 
 
 
(39
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
(2
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
20
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
3,982
 
 
$
40
 
 
$
332
 
 
$
535
 
 
$
(40
) 
 
$
1
 
 
$
(385
) 
 
$
171
 
 
$
(220
) 
 
$
4,416
 
 
$
7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
The following table presents the gains and losses included in net income (loss) from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated:
 
 
  
Three months
ended
September 30,
 
  
Nine months
ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
  
  2020  
 
  
  2019  
 
Total realized and unrealized gains (losses) included in net income (loss):
  
      
 
      
  
      
  
      
Net investment income
  
$
15
 
 
$
2
 
  
$
21
 
  
$
8
 
Net investment gains (losses)
  
 
4
 
 
 
6
 
  
 
13
 
  
 
32
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
19
 
 
$
8
 
  
$
34
 
  
$
40
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total gains (losses) included in net income (loss) attributable to assets still held:
  
      
 
      
  
      
  
      
Net investment income
  
$
2
 
 
$
2
 
  
$
5
 
  
$
5
 
Net investment gains (losses)
  
 
(4
) 
 
 
5
 
  
 
18
 
  
 
2
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(2
) 
 
$
7
 
  
$
23
 
  
$
7
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
The amount presented for realized and unrealized gains (losses) included in net income (loss) for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities.
The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2020:
 
(Amounts in millions)
 
Valuation
technique
 
 
Fair value
 
 
Unobservable
input
 
 
Range
 
Weighted-average 
(1)
 
Fixed maturity securities:
 
      
 
      
 
      
 
  
 
      
U.S. corporate:
 
      
 
      
 
      
 
  
 
      
Utilities
 
 
Internal models
 
 
$
774
 
 
 
Credit spreads
 
 
71bps – 368bps
 
 
183bps
 
Energy
 
 
Internal models
 
 
 
7
 
 
 
Credit spreads
 
 
91bps
 
 
Not applicable
 
Finance and insurance
 
 
Internal models
 
 
 
493
 
 
 
Credit spreads
 
 
66bps – 321bps
 
 
178bps
 
Consumer—non-cyclical
 
 
Internal models
 
 
 
103
 
 
 
Credit spreads
 
 
78bps – 358bps
 
 
174bps
 
Technology and communications
 
 
Internal models
 
 
 
126
 
 
 
Credit spreads
 
 
133bps – 358bps
 
 
224bps
 
Industrial
 
 
Internal models
 
 
 
40
 
 
 
Credit spreads
 
 
156bps – 373bps
 
 
230bps
 
Capital goods
 
 
Internal models
 
 
 
97
 
 
 
Credit spreads
 
 
102bps – 273bps
 
 
190bps
 
Consumer—cyclical
 
 
Internal models
 
 
 
133
 
 
 
Credit spreads
 
 
139bps – 276bps
 
 
201bps
 
Transportation
 
 
Internal models
 
 
 
43
 
 
 
Credit spreads
 
 
67bps – 156bps
 
 
118bps
 
Other
 
 
Internal models
 
 
 
164
 
 
 
Credit spreads
 
 
93bps – 206bps
 
 
114bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Total U.S. corporate
 
 
Internal models
 
 
$
1,980
 
 
 
Credit spreads
 
 
66bps – 373bps
 
 
179bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Non-U.S. corporate:
 
      
 
      
 
      
 
  
 
      
Utilities
 
 
Internal models
 
 
$
347
 
 
 
Credit spreads
 
 
89bps – 292bps
 
 
164bps
 
Energy
 
 
Internal models
 
 
 
82
 
 
 
Credit spreads
 
 
102bps – 241bps
 
 
156bps
 
Finance and insurance
 
 
Internal models
 
 
 
199
 
 
 
Credit spreads
 
 
86bps – 174bps
 
 
134bps
 
Consumer—non-cyclical
 
 
Internal models
 
 
 
53
 
 
 
Credit spreads
 
 
97bps – 162bps
 
 
142bps
 
Technology and communications
 
 
Internal models
 
 
 
28
 
 
 
Credit spreads
 
 
102bps – 238bps
 
 
184bps
 
Industrial
 
 
Internal models
 
 
 
93
 
 
 
Credit spreads
 
 
91bps – 241bps
 
 
165bps
 
Capital goods
 
 
Internal models
 
 
 
146
 
 
 
Credit spreads
 
 
97bps – 254bps
 
 
177bps
 
Consumer—cyclical
 
 
Internal models
 
 
 
54
 
 
 
Credit spreads
 
 
102bps – 241bps
 
 
197bps
 
Transportation
 
 
Internal models
 
 
 
95
 
 
 
Credit spreads
 
 
78bps – 241bps
 
 
129bps
 
Other
 
 
Internal models
 
 
 
135
 
 
 
Credit spreads
 
 
110bps – 490bps
 
 
209bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Total non-U.S. corporate
 
 
Internal models
 
 
$
1,232
 
 
 
Credit spreads
 
 
78bps – 490bps
 
 
163bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Derivative assets:
 
      
 
      
 
      
 
  
 
      
Equity index options
 
 
Discounted cash
flows
 
 
 
$
67
 
 
 
Equity index
volatility
 
 
 
6% – 41%
 
 
28%
 
 
(1)
 
Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.
The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
 
  
September 30, 2020
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Liabilities
  
      
  
      
  
      
  
      
Policyholder account balances:
  
      
  
      
  
      
  
      
GMWB embedded derivatives
(1)
  
$
508
 
  
$
—  
 
  
$
—  
 
  
$
508
 
Fixed index annuity embedded derivatives
  
 
432
 
  
 
—  
 
  
 
—  
 
  
 
432
 
Indexed universal life embedded derivatives
  
 
25
 
  
 
—  
 
  
 
—  
 
  
 
25
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total policyholder account balances
  
 
965
 
  
 
—  
 
  
 
—  
 
  
 
965
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Derivative liabilities:
  
      
  
      
  
      
  
      
Interest rate swaps
  
 
4
 
  
 
—  
 
  
 
4
 
  
 
—  
 
Other foreign currency contracts
  
 
5
 
  
 
—  
 
  
 
5
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total derivative liabilities
  
 
9
 
  
 
—  
 
  
 
9
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
$
974
 
  
$
—  
 
  
$
9
 
  
$
965
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
 
  
December 31, 2019
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Liabilities
  
      
  
      
  
      
  
      
Policyholder account balances:
  
      
  
      
  
      
  
      
GMWB embedded derivatives
(1)
  
$
323
 
  
$
—  
 
  
$
—  
 
  
$
323
 
Fixed index annuity embedded derivatives
  
 
452
 
  
 
—  
 
  
 
—  
 
  
 
452
 
Indexed universal life embedded derivatives
  
 
19
 
  
 
—  
 
  
 
—  
 
  
 
19
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total policyholder account balances
  
 
794
 
  
 
—  
 
  
 
—  
 
  
 
794
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Derivative liabilities:
  
      
  
      
  
      
  
      
Interest rate swaps
  
 
10
 
  
 
—  
 
  
 
10
 
  
 
—  
 
Other foreign currency contracts
  
 
1
 
  
 
—  
 
  
 
1
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total derivative liabilities
  
 
11
 
  
 
—  
 
  
 
11
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
$
805
 
  
$
—  
 
  
$
11
 
  
$
794
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
 
 
Beginning
balance

as of
July 1,
2020
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total (gains)

losses

attributable to
liabilities

still held
 
(Amounts in millions)
 
Included

in net

(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
559
 
 
$
(57
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
6
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
508
 
 
$
(57
) 
 
$
—  
 
Fixed index annuity embedded derivatives
 
 
447
 
 
 
18
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
432
 
 
 
18
 
 
 
—  
 
Indexed universal life embedded derivatives
 
 
23
 
 
 
(3
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
(3
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
1,029
 
 
 
(42
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
965
 
 
 
(42
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
1,029
 
 
$
(42
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
11
 
 
$
(33
) 
 
$
—  
 
 
$
—  
 
 
$
965
 
 
$
(42
) 
 
$
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
 
 
Beginning
balance

as of
July 1,
2019
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total (gains)
losses
included

in net
(income)
loss

attributable
to liabilities
still held
 
(Amounts in millions)
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
325
 
 
$
49
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
7
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
381
 
 
$
50
 
Fixed index annuity embedded derivatives
 
 
438
 
 
 
14
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(8
) 
 
 
—  
 
 
 
—  
 
 
 
444
 
 
 
14
 
Indexed universal life embedded derivatives
 
 
15
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
18
 
 
 
(1
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
778
 
 
 
62
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11
 
 
 
(8
) 
 
 
—  
 
 
 
—  
 
 
 
843
 
 
 
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
778
 
 
$
62
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
11
 
 
$
(8
) 
 
$
—  
 
 
$
—  
 
 
$
843
 
 
$
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
 
 
Beginning
balance

as of
January 1,
2020
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total (gains)
losses

attributable to
liabilities

still held
 
(Amounts in millions)
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
323
 
 
$
167
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
18
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
508
 
 
$
174
 
 
$
—  
 
Fixed index annuity embedded derivatives
 
 
452
 
 
 
31
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(51
) 
 
 
—  
 
 
 
—  
 
 
 
432
 
 
 
31
 
 
 
—  
 
Indexed universal life embedded derivatives
 
 
19
 
 
 
(10
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
16
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
(10
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
794
 
 
 
188
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
34
 
 
 
(51
) 
 
 
—  
 
 
 
—  
 
 
 
965
 
 
 
195
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
794
 
 
$
188
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
34
 
 
$
(51
) 
 
$
—  
 
 
$
—  
 
 
$
965
 
 
$
195
 
 
$
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
 
 
Beginning
balance

as of
January 1,
2019
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total (gains)
losses
included

in net
(income)
loss

attributable
to liabilities
still held
 
(Amounts in millions)
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
337
 
 
$
25
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
19
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
381
 
 
$
29
 
Fixed index annuity embedded derivatives
 
 
389
 
 
 
72
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
444
 
 
 
72
 
Indexed universal life embedded derivatives
 
 
12
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
18
 
 
 
(1
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
738
 
 
 
96
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
26
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
843
 
 
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
738
 
 
$
96
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
26
 
 
$
(17
) 
 
$
—  
 
 
$
—  
 
 
$
843
 
 
$
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
The following table presents the gains and losses included in net (income) loss from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
2020
 
  
2019
 
  
2020
 
  
2019
 
Total realized and unrealized (gains) losses included in net (income) loss:
  
      
  
      
  
      
  
      
Net investment income
  
$
—  
 
  
$
—  
 
  
$
—  
 
  
$
—  
 
Net investment (gains) losses
  
 
(42
) 
  
 
62
 
  
 
188
 
  
 
96
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(42
) 
  
$
62
 
  
$
188
 
  
$
96
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total (gains) losses included in net (income) loss attributable to liabilities still held:
  
      
  
      
  
      
  
      
Net investment income
  
$
—  
 
  
$
—  
 
  
$
—  
 
  
$
—  
 
Net investment (gains) losses
  
 
(42
) 
  
 
63
 
  
 
195
 
  
 
100
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(42
) 
  
$
63
 
  
$
195
 
  
$
100
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity and equity securities and purchases, issuances and settlements of derivative instruments.
Issuances presented for GMWB embedded derivative liabilities are characterized as the change in fair value associated with the product fees recognized that are attributed to the embedded derivative to equal the expected future benefit costs upon issuance. Issuances for fixed index annuity and indexed universal life embedded derivative liabilities represent the amount of the premium received that is attributed to the value of the embedded derivative. Settlements of embedded derivatives are characterized as the change in fair value upon exercising the embedded derivative instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these changes in fair value separately based on the classification of this activity as effectively issuing and settling the embedded derivative instrument with all remaining changes in the fair value of these embedded derivative instruments being shown separately in the category labeled “included in net (income) loss” in the tables presented above.
The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2020:
 
(Amounts in millions)
  
Valuation technique
 
  
Fair value
 
  
Unobservable input
 
  
Range
  
Weighted-
average
(1)
 
Policyholder account balances:
  
      
  
      
  
      
  
  
  
      
 
  
      
  
      
  
 
Withdrawal
utilization rate
 
 
  
56% – 88%
  
 
73%
 
 
  
      
  
      
  
 
Lapse rate
 
  
2% – 9%
  
 
4%
 
 
  
      
  
      
  
 
Non-performance risk

(credit spreads)
 
 
  
12bps –83bps
  
 
67bps
 
GMWB embedded derivatives
(2)
  
 
Stochastic cash flow
model
 
 
  
$
508
 
  
 
Equity index
volatility
 
 
  
21% – 27%
  
 
23%
 
Fixed index annuity embedded derivatives
  
 
Option budget
method
 
 
  
$
432
 
  
 
Expected future
interest credited
 
 
  
—  % – 3%
  
 
1%
 
Indexed universal life embedded derivatives
  
 
Option budget
method
 
 
  
$
25
 
  
 
Expected future
interest credited
 
 
  
3% – 10%
  
 
5%
 
 
(1)
 
Unobservable inputs weighted by the policyholder account balances associated with the instrument.
(2)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
Assets and Liabilities Not Required to Be Carried at Fair Value
Assets and liabilities that are reflected in the accompanying unaudited condensed consolidated financial statements at fair value are not included in the following disclosure of fair value. Such items include cash, cash equivalents and restricted cash, short-term investments, investment securities, separate accounts, securities held as collateral and derivative instruments. Apart from certain of our borrowings and certain marketable securities, few of the instruments are actively traded and their fair values must often be determined using models. The fair value estimates are made at a specific point in time, based upon available market information and judgments about the financial instruments, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets.
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:
 
 
  
September 30, 2020
 
 
  
Notional

amount
 
 
Carrying

amount
 
  
Fair value
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets:
  
      
 
      
  
      
  
      
  
      
  
      
Commercial mortgage loans
  
 
        
(1)
 
 
$
6,880
 
  
$
7,169
 
  
$
—  
 
  
$
—  
 
  
$
7,169
 
Other invested assets
  
 
        
(1)
 
 
 
410
 
  
 
411
 
  
 
—  
 
  
 
23
 
  
 
388
 
Liabilities:
  
      
 
      
  
      
  
      
  
      
  
      
Long-term borrowings
  
 
        
(1)
 
 
 
3,570
 
  
 
3,148
 
  
 
—  
 
  
 
2,979
 
  
 
169
 
Investment contracts
  
 
        
(1)
 
 
 
10,872
 
  
 
12,016
 
  
 
—  
 
  
 
—  
 
  
 
12,016
 
Other firm commitments:
  
      
 
      
  
      
  
      
  
      
  
      
Commitments to fund limited partnerships
  
 
1,112
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Commitments to fund bank loan investments
  
 
35
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Ordinary course of business lending commitments
  
 
126
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
(1)
 
These financial instruments do not have notional amounts.
 
 
  
December 31, 2019
 
 
  
Notional

amount
 
 
Carrying

amount
 
  
Fair value
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets:
  
      
 
      
  
      
  
      
  
      
  
      
Commercial mortgage loans
  
 
        
(1)
 
 
$
6,963
 
  
$
7,239
 
  
$
—  
 
  
$
—  
 
  
$
7,239
 
Other invested assets
  
 
        
(1)
 
 
 
432
 
  
 
432
 
  
 
—  
 
  
 
49
 
  
 
383
 
Liabilities:
  
      
 
      
  
      
  
      
  
      
  
      
Long-term borrowings
  
 
        
(1)
 
 
 
3,277
 
  
 
3,093
 
  
 
—  
 
  
 
2,951
 
  
 
142
 
Non-recourse funding obligations
  
 
        
(1)
 
 
 
311
 
  
 
207
 
  
 
—  
 
  
 
—  
 
  
 
207
 
Investment contracts
  
 
        
(1)
 
 
 
11,466
 
  
 
12,086
 
  
 
—  
 
  
 
—  
 
  
 
12,086
 
Other firm commitments:
  
      
 
      
  
      
  
      
  
      
  
      
Commitments to fund limited partnerships
  
 
976
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Commitments to fund bank loan investments
  
 
52
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Ordinary course of business lending commitments
  
 
69
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
(1)
 
These financial instruments do not have notional amounts.
v3.20.2
Liability for Policy and Contract Claims
 9 Months Ended
Sep. 30, 2020
Liability for Policy and Contract Claims
(7) Liability for Policy and Contract Claims
The following table sets forth changes in our liability for policy and contract claims as of the dates indicated:
 
 
  
As of or for the nine
months ended
September 30,
 
(Amounts in millions)
  
2020
 
  
2019
 
Beginning balance
  
$
10,958
 
  
$
10,295
 
Less reinsurance recoverables
  
 
(2,406
) 
  
 
(2,379
) 
 
  
 
 
 
  
 
 
 
Net beginning balance
  
 
8,552
 
  
 
7,916
 
 
  
 
 
 
  
 
 
 
Incurred related to insured events of:
  
      
  
      
Current year
  
 
3,179
 
  
 
2,865
 
Prior years
  
 
(389
) 
  
 
(237
) 
 
  
 
 
 
  
 
 
 
Total incurred
  
 
2,790
 
  
 
2,628
 
 
  
 
 
 
  
 
 
 
Paid related to insured events of:
  
      
  
      
Current year
  
 
(708
) 
  
 
(659
) 
Prior years
  
 
(1,867
) 
  
 
(1,794
) 
 
  
 
 
 
  
 
 
 
Total paid
  
 
(2,575
) 
  
 
(2,453
) 
 
  
 
 
 
  
 
 
 
Interest on liability for policy and contract claims
  
 
308
 
  
 
285
 
Foreign currency translation
  
 
5
 
  
 
(9
) 
 
  
 
 
 
  
 
 
 
Net ending balance
  
 
9,080
 
  
 
8,367
 
Add reinsurance recoverables
  
 
2,293
 
  
 
2,413
 
 
  
 
 
 
  
 
 
 
Ending balance
  
$
11,373
 
  
$
10,780
 
 
  
 
 
 
  
 
 
 
The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant, and result in increases in reserves by an amount that could be material to our results of operations and financial condition and liquidity. In addition, loss reserves recorded on new delinquencies in our U.S. mortgage insurance business have a high degree of estimation, particularly due to the level of uncertainty regarding whether borrowers in forbearance will ultimately cure or result in a claim payment.
For the nine months ended September 30, 2020, the favorable development of $389 million related to insured events of prior years was primarily attributable to our long-term care insurance business largely from favorable claim terminations mostly attributable to higher mortality, favorable development on prior year incurred but not reported claims and favorable experience on pending claims that terminated before becoming an active claim. These decreases were partially offset by a strengthening of incurred but not reported reserves.
For the nine months ended September 30, 2020, the liability for policy and contract claims increased $415 million largely related to our U.S. mortgage insurance business, principally attributable to a significant increase in the number of new delinquencies driven largely by borrower forbearance resulting from COVID-19. In addition, existing reserves were strengthened by $28 million in the current year primarily driven by unfavorable cure emergence impacting claim frequency and severity offset by net benefits from cures and paid claims. The increase was also attributable to our long-term care insurance business primarily attributable to new claims,
 
which includes higher new claims frequency as a result of the aging of the in-force block, as well as higher severity, partially offset by an increase in claim terminations driven mostly by higher mortality and favorable development on incurred but not reported claims in the current year. Given the lower new claim counts submitted during COVID-19, incurred but not reported reserves were strengthened by $61 million reflecting our assumption that new claim incidence during this period will ultimately return to normal levels, partially offsetting the favorable development on incurred but not reported claims.
v3.20.2
Reinsurance
 9 Months Ended
Sep. 30, 2020
Reinsurance
(8) Reinsurance
The following table sets forth the changes in the allowance for credit losses related to reinsurance recoverables as of or for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
2020
 
  
2020
 
Allowance for credit losses:
  
      
  
      
Beginning balance
  
$
44
 
  
$
—  
 
Cumulative effect of change in accounting
  
 
—  
 
  
 
40
 
Provision
  
 
—  
 
  
 
4
 
Write-offs
  
 
—  
 
  
 
—  
 
Recoveries
  
 
—  
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Ending balance
  
$
44
 
  
$
44
 
 
  
 
 
 
  
 
 
 
As discussed in note 2, our policy for evaluating and measuring the allowance for credit losses related to reinsurance recoverables utilizes the reinsurer’s credit rating, updated quarterly, to assess the credit quality of reinsurance recoverables. The following table sets forth A.M. Best Company, Inc.’s (“A.M. Best”) credit ratings related to our reinsurance recoverables, gross of the allowance for credit losses, as of September 30, 2020:
 
(Amounts in millions)
  
Collateralized
 
  
Non-collateralized
 
  
Total
 
Credit rating:
  
      
  
      
  
      
A++
  
$
—  
 
  
$
514
 
  
$
514
 
A+
  
 
1,380
 
  
 
1,366
 
  
 
2,746
 
A
  
 
20
 
  
 
46
 
  
 
66
 
B+
  
 
—  
 
  
 
2
 
  
 
2
 
Not rated
  
 
13,422
 
  
 
82
 
  
 
13,504
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total reinsurance recoverable
  
$
14,822
 
  
$
2,010
 
  
$
16,832
 
 
  
 
 
 
  
 
 
 
  
 
 
 
We have several significant reinsurance transactions (“Reinsurance Transactions”) with Union Fidelity Life Insurance Company (“UFLIC”), an affiliate of our former parent, General Electric Company (“GE”). In the Reinsurance Transactions, we ceded to UFLIC in-force blocks of structured settlements issued prior to 2004, substantially all of our in-force blocks of variable annuities issued prior to 2004 and a block of long-term care insurance policies that we reinsured in 2000 from legal entities now a part of Brighthouse Life Insurance Company. Although we remain directly liable under these contracts and policies as the ceding insurer, the Reinsurance Transactions have the effect of transferring the financial results of the reinsured blocks to UFLIC. To secure the payment of its obligations to us under the reinsurance agreements governing the Reinsurance Transactions, UFLIC has established trust accounts to maintain an aggregate amount of assets with a statutory
book value at least equal to the statutory general account reserves attributable to the reinsured business less an amount required to be held in certain claims-paying accounts. A trustee administers the trust accounts and we are permitted to withdraw from the trust accounts amounts due to us pursuant to the terms of the reinsurance agreements that are not otherwise paid by UFLIC. In addition, pursuant to a Capital Maintenance Agreement, GE is obligated to maintain sufficient capital in UFLIC to maintain UFLIC’s risk-based capital (“RBC”) at not less than 150% of its company action level, as defined by the National Association of Insurance Commissioners (“NAIC”).
As of September 30, 2020 and December 31, 2019, we had a reinsurance recoverable of $13,418 million and $13,752 million, respectively, with UFLIC. In March 2019, upon UFLIC’s request, A.M. Best withdrew UFLIC’s credit rating. There was no impact to us from this action as UFLIC has trust accounts and a guarantee from its parent, as discussed above, and is sufficiently collateralized. Accordingly, the reinsurance recoverable with UFLIC is fully collectible and no allowance for credit losses was recorded as of September 30, 2020.
Reinsurance recoverables are considered past due when contractual payments have not been received from the reinsurer by the required payment date. Claims submitted for payment are generally due in less than one year. As of September 30, 2020, we did not have any reinsurance recoverables past due, except for Scottish Re US Inc. (“Scottish Re”), a reinsurance company domiciled in Delaware. On March 6, 2019, Scottish Re was ordered into receivership for the purposes of rehabilitation by the Court of Chancery of the State of Delaware. The proposed Plan of Rehabilitation of Scottish Re was filed on June 30, 2020; however, we expect a revised Plan of Rehabilitation to be filed by March 16, 2021 with any objections required to be submitted by April 15, 2021. We do not know what deadlines will be imposed related to the Court of Chancery’s consideration of the proposed plan and no hearing date has been scheduled. As of September 30, 2020, amounts past due related to Scottish Re were $16 million, all of which was included in the allowance for credit losses. We will continue to monitor the plan of rehabilitation and expected recovery of the claims balance.
Mortgage Insurance—Excess of Loss Reinsurance
On October 22, 2020, our U.S. mortgage insurance business obtained $350 million of excess of loss reinsurance coverage from Triangle Re 2020-1 Ltd. on a portfolio of existing mortgage insurance policies written from January 2020 through August 2020. Triangle Re 2020-1 Ltd. is a VIE and special purpose insurer domiciled in Bermuda and financed the reinsurance coverage by issuing mortgage insurance-linked notes to unaffiliated investors. The notes are non-recourse to us and our affiliates. The excess of loss reinsurance coverage is fully collateralized by a reinsurance trust account which requires the proceeds from the sale of the mortgage
insurance-linked
notes be deposited into the trust and be invested in eligible investments in accordance with the reinsurance trust agreement. The collateralized trust serves to cover reinsurance obligations if losses exceed our first loss tier. For the reinsurance coverage, we retain the first layer of aggregate losses up to $522 million. Triangle Re 2020-1 Ltd. provides 67% reinsurance coverage for losses above our retained first layer up to $350 million.
v3.20.2
Borrowings
 9 Months Ended
Sep. 30, 2020
Borrowings
(9) Borrowings
(a) Long-Term Borrowings
The following table sets forth total long-term borrowings as of the dates indicated:
 
(Amounts in millions)
  
September 30,
2020
 
  
December 31,
2019
 
Genworth Holdings
(1)
  
      
  
      
7.70% Senior Notes, due 2020
  
$
—  
 
  
$
397
 
7.20% Senior Notes, due 2021
  
 
338
 
  
 
382
 
7.625% Senior Notes, due 2021
  
 
661
 
  
 
701
 
4.90% Senior Notes, due 2023
  
 
399
 
  
 
399
 
4.80% Senior Notes, due 2024
  
 
400
 
  
 
400
 
6.50% Senior Notes, due 2034
  
 
297
 
  
 
297
 
Floating Rate Junior Subordinated Notes, due 2066
  
 
598
 
  
 
598
 
 
  
 
 
 
  
 
 
 
Subtotal
  
 
2,693
 
  
 
3,174
 
Bond consent fees
  
 
(20
) 
  
 
(25
) 
Deferred borrowing charges
  
 
(10
) 
  
 
(12
) 
 
  
 
 
 
  
 
 
 
Total Genworth Holdings
  
 
2,663
 
  
 
3,137
 
 
  
 
 
 
  
 
 
 
Genworth Mortgage Holdings, Inc.
  
      
  
      
6.50% Senior Notes, due 2025
  
 
750
 
  
 
—  
 
Deferred borrowing charges
  
 
(12
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Total Genworth Mortgage Holdings, Inc.
  
 
738
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Australia
(2)
  
      
  
      
Floating Rate Junior Subordinated Notes, due 2025
  
 
35
 
  
 
140
 
Floating Rate Junior Subordinated Notes, due 2030
  
 
136
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Subtotal
  
 
171
 
  
 
140
 
Deferred borrowing charges
  
 
(2
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Total Australia
  
 
169
 
  
 
140
 
 
  
 
 
 
  
 
 
 
Total
  
$
3,570
 
  
$
3,277
 
 
  
 
 
 
  
 
 
 
 
(1)
 
We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
(2)
 
Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who currently has the option to redeem the notes due in 2025 at face value at any time, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
On January 21, 2020, Genworth Holdings early redeemed $397 million of its 7.70% senior notes originally scheduled to mature in June 2020 for a pre-tax loss of $9 million. The senior notes were fully redeemed with a cash payment of $409 million, comprised of the outstanding principal balance of $397 million, accrued interest of $3 million and a make-whole premium of $9 million.
 
During the nine months ended September 30, 2020, Genworth Holdings repurchased $84 million principal amount of its senior notes with 2021 maturity dates for a pre-tax gain of $4 million and paid accrued interest thereon.
On August 21, 2020, Genworth Mortgage Holdings, Inc. (“GMHI”) issued $750 million of its 6.50% senior notes due in 2025. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021. These notes mature on
August 15, 2025. GMHI may redeem the notes, in whole or in part, at any time prior to February 15, 2025 at its option, by paying a make-whole premium, plus accrued and unpaid interest, if any. At any time on or after February 15, 2025, GMHI may redeem the notes, in whole or in part, at its option, at 100% of the principal amount, plus accrued and unpaid interest. The notes contain customary events of default, which subject to certain notice and cure conditions, can result in the acceleration of the principal and accrued interest on the outstanding notes if GMHI breaches the terms of the indenture.
On July 3, 2020, GFMIPL issued AUD$147 million floating rate subordinated notes due in July 2030 in exchange for AUD$147 million of its floating rate subordinated notes due in July 2025 and issued an additional AUD$43 million floating rate subordinated notes due in July 2030. These notes will pay interest quarterly at a floating rate equal to the three-month bank bill swap reference rate plus a margin of a minimum of
5.0
% per annum. GFMIPL has an option to redeem the notes at face value on July 3, 2025 and every interest payment date thereafter up to and excluding the maturity date, and for certain tax and regulatory events (in each case subject to APRA’s prior written approval). Following the settlement of these transactions, GFMIPL had outstanding floating rate subordinated notes of AUD$53 million due in July 2025 and AUD$190 million due in July 2030.
On August 24, 2020, GFMIPL redeemed AUD$5 million of its floating rate subordinated notes due in July 2025 and paid accrued interest thereon. GFMIPL redeemed the remaining AUD$48 million of its floating rate subordinated notes due in July 2025 on October 6, 2020.
(b) Non-Recourse Funding Obligations
In January 2020, upon receipt of approval from the Director of Insurance of the State of South Carolina, Rivermont Life Insurance Company I (“Rivermont I”) redeemed all of its $315 million of outstanding non-recourse funding obligations due in 2050. The early redemption resulted in a pre-tax loss of $4 million from the write-off of deferred borrowing costs.
v3.20.2
Income Taxes
 9 Months Ended
Sep. 30, 2020
Income Taxes
(10) Income Taxes
The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated:
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
 
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Statutory U.S. federal income tax rate
  
 
21.0
% 
 
 
21.0
% 
 
 
21.0
% 
 
 
21.0
% 
Increase (reduction) in rate resulting from:
  
      
 
      
 
      
 
      
Swaps terminated prior to the TCJA
  
 
2.6
 
 
 
1.2
 
 
 
4.3
 
 
 
3.2
 
Provision to return adjustments
  
 
0.8
 
 
 
(1.6
) 
 
 
0.7
 
 
 
(0.4
) 
Effect of foreign operations
  
 
1.1
 
 
 
(0.8
) 
 
 
1.8
 
 
 
2.5
 
Other, net
  
 
0.1
 
 
 
0.1
 
 
 
0.8
 
 
 
0.3
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective rate
  
 
25.6
% 
 
 
19.9
% 
 
 
28.6
% 
 
 
26.6
% 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The increase in the effective tax rate for the three and nine months ended September 30, 2020 was primarily attributable to unfavorable provision to return adjustments in the current year compared to favorable adjustments in the prior year and tax expense on forward starting swaps settled prior to the enactment of the Tax Cuts and Jobs Act (“TCJA”), which are tax effected at 35% as they are amortized into net investment income. The increase was also attributable to a higher tax expense related to foreign operations for the three months ended September 30, 2020.
v3.20.2
Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Information
(11) Segment Information
We have the following four operating business segments: U.S. Mortgage Insurance; Australia Mortgage Insurance; U.S. Life Insurance (which includes our long-term care insurance, life insurance and fixed annuities businesses); and Runoff (which includes the results of non-strategic products which have not been actively sold since 2011). In addition to our four operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are managed outside of our operating segments, including certain smaller international mortgage insurance businesses and discontinued operations.
We tax our international businesses at their local jurisdictional tax rates and our domestic businesses at the U.S. corporate federal income tax rate of 21%. Our segment tax methodology applies the respective jurisdictional or domestic tax rate to the pre-tax income (loss) of each segment, which is then adjusted in each segment to reflect the tax attributes of items unique to that segment such as foreign withholding taxes and permanent differences between U.S. GAAP and local tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities.
The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year.
We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income and assets. Our chief operating decision maker evaluates segment performance and allocates resources on the basis of “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Gains (losses) on insurance block transactions are defined as gains (losses) on the early extinguishment of non-recourse funding obligations, early termination fees for other financing restructuring and/or resulting gains (losses) on reinsurance restructuring for certain blocks of business. We exclude net investment gains (losses) and infrequent or unusual non-operating items because we do not consider them to be related to the operating performance of our segments and Corporate and Other activities. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Goodwill impairments, gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss)
available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders if, in our opinion, they are not indicative of overall operating trends.
While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, we believe that adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate for our domestic segments and a 30% tax rate for our Australia Mortgage Insurance segment and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves.
During the nine months ended September 30, 2020, we repurchased $84 million principal amount of Genworth Holdings’ senior notes with 2021 maturity dates for a pre-tax gain of $4 million. In January 2020, we paid a pre-tax make-whole expense of $9 million related to the early redemption of Genworth Holdings’ senior notes originally scheduled to mature in June 2020 and Rivermont I, our indirect wholly-owned special purpose consolidated captive insurance subsidiary, early redeemed all of its $315 million outstanding non-recourse funding obligations originally due in 2050 resulting in a pre-tax loss of $4 million from the write-off of deferred borrowing costs. These transactions were excluded from adjusted operating income (loss) for the periods presented as they relate to gains (losses) on the early extinguishment of debt.
In the second quarter of 2020, we recorded a goodwill impairment of $3 million, net of the portion attributable to noncontrolling interests, in our Australia mortgage insurance business.
We recorded a pre-tax expense of $2 million and $4 million for the nine months ended September 30, 2020 and 2019, respectively, related to restructuring costs as we continue to evaluate and appropriately size our organizational needs and expenses. There were no infrequent or unusual items excluded from adjusted operating income (loss) during the periods presented.
The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
    2020    
 
  
    2019    
 
  
    2020    
 
  
    2019    
 
Revenues:
  
      
  
      
  
      
  
      
U.S. Mortgage Insurance segment
  
$
284
 
  
$
251
 
  
$
819
 
  
$
709
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Australia Mortgage Insurance segment
  
 
102
 
  
 
82
 
  
 
265
 
  
 
288
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
U.S. Life Insurance segment:
  
      
  
      
  
      
  
      
Long-term care insurance
  
 
1,466
 
  
 
1,110
 
  
 
3,672
 
  
 
3,279
 
Life insurance
  
 
333
 
  
 
347
 
  
 
1,016
 
  
 
1,101
 
Fixed annuities
  
 
138
 
  
 
145
 
  
 
400
 
  
 
455
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
U.S. Life Insurance segment
  
 
1,937
 
  
 
1,602
 
  
 
5,088
 
  
 
4,835
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Runoff segment
  
 
103
 
  
 
74
 
  
 
200
 
  
 
234
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Corporate and Other activities
  
 
(6
) 
  
 
11
 
  
 
23
 
  
 
(8
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
  
$
2,420
 
  
$
2,020
 
  
$
6,395
 
  
$
6,058
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
The following tables present the reconciliation of net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other activities for the periods indicated:
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
  
$
418
 
 
$
18
 
 
$
(89
) 
 
$
360
 
Add: net income from continuing operations attributable to noncontrolling interests
  
 
18
 
 
 
10
 
 
 
35
 
 
 
45
 
Add: net income from discontinued operations attributable to noncontrolling interests
  
 
—  
 
 
 
30
 
 
 
—  
 
 
 
101
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
  
 
436
 
 
 
58
 
 
 
(54
) 
 
 
506
 
Less: income (loss) from discontinued operations, net of taxes
  
 
1
 
 
 
(80
) 
 
 
(519
) 
 
 
42
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
  
 
435
 
 
 
138
 
 
 
465
 
 
 
464
 
Less: net income from continuing operations attributable to noncontrolling interests
  
 
18
 
 
 
10
 
 
 
35
 
 
 
45
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
  
 
417
 
 
 
128
 
 
 
430
 
 
 
419
 
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
  
      
 
      
 
      
 
      
Net investment (gains) losses, net
 (1)
  
 
(362
) 
 
 
(5
) 
 
 
(378
) 
 
 
(33
) 
Goodwill impairment, net
(2)
  
 
—  
 
 
 
—  
 
 
 
3
 
 
 
—  
 
(Gains) losses on early extinguishment of debt
  
 
—  
 
 
 
—  
 
 
 
9
 
 
 
—  
 
Expenses related to restructuring
  
 
—  
 
 
 
—  
 
 
 
2
 
 
 
4
 
Taxes on adjustments
  
 
77
 
 
 
—  
 
 
 
78
 
 
 
6
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
  
$
132
 
 
$
123
 
 
$
144
 
 
$
396
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
For the three months ended September 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $1 and $(3) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $12 million and $(4) million, respectively. For the nine months ended September 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(14) million and $(8) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $18 million and $2 million, respectively.
(2)
 
For the nine months ended September 30, 2020, goodwill impairment was adjusted for the portion attributable to noncontrolling interests of $2 million.
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
  
      
 
      
 
      
 
      
U.S. Mortgage Insurance segment
  
$
141
 
 
$
137
 
 
$
286
 
 
$
408
 
Australia Mortgage Insurance segment
  
 
7
 
 
 
12
 
 
 
17
 
 
 
39
 
U.S. Life Insurance segment:
  
      
 
      
 
      
 
      
Long-term care insurance
  
 
59
 
 
 
21
 
 
 
108
 
 
 
38
 
Life insurance
  
 
(69
) 
 
 
(25
) 
 
 
(227
) 
 
 
(17
) 
Fixed annuities
  
 
24
 
 
 
3
 
 
 
58
 
 
 
39
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Life Insurance segment
  
 
14
 
 
 
(1
) 
 
 
(61
) 
 
 
60
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Runoff segment
  
 
19
 
 
 
10
 
 
 
30
 
 
 
39
 
Corporate and Other activities
  
 
(49
) 
 
 
(35
) 
 
 
(128
) 
 
 
(150
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
  
$
132
 
 
$
123
 
 
$
144
 
 
$
396
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated:
 
(Amounts in millions)
  
September 30,
2020
 
  
December 31,
2019
 
Assets:
  
      
  
      
U.S. Mortgage Insurance segment
  
$
5,494
 
  
$
4,504
 
Australia Mortgage Insurance segment
  
 
2,601
 
  
 
2,406
 
U.S. Life Insurance segment
  
 
84,208
 
  
 
81,640
 
Runoff segment
  
 
9,901
 
  
 
9,953
 
Corporate and Other activities
  
 
2,721
 
  
 
2,839
 
 
  
 
 
 
  
 
 
 
Total assets
  
$
104,925
 
  
$
101,342
 
 
  
 
 
 
  
 
 
 
v3.20.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies
(12) Commitments and Contingencies
(a) Litigation and Regulatory Matters
We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, product administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance businesses, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to
customers, including but not limited to breach of customer information. Plaintiffs in class action and other lawsuits against us may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships, post-closing obligations associated with previous dispositions and securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations.
In January 2016, Genworth Financial, its current chief executive officer, its former chief executive officer, its then former chief financial officer and current and former members of its board of directors were named in a shareholder derivative suit filed by International Union of Operating Engineers Local No. 478 Pension Fund, Richard L. Salberg and David Pinkoski in the Court of Chancery of the State of Delaware. The case was captioned
Int’l Union of Operating Engineers Local No. 478 Pension Fund, et al v. McInerney, et al.
In February 2016, Genworth Financial, its current chief executive officer, its former chief executive officer, its then former chief financial officer and current and former members of its board of directors were named in a second shareholder derivative suit filed by Martin Cohen in the Court of Chancery of the State of Delaware. The case was captioned
Cohen v. McInerney, et al
. On February 23, 2016, the Court of Chancery of the State of Delaware consolidated these derivative suits under the caption
Genworth Financial, Inc. Consolidated Derivative Litigation
. On March 28, 2016, plaintiffs in the consolidated action filed an amended complaint. The amended complaint alleges breaches of fiduciary duties concerning Genworth’s long-term care insurance reserves and concerning Genworth’s Australian mortgage insurance business, including our plans for an IPO of the business and seeks unspecified damages, costs, attorneys’ fees and such equitable relief as the Court may deem proper. The amended consolidated complaint also added Genworth’s then current chief financial officer as a defendant, based on alleged conduct in her former capacity as Genworth’s controller and principal accounting officer. We moved to dismiss the consolidated action on May 27, 2016. Thereafter, plaintiffs filed a substantially similar second amended complaint which we moved to dismiss on September 16, 2016. The motion is fully briefed and awaiting disposition by the Court. The action is stayed pending the completion of the proposed China Oceanwide transaction.
In October 2016, Genworth Financial, its current chief executive officer, its former chief executive officer, its then current chief financial officer, its then former chief financial officer and current and former members of its board of directors were named in a shareholder derivative suit filed by Esther Chopp in the Court of Chancery of the State of Delaware. The case is captioned
Chopp v. McInerney, et al.
The complaint alleges that Genworth’s board of directors wrongfully refused plaintiff’s demand to commence litigation on behalf of Genworth and asserts claims for breaches of fiduciary duties, waste, contribution and indemnification, and unjust enrichment concerning Genworth’s long-term care insurance reserves and concerning Genworth’s Australian mortgage insurance business, including our plans for an IPO of the business, and seeks unspecified damages, costs, attorneys’ fees and such equitable relief as the Court may deem proper. We filed a motion to dismiss on November 14, 2016. The action is stayed pending the completion of the proposed China Oceanwide transaction.
In December 2017, Genworth Financial International Holdings, LLC (“GFIH”) and Genworth Financial were named as defendants in an action captioned
AXA S.A. v. Genworth Financial International Holdings, LLC et al.,
in the High Court of Justice, Business and Property Courts of England and Wales. In the action, AXA
initially sought in excess of £28 million on an indemnity provided for in the 2015 agreement pursuant to which Genworth sold to AXA two insurance companies, Financial Insurance Company Limited (“FICL”) and Financial Assurance Company Limited (“FACL”), relating to alleged remediation it has paid to customers who purchased payment protection insurance (“PPI”). The hearing on liability and subrogation matters commenced on November 4, 2019 and concluded on November 12, 2019. On December 6, 2019, the Court issued its judgment, ruling in AXA’s favor with respect to its claim against Genworth for 90% of AXA’s payment of PPI mis-selling losses. The Court further ruled, among other matters, that Genworth is not entitled to be subrogated to the rights of FICL/FACL against Santander Cards UK Limited or require AXA to assert reasonable defenses with respect to PPI mis-selling claims. In January 2020, we made an interim payment to AXA for approximately $134 million, which was previously accrued in December 2019 in connection with the aforementioned Court ruling. On June 8, 2020, AXA amended its claim and updated its demand to £499 million, excluding an alleged claim for a tax gross up for a possible additional amount of £117 million or more. The damages hearing took place from June 15, 2020 through June 23, 2020. On July 20, 2020, Genworth and GFIH entered into a settlement agreement with AXA pursuant to which the parties have agreed, pending satisfaction of certain conditions, not to enforce, appeal or set aside the liability judgment of December 6, 2019 and the subsequently issued damages judgment of July 27, 2020. See note 14 for additional details on the terms of the settlement with AXA, the sale of our former lifestyle protection insurance business and amounts recorded related to loss from discontinued operations.
In September 2018, Genworth Life and Annuity Insurance Company (“GLAIC”), our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned
TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and all others similarly situated v. Genworth Life and Annuity Insurance Company
. Plaintiff alleges unlawful and excessive cost of insurance charges were imposed on policyholders. The complaint asserts claims for breach of contract, alleging that Genworth improperly considered non-mortality factors when calculating cost of insurance rates and failed to decrease cost of insurance charges in light of improved expectations of future mortality, and seeks unspecified compensatory damages, costs, and equitable relief. On October 29, 2018, we filed a motion to enjoin the case in the Middle District of Georgia, and a motion to dismiss and motion to stay in the Eastern District of Virginia. We moved to enjoin the prosecution of the Eastern District of Virginia action on the basis that it involves claims released in a prior nationwide class action settlement (the “McBride settlement”) that was approved by the Middle District of Georgia. Plaintiff filed an amended complaint on November 13, 2018. On December 6, 2018, we moved the Middle District of Georgia for leave to file our counterclaim, which alleges that plaintiff breached the covenant not to sue contained in the prior settlement agreement by filing its current action. On March 15, 2019, the Middle District of Georgia granted our motion to enjoin and denied our motion for leave to file our counterclaim. As such, plaintiff is enjoined from pursuing its class action in the Eastern District of Virginia. On March 29, 2019, plaintiff filed a notice of appeal in the Middle District of Georgia, notifying the Court of its appeal to the United States Court of Appeals for the Eleventh Circuit from the order granting our motion to enjoin. On March 29, 2019, we filed our notice of cross-appeal in the Middle District of Georgia, notifying the Court of our cross-appeal to the Eleventh Circuit from the portion of the order denying our motion for leave to file our counterclaim. On April 8, 2019, the Eastern District of Virginia dismissed the case without prejudice, with leave for plaintiff to refile an amended complaint only if a final appellate Court decision vacates the injunction and reverses the Middle District of Georgia’s opinion. On May 21, 2019, plaintiff filed its appeal and memorandum in support in the Eleventh Circuit. We filed our response to plaintiff’s appeal memorandum on July 3, 2019. The Eleventh Circuit Court of Appeals heard oral argument on plaintiff’s appeal and our cross-appeal on April 21, 2020. On May 26, 2020, the Eleventh Circuit Court of Appeals vacated the Middle District of Georgia’s order enjoining Plaintiff’s class action and remanded the case back to the Middle District of Georgia for further factual development as to
whether Genworth has altered how it calculates or charges cost of insurance since the McBride settlement. The Eleventh Circuit Court of Appeals did not reach a decision on Genworth’s counterclaim. We intend to continue to vigorously defend the dismissal of this action.
In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, GFIH and Genworth Life Insurance Company (“GLIC”) were named as defendants in a putative class action lawsuit pending in the Court of Chancery of the State of Delaware captioned
Richard F. Burkhart, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green, individually and on behalf of all other persons similarly situated v. Genworth et al
. Plaintiffs allege that GLIC paid dividends to its parent and engaged in certain reinsurance transactions causing it to maintain inadequate capital capable of meeting its obligations to GLIC policyholders and agents. The complaint alleges causes of action for intentional fraudulent transfer and constructive fraudulent transfer, and seeks injunctive relief. We moved to dismiss this action in December 2018. On January 29, 2019, plaintiffs exercised their right to amend their complaint. On March 12, 2019, we moved to dismiss plaintiffs’ amended complaint. On April 26, 2019, plaintiffs filed a memorandum in opposition to our motion to dismiss, which we replied to on June 14, 2019. On August 7, 2019, plaintiffs filed a motion seeking to prevent proceeds that GFIH expected to receive from the then planned sale of its shares in Genworth MI Canada Inc. (“Genworth Canada”) from being transferred out of GFIH. On September 11, 2019, plaintiffs filed a renewed motion seeking the same relief from their August 7, 2019 motion with an exception that allowed GFIH to transfer $450 million of expected proceeds from the sale of Genworth Canada through a dividend to Genworth Holdings to allow the pay-off of a senior secured term loan facility dated March 7, 2018 among Genworth Holdings as the borrower, GFIH as the limited guarantor and the lending parties thereto. Oral arguments on our motion to dismiss and plaintiffs’ motion occurred on October 21, 2019, and plaintiffs’ motion was denied. On January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $395 million in dividends GLIC paid to its parent from 2012 to 2014 (out of the $410 million in total dividends subject to plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $15 million in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 2020, we filed our answer to plaintiffs’ amended complaint. We intend to continue to vigorously defend this action.
In January 2019, Genworth Financial and GLIC were named as defendants in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned
Jerome Skochin, Susan Skochin, and Larry Huber, individually and on behalf of all other persons similarly situated v. Genworth Financial, Inc. and Genworth Life Insurance Company
. Plaintiffs seek to represent long-term care insurance policyholders, alleging that Genworth made misleading and inadequate disclosures regarding premium increases for long-term care insurance policies. The complaint asserts claims for breach of contract, fraud, fraudulent inducement and violation of Pennsylvania’s Unfair Trade Practices and Consumer Protection Law (on behalf of the two named plaintiffs who are Pennsylvania residents), and seeks damages (including statutory treble damages under Pennsylvania law) in excess of $5 million. On March 12, 2019, we moved to dismiss plaintiffs’ complaint. On March 26, 2019, plaintiffs filed a memorandum in opposition to our motion to dismiss, which we replied to on April 1, 2019. In July 2019, the Court heard oral arguments on our motion to dismiss. On August 29, 2019, the Court issued an order granting our motion to dismiss the claim with regard to breach of contract, but denied our motion with regard to fraudulent omission, fraudulent inducement and violation of the Pennsylvania Unfair Trade Practices and Consumer Protection law. On September 20, 2019, plaintiffs filed an amended complaint, dropping Genworth Financial as a defendant and reducing their causes of action from four counts to two: fraudulent inducement by omission and violation of Pennsylvania’s Unfair Trade Practices and Consumer Protection Law (on behalf of the two named plaintiffs who are Pennsylvania residents). The parties engaged in a mediation process and, on October 22, 2019, reached an agreement in principle to settle this matter on a
nationwide basis. On November 22, 2019, plaintiffs filed an amended complaint, adding Genworth Life Insurance Company of New York as a defendant and expanding the class to all fifty states and the District of Columbia. On January 15, 2020, the Court preliminarily approved the settlement and set the final approval hearing for July 10, 2020. On March 26, 2020, the parties filed a Joint Motion for Leave to Amend certain aspects of the settlement, which was approved by the Court on March 31, 2020. On April 10, 2020, the Indiana Department of Insurance filed a Motion to Intervene and Motion to Stay, seeking to stay the current schedule for class settlement and delay the date of the final approval hearing in light of disruptions caused by COVID-19. On April 14, 2020, the class administrator sent out class notices to potential settlement class members. On April 17, 2020, plaintiffs filed their opposition to the Indiana Department of Insurance’s motion to stay. The Court conducted final approval hearings on July 10, 2020, July 14, 2020 and September 11, 2020. Based on the Court’s preliminary approval of the settlement, we do not anticipate the outcome of this matter to have a material adverse impact on our results of operations or financial position. If the court does not approve the final settlement, we intend to continue to vigorously defend this action.
On April 6, 2020, GLAIC, our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Eastern District of Virginia,
captioned Brighton Trustees, LLC, on behalf of and as trustee for Diamond LS Trust; and Bank of Utah, solely as securities intermediary for Diamond LS Trust; on behalf of themselves and all others similarly situated v. Genworth Life and Annuity Insurance Company.
On May 13, 2020, GLAIC was also named as a defendant in a putative class action lawsuit filed in the United States District Court for the Eastern District of Virginia, captioned
Ronald L. Daubenmier, individually and on behalf of himself and all others similarly situated v. Genworth Life and Annuity Insurance Company
. On June 26, 2020, plaintiffs filed a consent motion to consolidate the two cases. On June 30, 2020, the United States District Court for the Eastern District of Virginia issued an order consolidating the Brighton Trustees and Daubenmier cases. On July 17, 2020, the Brighton Trustees and Daubenmier plaintiffs filed a consolidated complaint, alleging that GLAIC subjected policyholders to an unlawful and excessive cost of insurance increase. The consolidated complaint asserts claims for breach of contract and injunctive relief, and seeks damages in excess of $5 million. On August 31, 2020, we filed an answer to plaintiffs’ consolidated complaint. The trial is scheduled to commence on April 1, 2022. We intend to vigorously defend this action.
At this time we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. Except as disclosed above, we are not able to provide an estimate or range of reasonably possible losses related to these matters. Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse effect on our business, financial condition or results of operations. In addition, it is possible that related investigations and proceedings may be commenced in the future, and we could become subject to additional unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely affect our business, financial condition and results of operations.
(b) Commitments
As of September 30, 2020, we were committed to fund $1,112 million in limited partnership investments, $11 million in U.S. commercial mortgage loan investments and $115 million in private placement investments. As of September 30, 2020, we were also committed to fund $35 million of bank loan investments which had not yet been drawn. Amounts disclosed are net of an allowance for credit losses, see note 2 for additional information related to credit losses on off-balance sheet credit exposures.
v3.20.2
Changes in Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2020
Changes In Accumulated Other Comprehensive Income (Loss)
(13) Changes in Accumulated Other Comprehensive Income (Loss)
The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of July 1, 2020
  
$
1,811
 
 
$
2,677
 
 
$
(41
) 
 
$
4,447
 
OCI before reclassifications
  
 
161
 
 
 
(191
) 
 
 
33
 
 
 
3
 
Amounts reclassified from (to) OCI
  
 
(261
) 
 
 
(35
) 
 
 
—  
 
 
 
(296
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
(100
) 
 
 
(226
) 
 
 
33
 
 
 
(293
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020 before noncontrolling interests
  
 
1,711
 
 
 
2,451
 
 
 
(8
) 
 
 
4,154
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
—  
 
 
 
—  
 
 
 
13
 
 
 
13
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020
  
$
1,711
 
 
$
2,451
 
 
$
(21
) 
 
$
4,141
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of July 1, 2019
  
$
1,305
 
 
$
1,983
 
 
$
(275
) 
 
$
3,013
 
OCI before reclassifications
  
 
384
 
 
 
306
 
 
 
(64
) 
 
 
626
 
Amounts reclassified from (to) OCI
  
 
(13
) 
 
 
(30
) 
 
 
—  
 
 
 
(43
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
371
 
 
 
276
 
 
 
(64
) 
 
 
583
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019 before noncontrolling interests
  
 
1,676
 
 
 
2,259
 
 
 
(339
) 
 
 
3,596
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
1
 
 
 
—  
 
 
 
(27
) 
 
 
(26
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019
  
$
1,675
 
 
$
2,259
 
 
$
(312
) 
 
$
3,622
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of January 1, 2020
  
$
1,456
 
 
$
2,002
 
 
$
(25
) 
 
$
3,433
 
OCI before reclassifications
  
 
609
 
 
 
544
 
 
 
8
 
 
 
1,161
 
Amounts reclassified from (to) OCI
  
 
(355
) 
 
 
(95
) 
 
 
—  
 
 
 
(450
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
254
 
 
 
449
 
 
 
8
 
 
 
711
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020 before noncontrolling interests
  
 
1,710
 
 
 
2,451
 
 
 
(17
) 
 
 
4,144
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
(1
) 
 
 
—  
 
 
 
4
 
 
 
3
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020
  
$
1,711
 
 
$
2,451
 
 
$
(21
) 
 
$
4,141
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of January 1, 2019
  
$
595
 
 
$
1,781
 
 
$
(332
) 
 
$
2,044
 
OCI before reclassifications
  
 
1,186
 
 
 
560
 
 
 
33
 
 
 
1,779
 
Amounts reclassified from (to) OCI
  
 
(59
) 
 
 
(82
) 
 
 
—  
 
 
 
(141
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
1,127
 
 
 
478
 
 
 
33
 
 
 
1,638
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019 before noncontrolling interests
  
 
1,722
 
 
 
2,259
 
 
 
(299
) 
 
 
3,682
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
47
 
 
 
—  
 
 
 
13
 
 
 
60
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019
  
$
1,675
 
 
$
2,259
 
 
$
(312
) 
 
$
3,622
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
The foreign currency translation and other adjustments balance in the charts above included $(2) million, net of taxes of $1 million, related to a net unrecognized postretirement benefit obligation as of September 30, 2019. The balance also included taxes of $22 million and $(44) million, respectively, related to foreign currency translation adjustments as of September 30, 2020 and 2019.
The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented:
 
 
  
Amount reclassified from

accumulated other comprehensive
income (loss)
 
 
Affected line item in the
consolidated statements
of income
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Net unrealized investment (gains) losses:
  
      
 
      
 
      
 
      
 
  
Unrealized (gains) losses on investments
(1)
  
$
(331
) 
 
$
(17
) 
 
$
(450
) 
 
$
(75
) 
 
Net investment (gains) losses
Income taxes
  
 
70
 
 
 
4
 
 
 
95
 
 
 
16
 
 
Provision for income taxes
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Total
  
$
(261
) 
 
$
(13
) 
 
$
(355
) 
 
$
(59
) 
 
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Derivatives qualifying as hedges:
  
      
 
      
 
      
 
      
 
  
Interest rate swaps hedging assets
  
$
(50
) 
 
$
(41
) 
 
$
(139
) 
 
$
(121
) 
 
Net investment income
Interest rate swaps hedging assets
  
 
(4
) 
 
 
(4
) 
 
 
(8
) 
 
 
(6
) 
 
Net investment (gains) losses
Foreign currency swaps
  
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
Net investment income
Income taxes
  
 
19
 
 
 
16
 
 
 
52
 
 
 
45
 
 
Provision for income taxes
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Total
  
$
(35
) 
 
$
(30
) 
 
$
(95
) 
 
$
(82
) 
 
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
(1)
 
Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.20.2
Discontinued Operations
 9 Months Ended
Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
(14) Discontinued Operations
On December 1, 2015, we completed the sale of our lifestyle protection insurance business to AXA. In 2017, AXA sued us for damages on an indemnity in the 2015 agreement related to alleged remediation it paid to customers who purchased PPI. On July 20, 2020, we reached a settlement agreement with AXA for losses incurred from mis-selling complaints on policies sold from 1970 through 2004 and paid an initial amount of £100 million ($125 million) to AXA. An after-tax loss of $21 million and $537 million related to the settlement is included in income (loss) from discontinued operations for the three and nine months ended September 30, 2020, respectively. We also recorded other after-tax legal fees and expenses of $1 million and $5 million for the three and nine months ended September 30, 2020, respectively. See note 12 for
a
dditional details related to the case regarding the sale of our lifestyle protection insurance business.
As part of the settlement agreement, we agreed to make payments for certain PPI mis-selling claims, along with a significant portion of future claims that are still being processed. Under the settlement agreement, we issued a secured promissory note to AXA, in which we agreed to make deferred cash payments in two installments
i
n June 2022 and September 2022. Future claims that are still being processed will be added to the September 2022 installment payment.
The following table presents the amounts owed to AXA under the settlement agreement, which are reflected as liabilities related to discontinued operations in our unaudited condensed consolidated balance sheet for the period presented:
 
(Amounts in millions)
  
September 30, 2020
 
  
British Pounds
 
  
U.S. Dollar
 
Installment payments due to AXA:
  
      
  
      
June 2022
  
£
159
 
  
$
206
 
September 2022:
  
      
  
      
Beginning balance
  
 
158
 
  
 
205
 
Amounts billed as future losses
  
 
29
 
  
 
38
 
 
  
 
 
 
  
 
 
 
Ending balance
  
 
187
 
  
 
243
 
 
  
 
 
 
  
 
 
 
Total amounts due under the promissory note
  
346
 
  
449
 
 
  
 
 
 
  
 
 
 
Future claims:
  
      
  
      
Estimated beginning balance
  
107
 
  
138
 
Less: Amounts billed to date
  
 
(29
 )
 
  
 
(38
 )
 
 
  
 
 
 
  
 
 
 
Estimated future billings
  
 
78
 
  
 
100
 
 
  
 
 
 
  
 
 
 
Total amounts due to AXA under the settlement agreement
  
£
424
 
  
$
549
 
 
  
 
 
 
  
 
 
 
The three months ended September 30, 2020 includes an after-tax expense of $18 million
attributable to foreign currency
remeasurement
 
that
 is included in income (loss) from discontinued operations. The promissory note will accrue interest at a fixed rate of 5.25% due quarterly, with a potential for an interest rate decrease to 2.75% following certain prepayment trigger events. Income (loss) from discontinued operations for the three and nine months ended September 30, 2020 includes after-tax interest expense of $3 million attributable to the promissory note.
To secure our obligation under the promissory note, we granted a 19.9% security interest in the outstanding common stock of GMHI and Genworth Mortgage Insurance Australia Limited to AXA. AXA does not have the right to sell or repledge the collateral and is not entitled to any voting rights. The collateral will be released back to us upon full repayment of the promissory note. Accordingly, the collateral arrangement has no impact on our unaudited condensed consolidated financial statements. In the event AXA recovers amounts from third parties related to the mis-selling losses, including from the distributor responsible for the sale of the policies, we have certain rights to share in those recoveries to recoup payments for the underlying mis-selling losses. As of September 30, 2020, we have not recorded any amounts associated with recoveries from third parties.
The promissory note is also subject to certain mandatory prepayments upon the occurrence of:
 
 
•
 
the consummation of certain qualifying debt transactions in which total gross proceeds of at least $750 million are raised;
 
 
•
 
the consummation of certain qualifying equity issuances or dispositions with respect to GMHI, or any of our subsidiaries, in which total net cash proceeds of at least $475 million are raised;
 
 
•
 
certain dispositions of our U.S. mortgage insurance business;
 
 
•
 
the consummation of the China Oceanwide merger and the funding of the contemplated capital investment plan;
 
•
 
transactions involving a change of control of Genworth, other than the China Oceanwide transaction; and
 
 
•
 
receipt of dividends and sale proceeds from certain Genworth subsidiaries above certain threshold amounts.
The promissory note also contains certain negative and affirmative covenants, restrictions imposed on the collateral, representations and warranties and customary events of default.
In addition to the promissory note, we also have an unrelated liability that is owed to AXA associated with underwriting losses on a product sold by a distributor in our former lifestyle protection insurance business. The balance of the liability as of September 30, 2020 and December 31, 2019 is $16 million and $42 million, respectively, and is included as liabilities related to discontinued operations in our unaudited condensed consolidated balance sheets. During the third quarter of 2020, based on an updated estimate, we reduced the liability by $28 million which was recognized as an after-tax benefit to earnings of $23 million and is included in income (loss) from discontinued operations for the three months ended September 30, 2020.
In January 2020, we made an interim payment to AXA for £100 million ($134 million), which was accrued as a contingent liability and reflected as liabilities related to discontinued operations as of December 31, 2019. This amount was included in income (loss) from discontinued operations for the year ended December 31, 2019.
We have established our current best estimates for future claims that are still being processed under the settlement agreement, as well as for the unrelated liability related to underwriting losses and other expenses; however, there may be future adjustments to these estimates. If amounts are different from our estimates, it could result in an adjustment to our liabilities and an additional amount reflected in income (loss) from discontinued operations.
v3.20.2
Accounting Changes (Policies)
 9 Months Ended
Sep. 30, 2020
Disclosure of Accounting Changes [Abstract]  
Accounting Pronouncements Recently Adopted
Accounting Pronouncements Recently Adopted
On January 1, 2020, we adopted new accounting guidance related to disclosure requirements for defined benefit plans as part of the Financial Accounting Standards Board’s (the “FASB”) disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for defined benefit pension and other postretirement benefit plans. We adopted this new accounting guidance using the retrospective method, which did not have a significant impact on our condensed consolidated financial statements and disclosures.
On January 1, 2020, we adopted new accounting guidance related to fair value disclosure requirements as part of the FASB’s disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for fair value measurements. The guidance includes new disclosure requirements related to changes in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements. We adopted this new accounting guidance using the prospective method for disclosures related to changes in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period, the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty and the retrospective method for all other disclosures. This accounting guidance did not impact our condensed consolidated financial statements but impacted our fair value disclosures.
In March 2020, the FASB issued new accounting guidance related to reference rate reform, which was effective for us on January 1, 2020. The guidance provides temporary guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform, which includes the transition away from the London Interbank Offered Rate (“LIBOR”). This new guidance provides optional practical expedients and exceptions for applying generally accepted accounting principles to investments, derivatives or other transactions affected by reference rate reform such as those that impact the assessment of derivative hedge effectiveness and contract modifications, to include continuing hedge accounting when certain critical terms of a hedging relationship change and modifying certain effectiveness assessments to exclude certain potential sources of ineffectiveness. In addition to the optional practical expedients, th
e
 guidance includes a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. We adopted this guidance prospectively and it did not have a significant impact on our condensed consolidated financial statements or disclosures. However, the amendments in this guidance may be elected over time through December 31, 2022 as reference rate reform activities occur and therefore, this guidance may impact our procedures, including our process for assessing the effectiveness of our cash flow hedging relationships, determined on an individual hedge basis, as we implement measures to transition away from LIBO
R.
On January 1, 2020, we adopted new accounting guidance related to accounting for credit losses on financial instruments. The guidance requires entities to recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most financial instruments not measured at fair value, which primarily
 
includes our commercial mortgage loans, bank loan investments and reinsurance recoverables. The new guidance also requires the recognition of an allowance for expected credit losses as a liability in our consolidated balance sheet for off-balance sheet credit exposures, including commitments to fund bank loan investments, private placement investments and commercial mortgage loans. The new guidance did not have a significant impact on other assets not measured at fair value. The FASB also issued an amendment to the guidance allowing entities to irrevocably elect the fair value option on an instrument-by-instrument basis for eligible instruments, which we did not elect.
For our commercial mortgage loans, we determine the adequacy of the allowance for credit losses utilizing an analytical model that provides various loss scenarios based on historical experience adjusted for current events, trends, economic conditions and reasonable and supportable forecasts that result in a loss in the loan portfolio over the estimated life of the loans. We revert to historical credit loss experience for periods beyond forecasts that are reasonable and supportable. The allowance for credit losses is measured on a collective basis with consideration for debt service coverage ratio, debt-to-value, property-type and geographic location. Key inputs into the analytical model include exposure, weighted-average life, return, historical loss rates and forecast scenarios. Actual amounts realized over time could differ from the amounts estimated for the allowance for credit losses reported in the condensed consolidated financial statements. Commercial mortgage loans are written off against the allowance to the extent principal or interest is deemed uncollectible. Accrued interest related to commercial mortgage loans is included in accrued investment income in our condensed consolidated balance sheet and had a carrying value of $24 million as of September 30, 2020. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrued interest related to our commercial mortgage loans are written off after 90 days and once collectability is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses).
We adopted the guidance related to our investments carried at amortized cost using the modified retrospective method and recorded an allowance related to lifetime expected credit losses of $23 million, net of deferred taxes of $6 million, for commercial mortgage loans and bank loan investments, with an offset to cumulative effect of change in accounting within retained earnings. See note 4 for additional disclosures related to commercial mortgage loans. We adopted the guidance related to our off-balance sheet credit exposures using the modified retrospective method and recorded an allowance related to lifetime expected credit losses of $1 million, included in other liabilities in our condensed consolidated balance sheet, with an offset to cumulative effect of change in accounting within retained earnings.
The allowance for credit losses for reinsurance recoverables is evaluated based on historical loss experience adjusted for current events and reasonable and supportable forecasts from both internal and external sources. The allowance is measured by reinsurer, taking into consideration the reinsured product type and collateral type, and is calculated based on an externally reported probability of default corresponding to the reinsurer’s credit rating and the expected duration of the reinsurer’s contractual obligation to reimburse us for ceded claims on the underlying policies. Our estimate of the allowance reflects consideration for collateral securing the reinsurance agreements and expected recoveries of amounts previously charged off and expected to be charged off. We also consider other credit risk factors, including, among other factors, the historical frequency and severity of the associated insurance claims, aging of recoverables and regulatory, legal and economic factors, to determine if an additional incremental allowance for credit losses is required. No reversion adjustments are necessary as the starting point for our allowance for credit losses reflects historical loss experience covering the expected duration of the reinsurer’s contractual obligation to reimburse us. If available facts and circumstances indicate the reinsurance recoverable does not reflect expectations consistent with the collective analysis, the reinsurance
 
recoverable is assessed on a separate basis. Write-offs of reinsurance recoverables are deducted from the allowance in the period the reinsurance recoverable is determined to be uncollectible. We adopted the guidance related to our reinsurance recoverables using the modified retrospective method and recorded an allowance related to lifetime expected credit losses of $31 million, net of deferred taxes of $9 million, with an offset to cumulative effect of change in accounting within retained earnings. See note 8 for additional disclosures related to reinsurance recoverables.
The new guidance retains most of the existing impairment guidance for available-for-sale fixed maturity securities but amends the presentation of credit losses to reflect an allowance for credit losses as opposed to a
 
write-down of the amortized cost of the investment and permits the reversal of credit losses through net income (loss) when reassessing changes in credit losses each reporting period. Available-for-sale fixed maturity securities in an unrealized loss position are evaluated to determine whether the decline in fair value is related to credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency/agencies and adverse conditions specifically related to the security, among other factors. If a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Estimating the cash flows expected to be collected is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments. When developing the estimate of cash flows expected to be collected, we utilize an analytical model that provides for various loss scenarios and consider the industry sector, current levels of subordination, geographic location and other relevant characteristics of the security or underlying assets, as well as reasonable and supportable forecasts. Losses are written off against the allowance when deemed uncollectible or when we intend to sell or expect we will be required to sell a security prior to recovering our amortized cost. We exclude accrued interest related to available-for-sale fixed maturity securities from the estimate of allowance for credit losses. Accrued interest is included in accrued investment income in our condensed consolidated balance sheet and had a carrying value of $
565
 million as of September 30, 2020. We do not measure an allowance for credit losses related to accrued interest as uncollectible accrued interest related to our available-for-sale fixed maturity securities are written off after 90 days and once
collectability
is determined to be uncertain and not probable. Amounts written off related to accrued interest are recorded as a credit loss expense included in net investment gains (losses). We adopted the guidance related to our available-for-sale fixed maturity securities for which a previous other-than-temporary impairment was recognized prior to the date of adoption using the prospective method and the modified retrospective method for all other available-for-sale fixed maturity securities, which did not have any impact upon adoption.
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued new accounting guidance related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance is currently effective for us on January 1, 2021 using the retrospective method or modified retrospective method for certain changes and prospective method for all other changes, with early adoption permitted. We do not expect a significant impact from this guidance on our condensed consolidated financial statements and disclosures.
In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts and expands disclosure requirements, which impacts our life
 
 
insurance deferred acquisition costs (“DAC”) and liabilities. In accordance with the guidance, the more significant changes include:
 
 
•
 
assumptions will no longer be locked-in at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits (except the discount rate) will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes will be recorded in net income (loss) using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions;
 
 
•
 
the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a single-A rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss);
 
 
•
 
the provision for adverse deviation and the premium deficiency test will be eliminated;
 
 
•
 
market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss);
 
 
•
 
the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and
 
 
•
 
disclosures will be greatly expanded to include significant assumptions and product liability rollforwards.
We expect this guidance to be effective for us on January 1, 2023, subject to the FASB finalizing an additional one-year delay, using the modified retrospective method, with early adoption permitted, which we do not intend to elect. Given the nature and extent of the changes to our operations, this guidance is expected to have a significant impact on our condensed consolidated financial statements.
v3.20.2
Earnings (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings (Loss) Per Share
Basic and diluted earnings (loss) per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
 
    
Three months ended

September 30,
    
Nine months ended

September 30,
  
(Amounts in millions, except per share amounts)
   
     2020     
     
     20
19
     
    
2020
    
2019
  
Weighted-average shares used in basic earnings per share calculations
      505.6        503.5       505.1       502.7  
Potentially dilutive securities:
          
Stock options, restricted stock units and stock appreciation rights
      5.9        7.7       6.1       6.8  
  
 
 
     
 
 
    
 
 
    
 
 
  
Weighted-average shares used in diluted earnings per share calculations
      511.5        511.2       511.2       509.5  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income from continuing operations:
          
Income from continuing operations
    $ 435      $ 138     $ 465     $ 464  
Less: net income from continuing operations attributable to noncontrolling interests
      18        10       35       45  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
    $ 417      $ 128     $ 430     $ 419  
  
 
 
     
 
 
    
 
 
    
 
 
  
Basic per share
    $ 0.83      $ 0.25     $ 0.85     $ 0.83  
  
 
 
     
 
 
    
 
 
    
 
 
  
Diluted per share
    $ 0.82      $ 0.25     $ 0.84     $ 0.82  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income (loss) from discontinued operations:
          
Income (loss) from discontinued operations, net of taxes
    $ 1      $ (80 )    $ (519 )    $ 42  
Less: net income from discontinued operations attributable to noncontrolling interests
      —          30       —         101  
  
 
 
     
 
 
    
 
 
    
 
 
  
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ 1      $ (110 )    $ (519 )    $ (59 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Basic per share
    $ —        $ (0.22 )    $ (1.03 )    $ (0.12 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Diluted per share
    $ —        $ (0.21 )    $ (1.02 )    $ (0.12 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss):
          
Income from continuing operations
    $ 435      $ 138     $ 465     $ 464  
Income (loss) from discontinued operations, net of taxes
      1        (80 )      (519 )      42  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss)
      436        58       (54 )      506  
Less: net income attributable to noncontrolling interests
      18        40       35       146  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ 418      $ 18     $ (89 )    $ 360  
  
 
 
     
 
 
    
 
 
    
 
 
  
Basic per share
(1)
    $ 0.83      $ 0.04     $ (0.18 )    $ 0.72  
  
 
 
     
 
 
    
 
 
    
 
 
  
Diluted per share
(1)
    $ 0.82      $ 0.04     $ (0.17 )    $ 0.71  
  
 
 
     
 
 
    
 
 
    
 
 
  
 
(1)
 
May not total due to whole number calculation.
v3.20.2
Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Net Investment Income
Sources of net investment income were as follows for the periods indicated:
 
    
Three months ended
September 30,
    
Nine months ended
September 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
    
2020
    
2019
  
Fixed maturity securities—taxable
  
$
632
 
 
$
631
 
 
$
1,855
 
 
$
1,878
 
Fixed maturity securities—non-taxable
  
 
2
 
 
 
2
 
 
 
5
 
 
 
6
 
Equity securities
  
 
3
 
 
 
4
 
 
 
7
 
 
 
13
 
Commercial mortgage loans
  
 
82
 
 
 
87
 
 
 
251
 
 
 
254
 
Policy loans
  
 
51
 
 
 
47
 
 
 
149
 
 
 
138
 
Other invested assets
  
 
79
 
 
 
62
 
 
 
192
 
 
 
180
 
Cash, cash equivalents, restricted cash and short-term investments
  
 
2
 
 
 
8
 
 
 
17
 
 
 
30
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross investment income before expenses and fees
  
 
851
 
 
 
841
 
 
 
2,476
 
 
 
2,499
 
Expenses and fees
  
 
(24
) 
 
 
(25
) 
 
 
(70
) 
 
 
(73
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
  
$
827
 
 
$
816
 
 
$
2,406
 
 
$
2,426
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net Investment Gains (Losses)
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
    
Three months ended
September 30,
    
Nine months ended
September 30,
  
(Amounts in millions)
   
     2020     
    
     2019     
    
     2020     
    
     2019     
  
Available-for-sale fixed maturity securities:
  
 
 
 
Realized gains
  
$
332
 
 
$
19
 
 
$
465
 
 
$
93
 
Realized losses
  
 
(2
) 
 
 
(3
) 
 
 
(8
) 
 
 
(30
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gains (losses) on available-for-sale fixed maturity securities
  
 
330
 
 
 
16
 
 
 
457
 
 
 
63
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairments:
  
 
 
 
Total other-than-temporary impairments
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Portion of other-than-temporary impairments included in other comprehensive income (loss)
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net other-than-temporary impairments
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in allowance for credit losses on available-for-sale fixed maturity securities
  
 
2
 
 
 
—  
 
 
 
(5
) 
 
 
—  
 
Write-down of available-for-sale fixed maturity securities
(1)
  
 
(4
) 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
Net realized gains (losses) on equity securities sold
  
 
(3
) 
 
 
6
 
 
 
(3
) 
 
 
9
 
Net unrealized gains (losses) on equity securities still held
  
 
3
 
 
 
(4
) 
 
 
(7
) 
 
 
13
 
Limited partnerships
  
 
31
 
 
 
6
 
 
 
28
 
 
 
10
 
Commercial mortgage loans
  
 
(3
) 
 
 
(1
) 
 
 
(2
) 
 
 
(1
) 
Derivative instruments
(2)
  
 
22
 
 
 
(29
) 
 
 
(73
) 
 
 
(71
) 
Other
  
 
(3
) 
 
 
4
 
 
 
(9
) 
 
 
4
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment gains (losses)
  
$
375
 
 
$
(2
) 
 
$
382
 
 
$
27
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Represents write-down of securities we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2)
 
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
Allowance for credit losses related to fixed maturity securities The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the periods indicated:
   
Three months ended September 30, 2020
  
(Amounts in millions)
  
Beginning
balance
    
Increase
from
securities
without
allowance
in
 
previous
periods
    
Increase
(decrease)
from
securities
with
 
allowance
in
 
previous
periods
    
Securities
sold
    
Decrease
due
 
to
 
change
in
 
intent or
requirement
to sell
    
Write-offs
    
Recoveries
    
Ending
balance
  
Fixed maturity securities:
                
Non-U.S. corporate
   $ 4     $ —       $ (2 )    $ —       $ —       $ —       $ —       $ 2  
Commercial mortgage-backed
     3       —         —         —         —         —         —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 7     $ —       $ (2 )    $ —       $ —       $ —       $ —       $ 5  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
Nine months ended September 30, 2020
  
(Amounts in millions)
  
Beginning
balance
    
Increase
from
securities
without
allowance
in
previous
periods
    
Increase
(decrease)
from
securities
with
 
allowance
in
 
previous
periods
    
Securities
sold
    
Decrease
due
 
to
 
change
in
 
intent or
requirement
to sell
    
Write-offs
    
Recoveries
    
Ending
balance
  
Fixed maturity securities:
                
Non-U.S. corporate
   $ —       $ 4     $ (2 )    $ —       $ —       $ —       $ —       $ 2  
Commercial mortgage-backed
     —         3       —         —         —         —         —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ —       $ 7     $ (2 )    $ —       $ —       $ —       $ —       $ 5  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Credit Losses Recognized in Net Income (Loss)
The following represents the activity for credit losses recognized in net income (loss) on debt securities where an other-than-temporary impairment was identified and a portion of other-than-temporary impairments was included in other comprehensive income (“OCI”) as of and for the periods indicated:
 
(Amounts in millions)
   
Three months
ended
September 30,
2019
     
Nine months
ended
September 30,
2019
  
Beginning balance
    $ 23      $ 24  
Reductions:
      
Securities sold, paid down or disposed
      —          (1 ) 
  
 
 
     
 
 
  
Ending balance
    $ 23      $ 23  
  
 
 
     
 
 
  
Unrealized Investment Gains and Losses
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
 
(Amounts in millions)
   
September 30,
2020
    
December 31,
2019
  
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
    $ 9,218     $ 6,676  
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
      (12 )      —    
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves
      (6,998 )      (4,789 ) 
Income taxes, net
      (473 )      (406 ) 
  
 
 
    
 
 
  
Net unrealized investment gains (losses)
      1,735       1,481  
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
      24       25  
  
 
 
    
 
 
  
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
    $ 1,711     $ 1,456  
  
 
 
    
 
 
  
 
(1)
 
Excludes foreign exchange.
Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss)
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated:
 
   
As of or for the

three months ended

September 30,
  
(Amounts in millions)
  
2020
    
2019
  
Beginning balance
   $ 1,811     $ 1,305  
Unrealized gains (losses) arising during the period:
    
Unrealized gains (losses) on fixed maturity securities
     781       1,607  
Adjustment to deferred acquisition costs
     (9 )      (8 ) 
Adjustment to present value of future profits
     2       1  
Adjustment to sales inducements
     (5 )      (4 ) 
Adjustment to benefit reserves
     (566 )      (1,108 ) 
Provision for income taxes
     (42 )      (104 ) 
 
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
     161       384  
Reclassification adjustments to net investment (gains) losses, net of taxes of $70 and $4
     (261 )      (13 ) 
 
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
     (100 )      371  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
     —         1  
 
 
 
    
 
 
  
Ending balance
   $ 1,711     $ 1,675  
 
 
 
    
 
 
  
   
As of or for the

nine months ended

September 30,
  
(Amounts in millions)
  
2020
    
2019
  
Beginning balance
   $ 1,456     $ 595  
Unrealized gains (losses) arising during the period:
    
Unrealized gains (losses) on fixed maturity securities
     2,980       5,563  
Adjustment to deferred acquisition costs
     48       (1,049 ) 
Adjustment to present value of future profits
     6       (54 ) 
Adjustment to sales inducements
     (3 )      (35 ) 
Adjustment to benefit reserves
     (2,260 )      (2,908 ) 
Provision for income taxes
     (162 )      (331 ) 
 
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
     609       1,186  
Reclassification adjustments to net investment (gains) losses, net of taxes of $95 and $16
     (355 )      (59 ) 
 
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
     254       1,127  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
     (1 )      47  
 
 
 
    
 
 
  
Ending balance
   $ 1,711     $ 1,675  
 
 
 
    
 
 
  
Fixed Maturity Securities
As of September 30, 2020, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
  
Amortized
cost or
cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Allowance
for credit
losses
    
Fair
value
  
Fixed maturity securities:
          
U.S. government, agencies and government-sponsored enterprises
   $ 3,318     $ 1,474     $ —       $ —       $ 4,792  
State and political subdivisions
     2,591       525       (1 )      —         3,115  
Non-U.S. government
     1,276       126       (7 )      —         1,395  
U.S. corporate:
          
Utilities
     4,294       924       (1 )      —         5,217  
Energy
     2,581       238       (54 )      —         2,765  
Finance and insurance
     7,611       1,135       (11 )      —         8,735  
Consumer—non-cyclical
     5,160       1,210       (2 )      —         6,368  
Technology and communications
     2,993       537       (3 )      —         3,527  
Industrial
     1,363       189       (1 )      —         1,551  
Capital goods
     2,558       503       (4 )      —         3,057  
Consumer—cyclical
     1,794       252       (2 )      —         2,044  
Transportation
     1,325       271       (15 )      —         1,581  
Other
     346       43       —         —         389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     30,025       5,302       (93 )      —         35,234  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
          
Utilities
     860       75       —         —         935  
Energy
     1,192       163       (7 )      —         1,348  
Finance and insurance
     2,319       312       (12 )      (1 )      2,618  
Consumer—non-cyclical
     712       95       (1 )      —         806  
Technology and communications
     1,066       190       —         —         1,256  
Industrial
     935       134       (1 )      —         1,068  
Capital goods
     571       61       (6 )      —         626  
Consumer—cyclical
     400       38       (2 )      —         436  
Transportation
     571       87       (9 )      (1 )      648  
Other
     1,562       241       (1 )      —         1,802  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     10,188       1,396       (39 )      (2 )      11,543  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     1,825       250       —         —         2,075  
Commercial mortgage-backed
     2,775       228       (24 )      (3 )      2,976  
Other asset-backed
     3,254       48       (16 )      —         3,286  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 55,252     $ 9,349     $ (180 )    $ (5 )    $ 64,416  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
As of December 31, 2019, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
         
Gross unrealized gains
    
Gross unrealized losses
        
(Amounts in millions)
  
Amortized
cost or
cost
    
Not other-than-
temporarily
impaired
    
Other-
t
han-
temporarily
impaired
    
Not other-than-
temporarily
impaired
    
Other-
t
han-
temporarily
impaired
    
Fair
value
  
Fixed maturity securities:
            
U.S. government, agencies and government-sponsored enterprises
   $ 4,073     $ 952     $ —       $ —       $ —       $ 5,025  
State and political subdivisions
     2,394       355       —         (2 )      —         2,747  
Non-U.S. government
     1,235       117       —         (2 )      —         1,350  
U.S. corporate:
            
Utilities
     4,322       675       —         —         —         4,997  
Energy
     2,404       303       —         (8 )      —         2,699  
Finance and insurance
     6,977       798       —         (1 )      —         7,774  
Consumer—non-cyclical
     4,909       796       —         (4 )      —         5,701  
Technology and communications
     2,883       363       —         (1 )      —         3,245  
Industrial
     1,271       125       —         —         —         1,396  
Capital goods
     2,345       367       —         (1 )      —         2,711  
Consumer—cyclical
     1,590       172       —         (2 )      —         1,760  
Transportation
     1,320       187       —         (1 )      —         1,506  
Other
     292       30       —         —         —         322  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     28,313       3,816       —         (18 )      —         32,111  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
            
Utilities
     779       50       —         —         —         829  
Energy
     1,140       179       —         —         —         1,319  
Finance and insurance
     2,087       232       —         —         —         2,319  
Consumer—non-cyclical
     631       55       —         (2 )      —         684  
Technology and communications
     1,010       128       —         —         —         1,138  
Industrial
     896       92       —         —         —         988  
Capital goods
     565       40       —         —         —         605  
Consumer—cyclical
     373       24       —         —         —         397  
Transportation
     557       73       —         (1 )      —         629  
Other
     1,431       188       —         (2 )      —         1,617  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     9,469       1,061       —         (5 )      —         10,525  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     2,057       199       15       (1 )      —         2,270  
Commercial mortgage-backed
     2,897       137       —         (8 )      —         3,026  
Other asset-backed
     3,262       30       —         (7 )      —         3,285  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 53,700     $ 6,667     $ 15     $ (43 )    $ —       $ 60,339  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of September 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
Fixed maturity securities:
                  
State and political subdivisions
   $ 66     $ (1 )      10     $ —       $ —         —       $ 66     $ (1 )      10  
Non-U.S. government
     103       (7 )      16       —         —         —         103       (7 )      16  
U.S. corporate
     1,475       (82 )      228       95       (11 )      10       1,570       (93 )      238  
Non-U.S. corporate
     589       (27 )      106       7       (1 )      2       596       (28 )      108  
Commercial mortgage-backed
     430       (22 )      68       1       (1 )      1       431       (23 )      69  
Other asset-backed
     675       (10 )      159       308       (6 )      67       983       (16 )      226  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 3,338     $ (149 )      587     $ 411     $ (19 )      80     $ 3,749     $ (168 )      667  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                  
<20% Below cost
   $ 3,264     $ (122 )      569     $ 401     $ (16 )      78     $ 3,665     $ (138 )      647  
20%-50% Below cost
     74       (27 )      18       10       (3 )      2       84       (30 )      20  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 3,338     $ (149 )      587     $ 411     $ (19 )      80     $ 3,749     $ (168 )      667  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 2,631     $ (85 )      472     $ 338     $ (9 )      70     $ 2,969     $ (94 )      542  
Below investment grade
     707       (64 )      115       73       (10 )      10       780       (74 )      125  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 3,338     $ (149 )      587     $ 411     $ (19 )      80     $ 3,749     $ (168 )      667  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of September 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
U.S. corporate:
                  
Utilities
   $ 24     $ (1 )      6     $ —       $ —         —       $ 24     $ (1 )      6  
Energy
     557       (45 )      84       52       (9 )      6       609       (54 )      90  
Finance and insurance
     373       (11 )      42       —         —         —         373       (11 )      42  
Consumer—non-cyclical
     93       (2 )      12       —         —         —         93       (2 )      12  
Technology and communications
     100       (3 )      12       —         —         —         100       (3 )      12  
Industrial
     72       (1 )      6       —         —         —         72       (1 )      6  
Capital goods
     33       (3 )      7       14       (1 )      1       47       (4 )      8  
Consumer—cyclical
     86       (1 )      21       29       (1 )      3       115       (2 )      24  
Transportation
     137       (15 )      38       —         —         —         137       (15 )      38  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     1,475       (82 )      228       95       (11 )      10       1,570       (93 )      238  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                  
Energy
     179       (7 )      18       —         —         —         179       (7 )      18  
Finance and insurance
     196       (5 )      34       —         —         —         196       (5 )      34  
Consumer—non-cyclical
     —         —         —         7       (1 )      2       7       (1 )      2  
Industrial
     29       (1 )      4       —         —         —         29       (1 )      4  
Capital goods
     59       (6 )      11       —         —         —         59       (6 )      11  
Consumer—cyclical
     22       (2 )      11       —         —         —         22       (2 )      11  
Transportation
     59       (5 )      15       —         —         —         59       (5 )      15  
Other
     45       (1 )      13       —         —         —         45       (1 )      13  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     589       (27 )      106       7       (1 )      2       596       (28 )      108  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 2,064     $ (109 )      334     $ 102     $ (12 )      12     $ 2,166     $ (121 )      346  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2019:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
Fixed maturity securities:
                  
State and political subdivisions
   $ 91     $ (2 )      14     $ —       $ —         —       $ 91     $ (2 )      14  
Non-U.S. government
     224       (2 )      20       —         —         —         224       (2 )      20  
U.S. corporate
     123       (5 )      27       302       (13 )      33       425       (18 )      60  
Non-U.S. corporate
     79       (1 )      12       62       (4 )      7       141       (5 )      19  
Residential mortgage-backed
     22       (1 )      10       —         —         —         22       (1 )      10  
Commercial mortgage-backed
     381       (5 )      51       14       (3 )      3       395       (8 )      54  
Other asset-backed
     532       (2 )      97       439       (5 )      115       971       (7 )      212  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 1,452     $ (18 )      231     $ 817     $ (25 )      158     $ 2,269     $ (43 )      389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                  
<20% Below cost
   $ 1,452     $ (18 )      231     $ 807     $ (20 )      155     $ 2,259     $ (38 )      386  
20%-50% Below cost
     —         —         —         10       (5 )      3       10       (5 )      3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 1,452     $ (18 )      231     $ 817     $ (25 )      158     $ 2,269     $ (43 )      389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 1,408     $ (14 )      223     $ 702     $ (15 )      145     $ 2,110     $ (29 )      368  
Below investment grade
     44       (4 )      8       115       (10 )      13       159       (14 )      21  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 1,452     $ (18 )      231     $ 817     $ (25 )      158     $ 2,269     $ (43 )      389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our corporate securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2019:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
 
of
securities
  
Description of Securities
 
              
U.S. corporate:
                  
Energy
   $ 54     $ (3 )      10     $ 80     $ (5 )      10     $ 134     $ (8 )      20  
Finance and insurance
     —         —         —         34       (1 )      4       34       (1 )      4  
Consumer—non-cyclical
     34       (1 )      9       93       (3 )      9       127       (4 )      18  
Technology and communications
     —         —         —         18       (1 )      2       18       (1 )      2  
Capital goods
     35       (1 )      8       —         —         —         35       (1 )      8  
Consumer—cyclical
     —         —         —         54       (2 )      6       54       (2 )      6  
Transportation
     —         —         —         23       (1 )      2       23       (1 )      2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     123       (5 )      27       302       (13 )      33       425       (18 )      60  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                  
Consumer—non-cyclical
     —         —         —         31       (2 )      3       31       (2 )      3  
Transportation
     —         —         —         25       (1 )      3       25       (1 )      3  
Other
     79       (1 )      12       6       (1 )      1       85       (2 )      13  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     79       (1 )      12       62       (4 )      7       141       (5 )      19  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 202     $ (6 )      39     $ 364     $ (17 )      40     $ 566     $ (23 )      79  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Maturity Distribution of Fixed Maturity Securities Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
(Amounts in millions)
   
Amortized
cost or
cost
     
Fair
value
  
Due one year or less
    $ 1,476      $ 1,499  
Due after one year through five years
      9,646        10,265  
Due after five years through ten years
      13,164        14,863  
Due after ten years
      23,112        29,452  
  
 
 
     
 
 
  
Subtotal
      47,398        56,079  
Residential mortgage-backed
      1,825        2,075  
Commercial mortgage-backed
      2,775        2,976  
Other asset-backed
      3,254        3,286  
  
 
 
     
 
 
  
Total
    $ 55,252      $ 64,416  
  
 
 
     
 
 
  
Aging of Past Due Commercial Mortgage Loans by Property Type
The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated:
 
    
September 30, 2020
  
(Amounts in millions)
   
31 - 60 days
past due
    
61 - 90 days
past due
    
Greater than
90 days past

due
    
Total
past due
    
Current
    
Total
  
Property type:
             
Retail
    $ 4     $ —       $ 10     $ 14     $ 2,467     $ 2,481  
Industrial
      —         —         —         —         1,685       1,685  
Office
      —         —         —         —         1,625       1,625  
Apartments
      —         —         —         —         566       566  
Mixed use
      —         —         —         —         292       292  
Other
      —         —         —         —         262       262  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 4     $ —       $ 10     $ 14     $ 6,897     $ 6,911  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total commercial mortgage loans
      —   %      —   %      —   %      —   %      100 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
    
December 31, 2019
  
(Amounts in millions)
   
31 - 60 days

past due
    
61 - 90 days
past due
    
Greater than
90 days past

due
    
Total
past due
    
Current
    
Total
  
Property type:
             
Retail
    $ —       $ —       $ —       $ —       $ 2,590     $ 2,590  
Industrial
      —         —         —         —         1,670       1,670  
Office
      —         —         —         —         1,632       1,632  
Apartments
      —         —         —         —         541       541  
Mixed use
      —         —         —         —         281       281  
Other
      —         —         —         —         266       266  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recorded investment
    $ —       $ —       $ —       $ —       $ 6,980     $ 6,980  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total commercial mortgage loans
      —   %      —   %      —   %      —   %      100 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Allowance for credit losses related to commercial mortgage loans
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated:
 
    
Three months ended
September 30,
     
Nine months ended
September 30,
  
(Amounts in millions)
   
    2020    
     
    2019    
     
    2020    
     
    2019    
  
Allowance for credit losses:
            
Beginning balance
    $ 28      $ 11      $ 13      $ 9  
Cumulative effect of change in accounting
      —          —          16        —    
Provision
      3        1        2        3  
Write-offs
      —          —          —          —    
Recoveries
      —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Ending balance
    $ 31      $ 12      $ 31      $ 12  
  
 
 
     
 
 
     
 
 
     
 
 
  
Commercial Mortgage Loans By Credit Quality Indicator
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of September 30, 2020:
 
(Amounts in millions)
   
2020
     
2019
     
2018
     
2017
     
2016
     
2015 and
prior
     
Total
  
Debt-to-value:
                     
0% - 50%
    $ 9      $ 15      $ 38      $ 108      $ 131      $ 2,307      $ 2,608  
51% - 60%
      29        33        191        289        141        734        1,417  
61% - 75%
      373        746        758        330        223        448        2,878  
76% - 100%
      —          —          8        —          —          —          8  
Greater than 100%
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 411      $ 794      $ 995      $ 727      $ 495      $ 3,489      $ 6,911  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt service coverage ratio:
                     
Less than 1.00
    $ —        $ —        $ 33      $ 3      $ —        $ 123      $ 159  
1.00 - 1.25
      41        12        106        73        13        252        497  
1.26 - 1.50
      69        357        260        96        87        405        1,274  
1.51 - 2.00
      251        356        503        320        266        1,214        2,910  
Greater than 2.00
      50        69        93        235        129        1,495        2,071  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 411      $ 794      $ 995      $ 727      $ 495      $ 3,489      $ 6,911  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, gross
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
Recoveries
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, net
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt Service Coverage Ratio  
Commercial Mortgage Loans By Credit Quality Indicator
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
 
   
September 30, 2020
  
(Amounts in millions)
  
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater

than 2.00
    
Total
  
Property type:
            
Retail
   $ 61     $ 134     $ 585     $ 1,100     $ 601     $ 2,481  
Industrial
     23       66       218       704       674       1,685  
Office
     28       111       238       770       478       1,625  
Apartments
     11       24       177       182       172       566  
Mixed use
     3       18       37       118       116       292  
Other
     33       144       19       36       30       262  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
   $ 159     $ 497     $ 1,274     $ 2,910     $ 2,071     $ 6,911  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     2 %      7 %      19 %      42 %      30 %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
     57 %      61 %      63 %      59 %      41 %      54 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2019
  
(Amounts in millions)
  
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater
than 2.00
    
Total
  
Property type:
            
Retail
   $ 68     $ 141     $ 596     $ 1,148     $ 637     $ 2,590  
Industrial
     24       51       221       658       716       1,670  
Office
     44       89       277       751       471       1,632  
Apartments
     16       32       129       175       189       541  
Mixed use
     4       16       37       107       117       281  
Other
     34       147       20       31       34       266  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recorded investment
   $ 190     $ 476     $ 1,280     $ 2,870     $ 2,164     $ 6,980  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     3 %      7 %      18 %      41 %      31 %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
     59 %      61 %      63 %      58 %      41 %      54 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Loan To Value Ratio  
Commercial Mortgage Loans By Credit Quality Indicator
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
   
September 30, 2020
  
(Amounts in millions)
  
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
            
Retail
   $ 940     $ 557     $ 984     $ —       $ —       $ 2,481  
Industrial
     775       310       600       —         —         1,685  
Office
     513       337       767       8       —         1,625  
Apartments
     220       85       261       —         —         566  
Mixed use
     106       63       123       —         —         292  
Other
     54       65       143       —         —         262  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
   $ 2,608     $ 1,417     $ 2,878     $ 8     $ —       $ 6,911  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     38 %      20 %      42 %      —   %      —   %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
     2.31       1.81       1.57       1.42       —         1.90  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2019
  
(Amounts in millions)
  
0% - 50%
    
51%
- 60%
    
61% - 75%
    
76% - 100%
    
Greater
than
 
100%
    
Total
  
Property type:
            
Retail
   $ 986     $ 579     $ 1,025     $ —       $ —       $ 2,590  
Industrial
     808       337       525       —         —         1,670  
Office
     529       380       723       —         —         1,632  
Apartments
     211       110       220       —         —         541  
Mixed use
     104       70       107       —         —         281  
Other
     56       69       141       —         —         266  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recorded investment
   $ 2,694     $ 1,545     $ 2,741     $ —       $ —       $ 6,980  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
     39 %      22 %      39 %      —   %      —   %      100 % 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
     2.32       1.81       1.55       —         —         1.90  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other Geographic Area | Commercial Mortgage Loan  
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
    
September 30,
2020
    
December 31,
2019
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Property type:
           
Retail
    $ 2,481        36 %    $ 2,590        37 % 
Industrial
      1,685        24       1,670        24  
Office
      1,625        24       1,632        23  
Apartments
      566        8       541        8  
Mixed use
      292        4       281        4  
Other
      262        4       266        4  
  
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,911        100 %      6,980        100 % 
     
 
 
       
 
 
  
Unamortized balance of loan origination fees
      —            (4 )    
Allowance for credit losses
      (31 )         (13 )    
  
 
 
       
 
 
     
Total
    $ 6,880        $ 6,963     
  
 
 
       
 
 
     
 
  
September 30,
2020
 
 
December 31,
2019
 
(Amounts in millions)
  
Carrying
value
 
  
% of
total
 
 
Carrying
value
 
  
% of
total
 
Geographic region:
  
      
  
      
 
      
  
      
South Atlantic
  
$
1,761
 
  
 
25
% 
 
$
1,715
 
  
 
25
% 
Pacific
  
 
1,571
 
  
 
23
 
 
 
1,673
 
  
 
24
 
Middle Atlantic
  
 
993
 
  
 
14
 
 
 
992
 
  
 
14
 
Mountain
  
 
776
 
  
 
11
 
 
 
753
 
  
 
11
 
West North Central
  
 
481
 
  
 
7
 
 
 
488
 
  
 
7
 
East North Central
  
 
451
 
  
 
7
 
 
 
455
 
  
 
6
 
West South Central
  
 
427
 
  
 
6
 
 
 
433
 
  
 
6
 
New England
  
 
262
 
  
 
4
 
 
 
257
 
  
 
4
 
East South Central
  
 
189
 
  
 
3
 
 
 
214
 
  
 
3
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Subtotal
  
 
6,911
 
  
 
100
% 
 
 
6,980
 
  
 
100
% 
 
  
      
  
 
 
 
 
      
  
 
 
 
Unamortized balance of loan origination fees
  
 
—  
 
  
      
 
 
(4
) 
  
      
Allowance for credit losses
  
 
(31
) 
  
      
 
 
(13
) 
  
      
 
  
 
 
 
  
      
 
 
 
 
  
      
Total
  
$
6,880
 
  
      
 
$
6,963
 
  
      
 
  
 
 
 
  
      
 
 
 
 
  
      
v3.20.2
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Schedule Of Positions in Derivative Instruments
The following table sets forth our positions in derivative instruments as of the dates indicated:
 
   
Derivative assets
    
Derivative liabilities
  
       
Fair value
        
Fair value
  
(Amounts in millions)
  
Balance
sheet
 
classification
  
September 30,
2020
    
December 31,
2019
    
Balance
sheet
 
classification
  
September 30,
2020
    
December 31,
2019
  
Derivatives designated as hedges
            
Cash flow hedges:
            
Interest rate swaps
   Other invested assets   $ 708     $ 197     Other liabilities   $ 4     $ 10  
Foreign currency swaps
   Other invested assets     10       4     Other liabilities     —         —    
   
 
 
    
 
 
      
 
 
    
 
 
  
Total cash flow hedges
       718       201         4       10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives designated as hedges
       718       201         4       10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Derivatives not designated as hedges
              
Equity index options
   Other invested assets     67       81     Other liabilities     —         —    
Financial futures
   Other invested assets     —         —       Other liabilities     —         —    
Other foreign currency contracts
   Other invested assets     19       8     Other liabilities     5       1  
GMWB embedded derivatives
  
Reinsurance recoverable 
(1)
     35       20    
Policyholder account balances 
(2)
     508       323  
Fixed index annuity embedded derivatives
   Other assets     —         —       Policyholder
account balances
(3)
     432       452  
Indexed universal life embedded derivatives
  
Reinsurance recoverable
     —         —      
Policyholder account balances 
(4)
     25       19  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives not designated as hedges
       121       109         970       795  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives
     $ 839     $ 310       $ 974     $ 805  
   
 
 
    
 
 
      
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities.
(2)
 
Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
(3)
 
Represents the embedded derivatives associated with our fixed index annuity liabilities.
(4)
 
Represents the embedded derivatives associated with our indexed universal life liabilities.
Schedule of Notional Amounts Outstanding on Derivative Instruments The following tables represent activity associated with derivative instruments as of the dates indicated:
 
(Notional in millions)
   
Measurement
     
December 31,
2019
     
Additions
     
Maturities/
terminations
    
September 30,
2020
  
Derivatives designated as hedges
              
Cash flow hedges:
              
Interest rate swaps
      Notional      $ 8,968      $ 1,844      $ (2,616 )    $ 8,196  
Foreign currency swaps
      Notional        110        —          —         110  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total cash flow hedges
         9,078        1,844        (2,616 )      8,306  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives designated as hedges
         9,078        1,844        (2,616 )      8,306  
     
 
 
     
 
 
     
 
 
    
 
 
  
Derivatives not designated as hedges
              
Interest rate swaps
      Notional        4,674        —          —         4,674  
Equity index options
      Notional        2,451        1,527        (1,849 )      2,129  
Financial futures
      Notional        1,182        4,362        (4,275 )      1,269  
Other foreign currency contracts
      Notional        628        5,689        (4,687 )      1,630  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives not designated as hedges
         8,935        11,578        (10,811 )      9,702  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives
       $ 18,013      $ 13,422      $ (13,427 )    $ 18,008  
     
 
 
     
 
 
     
 
 
    
 
 
  
 
(Number of policies)
   
Measurement
     
December 31,
2019
     
Additions
     
Maturities/
terminations
    
September 30,
2020
  
Derivatives not designated as hedges
              
GMWB embedded derivatives
     
Policies
        25,623        —          (1,452 )      24,171  
Fixed index annuity embedded derivatives
      Policies        15,441        —          (1,511 )      13,930  
Indexed universal life embedded derivatives
      Policies        884        —          (37 )      847  
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2020:
 
(Amounts in millions)
   
Gain (loss)
recognized
 
in OCI
    
Gain (loss)
reclassified into
net income (loss)
from OCI
     
Classification of
 
gain
(loss)
 
reclassified into
net income (loss)
   
Gain (loss)
recognized in
net income (loss)
     
Classification of
 
gain
(loss)
 
recognized in
net
 
income (loss)
Interest rate swaps hedging assets
    $ (246 )    $ 50      Net investment income    $ —        Net investment gains (losses)
Interest rate swaps hedging
 
assets
      —         4      Net investment gains (losses)      —        Net investment gains (losses)
Interest rate swaps hedging liabilities
      10       —        Interest expense      —        Net investment gains (losses)
Foreign currency swaps
      (7 )      —        Net investment income      —        Net investment gains (losses)
  
 
 
    
 
 
        
 
 
     
Total
    $ (243 )    $ 54         $ —       
  
 
 
    
 
 
        
 
 
     
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2019:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net
 
income (loss)
from OCI
    
Classification of gain
(loss) reclassified into
net income (loss)
  
Gain (loss)
recognized in
net income (loss)
    
Classification of gain
(loss) recognized in
net income (loss)
Interest rate swaps hedging assets
   $ 406     $ 41     Net investment income   $ —       Net investment gains (losses)
Interest rate swaps hedging assets
     —         4     Net investment gains (losses)     —       Net investment gains (losses)
Interest rate swaps hedging liabilities
     (23 )      —       Interest expense     —       Net investment gains (losses)
Foreign currency
 
swaps
     5       1     Net investment income     —       Net investment gains (losses)
 
 
 
    
 
 
      
 
 
    
Total
   $ 388     $ 46       $ —      
 
 
 
    
 
 
      
 
 
    
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2020:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net income (loss)
from OCI
    
Classification of gain
(loss) reclassified into
net income (loss)
    
Gain (loss)
recognized in
net income (loss)
    
Classification of gain
(loss) recognized in
net income (loss)
  
Interest rate swaps hedging assets
   $ 738     $ 139       Net investment
income		  
 		   $ —         Net investment
gains (losses)		  
 
Interest rate swaps hedging assets
     —         8       Net investment
gains (losses)		  
 		     —         Net investment
gains (losses)		  
 
Interest rate swaps hedging liabilities
     (52 )      —         Interest expense       —         Net investment
gains (losses)		  
 
Foreign currency
 
swaps
     6       —         Net investment
income		  
 		     —         Net investment
gains (losses)		  
 
 
 
 
    
 
 
      
 
 
    
Total
   $ 692     $ 147       $ —      
 
 
 
    
 
 
      
 
 
    
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2019:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net income (loss)
from OCI
    
Classification of gain
(loss) reclassified into
net income (loss)
    
Gain (loss)
recognized in
net income (loss)
    
Classification of gain
(loss) recognized in
net income (loss)
  
Interest rate swaps hedging assets
   $ 759     $ 121       Net investment
income		  
 		   $ —         Net investment
gains (losses)		  
 
Interest rate swaps hedging assets
     —         6       Net investment
gains (losses)		  
 		     —         Net investment
gains (losses)		  
 
Interest rate swaps hedging liabilities
     (55 )      —         Interest expense       —         Net investment
gains (losses)		  
 
Foreign currency
 
swaps
     4       —         Net investment
income		  
 		     —         Net investment
gains (losses)		  
 
Foreign currency
 
swaps
     —         —         Net investment
gains (losses)		  
 		     2       Net investment
gains (losses)		  
 
 
 
 
    
 
 
      
 
 
    
Total
   $ 708     $ 127       $ 2    
 
 
 
    
 
 
      
 
 
    
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedge
The following tables provide a reconciliation of current period changes, net of applicable income taxes, for these
designated
derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated:
 
    
Three months ended
September 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
  
Derivatives qualifying as effective accounting hedges as of July 1
    $ 2,677     $ 1,983  
Current period increases (decreases) in fair value, net of deferred taxes of $52 and $(82)
      (191 )      306  
Reclassification to net (income) loss, net of deferred taxes of $19 and $16
      (35 )      (30 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of September 30
    $ 2,451     $ 2,259  
  
 
 
    
 
 
  
 
    
Nine months ended
September 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
  
Derivatives qualifying as effective accounting hedges as of January 1
    $ 2,002     $ 1,781  
Current period increases (decreases) in fair value, net of deferred taxes of $(148) in both periods
      544       560  
Reclassification to net (income) loss, net of deferred taxes of $52 and $45
      (95 )      (82 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of September 30
    $ 2,451     $ 2,259  
  
 
 
    
 
 
  
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (loss) for Effects of Derivatives Not Designated as Hedges
The following table provides the pre-tax gain (loss) recognized in net income (loss) for the effects of derivatives not designated as hedges for the periods indicated:
 
   
Three months ended
September 30,
    
Classification of gain (loss) recognized
in net income (loss)
(Amounts in millions)
  
    2020    
    
    2019    
  
Interest rate swaps
   $ 1     $ (2 )    Net investment gains (losses)
Equity index options
     7       1     Net investment gains (losses)
Financial futures
     (41 )      35     Net investment gains (losses)
Other foreign currency contracts
     12       (10 )    Net investment gains (losses)
GMWB embedded derivatives
     54       (44 )    Net investment gains (losses)
Fixed index annuity embedded derivatives
     (18 )      (14 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     3       1     Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ 18     $ (33 )   
 
 
 
    
 
 
    
 
(Amounts in millions)
  
Nine months ended
September 30,
    
Classification of gain (loss) recognized
in net income (loss)
 
    2020    
    
    2019    
  
Interest rate swaps
   $ (11 )    $ (6 )    Net investment gains (losses)
Equity index options
     (2 )      28     Net investment gains (losses)
Financial futures
     97       8     Net investment gains (losses)
Other foreign currency contracts
     9       (17 )    Net investment gains (losses)
GMWB embedded derivatives
     (153 )      (21 )    Net investment gains (losses)
Fixed index annuity embedded derivatives
     (31 )      (72 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     10       1     Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ (81 )    $ (79 )   
 
 
 
    
 
 
    
Derivative Assets and Liabilities Subject to Master Netting Arrangement The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated:
 
    
September 30, 2020
    
December 31, 2019
  
(Amounts in millions)
   
Derivative
assets
(1)
    
Derivative
liabilities 
(2)
    
Net
derivatives
    
Derivative
assets
(1)
    
Derivative
liabilities 
(2)
    
Net
derivatives
  
Amounts presented in the balance sheet:
             
Gross amounts recognized
    $ 804     $ 9     $ 795     $ 291     $ 11     $ 280  
Gross amounts offset in the balance sheet
      —         —         —         —         —         —    
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amounts presented in the balance sheet
      804       9       795       291       11       280  
Gross amounts not offset in the balance sheet:
               
Financial instruments
(3)
      (5 )      (5 )      —         (7 )      (7 )      —    
Collateral received
      (663 )      —         (663 )      (179 )      —         (179 ) 
Collateral pledged
      —         (489 )      489       —         (405 )      405  
Over collateralization
      13       485       (472 )      18       401       (383 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount
    $ 149     $ —       $ 149     $ 123     $ —       $ 123  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Included $1 million of accruals on derivatives classified as other assets as of December 31, 2019 and does not include amounts related to embedded derivatives as of September 30, 2020 and December 31, 2019.
(2)
 
Does not include amounts related to embedded derivatives as of September 30, 2020 and December 31, 2019.
(3)
 
Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each
counterparty
.
v3.20.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2
The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level
2
as of September 
30,
2020
:
 
(Amounts in millions)
   
Fair value
     
Primary methodologies
   
Significant inputs
U.S. government, agencies and government-sponsored enterprises
 
$
4,792
 
 
Price quotes from trading desk, broker feeds
 
Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions
 
$
3,058
 
 
Multi-dimensional attribute-based modeling systems, third-party pricing vendors
 
Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S. government
 
$
1,395
 
 
Matrix pricing, spread priced to benchmark curves, price quotes from market makers
 
Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
U.S. corporate
 
$
31,695
 
 
Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models
 
Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Non-U.S. corporate
 
$
9,220
 
 
Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers
 
Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Residential mortgage-backed
 
$
2,061
 
 
OAS-based models, single factor binomial models, internally priced
 
Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Commercial mortgage-backed
 
$
2,956
 
 
Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model
 
Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
Other asset-backed
 
$
3,125
 
 
Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers
 
Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
  •  
Internal models:
A portion of our U.S. corporate and non-U.S. corporate securities are valued using internal models. The fair value of these fixed maturity securities was $1,299 million and $673 million, respectively, as of September 30, 2020. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis
The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
 
 
September 30, 2020
 
(Amounts in millions)
 
Total
 
 
Level
 
1
 
 
Level 2
 
 
Level
 
3
 
 
NAV 
(1)
 
Assets
 
 
 
 
 
Investments:
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
U.S. government, agencies and government-sponsored enterprises
 
$
4,792
 
 
$
—  
 
 
$
4,792
 
 
$
—  
 
 
$
—  
 
State and political subdivisions
 
 
3,115
 
 
 
—  
 
 
 
3,058
 
 
 
57
 
 
 
—  
 
Non-U.S. government
 
 
1,395
 
 
 
—  
 
 
 
1,395
 
 
 
—  
 
 
 
—  
 
U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
5,217
 
 
 
—  
 
 
 
4,376
 
 
 
841
 
 
 
—  
 
Energy
 
 
2,765
 
 
 
—  
 
 
 
2,651
 
 
 
114
 
 
 
—  
 
Finance and insurance
 
 
8,735
 
 
 
—  
 
 
 
8,204
 
 
 
531
 
 
 
—  
 
Consumer—non-cyclical
 
 
6,368
 
 
 
—  
 
 
 
6,265
 
 
 
103
 
 
 
—  
 
Technology and communications
 
 
3,527
 
 
 
—  
 
 
 
3,401
 
 
 
126
 
 
 
—  
 
Industrial
 
 
1,551
 
 
 
—  
 
 
 
1,511
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
3,057
 
 
 
—  
 
 
 
2,960
 
 
 
97
 
 
 
—  
 
Consumer—cyclical
 
 
2,044
 
 
 
—  
 
 
 
1,874
 
 
 
170
 
 
 
—  
 
Transportation
 
 
1,581
 
 
 
—  
 
 
 
1,527
 
 
 
54
 
 
 
—  
 
Other
 
 
389
 
 
 
—  
 
 
 
225
 
 
 
164
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
35,234
 
 
 
—  
 
 
 
32,994
 
 
 
2,240
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
935
 
 
 
—  
 
 
 
588
 
 
 
347
 
 
 
—  
 
Energy
 
 
1,348
 
 
 
—  
 
 
 
1,111
 
 
 
237
 
 
 
—  
 
Finance and insurance
 
 
2,618
 
 
 
—  
 
 
 
2,314
 
 
 
304
 
 
 
—  
 
Consumer—non-cyclical
 
 
806
 
 
 
—  
 
 
 
752
 
 
 
54
 
 
 
—  
 
Technology and communications
 
 
1,256
 
 
 
—  
 
 
 
1,228
 
 
 
28
 
 
 
—  
 
Industrial
 
 
1,068
 
 
 
—  
 
 
 
975
 
 
 
93
 
 
 
—  
 
Capital goods
 
 
626
 
 
 
—  
 
 
 
453
 
 
 
173
 
 
 
—  
 
Consumer—cyclical
 
 
436
 
 
 
—  
 
 
 
269
 
 
 
167
 
 
 
—  
 
Transportation
 
 
648
 
 
 
—  
 
 
 
537
 
 
 
111
 
 
 
—  
 
Other
 
 
1,802
 
 
 
—  
 
 
 
1,666
 
 
 
136
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
11,543
 
 
 
—  
 
 
 
9,893
 
 
 
1,650
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
2,075
 
 
 
—  
 
 
 
2,061
 
 
 
14
 
 
 
—  
 
Commercial mortgage-backed
 
 
2,976
 
 
 
—  
 
 
 
2,956
 
 
 
20
 
 
 
—  
 
Other asset-backed
 
 
3,286
 
 
 
—  
 
 
 
3,125
 
 
 
161
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
64,416
 
 
 
—  
 
 
 
60,274
 
 
 
4,142
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
629
 
 
 
465
 
 
 
112
 
 
 
52
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate swaps
 
 
708
 
 
 
—  
 
 
 
708
 
 
 
—  
 
 
 
—  
 
Foreign currency swaps
 
 
10
 
 
 
—  
 
 
 
10
 
 
 
—  
 
 
 
—  
 
Equity index options
 
 
67
 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
—  
 
Other foreign currency contracts
 
 
19
 
 
 
—  
 
 
 
19
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
804
 
 
 
—  
 
 
 
737
 
 
 
67
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities lending collateral
 
 
75
 
 
 
—  
 
 
 
75
 
 
 
—  
 
 
 
—  
 
Short-term investments
 
 
251
 
 
 
—  
 
 
 
251
 
 
 
—  
 
 
 
—  
 
Limited partnerships
 
 
674
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
674
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
1,804
 
 
 
—  
 
 
 
1,063
 
 
 
67
 
 
 
674
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
35
 
 
 
—  
 
 
 
—  
 
 
 
35
 
 
 
—  
 
Separate account assets
 
 
5,700
 
 
 
5,700
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
72,584
 
 
$
6,165
 
 
$
61,449
 
 
$
4,296
 
 
$
674
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
   
December 31, 2019
  
(Amounts in millions)
  
Total
    
Level 1
    
Level 2
    
Level 3
    
NAV
 (1)
  
Assets
 
 
 
 
 
Investments:
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
U.S. government, agencies and government-sponsored enterprises
 
$
5,025
 
 
$
—  
 
 
$
5,025
 
 
$
—  
 
 
$
—  
 
State and political subdivisions
 
 
2,747
 
 
 
—  
 
 
 
2,645
 
 
 
102
 
 
 
—  
 
Non-U.S. government
 
 
1,350
 
 
 
—  
 
 
 
1,350
 
 
 
—  
 
 
 
—  
 
U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
4,997
 
 
 
—  
 
 
 
4,132
 
 
 
865
 
 
 
—  
 
Energy
 
 
2,699
 
 
 
—  
 
 
 
2,570
 
 
 
129
 
 
 
—  
 
Finance and insurance
 
 
7,774
 
 
 
—  
 
 
 
7,202
 
 
 
572
 
 
 
—  
 
Consumer—non-cyclical
 
 
5,701
 
 
 
—  
 
 
 
5,607
 
 
 
94
 
 
 
—  
 
Technology and communications
 
 
3,245
 
 
 
—  
 
 
 
3,195
 
 
 
50
 
 
 
—  
 
Industrial
 
 
1,396
 
 
 
—  
 
 
 
1,356
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
2,711
 
 
 
—  
 
 
 
2,609
 
 
 
102
 
 
 
—  
 
Consumer—cyclical
 
 
1,760
 
 
 
—  
 
 
 
1,587
 
 
 
173
 
 
 
—  
 
Transportation
 
 
1,506
 
 
 
—  
 
 
 
1,428
 
 
 
78
 
 
 
—  
 
Other
 
 
322
 
 
 
—  
 
 
 
186
 
 
 
136
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
 
 
32,111
 
 
 
—  
 
 
 
29,872
 
 
 
2,239
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
 
 
 
 
 
 
Utilities
 
 
829
 
 
 
—  
 
 
 
455
 
 
 
374
 
 
 
—  
 
Energy
 
 
1,319
 
 
 
—  
 
 
 
1,072
 
 
 
247
 
 
 
—  
 
Finance and insurance
 
 
2,319
 
 
 
—  
 
 
 
2,085
 
 
 
234
 
 
 
—  
 
Consumer—non-cyclical
 
 
684
 
 
 
—  
 
 
 
625
 
 
 
59
 
 
 
—  
 
Technology and communications
 
 
1,138
 
 
 
—  
 
 
 
1,110
 
 
 
28
 
 
 
—  
 
Industrial
 
 
988
 
 
 
—  
 
 
 
884
 
 
 
104
 
 
 
—  
 
Capital goods
 
 
605
 
 
 
—  
 
 
 
444
 
 
 
161
 
 
 
—  
 
Consumer—cyclical
 
 
397
 
 
 
—  
 
 
 
250
 
 
 
147
 
 
 
—  
 
Transportation
 
 
629
 
 
 
—  
 
 
 
438
 
 
 
191
 
 
 
—  
 
Other
 
 
1,617
 
 
 
—  
 
 
 
1,477
 
 
 
140
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
 
 
10,525
 
 
 
—  
 
 
 
8,840
 
 
 
1,685
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
 
 
2,270
 
 
 
—  
 
 
 
2,243
 
 
 
27
 
 
 
—  
 
Commercial mortgage-backed
 
 
3,026
 
 
 
—  
 
 
 
3,020
 
 
 
6
 
 
 
—  
 
Other asset-backed
 
 
3,285
 
 
 
—  
 
 
 
3,153
 
 
 
132
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
 
 
60,339
 
 
 
—  
 
 
 
56,148
 
 
 
4,191
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
 
 
239
 
 
 
62
 
 
 
126
 
 
 
51
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
Interest rate swaps
 
 
197
 
 
 
—  
 
 
 
197
 
 
 
—  
 
 
 
—  
 
Foreign currency swaps
 
 
4
 
 
 
—  
 
 
 
4
 
 
 
—  
 
 
 
—  
 
Equity index options
 
 
81
 
 
 
—  
 
 
 
—  
 
 
 
81
 
 
 
—  
 
Other foreign currency contracts
 
 
8
 
 
 
—  
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
 
 
290
 
 
 
—  
 
 
 
209
 
 
 
81
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Securities lending collateral
 
 
51
 
 
 
—  
 
 
 
51
 
 
 
—  
 
 
 
—  
 
Short-term investments
 
 
211
 
 
 
—  
 
 
 
211
 
 
 
—  
 
 
 
—  
 
Limited partnerships
 
 
503
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
503
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
 
 
1,055
 
 
 
—  
 
 
 
471
 
 
 
81
 
 
 
503
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable
(2)
 
 
20
 
 
 
—  
 
 
 
—  
 
 
 
20
 
 
 
—  
 
Separate account assets
 
 
6,108
 
 
 
6,108
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
 
$
67,761
 
 
$
6,170
 
 
$
56,745
 
 
$
4,343
 
 
$
503
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
 
 
Beginning
balance

as of
July 1,
2020
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total gains
(losses)
attributable to
assets still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
63
 
 
$
1
 
 
$
(7
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
57
 
 
$
1
 
 
$
(6
) 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
936
 
 
 
10
 
 
 
(4
) 
 
 
15
 
 
 
—  
 
 
 
—  
 
 
 
(52
) 
 
 
—  
 
 
 
(64
) 
 
 
841
 
 
 
—  
 
 
 
1
 
Energy
 
 
123
 
 
 
—  
 
 
 
—  
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
—  
 
 
 
114
 
 
 
—  
 
 
 
—  
 
Finance and insurance
 
 
551
 
 
 
—  
 
 
 
2
 
 
 
71
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
(77
) 
 
 
531
 
 
 
—  
 
 
 
2
 
Consumer—non-cyclical
 
 
103
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
103
 
 
 
—  
 
 
 
1
 
Technology and communications
 
 
66
 
 
 
—  
 
 
 
3
 
 
 
57
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
126
 
 
 
—  
 
 
 
3
 
Industrial
 
 
39
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
 
 
—  
 
Capital goods
 
 
97
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
97
 
 
 
—  
 
 
 
—  
 
Consumer— cyclical
 
 
198
 
 
 
3
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(30
) 
 
 
—  
 
 
 
—  
 
 
 
170
 
 
 
—  
 
 
 
1
 
Transportation
 
 
54
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
1
 
Other
 
 
165
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
164
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
2,332
 
 
 
13
 
 
 
2
 
 
 
150
 
 
 
—  
 
 
 
—  
 
 
 
(116
) 
 
 
—  
 
 
 
(141
) 
 
 
2,240
 
 
 
—  
 
 
 
9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
357
 
 
 
—  
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
6
 
 
 
(20
) 
 
 
347
 
 
 
—  
 
 
 
3
 
Energy
 
 
237
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
237
 
 
 
—  
 
 
 
1
 
Finance and insurance
 
 
311
 
 
 
1
 
 
 
(2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
19
 
 
 
(25
) 
 
 
304
 
 
 
1
 
 
 
(2
) 
Consumer—non-cyclical
 
 
54
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
—  
 
Technology and communications
 
 
28
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
 
 
—  
 
Industrial
 
 
92
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
93
 
 
 
—  
 
 
 
1
 
Capital goods
 
 
173
 
 
 
—  
 
 
 
—  
 
 
 
10
 
 
 
—  
 
 
 
—  
 
 
 
(10
) 
 
 
—  
 
 
 
—  
 
 
 
173
 
 
 
—  
 
 
 
(1
) 
Consumer—cyclical
 
 
156
 
 
 
—  
 
 
 
4
 
 
 
17
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(10
) 
 
 
167
 
 
 
—  
 
 
 
4
 
Transportation
 
 
141
 
 
 
—  
 
 
 
(2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(28
) 
 
 
111
 
 
 
—  
 
 
 
(3
) 
Other
 
 
145
 
 
 
—  
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(12
) 
 
 
—  
 
 
 
—  
 
 
 
136
 
 
 
—  
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,694
 
 
 
1
 
 
 
8
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(22
) 
 
 
25
 
 
 
(83
) 
 
 
1,650
 
 
 
1
 
 
 
6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
24
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(9
) 
 
 
14
 
 
 
—  
 
 
 
—  
 
Commercial mortgage-backed
 
 
21
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
20
 
 
 
—  
 
 
 
—  
 
Other asset-backed
 
 
121
 
 
 
—  
 
 
 
1
 
 
 
78
 
 
 
—  
 
 
 
—  
 
 
 
(10
) 
 
 
—  
 
 
 
(29
) 
 
 
161
 
 
 
—  
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
4,255
 
 
 
15
 
 
 
2
 
 
 
255
 
 
 
—  
 
 
 
—  
 
 
 
(148
) 
 
 
25
 
 
 
(262
) 
 
 
4,142
 
 
 
2
 
 
 
10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
53
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
52
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
66
 
 
 
7
 
 
 
—  
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
(1
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
66
 
 
 
7
 
 
 
—  
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
(1
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
66
 
 
 
7
 
 
 
—  
 
 
 
27
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
(1
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
38
 
 
 
(3
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
35
 
 
 
(3
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
4,412
 
 
$
19
 
 
$
2
 
 
$
282
 
 
$
(1
) 
 
$
—  
 
 
$
(181
) 
 
$
25
 
 
$
(262
) 
 
$
4,296
 
 
$
(2
) 
 
$
10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
 
Beginning
balance

as of
July 1,
2019
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total gains
(losses)
included in
net income
(loss)

attributable
to assets
still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
61
 
 
$
—  
 
 
$
11
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
72
 
 
$
1
 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
789
 
 
 
1
 
 
 
28
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(7
) 
 
 
—  
 
 
 
—  
 
 
 
824
 
 
 
—  
 
Energy
 
 
122
 
 
 
—  
 
 
 
2
 
 
 
12
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
135
 
 
 
—  
 
Finance and insurance
 
 
607
 
 
 
—  
 
 
 
11
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(26
) 
 
 
20
 
 
 
—  
 
 
 
612
 
 
 
—  
 
Consumer—non-cyclical
 
 
89
 
 
 
—  
 
 
 
1
 
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
98
 
 
 
—  
 
Technology and communications
 
 
44
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
50
 
 
 
—  
 
Industrial
 
 
40
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
98
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
100
 
 
 
—  
 
Consumer—cyclical
 
 
185
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(2
) 
 
 
—  
 
 
 
(9
) 
 
 
176
 
 
 
—  
 
Transportation
 
 
54
 
 
 
—  
 
 
 
1
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
57
 
 
 
—  
 
Other
 
 
199
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(31
) 
 
 
168
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
2,227
 
 
 
1
 
 
 
48
 
 
 
37
 
 
 
—  
 
 
 
—  
 
 
 
(38
) 
 
 
25
 
 
 
(40
) 
 
 
2,260
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
417
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(25
) 
 
 
—  
 
 
 
—  
 
 
 
397
 
 
 
—  
 
Energy
 
 
241
 
 
 
—  
 
 
 
5
 
 
 
31
 
 
 
—  
 
 
 
—  
 
 
 
(12
) 
 
 
—  
 
 
 
—  
 
 
 
265
 
 
 
—  
 
Finance and insurance
 
 
179
 
 
 
1
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(3
) 
 
 
16
 
 
 
—  
 
 
 
197
 
 
 
1
 
Consumer—non-cyclical
 
 
68
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
—  
 
 
 
—  
 
 
 
64
 
 
 
—  
 
Technology and communications
 
 
27
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
Industrial
 
 
64
 
 
 
—  
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
77
 
 
 
—  
 
Capital goods
 
 
181
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
 
 
—  
 
 
 
179
 
 
 
—  
 
Consumer—cyclical
 
 
126
 
 
 
—  
 
 
 
2
 
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
137
 
 
 
—  
 
Transportation
 
 
199
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
200
 
 
 
—  
 
Other
 
 
129
 
 
 
—  
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
131
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,631
 
 
 
1
 
 
 
24
 
 
 
53
 
 
 
—  
 
 
 
—  
 
 
 
(50
) 
 
 
16
 
 
 
—  
 
 
 
1,675
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
36
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
(4
) 
 
 
32
 
 
 
—  
 
Commercial mortgage-backed
 
 
92
 
 
 
—  
 
 
 
14
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
106
 
 
 
—  
 
Other asset-backed
 
 
234
 
 
 
—  
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(11
) 
 
 
—  
 
 
 
(106
) 
 
 
130
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
4,281
 
 
 
2
 
 
 
98
 
 
 
103
 
 
 
—  
 
 
 
—  
 
 
 
(100
) 
 
 
41
 
 
 
(150
) 
 
 
4,275
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
56
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
65
 
 
 
1
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
65
 
 
 
1
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
65
 
 
 
1
 
 
 
—  
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
20
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
4,422
 
 
$
8
 
 
$
98
 
 
$
116
 
 
$
(2
) 
 
$
—  
 
 
$
(117
) 
 
$
41
 
 
$
(150
) 
 
$
4,416
 
 
$
7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
 
 
Beginning
balance

as of
January 1,
2020
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total gains
(losses)
attributable to
assets still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
102
 
 
$
2
 
 
$
(19
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
(1
) 
 
$
—  
 
 
$
(27
) 
 
$
57
 
 
$
2
 
 
$
(19
) 
Non-U.S. government
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
865
 
 
 
10
 
 
 
8
 
 
 
47
 
 
 
—  
 
 
 
—  
 
 
 
(54
) 
 
 
42
 
 
 
(77
) 
 
 
841
 
 
 
—  
 
 
 
14
 
Energy
 
 
129
 
 
 
1
 
 
 
(2
) 
 
 
17
 
 
 
(21
) 
 
 
—  
 
 
 
(19
) 
 
 
22
 
 
 
(13
) 
 
 
114
 
 
 
—  
 
 
 
(4
) 
Finance and insurance
 
 
572
 
 
 
2
 
 
 
4
 
 
 
92
 
 
 
—  
 
 
 
—  
 
 
 
(40
) 
 
 
—  
 
 
 
(99
) 
 
 
531
 
 
 
—  
 
 
 
7
 
Consumer—non-cyclical
 
 
94
 
 
 
—  
 
 
 
2
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
103
 
 
 
—  
 
 
 
3
 
Technology and communications
 
 
50
 
 
 
—  
 
 
 
4
 
 
 
77
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
126
 
 
 
—  
 
 
 
4
 
Industrial
 
 
40
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
 
 
—  
 
Capital goods
 
 
102
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
 
 
—  
 
 
 
97
 
 
 
—  
 
 
 
(1
) 
Consumer—cyclical
 
 
173
 
 
 
3
 
 
 
3
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
24
 
 
 
—  
 
 
 
170
 
 
 
—  
 
 
 
5
 
Transportation
 
 
78
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(3
) 
 
 
10
 
 
 
(30
) 
 
 
54
 
 
 
—  
 
 
 
1
 
Other
 
 
136
 
 
 
—  
 
 
 
1
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
27
 
 
 
—  
 
 
 
164
 
 
 
—  
 
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
2,239
 
 
 
16
 
 
 
18
 
 
 
246
 
 
 
(21
) 
 
 
—  
 
 
 
(159
) 
 
 
125
 
 
 
(224
) 
 
 
2,240
 
 
 
—  
 
 
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
374
 
 
 
—  
 
 
 
7
 
 
 
12
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
27
 
 
 
(73
) 
 
 
347
 
 
 
—  
 
 
 
5
 
Energy
 
 
247
 
 
 
—  
 
 
 
(8
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(26
) 
 
 
24
 
 
 
—  
 
 
 
237
 
 
 
—  
 
 
 
(7
) 
Finance and insurance
 
 
234
 
 
 
3
 
 
 
7
 
 
 
15
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
77
 
 
 
(32
) 
 
 
304
 
 
 
3
 
 
 
8
 
Consumer—non-cyclical
 
 
59
 
 
 
—  
 
 
 
2
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1
 
 
 
(16
) 
 
 
54
 
 
 
—  
 
 
 
1
 
Technology and communications
 
 
28
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
 
 
—  
 
Industrial
 
 
104
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(5
) 
 
 
—  
 
 
 
(8
) 
 
 
93
 
 
 
—  
 
 
 
2
 
Capital goods
 
 
161
 
 
 
1
 
 
 
(2
) 
 
 
10
 
 
 
—  
 
 
 
—  
 
 
 
(26
) 
 
 
29
 
 
 
—  
 
 
 
173
 
 
 
—  
 
 
 
(2
) 
Consumer—cyclical
 
 
147
 
 
 
—  
 
 
 
1
 
 
 
21
 
 
 
—  
 
 
 
—  
 
 
 
(7
) 
 
 
32
 
 
 
(27
) 
 
 
167
 
 
 
—  
 
 
 
(1
) 
Transportation
 
 
191
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
22
 
 
 
(102
) 
 
 
111
 
 
 
—  
 
 
 
3
 
Other
 
 
140
 
 
 
—  
 
 
 
3
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
(13
) 
 
 
1
 
 
 
—  
 
 
 
136
 
 
 
—  
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,685
 
 
 
4
 
 
 
12
 
 
 
71
 
 
 
—  
 
 
 
—  
 
 
 
(77
) 
 
 
213
 
 
 
(258
) 
 
 
1,650
 
 
 
3
 
 
 
12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
27
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
4
 
 
 
(15
) 
 
 
14
 
 
 
—  
 
 
 
—  
 
Commercial mortgage-backed
 
 
6
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
20
 
 
 
(7
) 
 
 
20
 
 
 
—  
 
 
 
1
 
Other asset-backed
 
 
132
 
 
 
—  
 
 
 
(1
) 
 
 
93
 
 
 
—  
 
 
 
—  
 
 
 
(32
) 
 
 
—  
 
 
 
(31
) 
 
 
161
 
 
 
—  
 
 
 
(1
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
4,191
 
 
 
22
 
 
 
10
 
 
 
410
 
 
 
(21
) 
 
 
—  
 
 
 
(271
) 
 
 
363
 
 
 
(562
) 
 
 
4,142
 
 
 
5
 
 
 
23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
51
 
 
 
—  
 
 
 
—  
 
 
 
6
 
 
 
(5
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
52
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
81
 
 
 
(2
) 
 
 
—  
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
(57
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
4
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
81
 
 
 
(2
) 
 
 
—  
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
(57
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
4
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
81
 
 
 
(2
) 
 
 
—  
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
(57
) 
 
 
—  
 
 
 
—  
 
 
 
67
 
 
 
4
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
20
 
 
 
14
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
35
 
 
 
14
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
4,343
 
 
$
34
 
 
$
10
 
 
$
461
 
 
$
(26
) 
 
$
1
 
 
$
(328
) 
 
$
363
 
 
$
(562
) 
 
$
4,296
 
 
$
23
 
 
$
23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
 
Beginning
balance

as of
January 1,
2019
 
 
Total realized and
unrealized gains
(losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total gains
(losses)
included in
net income
(loss)

attributable
to assets
still held
 
(Amounts in millions)
 
Included
in net
income
(loss)
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
Fixed maturity securities:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
State and political subdivisions
 
$
51
 
 
$
2
 
 
$
19
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
72
 
 
$
2
 
U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
643
 
 
 
1
 
 
 
70
 
 
 
109
 
 
 
(14
) 
 
 
—  
 
 
 
(47
) 
 
 
72
 
 
 
(10
) 
 
 
824
 
 
 
—  
 
Energy
 
 
121
 
 
 
—  
 
 
 
9
 
 
 
17
 
 
 
—  
 
 
 
—  
 
 
 
(12
) 
 
 
—  
 
 
 
—  
 
 
 
135
 
 
 
—  
 
Finance and insurance
 
 
534
 
 
 
—  
 
 
 
49
 
 
 
40
 
 
 
—  
 
 
 
—  
 
 
 
(38
) 
 
 
27
 
 
 
—  
 
 
 
612
 
 
 
—  
 
Consumer—non-cyclical
 
 
73
 
 
 
—  
 
 
 
4
 
 
 
23
 
 
 
—  
 
 
 
—  
 
 
 
(11
) 
 
 
9
 
 
 
—  
 
 
 
98
 
 
 
—  
 
Technology and communications
 
 
50
 
 
 
—  
 
 
 
6
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
(11
) 
 
 
50
 
 
 
—  
 
Industrial
 
 
39
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
40
 
 
 
—  
 
Capital goods
 
 
92
 
 
 
—  
 
 
 
8
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
100
 
 
 
—  
 
Consumer—cyclical
 
 
211
 
 
 
—  
 
 
 
12
 
 
 
—  
 
 
 
(13
) 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
(18
) 
 
 
176
 
 
 
—  
 
Transportation
 
 
57
 
 
 
—  
 
 
 
2
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
(9
) 
 
 
—  
 
 
 
—  
 
 
 
57
 
 
 
—  
 
Other
 
 
178
 
 
 
—  
 
 
 
6
 
 
 
22
 
 
 
—  
 
 
 
—  
 
 
 
(15
) 
 
 
8
 
 
 
(31
) 
 
 
168
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total U.S. corporate
 
 
1,998
 
 
 
1
 
 
 
167
 
 
 
218
 
 
 
(27
) 
 
 
—  
 
 
 
(148
) 
 
 
121
 
 
 
(70
) 
 
 
2,260
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. corporate:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Utilities
 
 
404
 
 
 
—  
 
 
 
28
 
 
 
30
 
 
 
(7
) 
 
 
—  
 
 
 
(42
) 
 
 
—  
 
 
 
(16
) 
 
 
397
 
 
 
—  
 
Energy
 
 
217
 
 
 
—  
 
 
 
17
 
 
 
47
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
—  
 
 
 
—  
 
 
 
265
 
 
 
—  
 
Finance and insurance
 
 
171
 
 
 
3
 
 
 
22
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
(16
) 
 
 
16
 
 
 
(6
) 
 
 
197
 
 
 
3
 
Consumer—non-cyclical
 
 
106
 
 
 
2
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(49
) 
 
 
—  
 
 
 
—  
 
 
 
64
 
 
 
—  
 
Technology and communications
 
 
26
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
28
 
 
 
—  
 
Industrial
 
 
61
 
 
 
—  
 
 
 
3
 
 
 
13
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
77
 
 
 
—  
 
Capital goods
 
 
173
 
 
 
—  
 
 
 
11
 
 
 
10
 
 
 
—  
 
 
 
—  
 
 
 
(15
) 
 
 
—  
 
 
 
—  
 
 
 
179
 
 
 
—  
 
Consumer—cyclical
 
 
122
 
 
 
—  
 
 
 
10
 
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
(4
) 
 
 
—  
 
 
 
—  
 
 
 
137
 
 
 
—  
 
Transportation
 
 
171
 
 
 
—  
 
 
 
10
 
 
 
19
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
200
 
 
 
—  
 
Other
 
 
81
 
 
 
—  
 
 
 
11
 
 
 
35
 
 
 
—  
 
 
 
—  
 
 
 
(2
) 
 
 
6
 
 
 
—  
 
 
 
131
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S. corporate
 
 
1,532
 
 
 
5
 
 
 
119
 
 
 
170
 
 
 
(7
) 
 
 
—  
 
 
 
(144
) 
 
 
22
 
 
 
(22
) 
 
 
1,675
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
 
 
35
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
(4
) 
 
 
32
 
 
 
—  
 
Commercial mortgage-backed
 
 
95
 
 
 
—  
 
 
 
23
 
 
 
2
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(14
) 
 
 
106
 
 
 
—  
 
Other asset-backed
 
 
154
 
 
 
—  
 
 
 
2
 
 
 
109
 
 
 
—  
 
 
 
—  
 
 
 
(53
) 
 
 
28
 
 
 
(110
) 
 
 
130
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturity securities
 
 
3,865
 
 
 
8
 
 
 
332
 
 
 
499
 
 
 
(34
) 
 
 
—  
 
 
 
(346
) 
 
 
171
 
 
 
(220
) 
 
 
4,275
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
58
 
 
 
—  
 
 
 
—  
 
 
 
2
 
 
 
(6
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
54
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other invested assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Derivative assets:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity index options
 
 
39
 
 
 
28
 
 
 
—  
 
 
 
34
 
 
 
—  
 
 
 
—  
 
 
 
(39
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
(2
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
39
 
 
 
28
 
 
 
—  
 
 
 
34
 
 
 
—  
 
 
 
—  
 
 
 
(39
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
(2
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other invested assets
 
 
39
 
 
 
28
 
 
 
—  
 
 
 
34
 
 
 
—  
 
 
 
—  
 
 
 
(39
) 
 
 
—  
 
 
 
—  
 
 
 
62
 
 
 
(2
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
(2)
 
 
20
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 assets
 
$
3,982
 
 
$
40
 
 
$
332
 
 
$
535
 
 
$
(40
) 
 
$
1
 
 
$
(385
) 
 
$
171
 
 
$
(220
) 
 
$
4,416
 
 
$
7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value
The following table presents the gains and losses included in net income (loss) from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated:
 
 
  
Three months
ended
September 30,
 
  
Nine months
ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
  
  2020  
 
  
  2019  
 
Total realized and unrealized gains (losses) included in net income (loss):
  
      
 
      
  
      
  
      
Net investment income
  
$
15
 
 
$
2
 
  
$
21
 
  
$
8
 
Net investment gains (losses)
  
 
4
 
 
 
6
 
  
 
13
 
  
 
32
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
19
 
 
$
8
 
  
$
34
 
  
$
40
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total gains (losses) included in net income (loss) attributable to assets still held:
  
      
 
      
  
      
  
      
Net investment income
  
$
2
 
 
$
2
 
  
$
5
 
  
$
5
 
Net investment gains (losses)
  
 
(4
) 
 
 
5
 
  
 
18
 
  
 
2
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(2
) 
 
$
7
 
  
$
23
 
  
$
7
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Summary of Significant Unobservable Inputs Used for Certain Asset Fair Value Measurements
The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2020:
 
(Amounts in millions)
 
Valuation
technique
 
 
Fair value
 
 
Unobservable
input
 
 
Range
 
Weighted-average 
(1)
 
Fixed maturity securities:
 
      
 
      
 
      
 
  
 
      
U.S. corporate:
 
      
 
      
 
      
 
  
 
      
Utilities
 
 
Internal models
 
 
$
774
 
 
 
Credit spreads
 
 
71bps – 368bps
 
 
183bps
 
Energy
 
 
Internal models
 
 
 
7
 
 
 
Credit spreads
 
 
91bps
 
 
Not applicable
 
Finance and insurance
 
 
Internal models
 
 
 
493
 
 
 
Credit spreads
 
 
66bps – 321bps
 
 
178bps
 
Consumer—non-cyclical
 
 
Internal models
 
 
 
103
 
 
 
Credit spreads
 
 
78bps – 358bps
 
 
174bps
 
Technology and communications
 
 
Internal models
 
 
 
126
 
 
 
Credit spreads
 
 
133bps – 358bps
 
 
224bps
 
Industrial
 
 
Internal models
 
 
 
40
 
 
 
Credit spreads
 
 
156bps – 373bps
 
 
230bps
 
Capital goods
 
 
Internal models
 
 
 
97
 
 
 
Credit spreads
 
 
102bps – 273bps
 
 
190bps
 
Consumer—cyclical
 
 
Internal models
 
 
 
133
 
 
 
Credit spreads
 
 
139bps – 276bps
 
 
201bps
 
Transportation
 
 
Internal models
 
 
 
43
 
 
 
Credit spreads
 
 
67bps – 156bps
 
 
118bps
 
Other
 
 
Internal models
 
 
 
164
 
 
 
Credit spreads
 
 
93bps – 206bps
 
 
114bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Total U.S. corporate
 
 
Internal models
 
 
$
1,980
 
 
 
Credit spreads
 
 
66bps – 373bps
 
 
179bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Non-U.S. corporate:
 
      
 
      
 
      
 
  
 
      
Utilities
 
 
Internal models
 
 
$
347
 
 
 
Credit spreads
 
 
89bps – 292bps
 
 
164bps
 
Energy
 
 
Internal models
 
 
 
82
 
 
 
Credit spreads
 
 
102bps – 241bps
 
 
156bps
 
Finance and insurance
 
 
Internal models
 
 
 
199
 
 
 
Credit spreads
 
 
86bps – 174bps
 
 
134bps
 
Consumer—non-cyclical
 
 
Internal models
 
 
 
53
 
 
 
Credit spreads
 
 
97bps – 162bps
 
 
142bps
 
Technology and communications
 
 
Internal models
 
 
 
28
 
 
 
Credit spreads
 
 
102bps – 238bps
 
 
184bps
 
Industrial
 
 
Internal models
 
 
 
93
 
 
 
Credit spreads
 
 
91bps – 241bps
 
 
165bps
 
Capital goods
 
 
Internal models
 
 
 
146
 
 
 
Credit spreads
 
 
97bps – 254bps
 
 
177bps
 
Consumer—cyclical
 
 
Internal models
 
 
 
54
 
 
 
Credit spreads
 
 
102bps – 241bps
 
 
197bps
 
Transportation
 
 
Internal models
 
 
 
95
 
 
 
Credit spreads
 
 
78bps – 241bps
 
 
129bps
 
Other
 
 
Internal models
 
 
 
135
 
 
 
Credit spreads
 
 
110bps – 490bps
 
 
209bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Total non-U.S. corporate
 
 
Internal models
 
 
$
1,232
 
 
 
Credit spreads
 
 
78bps – 490bps
 
 
163bps
 
 
 
      
 
 
 
 
 
      
 
  
 
      
Derivative assets:
 
      
 
      
 
      
 
  
 
      
Equity index options
 
 
Discounted cash
flows
 
 
 
$
67
 
 
 
Equity index
volatility
 
 
 
6% – 41%
 
 
28%
 
 
(1)
 
Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis
The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
 
  
September 30, 2020
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Liabilities
  
      
  
      
  
      
  
      
Policyholder account balances:
  
      
  
      
  
      
  
      
GMWB embedded derivatives
(1)
  
$
508
 
  
$
—  
 
  
$
—  
 
  
$
508
 
Fixed index annuity embedded derivatives
  
 
432
 
  
 
—  
 
  
 
—  
 
  
 
432
 
Indexed universal life embedded derivatives
  
 
25
 
  
 
—  
 
  
 
—  
 
  
 
25
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total policyholder account balances
  
 
965
 
  
 
—  
 
  
 
—  
 
  
 
965
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Derivative liabilities:
  
      
  
      
  
      
  
      
Interest rate swaps
  
 
4
 
  
 
—  
 
  
 
4
 
  
 
—  
 
Other foreign currency contracts
  
 
5
 
  
 
—  
 
  
 
5
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total derivative liabilities
  
 
9
 
  
 
—  
 
  
 
9
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
$
974
 
  
$
—  
 
  
$
9
 
  
$
965
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
 
  
December 31, 2019
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Liabilities
  
      
  
      
  
      
  
      
Policyholder account balances:
  
      
  
      
  
      
  
      
GMWB embedded derivatives
(1)
  
$
323
 
  
$
—  
 
  
$
—  
 
  
$
323
 
Fixed index annuity embedded derivatives
  
 
452
 
  
 
—  
 
  
 
—  
 
  
 
452
 
Indexed universal life embedded derivatives
  
 
19
 
  
 
—  
 
  
 
—  
 
  
 
19
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total policyholder account balances
  
 
794
 
  
 
—  
 
  
 
—  
 
  
 
794
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Derivative liabilities:
  
      
  
      
  
      
  
      
Interest rate swaps
  
 
10
 
  
 
—  
 
  
 
10
 
  
 
—  
 
Other foreign currency contracts
  
 
1
 
  
 
—  
 
  
 
1
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total derivative liabilities
  
 
11
 
  
 
—  
 
  
 
11
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
$
805
 
  
$
—  
 
  
$
11
 
  
$
794
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
 
 
Beginning
balance

as of
July 1,
2020
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total (gains)

losses

attributable to
liabilities

still held
 
(Amounts in millions)
 
Included

in net

(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
559
 
 
$
(57
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
6
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
508
 
 
$
(57
) 
 
$
—  
 
Fixed index annuity embedded derivatives
 
 
447
 
 
 
18
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
432
 
 
 
18
 
 
 
—  
 
Indexed universal life embedded derivatives
 
 
23
 
 
 
(3
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
(3
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
1,029
 
 
 
(42
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11
 
 
 
(33
) 
 
 
—  
 
 
 
—  
 
 
 
965
 
 
 
(42
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
1,029
 
 
$
(42
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
11
 
 
$
(33
) 
 
$
—  
 
 
$
—  
 
 
$
965
 
 
$
(42
) 
 
$
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
 
 
Beginning
balance

as of
July 1,
2019
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total (gains)
losses
included

in net
(income)
loss

attributable
to liabilities
still held
 
(Amounts in millions)
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
325
 
 
$
49
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
7
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
381
 
 
$
50
 
Fixed index annuity embedded derivatives
 
 
438
 
 
 
14
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(8
) 
 
 
—  
 
 
 
—  
 
 
 
444
 
 
 
14
 
Indexed universal life embedded derivatives
 
 
15
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
4
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
18
 
 
 
(1
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
778
 
 
 
62
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11
 
 
 
(8
) 
 
 
—  
 
 
 
—  
 
 
 
843
 
 
 
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
778
 
 
$
62
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
11
 
 
$
(8
) 
 
$
—  
 
 
$
—  
 
 
$
843
 
 
$
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
 
Beginning
balance

as of
January 1,
2020
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2020
 
 
Total (gains)
losses

attributable to
liabilities

still held
 
(Amounts in millions)
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
323
 
 
$
167
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
18
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
508
 
 
$
174
 
 
$
—  
 
Fixed index annuity embedded derivatives
 
 
452
 
 
 
31
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(51
) 
 
 
—  
 
 
 
—  
 
 
 
432
 
 
 
31
 
 
 
—  
 
Indexed universal life embedded derivatives
 
 
19
 
 
 
(10
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
16
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
25
 
 
 
(10
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
794
 
 
 
188
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
34
 
 
 
(51
) 
 
 
—  
 
 
 
—  
 
 
 
965
 
 
 
195
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
794
 
 
$
188
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
34
 
 
$
(51
) 
 
$
—  
 
 
$
—  
 
 
$
965
 
 
$
195
 
 
$
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
 
 
Beginning
balance

as of
January 1,
2019
 
 
Total realized and
unrealized (gains)
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
balance

as of
September 30,
2019
 
 
Total (gains)
losses
included

in net
(income)
loss

attributable
to liabilities
still held
 
(Amounts in millions)
 
Included
in net
(income)
loss
 
 
Included
in OCI
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3
 
 
Transfer
out of
Level 3
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
GMWB embedded derivatives 
(1)
 
$
337
 
 
$
25
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
19
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
381
 
 
$
29
 
Fixed index annuity embedded derivatives
 
 
389
 
 
 
72
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
444
 
 
 
72
 
Indexed universal life embedded derivatives
 
 
12
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
18
 
 
 
(1
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
738
 
 
 
96
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
26
 
 
 
(17
) 
 
 
—  
 
 
 
—  
 
 
 
843
 
 
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
738
 
 
$
96
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
26
 
 
$
(17
) 
 
$
—  
 
 
$
—  
 
 
$
843
 
 
$
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value
The following table presents the gains and losses included in net (income) loss from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
2020
 
  
2019
 
  
2020
 
  
2019
 
Total realized and unrealized (gains) losses included in net (income) loss:
  
      
  
      
  
      
  
      
Net investment income
  
$
—  
 
  
$
—  
 
  
$
—  
 
  
$
—  
 
Net investment (gains) losses
  
 
(42
) 
  
 
62
 
  
 
188
 
  
 
96
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(42
) 
  
$
62
 
  
$
188
 
  
$
96
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total (gains) losses included in net (income) loss attributable to liabilities still held:
  
      
  
      
  
      
  
      
Net investment income
  
$
—  
 
  
$
—  
 
  
$
—  
 
  
$
—  
 
Net investment (gains) losses
  
 
(42
) 
  
 
63
 
  
 
195
 
  
 
100
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(42
) 
  
$
63
 
  
$
195
 
  
$
100
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements
The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2020:
 
(Amounts in millions)
  
Valuation technique
 
  
Fair value
 
  
Unobservable input
 
  
Range
  
Weighted-
average
(1)
 
Policyholder account balances:
  
      
  
      
  
      
  
  
  
      
 
  
      
  
      
  
 
Withdrawal
utilization rate
 
 
  
56% – 88%
  
 
73%
 
 
  
      
  
      
  
 
Lapse rate
 
  
2% – 9%
  
 
4%
 
 
  
      
  
      
  
 
Non-performance risk

(credit spreads)
 
 
  
12bps –83bps
  
 
67bps
 
GMWB embedded derivatives
(2)
  
 
Stochastic cash flow
model
 
 
  
$
508
 
  
 
Equity index
volatility
 
 
  
21% – 27%
  
 
23%
 
Fixed index annuity embedded derivatives
  
 
Option budget
method
 
 
  
$
432
 
  
 
Expected future
interest credited
 
 
  
—  % – 3%
  
 
1%
 
Indexed universal life embedded derivatives
  
 
Option budget
method
 
 
  
$
25
 
  
 
Expected future
interest credited
 
 
  
3% – 10%
  
 
5%
 
 
(1)
 
Unobservable inputs weighted by the policyholder account balances associated with the instrument.
(2)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
Fair Value Financial Instruments Not Required to be Carried at Fair Value
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:
 
 
  
September 30, 2020
 
 
  
Notional

amount
 
 
Carrying

amount
 
  
Fair value
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets:
  
      
 
      
  
      
  
      
  
      
  
      
Commercial mortgage loans
  
 
        
(1)
 
 
$
6,880
 
  
$
7,169
 
  
$
—  
 
  
$
—  
 
  
$
7,169
 
Other invested assets
  
 
        
(1)
 
 
 
410
 
  
 
411
 
  
 
—  
 
  
 
23
 
  
 
388
 
Liabilities:
  
      
 
      
  
      
  
      
  
      
  
      
Long-term borrowings
  
 
        
(1)
 
 
 
3,570
 
  
 
3,148
 
  
 
—  
 
  
 
2,979
 
  
 
169
 
Investment contracts
  
 
        
(1)
 
 
 
10,872
 
  
 
12,016
 
  
 
—  
 
  
 
—  
 
  
 
12,016
 
Other firm commitments:
  
      
 
      
  
      
  
      
  
      
  
      
Commitments to fund limited partnerships
  
 
1,112
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Commitments to fund bank loan investments
  
 
35
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Ordinary course of business lending commitments
  
 
126
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
(1)
 
These financial instruments do not have notional amounts.
 
 
  
December 31, 2019
 
 
  
Notional

amount
 
 
Carrying

amount
 
  
Fair value
 
(Amounts in millions)
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets:
  
      
 
      
  
      
  
      
  
      
  
      
Commercial mortgage loans
  
 
        
(1)
 
 
$
6,963
 
  
$
7,239
 
  
$
—  
 
  
$
—  
 
  
$
7,239
 
Other invested assets
  
 
        
(1)
 
 
 
432
 
  
 
432
 
  
 
—  
 
  
 
49
 
  
 
383
 
Liabilities:
  
      
 
      
  
      
  
      
  
      
  
      
Long-term borrowings
  
 
        
(1)
 
 
 
3,277
 
  
 
3,093
 
  
 
—  
 
  
 
2,951
 
  
 
142
 
Non-recourse funding obligations
  
 
        
(1)
 
 
 
311
 
  
 
207
 
  
 
—  
 
  
 
—  
 
  
 
207
 
Investment contracts
  
 
        
(1)
 
 
 
11,466
 
  
 
12,086
 
  
 
—  
 
  
 
—  
 
  
 
12,086
 
Other firm commitments:
  
      
 
      
  
      
  
      
  
      
  
      
Commitments to fund limited partnerships
  
 
976
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Commitments to fund bank loan investments
  
 
52
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Ordinary course of business lending commitments
  
 
69
 
 
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
(1)
 
These financial instruments do not have notional amounts.
v3.20.2
Liability for Policy and Contract Claims (Tables)
 9 Months Ended
Sep. 30, 2020
Changes in Liability for Policy and Contract Claims
The following table sets forth changes in our liability for policy and contract claims as of the dates indicated:
 
 
  
As of or for the nine
months ended
September 30,
 
(Amounts in millions)
  
2020
 
  
2019
 
Beginning balance
  
$
10,958
 
  
$
10,295
 
Less reinsurance recoverables
  
 
(2,406
) 
  
 
(2,379
) 
 
  
 
 
 
  
 
 
 
Net beginning balance
  
 
8,552
 
  
 
7,916
 
 
  
 
 
 
  
 
 
 
Incurred related to insured events of:
  
      
  
      
Current year
  
 
3,179
 
  
 
2,865
 
Prior years
  
 
(389
) 
  
 
(237
) 
 
  
 
 
 
  
 
 
 
Total incurred
  
 
2,790
 
  
 
2,628
 
 
  
 
 
 
  
 
 
 
Paid related to insured events of:
  
      
  
      
Current year
  
 
(708
) 
  
 
(659
) 
Prior years
  
 
(1,867
) 
  
 
(1,794
) 
 
  
 
 
 
  
 
 
 
Total paid
  
 
(2,575
) 
  
 
(2,453
) 
 
  
 
 
 
  
 
 
 
Interest on liability for policy and contract claims
  
 
308
 
  
 
285
 
Foreign currency translation
  
 
5
 
  
 
(9
) 
 
  
 
 
 
  
 
 
 
Net ending balance
  
 
9,080
 
  
 
8,367
 
Add reinsurance recoverables
  
 
2,293
 
  
 
2,413
 
 
  
 
 
 
  
 
 
 
Ending balance
  
$
11,373
 
  
$
10,780
 
 
  
 
 
 
  
 
 
 
v3.20.2
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2020
Schedule of Reinsurance Recoverable in Allowance for Credit Losses
The following table sets forth the changes in the allowance for credit losses related to reinsurance recoverables as of or for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
2020
 
  
2020
 
Allowance for credit losses:
  
      
  
      
Beginning balance
  
$
44
 
  
$
—  
 
Cumulative effect of change in accounting
  
 
—  
 
  
 
40
 
Provision
  
 
—  
 
  
 
4
 
Write-offs
  
 
—  
 
  
 
—  
 
Recoveries
  
 
—  
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Ending balance
  
$
44
 
  
$
44
 
 
  
 
 
 
  
 
 
 
Schedule Of Credit Ratings on Reinsurance Recoverable
As discussed in note 2, our policy for evaluating and measuring the allowance for credit losses related to reinsurance recoverables utilizes the reinsurer’s credit rating, updated quarterly, to assess the credit quality of reinsurance recoverables. The following table sets forth A.M. Best Company, Inc.’s (“A.M. Best”) credit ratings related to our reinsurance recoverables, gross of the allowance for credit losses, as of September 30, 2020:
 
(Amounts in millions)
  
Collateralized
 
  
Non-collateralized
 
  
Total
 
Credit rating:
  
      
  
      
  
      
A++
  
$
—  
 
  
$
514
 
  
$
514
 
A+
  
 
1,380
 
  
 
1,366
 
  
 
2,746
 
A
  
 
20
 
  
 
46
 
  
 
66
 
B+
  
 
—  
 
  
 
2
 
  
 
2
 
Not rated
  
 
13,422
 
  
 
82
 
  
 
13,504
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total reinsurance recoverable
  
$
14,822
 
  
$
2,010
 
  
$
16,832
 
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.20.2
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2020
Schedule of Long Term Borrowings
The following table sets forth total long-term borrowings as of the dates indicated:
 
(Amounts in millions)
  
September 30,
2020
 
  
December 31,
2019
 
Genworth Holdings
(1)
  
      
  
      
7.70% Senior Notes, due 2020
  
$
—  
 
  
$
397
 
7.20% Senior Notes, due 2021
  
 
338
 
  
 
382
 
7.625% Senior Notes, due 2021
  
 
661
 
  
 
701
 
4.90% Senior Notes, due 2023
  
 
399
 
  
 
399
 
4.80% Senior Notes, due 2024
  
 
400
 
  
 
400
 
6.50% Senior Notes, due 2034
  
 
297
 
  
 
297
 
Floating Rate Junior Subordinated Notes, due 2066
  
 
598
 
  
 
598
 
 
  
 
 
 
  
 
 
 
Subtotal
  
 
2,693
 
  
 
3,174
 
Bond consent fees
  
 
(20
) 
  
 
(25
) 
Deferred borrowing charges
  
 
(10
) 
  
 
(12
) 
 
  
 
 
 
  
 
 
 
Total Genworth Holdings
  
 
2,663
 
  
 
3,137
 
 
  
 
 
 
  
 
 
 
Genworth Mortgage Holdings, Inc.
  
      
  
      
6.50% Senior Notes, due 2025
  
 
750
 
  
 
—  
 
Deferred borrowing charges
  
 
(12
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Total Genworth Mortgage Holdings, Inc.
  
 
738
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Australia
(2)
  
      
  
      
Floating Rate Junior Subordinated Notes, due 2025
  
 
35
 
  
 
140
 
Floating Rate Junior Subordinated Notes, due 2030
  
 
136
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Subtotal
  
 
171
 
  
 
140
 
Deferred borrowing charges
  
 
(2
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Total Australia
  
 
169
 
  
 
140
 
 
  
 
 
 
  
 
 
 
Total
  
$
3,570
 
  
$
3,277
 
 
  
 
 
 
  
 
 
 
 
(1)
 
We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
(2)
 
Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who currently has the option to redeem the notes due in 2025 at face value at any time, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
v3.20.2
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2020
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate
The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated:
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
 
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Statutory U.S. federal income tax rate
  
 
21.0
% 
 
 
21.0
% 
 
 
21.0
% 
 
 
21.0
% 
Increase (reduction) in rate resulting from:
  
      
 
      
 
      
 
      
Swaps terminated prior to the TCJA
  
 
2.6
 
 
 
1.2
 
 
 
4.3
 
 
 
3.2
 
Provision to return adjustments
  
 
0.8
 
 
 
(1.6
) 
 
 
0.7
 
 
 
(0.4
) 
Effect of foreign operations
  
 
1.1
 
 
 
(0.8
) 
 
 
1.8
 
 
 
2.5
 
Other, net
  
 
0.1
 
 
 
0.1
 
 
 
0.8
 
 
 
0.3
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective rate
  
 
25.6
% 
 
 
19.9
% 
 
 
28.6
% 
 
 
26.6
% 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.20.2
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2020
Summary of Revenues of Major Product Groups for Segments and Corporate and Other Activities
The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(Amounts in millions)
  
    2020    
 
  
    2019    
 
  
    2020    
 
  
    2019    
 
Revenues:
  
      
  
      
  
      
  
      
U.S. Mortgage Insurance segment
  
$
284
 
  
$
251
 
  
$
819
 
  
$
709
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Australia Mortgage Insurance segment
  
 
102
 
  
 
82
 
  
 
265
 
  
 
288
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
U.S. Life Insurance segment:
  
      
  
      
  
      
  
      
Long-term care insurance
  
 
1,466
 
  
 
1,110
 
  
 
3,672
 
  
 
3,279
 
Life insurance
  
 
333
 
  
 
347
 
  
 
1,016
 
  
 
1,101
 
Fixed annuities
  
 
138
 
  
 
145
 
  
 
400
 
  
 
455
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
U.S. Life Insurance segment
  
 
1,937
 
  
 
1,602
 
  
 
5,088
 
  
 
4,835
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Runoff segment
  
 
103
 
  
 
74
 
  
 
200
 
  
 
234
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Corporate and Other activities
  
 
(6
) 
  
 
11
 
  
 
23
 
  
 
(8
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
  
$
2,420
 
  
$
2,020
 
  
$
6,395
 
  
$
6,058
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities
The following tables present the reconciliation of net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders and a summary of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders for our segments and Corporate and Other activities for the periods indicated:
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
  
$
418
 
 
$
18
 
 
$
(89
) 
 
$
360
 
Add: net income from continuing operations attributable to noncontrolling interests
  
 
18
 
 
 
10
 
 
 
35
 
 
 
45
 
Add: net income from discontinued operations attributable to noncontrolling interests
  
 
—  
 
 
 
30
 
 
 
—  
 
 
 
101
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
  
 
436
 
 
 
58
 
 
 
(54
) 
 
 
506
 
Less: income (loss) from discontinued operations, net of taxes
  
 
1
 
 
 
(80
) 
 
 
(519
) 
 
 
42
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
  
 
435
 
 
 
138
 
 
 
465
 
 
 
464
 
Less: net income from continuing operations attributable to noncontrolling interests
  
 
18
 
 
 
10
 
 
 
35
 
 
 
45
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
  
 
417
 
 
 
128
 
 
 
430
 
 
 
419
 
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
  
      
 
      
 
      
 
      
Net investment (gains) losses, net
 (1)
  
 
(362
) 
 
 
(5
) 
 
 
(378
) 
 
 
(33
) 
Goodwill impairment, net
(2)
  
 
—  
 
 
 
—  
 
 
 
3
 
 
 
—  
 
(Gains) losses on early extinguishment of debt
  
 
—  
 
 
 
—  
 
 
 
9
 
 
 
—  
 
Expenses related to restructuring
  
 
—  
 
 
 
—  
 
 
 
2
 
 
 
4
 
Taxes on adjustments
  
 
77
 
 
 
—  
 
 
 
78
 
 
 
6
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
  
$
132
 
 
$
123
 
 
$
144
 
 
$
396
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
For the three months ended September 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $1 and $(3) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $12 million and $(4) million, respectively. For the nine months ended September 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(14) million and $(8) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $18 million and $2 million, respectively.
(2)
 
For the nine months ended September 30, 2020, goodwill impairment was adjusted for the portion attributable to noncontrolling interests of $2 million.
 
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
  
      
 
      
 
      
 
      
U.S. Mortgage Insurance segment
  
$
141
 
 
$
137
 
 
$
286
 
 
$
408
 
Australia Mortgage Insurance segment
  
 
7
 
 
 
12
 
 
 
17
 
 
 
39
 
U.S. Life Insurance segment:
  
      
 
      
 
      
 
      
Long-term care insurance
  
 
59
 
 
 
21
 
 
 
108
 
 
 
38
 
Life insurance
  
 
(69
) 
 
 
(25
) 
 
 
(227
) 
 
 
(17
) 
Fixed annuities
  
 
24
 
 
 
3
 
 
 
58
 
 
 
39
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Life Insurance segment
  
 
14
 
 
 
(1
) 
 
 
(61
) 
 
 
60
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Runoff segment
  
 
19
 
 
 
10
 
 
 
30
 
 
 
39
 
Corporate and Other activities
  
 
(49
) 
 
 
(35
) 
 
 
(128
) 
 
 
(150
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
  
$
132
 
 
$
123
 
 
$
144
 
 
$
396
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Segments and Corporate and Other Activities
The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated:
 
(Amounts in millions)
  
September 30,
2020
 
  
December 31,
2019
 
Assets:
  
      
  
      
U.S. Mortgage Insurance segment
  
$
5,494
 
  
$
4,504
 
Australia Mortgage Insurance segment
  
 
2,601
 
  
 
2,406
 
U.S. Life Insurance segment
  
 
84,208
 
  
 
81,640
 
Runoff segment
  
 
9,901
 
  
 
9,953
 
Corporate and Other activities
  
 
2,721
 
  
 
2,839
 
 
  
 
 
 
  
 
 
 
Total assets
  
$
104,925
 
  
$
101,342
 
 
  
 
 
 
  
 
 
 
v3.20.2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2020
Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes
The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of July 1, 2020
  
$
1,811
 
 
$
2,677
 
 
$
(41
) 
 
$
4,447
 
OCI before reclassifications
  
 
161
 
 
 
(191
) 
 
 
33
 
 
 
3
 
Amounts reclassified from (to) OCI
  
 
(261
) 
 
 
(35
) 
 
 
—  
 
 
 
(296
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
(100
) 
 
 
(226
) 
 
 
33
 
 
 
(293
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020 before noncontrolling interests
  
 
1,711
 
 
 
2,451
 
 
 
(8
) 
 
 
4,154
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
—  
 
 
 
—  
 
 
 
13
 
 
 
13
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020
  
$
1,711
 
 
$
2,451
 
 
$
(21
) 
 
$
4,141
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of July 1, 2019
  
$
1,305
 
 
$
1,983
 
 
$
(275
) 
 
$
3,013
 
OCI before reclassifications
  
 
384
 
 
 
306
 
 
 
(64
) 
 
 
626
 
Amounts reclassified from (to) OCI
  
 
(13
) 
 
 
(30
) 
 
 
—  
 
 
 
(43
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
371
 
 
 
276
 
 
 
(64
) 
 
 
583
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019 before noncontrolling interests
  
 
1,676
 
 
 
2,259
 
 
 
(339
) 
 
 
3,596
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
1
 
 
 
—  
 
 
 
(27
) 
 
 
(26
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019
  
$
1,675
 
 
$
2,259
 
 
$
(312
) 
 
$
3,622
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of January 1, 2020
  
$
1,456
 
 
$
2,002
 
 
$
(25
) 
 
$
3,433
 
OCI before reclassifications
  
 
609
 
 
 
544
 
 
 
8
 
 
 
1,161
 
Amounts reclassified from (to) OCI
  
 
(355
) 
 
 
(95
) 
 
 
—  
 
 
 
(450
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
254
 
 
 
449
 
 
 
8
 
 
 
711
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020 before noncontrolling interests
  
 
1,710
 
 
 
2,451
 
 
 
(17
) 
 
 
4,144
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
(1
) 
 
 
—  
 
 
 
4
 
 
 
3
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2020
  
$
1,711
 
 
$
2,451
 
 
$
(21
) 
 
$
4,141
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
 
 
Derivatives
qualifying as
hedges
 (2)
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
Balances as of January 1, 2019
  
$
595
 
 
$
1,781
 
 
$
(332
) 
 
$
2,044
 
OCI before reclassifications
  
 
1,186
 
 
 
560
 
 
 
33
 
 
 
1,779
 
Amounts reclassified from (to) OCI
  
 
(59
) 
 
 
(82
) 
 
 
—  
 
 
 
(141
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period OCI
  
 
1,127
 
 
 
478
 
 
 
33
 
 
 
1,638
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019 before noncontrolling interests
  
 
1,722
 
 
 
2,259
 
 
 
(299
) 
 
 
3,682
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: change in OCI attributable to noncontrolling interests
  
 
47
 
 
 
—  
 
 
 
13
 
 
 
60
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of September 30, 2019
  
$
1,675
 
 
$
2,259
 
 
$
(312
) 
 
$
3,622
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes
The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented:
 
 
  
Amount reclassified from

accumulated other comprehensive
income (loss)
 
 
Affected line item in the
consolidated statements
of income
 
  
Three months ended
September 30,
 
 
Nine months ended
September 30,
 
(Amounts in millions)
  
  2020  
 
 
  2019  
 
 
  2020  
 
 
  2019  
 
Net unrealized investment (gains) losses:
  
      
 
      
 
      
 
      
 
  
Unrealized (gains) losses on investments
(1)
  
$
(331
) 
 
$
(17
) 
 
$
(450
) 
 
$
(75
) 
 
Net investment (gains) losses
Income taxes
  
 
70
 
 
 
4
 
 
 
95
 
 
 
16
 
 
Provision for income taxes
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Total
  
$
(261
) 
 
$
(13
) 
 
$
(355
) 
 
$
(59
) 
 
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Derivatives qualifying as hedges:
  
      
 
      
 
      
 
      
 
  
Interest rate swaps hedging assets
  
$
(50
) 
 
$
(41
) 
 
$
(139
) 
 
$
(121
) 
 
Net investment income
Interest rate swaps hedging assets
  
 
(4
) 
 
 
(4
) 
 
 
(8
) 
 
 
(6
) 
 
Net investment (gains) losses
Foreign currency swaps
  
 
—  
 
 
 
(1
) 
 
 
—  
 
 
 
—  
 
 
Net investment income
Income taxes
  
 
19
 
 
 
16
 
 
 
52
 
 
 
45
 
 
Provision for income taxes
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Total
  
$
(35
) 
 
$
(30
) 
 
$
(95
) 
 
$
(82
) 
 
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
(1)
 
Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.20.2
Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2020
Summary of Liabilities related to Discontinued Operations
The following table presents the amounts owed to AXA under the settlement agreement, which are reflected as liabilities related to discontinued operations in our unaudited condensed consolidated balance sheet for the period presented:
 
(Amounts in millions)
  
September 30, 2020
 
  
British Pounds
 
  
U.S. Dollar
 
Installment payments due to AXA:
  
      
  
      
June 2022
  
£
159
 
  
$
206
 
September 2022:
  
      
  
      
Beginning balance
  
 
158
 
  
 
205
 
Amounts billed as future losses
  
 
29
 
  
 
38
 
 
  
 
 
 
  
 
 
 
Ending balance
  
 
187
 
  
 
243
 
 
  
 
 
 
  
 
 
 
Total amounts due under the promissory note
  
346
 
  
449
 
 
  
 
 
 
  
 
 
 
Future claims:
  
      
  
      
Estimated beginning balance
  
107
 
  
138
 
Less: Amounts billed to date
  
 
(29
 )
 
  
 
(38
 )
 
 
  
 
 
 
  
 
 
 
Estimated future billings
  
 
78
 
  
 
100
 
 
  
 
 
 
  
 
 
 
Total amounts due to AXA under the settlement agreement
  
£
424
 
  
$
549
 
 
  
 
 
 
  
 
 
 
v3.20.2
Formation of Genworth and Basis of Presentation - Additional Information (Detail)
$ / shares in Units, $ in Millions
 1 Months Ended 9 Months Ended
Oct. 22, 2020
USD ($)
Oct. 21, 2016
USD ($)
$ / shares
Jan. 31, 2020
Sep. 30, 2020
USD ($)
Segment
Apr. 01, 2013
Number of operating segments | Segment       4  
Unrestricted cash and cash equivalents       $ 740  
Debt instrument interest payment on outstanding debt       144  
Forecasted cash deficit       215  
Domestic Insurance Subsidiaries | Minimum          
Dividends receivable       50  
Subsequent Event | AXA Settlement Agreement          
Litigation Settlement, Expense $ 45        
Genworth Holdings          
Percentage of subsidiary equity ownership         100.00%
Debt instrument, maturity month and year     2020-06    
Genworth Holdings | 7.20% Senior Notes, Due 2021          
Debt instrument face amount       $ 338  
Debt instrument interest rate       7.20%  
Debt instrument, maturity month and year       2021-02  
Genworth Holdings | 7.625% Senior Notes, Due 2021          
Debt instrument face amount       $ 659  
Debt instrument interest rate       7.625%  
Debt instrument, maturity month and year       2021-09  
China Oceanwide Holdings Group Co., Ltd. | Definitive Acquisition Agreement          
Total transaction value to acquire all of our outstanding common stock   $ 2,700      
Per share amount to acquire all of our outstanding common stock | $ / shares   $ 5.43      
v3.20.2
Accounting Changes - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Disclosure of Accounting Changes [Line Items]    
Retained earnings $ 1,317 $ 1,461
Commercial mortgage loans    
Disclosure of Accounting Changes [Line Items]    
Accrued interest carrying value in Accrued investment income 24  
Fixed maturity securities    
Disclosure of Accounting Changes [Line Items]    
Accrued interest carrying value in Accrued investment income 565  
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Investments carried at amortized cost    
Disclosure of Accounting Changes [Line Items]    
Adoption of new accounting guidance, deferred tax impact 6  
Retained earnings 23  
Accounting Standards Update 2016-13 | Off-balance sheet credit exposures | Cumulative Effect, Period of Adoption, Adjustment    
Disclosure of Accounting Changes [Line Items]    
Retained earnings 1  
Accounting Standards Update 2016-13 | Reinsurance recoverables | Cumulative Effect, Period of Adoption, Adjustment    
Disclosure of Accounting Changes [Line Items]    
Adoption of new accounting guidance, deferred tax impact 9  
Retained earnings $ 31  
v3.20.2
Earnings (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Earnings Per Share [Abstract]        
Weighted-average shares used in basic earnings per share calculations 505.6 503.5 505.1 502.7
Stock options, restricted stock units and stock appreciation rights 5.9 7.7 6.1 6.8
Weighted-average shares used in diluted earnings per share calculations 511.5 511.2 511.2 509.5
Income from continuing operations:        
Income from continuing operations $ 435 $ 138 $ 465 $ 464
Less: net income from continuing operations attributable to noncontrolling interests 18 10 35 45
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders $ 417 $ 128 $ 430 $ 419
Basic per share $ 0.83 $ 0.25 $ 0.85 $ 0.83
Diluted per share $ 0.82 $ 0.25 $ 0.84 $ 0.82
Income (loss) from discontinued operations:        
Income (loss) from discontinued operations, net of taxes $ 1 $ (80) $ (519) $ 42
Less: net income from discontinued operations attributable to noncontrolling interests 0 30 0 101
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders $ 1 $ (110) $ (519) $ (59)
Basic per share $ 0 $ (0.22) $ (1.03) $ (0.12)
Diluted per share $ 0 $ (0.21) $ (1.02) $ (0.12)
Net income (loss):        
Income from continuing operations $ 435 $ 138 $ 465 $ 464
Income (loss) from discontinued operations, net of taxes 1 (80) (519) 42
Net income (loss) 436 58 (54) 506
Less: net income attributable to noncontrolling interests 18 40 35 146
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ 418 $ 18 $ (89) $ 360
Basic per share [1] $ 0.83 $ 0.04 $ (0.18) $ 0.72
Diluted per share [1] $ 0.82 $ 0.04 $ (0.17) $ 0.71
[1] May not total due to whole number calculation.
v3.20.2
Net Investment Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net Investment Income [Line Items]        
Gross investment income before expenses and fees $ 851 $ 841 $ 2,476 $ 2,499
Expenses and fees (24) (25) (70) (73)
Net investment income 827 816 2,406 2,426
Fixed maturity securities—taxable        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 632 631 1,855 1,878
Fixed maturity securities—non-taxable        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 2 2 5 6
Equity Securities        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 3 4 7 13
Commercial mortgage loans        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 82 87 251 254
Policy Loans        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 51 47 149 138
Other invested assets        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 79 62 192 180
Cash, cash equivalents, restricted cash and short-term investments        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees $ 2 $ 8 $ 17 $ 30
v3.20.2
Net Investment Gains (Losses) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Available-for-sale securities:        
Realized gains $ 332 $ 19 $ 465 $ 93
Realized losses (2) (3) (8) (30)
Net realized gains (losses) on available-for-sale securities 330 16 457 63
Total other-than-temporary impairments 0 0 0 0
Portion of other-than-temporary impairments included in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary impairments 0 0 0 0
Net change in allowance for credit losses on available-for-sale fixed maturity securities 2 0 (5) 0
Write-down of available-for-sale fixed maturity securities [1] (4) 0 (4) 0
Net realized gains (losses) on equity securities sold (3) 6 (3) 9
Net unrealized gains (losses) on equity securities still held 3 (4) (7) 13
Limited partnerships 31 6 28 10
Commercial mortgage loans (3) (1) (2) (1)
Derivative instruments [2] 22 (29) (73) (71)
Other (3) 4 (9) 4
Total net investment gains (losses) $ 375 $ (2) $ 382 $ 27
[1] Represents write-down of securities we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
[2] See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
v3.20.2
Net Investment Allowance for Credit Losses (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Ending Balance $ 5 $ 5
Fixed maturity securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Beginning Balance 7 0
Increase from securities without allowance in previous periods 0 7
Increase (decrease) from securities with allowance in previous periods (2) (2)
Securities Sold 0 0
Decrease due to change in intent or requirement to sell 0 0
Write-offs 0 0
Recoveries 0 0
Ending Balance 5 5
Non-U.S. corporate | Fixed maturity securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Beginning Balance 4 0
Increase from securities without allowance in previous periods 0 4
Increase (decrease) from securities with allowance in previous periods (2) (2)
Securities Sold 0 0
Decrease due to change in intent or requirement to sell 0 0
Write-offs 0 0
Recoveries 0 0
Ending Balance 2 2
Commercial mortgage-backed | Fixed maturity securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Beginning Balance 3 0
Increase from securities without allowance in previous periods 0 3
Increase (decrease) from securities with allowance in previous periods 0 0
Securities Sold 0 0
Decrease due to change in intent or requirement to sell 0 0
Write-offs 0 0
Recoveries 0 0
Ending Balance $ 3 $ 3
v3.20.2
Investments - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Schedule of Investments [Line Items]    
Percentage of investment portfolio by which no other industry group exceeded 10.00%  
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded 10  
Commercial mortgage loans outstanding more than 90 days, interest accruing $ 0 $ 0
Modified or extended troubled debt restructurings 0 0
Total Assets 104,925 101,342
Variable interest Entity, not primary beneficiary    
Schedule of Investments [Line Items]    
Total Assets 823 616
Fixed Rate Commercial Mortgage Loans    
Schedule of Investments [Line Items]    
Commercial mortgage loans on nonaccrual status $ 0 $ 0
Finance and insurance | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 24.00%  
Utilities | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 13.00%  
Consumer-non-cyclical | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 15.00%  
Technology and Communications [Member] | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 10.00%  
v3.20.2
Credit Losses Recognized in Net Income (Loss) on Debt Securities (Detail) - Debt Securities - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Cumulative credit losses, beginning balance $ 23 $ 24
Securities sold, paid down or disposed 0 (1)
Cumulative credit losses, ending balance $ 23 $ 23
v3.20.2
Net Unrealized Gains and Losses on Available-for-Sale Investment Securities Reflected as Separate Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items]            
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses [1] $ 9,218   $ 6,676      
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses [1] (12)   0      
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves (6,998)   (4,789)      
Income taxes, net (473)   (406)      
Net unrealized investment gains (losses) 1,735   1,481      
Less: net unrealized investment gains (losses) attributable to noncontrolling interests 24   25      
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ 1,711 $ 1,811 $ 1,456 $ 1,675 $ 1,305 $ 595
[1] Excludes foreign exchange.
v3.20.2
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Investments [Abstract]        
Net unrealized investment gains (losses), beginning of period $ 1,811 $ 1,305 $ 1,456 $ 595
Unrealized gains (losses) arising during the period:        
Unrealized gains (losses) on fixed maturity securities 781 1,607 2,980 5,563
Adjustment to deferred acquisition costs (9) (8) 48 (1,049)
Adjustment to present value of future profits 2 1 6 (54)
Adjustment to sales inducements (5) (4) (3) (35)
Adjustment to benefit reserves and policyholder contract balances (566) (1,108) (2,260) (2,908)
Provision for income taxes (42) (104) (162) (331)
Change in unrealized gains (losses) on investment securities 161 384 609 1,186
Reclassification adjustments to net investment (gains) losses, net of taxes (261) (13) (355) (59)
Change in net unrealized investment gains (losses) (100) 371 254 1,127
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests 0 1 (1) 47
Net unrealized investment gains (losses), end of period $ 1,711 $ 1,675 $ 1,711 $ 1,675
v3.20.2
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items]        
Reclassification adjustments to net investment (gains) losses, taxes $ 70 $ 4 $ 95 $ 16
v3.20.2
Amortized Cost or Cost, Gross Unrealized Gains (Losses) and Fair Value of Fixed Maturity and Equity Securities Classified as Available-for-Sale (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Schedule of Investments [Line Items]      
Amortized cost or cost, total $ 55,252   $ 53,700
Gross unrealized gains 9,349    
Gross unrealized losses (180)    
Fair value, total 64,416   60,339
Amortized cost or cost, fixed maturity securities 55,252    
Allowance for credit losses (5)    
Fair value, fixed maturity securities 64,416   60,339
Fixed maturity securities      
Schedule of Investments [Line Items]      
Allowance for credit losses (5) $ (7) 0
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 3,318   4,073
Gross unrealized gains, fixed maturity securities 1,474    
Gross unrealized losses, fixed maturity securities 0    
Allowance for credit losses 0    
Fair value, fixed maturity securities 4,792   5,025
Fixed maturity securities | State and Political Subdivisions      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 2,591   2,394
Gross unrealized gains, fixed maturity securities 525    
Gross unrealized losses, fixed maturity securities (1)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 3,115   2,747
Fixed maturity securities | Non-U.S. government      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,276   1,235
Gross unrealized gains, fixed maturity securities 126    
Gross unrealized losses, fixed maturity securities (7)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 1,395   1,350
Fixed maturity securities | U.S. corporate      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 30,025   28,313
Gross unrealized gains, fixed maturity securities 5,302    
Gross unrealized losses, fixed maturity securities (93)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 35,234   32,111
Fixed maturity securities | U.S. corporate | Utilities      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 4,294   4,322
Gross unrealized gains, fixed maturity securities 924    
Gross unrealized losses, fixed maturity securities (1)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 5,217   4,997
Fixed maturity securities | U.S. corporate | Energy      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 2,581   2,404
Gross unrealized gains, fixed maturity securities 238    
Gross unrealized losses, fixed maturity securities (54)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 2,765   2,699
Fixed maturity securities | U.S. corporate | Finance and insurance      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 7,611   6,977
Gross unrealized gains, fixed maturity securities 1,135    
Gross unrealized losses, fixed maturity securities (11)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 8,735   7,774
Fixed maturity securities | U.S. corporate | Consumer—non-cyclical      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 5,160   4,909
Gross unrealized gains, fixed maturity securities 1,210    
Gross unrealized losses, fixed maturity securities (2)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 6,368   5,701
Fixed maturity securities | U.S. corporate | Technology and communications      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 2,993   2,883
Gross unrealized gains, fixed maturity securities 537    
Gross unrealized losses, fixed maturity securities (3)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 3,527   3,245
Fixed maturity securities | U.S. corporate | Industrial      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,363   1,271
Gross unrealized gains, fixed maturity securities 189    
Gross unrealized losses, fixed maturity securities (1)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 1,551   1,396
Fixed maturity securities | U.S. corporate | Capital goods      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 2,558   2,345
Gross unrealized gains, fixed maturity securities 503    
Gross unrealized losses, fixed maturity securities (4)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 3,057   2,711
Fixed maturity securities | U.S. corporate | Consumer—cyclical      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,794   1,590
Gross unrealized gains, fixed maturity securities 252    
Gross unrealized losses, fixed maturity securities (2)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 2,044   1,760
Fixed maturity securities | U.S. corporate | Transportation      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,325   1,320
Gross unrealized gains, fixed maturity securities 271    
Gross unrealized losses, fixed maturity securities (15)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 1,581   1,506
Fixed maturity securities | U.S. corporate | Other      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 346   292
Gross unrealized gains, fixed maturity securities 43    
Gross unrealized losses, fixed maturity securities 0    
Allowance for credit losses 0    
Fair value, fixed maturity securities 389   322
Fixed maturity securities | Non-U.S. corporate      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 10,188   9,469
Gross unrealized gains, fixed maturity securities 1,396    
Gross unrealized losses, fixed maturity securities (39)    
Allowance for credit losses (2) (4) 0
Fair value, fixed maturity securities 11,543   10,525
Fixed maturity securities | Non-U.S. corporate | Utilities      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 860   779
Gross unrealized gains, fixed maturity securities 75    
Gross unrealized losses, fixed maturity securities 0    
Allowance for credit losses 0    
Fair value, fixed maturity securities 935   829
Fixed maturity securities | Non-U.S. corporate | Energy      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,192   1,140
Gross unrealized gains, fixed maturity securities 163    
Gross unrealized losses, fixed maturity securities (7)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 1,348   1,319
Fixed maturity securities | Non-U.S. corporate | Finance and insurance      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 2,319   2,087
Gross unrealized gains, fixed maturity securities 312    
Gross unrealized losses, fixed maturity securities (12)    
Allowance for credit losses (1)    
Fair value, fixed maturity securities 2,618   2,319
Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 712   631
Gross unrealized gains, fixed maturity securities 95    
Gross unrealized losses, fixed maturity securities (1)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 806   684
Fixed maturity securities | Non-U.S. corporate | Technology and communications      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,066   1,010
Gross unrealized gains, fixed maturity securities 190    
Gross unrealized losses, fixed maturity securities 0    
Allowance for credit losses 0    
Fair value, fixed maturity securities 1,256   1,138
Fixed maturity securities | Non-U.S. corporate | Industrial      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 935   896
Gross unrealized gains, fixed maturity securities 134    
Gross unrealized losses, fixed maturity securities (1)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 1,068   988
Fixed maturity securities | Non-U.S. corporate | Capital goods      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 571   565
Gross unrealized gains, fixed maturity securities 61    
Gross unrealized losses, fixed maturity securities (6)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 626   605
Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 400   373
Gross unrealized gains, fixed maturity securities 38    
Gross unrealized losses, fixed maturity securities (2)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 436   397
Fixed maturity securities | Non-U.S. corporate | Transportation      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 571   557
Gross unrealized gains, fixed maturity securities 87    
Gross unrealized losses, fixed maturity securities (9)    
Allowance for credit losses (1)    
Fair value, fixed maturity securities 648   629
Fixed maturity securities | Non-U.S. corporate | Other      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,562   1,431
Gross unrealized gains, fixed maturity securities 241    
Gross unrealized losses, fixed maturity securities (1)    
Allowance for credit losses 0    
Fair value, fixed maturity securities 1,802   1,617
Fixed maturity securities | Residential mortgage-backed      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 1,825   2,057
Gross unrealized gains, fixed maturity securities 250    
Gross unrealized losses, fixed maturity securities 0    
Allowance for credit losses 0    
Fair value, fixed maturity securities 2,075   2,270
Fixed maturity securities | Commercial mortgage-backed      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 2,775   2,897
Gross unrealized gains, fixed maturity securities 228    
Gross unrealized losses, fixed maturity securities (24)    
Allowance for credit losses (3) $ (3) 0
Fair value, fixed maturity securities 2,976   3,026
Fixed maturity securities | Other asset-backed      
Schedule of Investments [Line Items]      
Amortized cost or cost, fixed maturity securities 3,254   3,262
Gross unrealized gains, fixed maturity securities 48    
Gross unrealized losses, fixed maturity securities (16)    
Allowance for credit losses 0    
Fair value, fixed maturity securities $ 3,286   3,285
Not other-than-temporary impairments      
Schedule of Investments [Line Items]      
Gross unrealized gains     6,667
Gross unrealized losses     (43)
Not other-than-temporary impairments | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     952
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | State and Political Subdivisions      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     355
Gross unrealized losses, fixed maturity securities     (2)
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. government      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     117
Gross unrealized losses, fixed maturity securities     (2)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     3,816
Gross unrealized losses, fixed maturity securities     (18)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Utilities      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     675
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Energy      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     303
Gross unrealized losses, fixed maturity securities     (8)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Finance and insurance      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     798
Gross unrealized losses, fixed maturity securities     (1)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Consumer—non-cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     796
Gross unrealized losses, fixed maturity securities     (4)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Technology and communications      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     363
Gross unrealized losses, fixed maturity securities     (1)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Industrial      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     125
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Capital goods      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     367
Gross unrealized losses, fixed maturity securities     (1)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Consumer—cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     172
Gross unrealized losses, fixed maturity securities     (2)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Transportation      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     187
Gross unrealized losses, fixed maturity securities     (1)
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Other      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     30
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     1,061
Gross unrealized losses, fixed maturity securities     (5)
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Utilities      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     50
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Energy      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     179
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Finance and insurance      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     232
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     55
Gross unrealized losses, fixed maturity securities     (2)
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Technology and communications      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     128
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Industrial      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     92
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Capital goods      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     40
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     24
Gross unrealized losses, fixed maturity securities     0
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Transportation      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     73
Gross unrealized losses, fixed maturity securities     (1)
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Other      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     188
Gross unrealized losses, fixed maturity securities     (2)
Not other-than-temporary impairments | Fixed maturity securities | Residential mortgage-backed      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     199
Gross unrealized losses, fixed maturity securities     (1)
Not other-than-temporary impairments | Fixed maturity securities | Commercial mortgage-backed      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     137
Gross unrealized losses, fixed maturity securities     (8)
Not other-than-temporary impairments | Fixed maturity securities | Other asset-backed      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     30
Gross unrealized losses, fixed maturity securities     (7)
Other-than-temporary impairments      
Schedule of Investments [Line Items]      
Gross unrealized gains     15
Gross unrealized losses     0
Other-than-temporary impairments | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | State and Political Subdivisions      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. government      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Utilities      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Energy      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Finance and insurance      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Consumer—non-cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Technology and communications      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Industrial      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Capital goods      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Consumer—cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Transportation      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Other      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Utilities      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Energy      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Finance and insurance      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Consumer—non-cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Technology and communications      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Industrial      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Capital goods      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Transportation      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Other      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Residential mortgage-backed      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     15
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Commercial mortgage-backed      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     0
Other-than-temporary impairments | Fixed maturity securities | Other asset-backed      
Schedule of Investments [Line Items]      
Gross unrealized gains, fixed maturity securities     0
Gross unrealized losses, fixed maturity securities     $ 0
v3.20.2
Gross Unrealized Losses and Fair Value of Investment Securities (Detail)
$ in Millions
Sep. 30, 2020
USD ($)
Securities
Dec. 31, 2019
USD ($)
Securities
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 3,338 $ 1,452
Less than 12 months, Gross unrealized losses $ (149) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 587 231
12 months or more, Fair value $ 411 $ 817
12 months or more, Gross unrealized losses $ (19) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 80 158
Fair value $ 3,749 $ 2,269
Gross unrealized losses $ (168) $ (43)
Number of securities in a continuous loss position | Securities 667 389
Investment grade    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 2,631 $ 1,408
Less than 12 months, Gross unrealized losses $ (85) $ (14)
Less than 12 months, Number of securities in a continuous loss position | Securities 472 223
12 months or more, Fair value $ 338 $ 702
12 months or more, Gross unrealized losses $ (9) $ (15)
12 months or more, Number of securities in a continuous loss position | Securities 70 145
Fair value $ 2,969 $ 2,110
Gross unrealized losses $ (94) $ (29)
Number of securities in a continuous loss position | Securities 542 368
Below investment grade    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 707 $ 44
Less than 12 months, Gross unrealized losses $ (64) $ (4)
Less than 12 months, Number of securities in a continuous loss position | Securities 115 8
12 months or more, Fair value $ 73 $ 115
12 months or more, Gross unrealized losses $ (10) $ (10)
12 months or more, Number of securities in a continuous loss position | Securities 10 13
Fair value $ 780 $ 159
Gross unrealized losses $ (74) $ (14)
Number of securities in a continuous loss position | Securities 125 21
Fixed maturity securities    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 3,338 $ 1,452
Less than 12 months, Gross unrealized losses $ (149) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 587 231
12 months or more, Fair value $ 411 $ 817
12 months or more, Gross unrealized losses $ (19) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 80 158
Fair value $ 3,749 $ 2,269
Gross unrealized losses $ (168) $ (43)
Number of securities in a continuous loss position | Securities 667 389
Fixed maturity securities | Less Than 20 Percent Below Cost    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 3,264 $ 1,452
Less than 12 months, Gross unrealized losses $ (122) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 569 231
12 months or more, Fair value $ 401 $ 807
12 months or more, Gross unrealized losses $ (16) $ (20)
12 months or more, Number of securities in a continuous loss position | Securities 78 155
Fair value $ 3,665 $ 2,259
Gross unrealized losses $ (138) $ (38)
Number of securities in a continuous loss position | Securities 647 386
Fixed maturity securities | 20 To 50 percent below cost    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 74 $ 0
Less than 12 months, Gross unrealized losses $ (27) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 18 0
12 months or more, Fair value $ 10 $ 10
12 months or more, Gross unrealized losses $ (3) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 2 3
Fair value $ 84 $ 10
Gross unrealized losses $ (30) $ (5)
Number of securities in a continuous loss position | Securities 20 3
Fixed maturity securities | State and Political Subdivisions    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 66 $ 91
Less than 12 months, Gross unrealized losses $ (1) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 10 14
12 months or more, Fair value $ 0 $ 0
12 months or more, Gross unrealized losses $ 0 $ 0
12 months or more, Number of securities in a continuous loss position | Securities 0
Fair value $ 66 $ 91
Gross unrealized losses $ (1) $ (2)
Number of securities in a continuous loss position | Securities 10 14
Fixed maturity securities | Non-U.S. government    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 103 $ 224
Less than 12 months, Gross unrealized losses $ (7) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 16 20
12 months or more, Fair value $ 0 $ 0
12 months or more, Gross unrealized losses $ 0 $ 0
12 months or more, Number of securities in a continuous loss position | Securities 0 0
Fair value $ 103 $ 224
Gross unrealized losses $ (7) $ (2)
Number of securities in a continuous loss position | Securities 16 20
Fixed maturity securities | U.S. corporate    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 1,475 $ 123
Less than 12 months, Gross unrealized losses $ (82) $ (5)
Less than 12 months, Number of securities in a continuous loss position | Securities 228 27
12 months or more, Fair value $ 95 $ 302
12 months or more, Gross unrealized losses $ (11) $ (13)
12 months or more, Number of securities in a continuous loss position | Securities 10 33
Fair value $ 1,570 $ 425
Gross unrealized losses $ (93) $ (18)
Number of securities in a continuous loss position | Securities 238 60
Fixed maturity securities | Non-U.S. corporate    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 589 $ 79
Less than 12 months, Gross unrealized losses $ (27) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 106 12
12 months or more, Fair value $ 7 $ 62
12 months or more, Gross unrealized losses $ (1) $ (4)
12 months or more, Number of securities in a continuous loss position | Securities 2 7
Fair value $ 596 $ 141
Gross unrealized losses $ (28) $ (5)
Number of securities in a continuous loss position | Securities 108 19
Fixed maturity securities | Residential mortgage-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value   $ 22
Less than 12 months, Gross unrealized losses   $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities   10
12 months or more, Fair value   $ 0
12 months or more, Gross unrealized losses   $ 0
12 months or more, Number of securities in a continuous loss position | Securities   0
Fair value   $ 22
Gross unrealized losses   $ (1)
Number of securities in a continuous loss position | Securities   10
Fixed maturity securities | Commercial mortgage-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 430 $ 381
Less than 12 months, Gross unrealized losses $ (22) $ (5)
Less than 12 months, Number of securities in a continuous loss position | Securities 68 51
12 months or more, Fair value $ 1 $ 14
12 months or more, Gross unrealized losses $ (1) $ (3)
12 months or more, Number of securities in a continuous loss position | Securities 1 3
Fair value $ 431 $ 395
Gross unrealized losses $ (23) $ (8)
Number of securities in a continuous loss position | Securities 69 54
Fixed maturity securities | Other asset-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 675 $ 532
Less than 12 months, Gross unrealized losses $ (10) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 159 97
12 months or more, Fair value $ 308 $ 439
12 months or more, Gross unrealized losses $ (6) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 67 115
Fair value $ 983 $ 971
Gross unrealized losses $ (16) $ (7)
Number of securities in a continuous loss position | Securities 226 212
v3.20.2
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail)
$ in Millions
Sep. 30, 2020
USD ($)
Securities
Dec. 31, 2019
USD ($)
Securities
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 3,338 $ 1,452
Less than 12 months, Gross unrealized losses $ (149) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 587 231
12 months or more, Fair value $ 411 $ 817
12 months or more, Gross unrealized losses $ (19) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 80 158
Fair value $ 3,749 $ 2,269
Gross unrealized losses $ (168) $ (43)
Number of securities in a continuous loss position | Securities 667 389
Fixed maturity securities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 3,338 $ 1,452
Less than 12 months, Gross unrealized losses $ (149) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 587 231
12 months or more, Fair value $ 411 $ 817
12 months or more, Gross unrealized losses $ (19) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 80 158
Fair value $ 3,749 $ 2,269
Gross unrealized losses $ (168) $ (43)
Number of securities in a continuous loss position | Securities 667 389
Fixed maturity securities | U.S. corporate    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 1,475 $ 123
Less than 12 months, Gross unrealized losses $ (82) $ (5)
Less than 12 months, Number of securities in a continuous loss position | Securities 228 27
12 months or more, Fair value $ 95 $ 302
12 months or more, Gross unrealized losses $ (11) $ (13)
12 months or more, Number of securities in a continuous loss position | Securities 10 33
Fair value $ 1,570 $ 425
Gross unrealized losses $ (93) $ (18)
Number of securities in a continuous loss position | Securities 238 60
Fixed maturity securities | U.S. corporate | Utilities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 24  
Less than 12 months, Gross unrealized losses $ (1)  
Less than 12 months, Number of securities in a continuous loss position | Securities 6  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 24  
Gross unrealized losses $ (1)  
Number of securities in a continuous loss position | Securities 6  
Fixed maturity securities | U.S. corporate | Energy    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 557 $ 54
Less than 12 months, Gross unrealized losses $ (45) $ (3)
Less than 12 months, Number of securities in a continuous loss position | Securities 84 10
12 months or more, Fair value $ 52 $ 80
12 months or more, Gross unrealized losses $ (9) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 6 10
Fair value $ 609 $ 134
Gross unrealized losses $ (54) $ (8)
Number of securities in a continuous loss position | Securities 90 20
Fixed maturity securities | U.S. corporate | Finance and insurance    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 373 $ 0
Less than 12 months, Gross unrealized losses $ (11) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 42 0
12 months or more, Fair value $ 0 $ 34
12 months or more, Gross unrealized losses $ 0 $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 0 4
Fair value $ 373 $ 34
Gross unrealized losses $ (11) $ (1)
Number of securities in a continuous loss position | Securities 42 4
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 93 $ 34
Less than 12 months, Gross unrealized losses $ (2) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 12 9
12 months or more, Fair value $ 0 $ 93
12 months or more, Gross unrealized losses $ 0 $ (3)
12 months or more, Number of securities in a continuous loss position | Securities 0 9
Fair value $ 93 $ 127
Gross unrealized losses $ (2) $ (4)
Number of securities in a continuous loss position | Securities 12 18
Fixed maturity securities | U.S. corporate | Technology and communications    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 100 $ 0
Less than 12 months, Gross unrealized losses $ (3) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 12 0
12 months or more, Fair value $ 0 $ 18
12 months or more, Gross unrealized losses $ 0 $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 0 2
Fair value $ 100 $ 18
Gross unrealized losses $ (3) $ (1)
Number of securities in a continuous loss position | Securities 12 2
Fixed maturity securities | U.S. corporate | Industrial    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 72  
Less than 12 months, Gross unrealized losses $ (1)  
Less than 12 months, Number of securities in a continuous loss position | Securities 6  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 72  
Gross unrealized losses $ (1)  
Number of securities in a continuous loss position | Securities 6  
Fixed maturity securities | U.S. corporate | Capital goods    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 33 $ 35
Less than 12 months, Gross unrealized losses $ (3) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 7 8
12 months or more, Fair value $ 14 $ 0
12 months or more, Gross unrealized losses $ (1) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 1 0
Fair value $ 47 $ 35
Gross unrealized losses $ (4) $ (1)
Number of securities in a continuous loss position | Securities 8 8
Fixed maturity securities | U.S. corporate | Consumer—cyclical    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 86 $ 0
Less than 12 months, Gross unrealized losses $ (1) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 21 0
12 months or more, Fair value $ 29 $ 54
12 months or more, Gross unrealized losses $ (1) $ (2)
12 months or more, Number of securities in a continuous loss position | Securities 3 6
Fair value $ 115 $ 54
Gross unrealized losses $ (2) $ (2)
Number of securities in a continuous loss position | Securities 24 6
Fixed maturity securities | U.S. corporate | Transportation    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 137 $ 0
Less than 12 months, Gross unrealized losses $ (15) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 38 0
12 months or more, Fair value $ 0 $ 23
12 months or more, Gross unrealized losses $ 0 $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 0 2
Fair value $ 137 $ 23
Gross unrealized losses $ (15) $ (1)
Number of securities in a continuous loss position | Securities 38 2
Fixed maturity securities | Non-U.S. corporate    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 589 $ 79
Less than 12 months, Gross unrealized losses $ (27) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 106 12
12 months or more, Fair value $ 7 $ 62
12 months or more, Gross unrealized losses $ (1) $ (4)
12 months or more, Number of securities in a continuous loss position | Securities 2 7
Fair value $ 596 $ 141
Gross unrealized losses $ (28) $ (5)
Number of securities in a continuous loss position | Securities 108 19
Fixed maturity securities | Non-U.S. corporate | Energy    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 179  
Less than 12 months, Gross unrealized losses $ (7)  
Less than 12 months, Number of securities in a continuous loss position | Securities 18  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 179  
Gross unrealized losses $ (7)  
Number of securities in a continuous loss position | Securities 18  
Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 196  
Less than 12 months, Gross unrealized losses $ (5)  
Less than 12 months, Number of securities in a continuous loss position | Securities 34  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 196  
Gross unrealized losses $ (5)  
Number of securities in a continuous loss position | Securities 34  
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 0 $ 0
Less than 12 months, Gross unrealized losses $ 0 $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 0 0
12 months or more, Fair value $ 7 $ 31
12 months or more, Gross unrealized losses $ (1) $ (2)
12 months or more, Number of securities in a continuous loss position | Securities 2 3
Fair value $ 7 $ 31
Gross unrealized losses $ (1) $ (2)
Number of securities in a continuous loss position | Securities 2 3
Fixed maturity securities | Non-U.S. corporate | Industrial    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 29  
Less than 12 months, Gross unrealized losses $ (1)  
Less than 12 months, Number of securities in a continuous loss position | Securities 4  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 29  
Gross unrealized losses $ (1)  
Number of securities in a continuous loss position | Securities 4  
Fixed maturity securities | Non-U.S. corporate | Capital goods    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 59  
Less than 12 months, Gross unrealized losses $ (6)  
Less than 12 months, Number of securities in a continuous loss position | Securities 11  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 59  
Gross unrealized losses $ (6)  
Number of securities in a continuous loss position | Securities 11  
Fixed maturity securities | Non-U.S. corporate | Consumer—cyclical    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 22  
Less than 12 months, Gross unrealized losses $ (2)  
Less than 12 months, Number of securities in a continuous loss position | Securities 11  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 22  
Gross unrealized losses $ (2)  
Number of securities in a continuous loss position | Securities 11  
Fixed maturity securities | Non-U.S. corporate | Transportation    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 59 $ 0
Less than 12 months, Gross unrealized losses $ (5) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 15 0
12 months or more, Fair value $ 0 $ 25
12 months or more, Gross unrealized losses $ 0 $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 0 3
Fair value $ 59 $ 25
Gross unrealized losses $ (5) $ (1)
Number of securities in a continuous loss position | Securities 15 3
Fixed maturity securities | Non-U.S. corporate | Other    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 45 $ 79
Less than 12 months, Gross unrealized losses $ (1) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 13 12
12 months or more, Fair value $ 0 $ 6
12 months or more, Gross unrealized losses $ 0 $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 0 1
Fair value $ 45 $ 85
Gross unrealized losses $ (1) $ (2)
Number of securities in a continuous loss position | Securities 13 13
Fixed maturity securities | Corporate Debt Securities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 2,064 $ 202
Less than 12 months, Gross unrealized losses $ (109) $ (6)
Less than 12 months, Number of securities in a continuous loss position | Securities 334 39
12 months or more, Fair value $ 102 $ 364
12 months or more, Gross unrealized losses $ (12) $ (17)
12 months or more, Number of securities in a continuous loss position | Securities 12 40
Fair value $ 2,166 $ 566
Gross unrealized losses $ (121) $ (23)
Number of securities in a continuous loss position | Securities 346 79
v3.20.2
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Amortized cost or cost    
Due one year or less $ 1,476  
Due after one year through five years 9,646  
Due after five years through ten years 13,164  
Due after ten years 23,112  
Subtotal 47,398  
Amortized cost or cost, fixed maturity securities 55,252  
Fair value    
Due one year or less 1,499  
Due after one year through five years 10,265  
Due after five years through ten years 14,863  
Due after ten years 29,452  
Subtotal 56,079  
Fair value, fixed maturity securities 64,416 $ 60,339
Residential mortgage-backed    
Amortized cost or cost    
Fixed maturity securities 1,825  
Fair value    
Fixed maturity securities 2,075  
Commercial mortgage-backed    
Amortized cost or cost    
Fixed maturity securities 2,775  
Fair value    
Fixed maturity securities 2,976  
Other asset-backed    
Amortized cost or cost    
Fixed maturity securities 3,254  
Fair value    
Fixed maturity securities $ 3,286  
v3.20.2
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,911 $ 6,976
Commercial mortgage loans, recorded investment   6,980
Unamortized balance of loan origination fees and costs $ 0 $ (4)
% of total 100.00% 100.00%
Allowance for credit losses $ (31) $ (13)
Commercial mortgage loans, net 6,880 6,963
Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 6,911 6,980
Unamortized balance of loan origination fees and costs $ 0 $ (4)
% of total 100.00% 100.00%
Allowance for credit losses $ (31) $ (13)
Commercial mortgage loans, net 6,880 6,963
South Atlantic | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,761 $ 1,715
% of total 25.00% 25.00%
Pacific | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,571 $ 1,673
% of total 23.00% 24.00%
Middle Atlantic | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 993 $ 992
% of total 14.00% 14.00%
Mountain | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 776 $ 753
% of total 11.00% 11.00%
West North Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 481 $ 488
% of total 7.00% 7.00%
East North Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 451 $ 455
% of total 7.00% 6.00%
West South Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 427 $ 433
% of total 6.00% 6.00%
New England | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 262 $ 257
% of total 4.00% 4.00%
East South Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 189 $ 214
% of total 3.00% 3.00%
Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,481 $ 2,590
% of total 36.00% 37.00%
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,685 $ 1,670
% of total 24.00% 24.00%
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,625 $ 1,632
% of total 24.00% 23.00%
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 566 $ 541
% of total 8.00% 8.00%
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 292 $ 281
% of total 4.00% 4.00%
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 262 $ 266
% of total 4.00% 4.00%
v3.20.2
Aging of Past Due Commercial Mortgage Loans by Property Type (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,911 $ 6,976
Commercial mortgage loans, recorded investment   $ 6,980
% of total 100.00% 100.00%
Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,481 $ 2,590
% of total 36.00% 37.00%
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,685 $ 1,670
% of total 24.00% 24.00%
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,625 $ 1,632
% of total 24.00% 23.00%
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 566 $ 541
% of total 8.00% 8.00%
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 292 $ 281
% of total 4.00% 4.00%
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 262 $ 266
% of total 4.00% 4.00%
31-60 days past due    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 4 $ 0
% of total 0.00% 0.00%
31-60 days past due | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 4 $ 0
31-60 days past due | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
31-60 days past due | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
31-60 days past due | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
31-60 days past due | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
31-60 days past due | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
61-90 days past due    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
% of total 0.00% 0.00%
61-90 days past due | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
61-90 days past due | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
61-90 days past due | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
61-90 days past due | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
61-90 days past due | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
61-90 days past due | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 90 days past due    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 10 $ 0
% of total 0.00% 0.00%
Greater than 90 days past due | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 10 $ 0
Greater than 90 days past due | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 90 days past due | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 90 days past due | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 90 days past due | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 90 days past due | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Total past due    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 14 $ 0
% of total 0.00% 0.00%
Total past due | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 14 $ 0
Total past due | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Total past due | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Total past due | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Total past due | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Total past due | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Current    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,897 $ 6,980
% of total 100.00% 100.00%
Current | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,467 $ 2,590
Current | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 1,685 1,670
Current | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 1,625 1,632
Current | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 566 541
Current | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 292 281
Current | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 262 $ 266
v3.20.2
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Financing Receivable, Allowance for Credit Losses [Line Items]        
Beginning balance     $ 13  
Ending balance $ 31   31  
Allowance for Credit Losses        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Beginning balance 28 $ 11 13 $ 9
Cumulative effect of change in accounting 0 0 16 0
Provision 3 1 2 3
Write-offs 0 0 0 0
Recoveries 0 0 0 0
Ending balance $ 31 $ 12 $ 31 $ 12
v3.20.2
Loan-to-Value of Commercial Mortgage Loans by Property Type (Detail)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,911 $ 6,976
Commercial mortgage loans, recorded investment   $ 6,980
% of total 100.00% 100.00%
Weighted-average debt service coverage ratio 1.90 1.90
Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,481 $ 2,590
% of total 36.00% 37.00%
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,685 $ 1,670
% of total 24.00% 24.00%
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,625 $ 1,632
% of total 24.00% 23.00%
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 566 $ 541
% of total 8.00% 8.00%
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 292 $ 281
% of total 4.00% 4.00%
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 262 $ 266
% of total 4.00% 4.00%
0% - 50%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,608 $ 2,694
% of total 38.00% 39.00%
Weighted-average debt service coverage ratio 2.31 2.32
0% - 50% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 940 $ 986
0% - 50% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 775 808
0% - 50% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 513 529
0% - 50% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 220 211
0% - 50% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 106 104
0% - 50% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 54 56
51% - 60%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,417 $ 1,545
% of total 20.00% 22.00%
Weighted-average debt service coverage ratio 1.81 1.81
51% - 60% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 557 $ 579
51% - 60% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 310 337
51% - 60% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 337 380
51% - 60% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 85 110
51% - 60% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 63 70
51% - 60% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 65 69
61% - 75%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,878 $ 2,741
% of total 42.00% 39.00%
Weighted-average debt service coverage ratio 1.57 1.55
61% - 75% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 984 $ 1,025
61% - 75% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 600 525
61% - 75% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 767 723
61% - 75% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 261 220
61% - 75% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 123 107
61% - 75% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 143 141
76% - 100%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 8 $ 0
% of total 0.00% 0.00%
Weighted-average debt service coverage ratio 1.42 0
76% - 100% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
76% - 100% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 8 0
76% - 100% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
% of total 0.00% 0.00%
Weighted-average debt service coverage ratio 0 0
Greater than 100% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
Greater than 100% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
v3.20.2
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 6,911 $ 6,976
% of total 100.00% 100.00%
Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 6,911 $ 6,980
% of total 100.00% 100.00%
Weighted-average loan-to-value 54.00% 54.00%
Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 2,481 $ 2,590
% of total 36.00% 37.00%
Retail | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 2,481 $ 2,590
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,685 $ 1,670
% of total 24.00% 24.00%
Industrial | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,685 $ 1,670
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,625 $ 1,632
% of total 24.00% 23.00%
Office | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,625 $ 1,632
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 566 $ 541
% of total 8.00% 8.00%
Apartments | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 566 $ 541
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 292 $ 281
% of total 4.00% 4.00%
Mixed Use | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 292 $ 281
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 262 $ 266
% of total 4.00% 4.00%
Other | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 262 $ 266
Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 159 $ 190
% of total 2.00% 3.00%
Weighted-average loan-to-value 57.00% 59.00%
Less than 1.00 | Retail | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 61 $ 68
Less than 1.00 | Industrial | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 23 24
Less than 1.00 | Office | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 28 44
Less than 1.00 | Apartments | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 11 16
Less than 1.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 3 4
Less than 1.00 | Other | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 33 34
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 497 $ 476
% of total 7.00% 7.00%
Weighted-average loan-to-value 61.00% 61.00%
1.00 - 1.25 | Retail | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 134 $ 141
1.00 - 1.25 | Industrial | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 66 51
1.00 - 1.25 | Office | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 111 89
1.00 - 1.25 | Apartments | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 24 32
1.00 - 1.25 | Mixed Use | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 18 16
1.00 - 1.25 | Other | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 144 147
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,274 $ 1,280
% of total 19.00% 18.00%
Weighted-average loan-to-value 63.00% 63.00%
1.26 - 1.50 | Retail | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 585 $ 596
1.26 - 1.50 | Industrial | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 218 221
1.26 - 1.50 | Office | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 238 277
1.26 - 1.50 | Apartments | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 177 129
1.26 - 1.50 | Mixed Use | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 37 37
1.26 - 1.50 | Other | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 19 20
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 2,910 $ 2,870
% of total 42.00% 41.00%
Weighted-average loan-to-value 59.00% 58.00%
1.51 - 2.00 | Retail | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,100 $ 1,148
1.51 - 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 704 658
1.51 - 2.00 | Office | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 770 751
1.51 - 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 182 175
1.51 - 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 118 107
1.51 - 2.00 | Other | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 36 31
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 2,071 $ 2,164
% of total 30.00% 31.00%
Weighted-average loan-to-value 41.00% 41.00%
Greater than 2.00 | Retail | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 601 $ 637
Greater than 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 674 716
Greater than 2.00 | Office | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 478 471
Greater than 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 172 189
Greater than 2.00 | Mixed Use | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment 116 117
Greater than 2.00 | Other | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 30 $ 34
v3.20.2
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment $ 6,911 $ 6,976
Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 6,911 6,980
Write-offs, gross 0  
Recoveries 0  
Write-offs, net 0  
0% - 50%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,608 2,694
0% - 50% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,608  
51% - 60%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 1,417 1,545
51% - 60% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 1,417  
61% - 75%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,878 2,741
61% - 75% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,878  
76% - 100%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 8 0
76% - 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 8  
Greater than 100%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0 0
Greater than 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
Less than 1.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 159 190
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 497 476
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 1,274 1,280
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,910 2,870
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,071 $ 2,164
2020 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 411  
Write-offs, gross 0  
Recoveries 0  
Write-offs, net 0  
2020 | 0% - 50% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 9  
2020 | 51% - 60% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 29  
2020 | 61% - 75% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 373  
2020 | 76% - 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2020 | Greater than 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2020 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2020 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 41  
2020 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 69  
2020 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 251  
2020 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 50  
2019 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 794  
Write-offs, gross 0  
Recoveries 0  
Write-offs, net 0  
2019 | 0% - 50% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 15  
2019 | 51% - 60% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 33  
2019 | 61% - 75% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 746  
2019 | 76% - 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2019 | Greater than 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2019 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2019 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 12  
2019 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 357  
2019 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 356  
2019 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 69  
2018 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 995  
Write-offs, gross 0  
Recoveries 0  
Write-offs, net 0  
2018 | 0% - 50% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 38  
2018 | 51% - 60% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 191  
2018 | 61% - 75% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 758  
2018 | 76% - 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 8  
2018 | Greater than 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2018 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 33  
2018 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 106  
2018 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 260  
2018 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 503  
2018 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 93  
2017 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 727  
Write-offs, gross 0  
Recoveries 0  
Write-offs, net 0  
2017 | 0% - 50% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 108  
2017 | 51% - 60% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 289  
2017 | 61% - 75% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 330  
2017 | 76% - 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2017 | Greater than 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2017 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 3  
2017 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 73  
2017 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 96  
2017 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 320  
2017 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 235  
2016 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 495  
Write-offs, gross 0  
Recoveries 0  
Write-offs, net 0  
2016 | 0% - 50% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 131  
2016 | 51% - 60% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 141  
2016 | 61% - 75% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 223  
2016 | 76% - 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2016 | Greater than 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2016 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2016 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 13  
2016 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 87  
2016 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 266  
2016 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 129  
2015 and prior | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 3,489  
Write-offs, gross 0  
Recoveries 0  
Write-offs, net 0  
2015 and prior | 0% - 50% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,307  
2015 and prior | 51% - 60% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 734  
2015 and prior | 61% - 75% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 448  
2015 and prior | 76% - 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2015 and prior | Greater than 100% | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 0  
2015 and prior | Less than 1.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 123  
2015 and prior | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 252  
2015 and prior | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 405  
2015 and prior | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 1,214  
2015 and prior | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans [Member]    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment $ 1,495  
v3.20.2
Schedule of Positions in Derivative Instruments (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Derivative assets, fair value $ 839 $ 310
Derivative liabilities, fair value 974 805
Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 965 794
Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 9 11
Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 804 290
Interest rate swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 4 10
Interest rate swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 708 197
Foreign currency swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 10 4
Equity index options | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 67 81
Other foreign currency contracts | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 5 1
Other foreign currency contracts | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 19 8
GMWB embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [1] 508 323
GMWB embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value [2] 35 20
Fixed index annuity embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 432 452
Indexed universal life embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 25 19
Designated As Hedging Instrument    
Derivative [Line Items]    
Derivative assets, fair value 718 201
Derivative liabilities, fair value 4 10
Designated As Hedging Instrument | Cash Flow Hedges    
Derivative [Line Items]    
Derivative assets, fair value 718 201
Derivative liabilities, fair value 4 10
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 4 10
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 708 197
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 10 4
Derivatives not designated as hedges    
Derivative [Line Items]    
Derivative assets, fair value 121 109
Derivative liabilities, fair value 970 795
Derivatives not designated as hedges | Equity index options | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0
Derivatives not designated as hedges | Equity index options | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 67 81
Derivatives not designated as hedges | Financial futures | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0
Derivatives not designated as hedges | Financial futures | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 0
Derivatives not designated as hedges | Other foreign currency contracts | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 5 1
Derivatives not designated as hedges | Other foreign currency contracts | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 19 8
Derivatives not designated as hedges | GMWB embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [3] 508 323
Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value [4] 35 20
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [5] 432 452
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Other assets    
Derivative [Line Items]    
Derivative assets, fair value 0
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [6] 25 19
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value $ 0 $ 0
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2] Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
[3] Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[4] Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities.
[5] Represents the embedded derivatives associated with our fixed index annuity liabilities.
[6] Represents the embedded derivatives associated with our indexed universal life liabilities.
v3.20.2
Activity Associated with Derivative Instruments (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
Policies
Derivative [Line Items]  
Notional amount, beginning balance $ 18,013
Additions 13,422
Maturities/ terminations (13,427)
Notional amount, ending balance 18,008
Designated As Hedging Instrument  
Derivative [Line Items]  
Notional amount, beginning balance 9,078
Additions 1,844
Maturities/ terminations (2,616)
Notional amount, ending balance 8,306
Designated As Hedging Instrument | Cash Flow Hedges  
Derivative [Line Items]  
Notional amount, beginning balance 9,078
Additions 1,844
Maturities/ terminations (2,616)
Notional amount, ending balance 8,306
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps  
Derivative [Line Items]  
Notional amount, beginning balance 8,968
Additions 1,844
Maturities/ terminations (2,616)
Notional amount, ending balance 8,196
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps  
Derivative [Line Items]  
Notional amount, beginning balance 110
Additions 0
Maturities/ terminations 0
Notional amount, ending balance 110
Derivatives not designated as hedges  
Derivative [Line Items]  
Notional amount, beginning balance 8,935
Additions 11,578
Maturities/ terminations (10,811)
Notional amount, ending balance 9,702
Derivatives not designated as hedges | Interest rate swaps  
Derivative [Line Items]  
Notional amount, beginning balance 4,674
Additions 0
Maturities/ terminations 0
Notional amount, ending balance 4,674
Derivatives not designated as hedges | Equity index options  
Derivative [Line Items]  
Notional amount, beginning balance 2,451
Additions 1,527
Maturities/ terminations (1,849)
Notional amount, ending balance 2,129
Derivatives not designated as hedges | Financial futures  
Derivative [Line Items]  
Notional amount, beginning balance 1,182
Additions 4,362
Maturities/ terminations (4,275)
Notional amount, ending balance 1,269
Derivatives not designated as hedges | Other foreign currency contracts  
Derivative [Line Items]  
Notional amount, beginning balance 628
Additions 5,689
Maturities/ terminations (4,687)
Notional amount, ending balance $ 1,630
Derivatives not designated as hedges | GMWB embedded derivatives  
Derivative [Line Items]  
Notional amount, beginning balance | Policies 25,623
Additions | Policies 0
Maturities/ terminations | Policies (1,452)
Notional amount, ending balance | Policies 24,171
Derivatives not designated as hedges | Fixed index annuity embedded derivatives  
Derivative [Line Items]  
Notional amount, beginning balance | Policies 15,441
Additions | Policies 0
Maturities/ terminations | Policies (1,511)
Notional amount, ending balance | Policies 13,930
Derivatives not designated as hedges | Indexed universal life embedded derivatives  
Derivative [Line Items]  
Notional amount, beginning balance | Policies 884
Additions | Policies 0
Maturities/ terminations | Policies (37)
Notional amount, ending balance | Policies 847
v3.20.2
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI $ (243) $ 388 $ 692 $ 708
Gain (loss) reclassified into net income from OCI 54 46 147 127
Gain (loss) recognized in net income (loss) 0 0 0 2
Interest Rate Swaps Hedging Assets | Net Investment Income        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI (246) 406 738 759
Gain (loss) reclassified into net income from OCI 50 41 139 121
Gain (loss) recognized in net income (loss) 0 0 0 0
Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses)        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI 0 0 0 0
Gain (loss) reclassified into net income from OCI 4 4 8 6
Gain (loss) recognized in net income (loss) 0 0 0 0
Interest Rate Swaps Hedging Liabilities | Interest Expense        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI 10 (23) (52) (55)
Gain (loss) reclassified into net income from OCI 0 0 0 0
Gain (loss) recognized in net income (loss) 0 0 0 0
Foreign currency swaps | Net Investment Income        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI (7) 5 6 4
Gain (loss) reclassified into net income from OCI 0 1 0 0
Gain (loss) recognized in net income (loss) $ 0 $ 0 $ 0 0
Foreign currency swaps | Net Investment Gains (Losses)        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI       0
Gain (loss) reclassified into net income from OCI       0
Gain (loss) recognized in net income (loss)       $ 2
v3.20.2
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative Instruments [Abstract]        
Derivatives qualifying as effective accounting hedges, beginning of period $ 2,677 $ 1,983 $ 2,002 $ 1,781
Cumulative effect of changes in accounting:        
Current period increases (decreases) in fair value, net of deferred taxes (191) 306 544 560
Reclassification to net (income) loss, net of deferred taxes (35) (30) (95) (82)
Derivatives qualifying as effective accounting hedges, end of period $ 2,451 $ 2,259 $ 2,451 $ 2,259
v3.20.2
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Current period increases (decreases) in fair value, deferred taxes $ 52 $ (82) $ (148) $ (148)
Reclassification to net (income) loss, deferred taxes $ 19 $ 16 $ 52 $ 45
v3.20.2
Derivative Instruments - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Derivative [Line Items]            
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax $ 2,451 $ 2,259 $ 2,677 $ 2,002 $ 1,983 $ 1,781
Year by which all forecasted transactions associated with qualifying cash flow hedges are expected to occur 2057          
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to net income in the next 12 months, net of tax $ 127          
Amount reclassified to net income in connection with forecasted transactions that were no longer considered probable of occurring $ 7 $ 4        
v3.20.2
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (Loss) for Effects of Derivatives not Designated as Hedges (Detail) - Derivatives not designated as hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss $ 18 $ (33) $ (81) $ (79)
Interest rate swaps | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss 1 (2) (11) (6)
Equity index options | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss 7 1 (2) 28
Financial futures | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss (41) 35 97 8
Other foreign currency contracts | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss 12 (10) 9 (17)
GMWB embedded derivatives | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss 54 (44) (153) (21)
Fixed index annuity embedded derivatives | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss (18) (14) (31) (72)
Indexed universal life embedded derivatives | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss $ 3 $ 1 $ 10 $ 1
v3.20.2
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Gross amounts recognized, derivatives assets $ 839 $ 310
Gross amounts recognized, derivatives liabilities 974 805
Subject to enforceable master netting arrangement    
Derivative [Line Items]    
Gross amounts recognized, net derivatives 795 280
Gross amounts offset in the balance sheet, net derivatives 0 0
Net amounts presented in the balance sheet, net derivatives 795 280
Gross amounts not offset in the balance sheet, financial instruments, net derivatives [1] 0 0
Collateral received (663) (179)
Collateral pledged 489 405
Over collateralization, net derivatives (472) (383)
Net amount 149 123
Subject to enforceable master netting arrangement | Derivative assets    
Derivative [Line Items]    
Gross amounts recognized, derivatives assets [2] 804 291
Gross amounts offset in the balance sheet, derivatives assets [2] 0 0
Net amounts presented in the balance sheet, derivatives assets [2] 804 291
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets [1],[2] (5) (7)
Collateral received [2] (663) (179)
Collateral pledged [2] 0 0
Over collateralization, derivatives assets [2] 13 18
Net amount, derivatives assets [2] 149 123
Subject to enforceable master netting arrangement | Derivative liabilities    
Derivative [Line Items]    
Gross amounts recognized, derivatives liabilities [3] 9 11
Gross amounts offset in the balance sheet, derivatives liabilities [3] 0 0
Net amounts presented in the balance sheet, derivatives liabilities [3] 9 11
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities [1],[3] (5) (7)
Collateral received [3] 0 0
Collateral pledged [3] (489) (405)
Over collateralization, derivatives liabilities [3] 485 401
Net amount, derivatives liabilities [3] $ 0 $ 0
[1] Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.
[2] Included $1 million of accruals on derivatives classified as other assets as of December 31, 2019 and does not include amounts related to embedded derivatives as of September 30, 2020 and December 31, 2019.
[3] Does not include amounts related to embedded derivatives as of September 30, 2020 and December 31, 2019.
v3.20.2
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Parenthetical) (Detail) - Derivative assets - Subject to enforceable master netting arrangement - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Net amounts presented in the balance sheet, accruals on derivative assets [1] $ 804 $ 291
Other assets    
Derivative [Line Items]    
Net amounts presented in the balance sheet, accruals on derivative assets   $ 1
[1] Included $1 million of accruals on derivatives classified as other assets as of December 31, 2019 and does not include amounts related to embedded derivatives as of September 30, 2020 and December 31, 2019.
v3.20.2
Fair Value of Financial Instruments - Additional Information (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 64,416 $ 60,339
GMWB non-performance risk impact $ 85 62
Period end valuation 0  
Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 35,234 32,111
Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 11,543 10,525
Level 2    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 60,274 56,148
Level 2 | Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 32,994 29,872
Level 2 | Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 9,893 8,840
Level 2 | Fixed maturity securities | Third-Party Pricing Services    
Fair Value of Financial Instruments [Line Items]    
Percentage of available for sale debt securities 91.00%  
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 31,695  
Level 2 | Fixed maturity securities | Third-Party Pricing Services | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 9,220  
Level 2 | Fixed maturity securities | Internal models | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 1,299  
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 673  
Level 3    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 4,142 4,191
Level 3 | Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 2,240 2,239
Level 3 | Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 1,650 $ 1,685
Level 3 | Fixed maturity securities | Internal models    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 3,314  
Level 3 | Fixed maturity securities | Broker Quotes    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 828  
v3.20.2
Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2 (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 64,416 $ 60,339
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 4,792 5,025
Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 3,115 2,747
Fixed maturity securities | Non-U.S. government    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 1,395 1,350
Fixed maturity securities | U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 35,234 32,111
Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 11,543 10,525
Fixed maturity securities | Residential mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,075 2,270
Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,976 3,026
Fixed maturity securities | Other asset-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 3,286 3,285
Level 2    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 60,274 56,148
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 4,792 5,025
Level 2 | Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 3,058 2,645
Level 2 | Fixed maturity securities | Non-U.S. government    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 1,395 1,350
Level 2 | Fixed maturity securities | U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 32,994 29,872
Level 2 | Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 9,893 8,840
Level 2 | Fixed maturity securities | Residential mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,061 2,243
Level 2 | Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,956 3,020
Level 2 | Fixed maturity securities | Other asset-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 3,125 $ 3,153
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 4,792  
Primary methodologies Price quotes from trading desk, broker feeds  
Significant inputs Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 3,058  
Primary methodologies Multi-dimensional attribute-based modeling systems, third-party pricing vendors  
Significant inputs Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. government    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 1,395  
Primary methodologies Matrix pricing, spread priced to benchmark curves, price quotes from market makers  
Significant inputs Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 31,695  
Primary methodologies Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models  
Significant inputs Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 9,220  
Primary methodologies Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers  
Significant inputs Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Residential mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 2,061  
Primary methodologies OAS-based models, single factor binomial models, internally priced  
Significant inputs Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 2,956  
Primary methodologies Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model  
Significant inputs Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Other asset-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 3,125  
Primary methodologies Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers  
Significant inputs Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports  
v3.20.2
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities $ 64,416 $ 60,339
Available-for-sale equity securities 629 239
Derivative assets, fair value 839 310
Total other invested assets 2,402 1,632
Separate account assets 5,700 6,108
Total assets 72,584 67,761
Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Available-for-sale equity securities [1] 0 0
Separate account assets [1] 0 0
Total assets [1] 674 503
Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 804 290
Securities lending collateral 75 51
Short-term investments 251 211
Limited partnerships 674 503
Total other invested assets 1,804 1,055
Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Securities lending collateral [1] 0 0
Short-term investments [1] 0 0
Limited partnerships [1] 674 503
Total other invested assets [1] 674 503
Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 708 197
Interest rate swaps | Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Foreign currency swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 10 4
Foreign currency swaps | Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 67 81
Equity index options | Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Other foreign currency contracts | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 19 8
Other foreign currency contracts | Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
GMWB embedded derivatives | Reinsurance recoverable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [2] 35 20
GMWB embedded derivatives | Reinsurance recoverable | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1],[2] 0 0
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,792 5,025
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,115 2,747
Fixed maturity securities | State and Political Subdivisions | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,395 1,350
Fixed maturity securities | Non-U.S. government | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 35,234 32,111
Fixed maturity securities | U.S. corporate | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 5,217 4,997
Fixed maturity securities | U.S. corporate | Utilities | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,765 2,699
Fixed maturity securities | U.S. corporate | Energy | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 8,735 7,774
Fixed maturity securities | U.S. corporate | Finance and insurance | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 6,368 5,701
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,527 3,245
Fixed maturity securities | U.S. corporate | Technology and communications | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,551 1,396
Fixed maturity securities | U.S. corporate | Industrial | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,057 2,711
Fixed maturity securities | U.S. corporate | Capital goods | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,044 1,760
Fixed maturity securities | U.S. corporate | Consumer-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,581 1,506
Fixed maturity securities | U.S. corporate | Transportation | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 389 322
Fixed maturity securities | U.S. corporate | Other | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 11,543 10,525
Fixed maturity securities | Non-U.S. corporate | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 935 829
Fixed maturity securities | Non-U.S. corporate | Utilities | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,348 1,319
Fixed maturity securities | Non-U.S. corporate | Energy | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,618 2,319
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 806 684
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,256 1,138
Fixed maturity securities | Non-U.S. corporate | Technology and communications | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,068 988
Fixed maturity securities | Non-U.S. corporate | Industrial | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 626 605
Fixed maturity securities | Non-U.S. corporate | Capital goods | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 436 397
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 648 629
Fixed maturity securities | Non-U.S. corporate | Transportation | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,802 1,617
Fixed maturity securities | Non-U.S. corporate | Other | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Residential mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,075 2,270
Fixed maturity securities | Residential mortgage-backed | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,976 3,026
Fixed maturity securities | Commercial mortgage-backed | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Other asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,286 3,285
Fixed maturity securities | Other asset-backed | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Available-for-sale equity securities 465 62
Total other invested assets [3] 0 0
Separate account assets 5,700 6,108
Total assets 6,165 6,170
Level 1 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Securities lending collateral 0 0
Short-term investments 0 0
Limited partnerships 0 0
Total other invested assets 0 0
Level 1 | Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 1 | Foreign currency swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 1 | Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 1 | Other foreign currency contracts | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 1 | GMWB embedded derivatives | Reinsurance recoverable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [2] 0 0
Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Residential mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Other asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 60,274 56,148
Available-for-sale equity securities 112 126
Total other invested assets [3] 23 49
Separate account assets 0 0
Total assets 61,449 56,745
Level 2 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 737 209
Securities lending collateral 75 51
Short-term investments 251 211
Limited partnerships 0 0
Total other invested assets 1,063 471
Level 2 | Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 708 197
Level 2 | Foreign currency swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 10 4
Level 2 | Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 2 | Other foreign currency contracts | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 19 8
Level 2 | GMWB embedded derivatives | Reinsurance recoverable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [2] 0 0
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,792 5,025
Level 2 | Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,058 2,645
Level 2 | Fixed maturity securities | Non-U.S. government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,395 1,350
Level 2 | Fixed maturity securities | U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 32,994 29,872
Level 2 | Fixed maturity securities | U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,376 4,132
Level 2 | Fixed maturity securities | U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,651 2,570
Level 2 | Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 8,204 7,202
Level 2 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 6,265 5,607
Level 2 | Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,401 3,195
Level 2 | Fixed maturity securities | U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,511 1,356
Level 2 | Fixed maturity securities | U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,960 2,609
Level 2 | Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,874 1,587
Level 2 | Fixed maturity securities | U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,527 1,428
Level 2 | Fixed maturity securities | U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 225 186
Level 2 | Fixed maturity securities | Non-U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 9,893 8,840
Level 2 | Fixed maturity securities | Non-U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 588 455
Level 2 | Fixed maturity securities | Non-U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,111 1,072
Level 2 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,314 2,085
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 752 625
Level 2 | Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,228 1,110
Level 2 | Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 975 884
Level 2 | Fixed maturity securities | Non-U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 453 444
Level 2 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 269 250
Level 2 | Fixed maturity securities | Non-U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 537 438
Level 2 | Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,666 1,477
Level 2 | Fixed maturity securities | Residential mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,061 2,243
Level 2 | Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,956 3,020
Level 2 | Fixed maturity securities | Other asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,125 3,153
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,142 4,191
Available-for-sale equity securities 52 51
Total other invested assets [3] 388 383
Separate account assets 0 0
Total assets 4,296 4,343
Level 3 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 67 81
Securities lending collateral 0 0
Short-term investments 0 0
Limited partnerships 0 0
Total other invested assets 67 81
Level 3 | Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 3 | Foreign currency swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 3 | Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 67 81
Level 3 | Other foreign currency contracts | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 3 | GMWB embedded derivatives | Reinsurance recoverable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [2] 35 20
Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 3 | Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 57 102
Level 3 | Fixed maturity securities | Non-U.S. government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 3 | Fixed maturity securities | U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,240 2,239
Level 3 | Fixed maturity securities | U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 841 865
Level 3 | Fixed maturity securities | U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 114 129
Level 3 | Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 531 572
Level 3 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 103 94
Level 3 | Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 126 50
Level 3 | Fixed maturity securities | U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 40 40
Level 3 | Fixed maturity securities | U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 97 102
Level 3 | Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 170 173
Level 3 | Fixed maturity securities | U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 54 78
Level 3 | Fixed maturity securities | U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 164 136
Level 3 | Fixed maturity securities | Non-U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,650 1,685
Level 3 | Fixed maturity securities | Non-U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 347 374
Level 3 | Fixed maturity securities | Non-U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 237 247
Level 3 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 304 234
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 54 59
Level 3 | Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 28 28
Level 3 | Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 93 104
Level 3 | Fixed maturity securities | Non-U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 173 161
Level 3 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 167 147
Level 3 | Fixed maturity securities | Non-U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 111 191
Level 3 | Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 136 140
Level 3 | Fixed maturity securities | Residential mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 14 27
Level 3 | Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 20 6
Level 3 | Fixed maturity securities | Other asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities $ 161 $ 132
[1] Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
[2] Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
[3] These financial instruments do not have notional amounts.
v3.20.2
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance $ 4,412 $ 4,422 $ 4,343 $ 3,982
Total realized and unrealized gains (losses), Included in net income 19 8 34 40
Total realized and unrealized gains (losses), Included in OCI 2 98 10 332
Purchases 282 116 461 535
Sales (1) (2) (26) (40)
Issuances 0 0 1 1
Settlements (181) (117) (328) (385)
Transfer into Level 3 [1] 25 41 363 171
Transfer out of Level 3 [1] (262) (150) (562) (220)
Ending balance 4,296 4,416 4,296 4,416
Total gains (losses) included in net income attributable to assets still held, Included in net income (2) 7 23 7
Total gains (losses) included in net income attributable to assets still held, Included in OCI 10   23  
Other invested assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 66 65 81 39
Total realized and unrealized gains (losses), Included in net income 7 1 (2) 28
Total realized and unrealized gains (losses), Included in OCI 0 0 0 0
Purchases 27 13 45 34
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (33) (17) (57) (39)
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 67 62 67 62
Total gains (losses) included in net income attributable to assets still held, Included in net income (1) 0 4 (2)
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   0  
Other invested assets | Derivative assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 66 65 81 39
Total realized and unrealized gains (losses), Included in net income 7 1 (2) 28
Total realized and unrealized gains (losses), Included in OCI 0 0 0 0
Purchases 27 13 45 34
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (33) (17) (57) (39)
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 67 62 67 62
Total gains (losses) included in net income attributable to assets still held, Included in net income (1) 0 4 (2)
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   0  
Other invested assets | Derivative assets | Equity index options        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 66 65 81 39
Total realized and unrealized gains (losses), Included in net income 7 1 (2) 28
Total realized and unrealized gains (losses), Included in OCI 0 0 0 0
Purchases 27 13 45 34
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (33) (17) (57) (39)
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 67 62 67 62
Total gains (losses) included in net income attributable to assets still held, Included in net income (1) 0 4 (2)
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   0  
Reinsurance recoverable        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance [2] 38 20 20 20
Total realized and unrealized gains (losses), Included in net income [2] (3) 5 14 4
Total realized and unrealized gains (losses), Included in OCI [2] 0 0 0 0
Purchases [2] 0 0 0 0
Sales [2] 0 0 0 0
Issuances [2] 0 0 1 1
Settlements [2] 0 0 0 0
Transfer into Level 3 [1],[2] 0 0 0 0
Transfer out of Level 3 [1],[2] 0 0 0 0
Ending balance [2] 35 25 35 25
Total gains (losses) included in net income attributable to assets still held, Included in net income [2] (3) 5 14 4
Total gains (losses) included in net income attributable to assets still held, Included in OCI [2] 0   0  
Fixed maturity securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 4,255 4,281 4,191 3,865
Total realized and unrealized gains (losses), Included in net income 15 2 22 8
Total realized and unrealized gains (losses), Included in OCI 2 98 10 332
Purchases 255 103 410 499
Sales 0 0 (21) (34)
Issuances 0 0 0 0
Settlements (148) (100) (271) (346)
Transfer into Level 3 [1] 25 41 363 171
Transfer out of Level 3 [1] (262) (150) (562) (220)
Ending balance 4,142 4,275 4,142 4,275
Total gains (losses) included in net income attributable to assets still held, Included in net income 2 2 5 5
Total gains (losses) included in net income attributable to assets still held, Included in OCI 10   23  
Fixed maturity securities | Non-U.S. government        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance     0  
Total realized and unrealized gains (losses), Included in net income     0  
Total realized and unrealized gains (losses), Included in OCI     0  
Purchases     0  
Sales     0  
Issuances     0  
Settlements     (1)  
Transfer into Level 3 [1]     1  
Transfer out of Level 3 [1]     0  
Ending balance 0   0  
Total gains (losses) included in net income attributable to assets still held, Included in net income     0  
Total gains (losses) included in net income attributable to assets still held, Included in OCI     0  
Fixed maturity securities | State and political subdivisions        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 63 61 102 51
Total realized and unrealized gains (losses), Included in net income 1 0 2 2
Total realized and unrealized gains (losses), Included in OCI (7) 11 (19) 19
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 (1) 0
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 (27) 0
Ending balance 57 72 57 72
Total gains (losses) included in net income attributable to assets still held, Included in net income 1 1 2 2
Total gains (losses) included in net income attributable to assets still held, Included in OCI (6)   (19)  
Fixed maturity securities | U.S. corporate        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 2,332 2,227 2,239 1,998
Total realized and unrealized gains (losses), Included in net income 13 1 16 1
Total realized and unrealized gains (losses), Included in OCI 2 48 18 167
Purchases 150 37 246 218
Sales 0 0 (21) (27)
Issuances 0 0 0 0
Settlements (116) (38) (159) (148)
Transfer into Level 3 [1] 0 25 125 121
Transfer out of Level 3 [1] (141) (40) (224) (70)
Ending balance 2,240 2,260 2,240 2,260
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 9   30  
Fixed maturity securities | U.S. corporate | Utilities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 936 789 865 643
Total realized and unrealized gains (losses), Included in net income 10 1 10 1
Total realized and unrealized gains (losses), Included in OCI (4) 28 8 70
Purchases 15 13 47 109
Sales 0 0 0 (14)
Issuances 0 0 0 0
Settlements (52) (7) (54) (47)
Transfer into Level 3 [1] 0 0 42 72
Transfer out of Level 3 [1] (64) 0 (77) (10)
Ending balance 841 824 841 824
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 1   14  
Fixed maturity securities | U.S. corporate | Energy        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 123 122 129 121
Total realized and unrealized gains (losses), Included in net income 0 0 1 0
Total realized and unrealized gains (losses), Included in OCI 0 2 (2) 9
Purchases 7 12 17 17
Sales 0 0 (21) 0
Issuances 0 0 0 0
Settlements (16) (1) (19) (12)
Transfer into Level 3 [1] 0 0 22 0
Transfer out of Level 3 [1] 0 0 (13) 0
Ending balance 114 135 114 135
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   (4)  
Fixed maturity securities | U.S. corporate | Finance and insurance        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 551 607 572 534
Total realized and unrealized gains (losses), Included in net income 0 0 2 0
Total realized and unrealized gains (losses), Included in OCI 2 11 4 49
Purchases 71 0 92 40
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (16) (26) (40) (38)
Transfer into Level 3 [1] 0 20 0 27
Transfer out of Level 3 [1] (77) 0 (99) 0
Ending balance 531 612 531 612
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 2   7  
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 103 89 94 73
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 0 1 2 4
Purchases 0 9 8 23
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (1) (1) (11)
Transfer into Level 3 [1] 0 0 0 9
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 103 98 103 98
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 1   3  
Fixed maturity securities | U.S. corporate | Technology and communications        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 66 44 50 50
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 3 1 4 6
Purchases 57 0 77 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 0 5 0 5
Transfer out of Level 3 [1] 0 0 (5) (11)
Ending balance 126 50 126 50
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 3   4  
Fixed maturity securities | U.S. corporate | Industrial        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 39 40 40 39
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 1 0 0 1
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 40 40 40 40
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   0  
Fixed maturity securities | U.S. corporate | Capital goods        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 97 98 102 92
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 0 2 (1) 8
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 (4) 0
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 97 100 97 100
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   (1)  
Fixed maturity securities | U.S. corporate | Consumer-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 198 185 173 211
Total realized and unrealized gains (losses), Included in net income 3 0 3 0
Total realized and unrealized gains (losses), Included in OCI (1) 2 3 12
Purchases 0 0 0 0
Sales 0 0 0 (13)
Issuances 0 0 0 0
Settlements (30) (2) (33) (16)
Transfer into Level 3 [1] 0 0 24 0
Transfer out of Level 3 [1] 0 (9) 0 (18)
Ending balance 170 176 170 176
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 1   5  
Fixed maturity securities | U.S. corporate | Transportation        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 54 54 78 57
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 1 1 (1) 2
Purchases 0 3 0 7
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (1) (1) (3) (9)
Transfer into Level 3 [1] 0 0 10 0
Transfer out of Level 3 [1] 0 0 (30) 0
Ending balance 54 57 54 57
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 1   1  
Fixed maturity securities | U.S. corporate | Other        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 165 199 136 178
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 0 0 1 6
Purchases 0 0 5 22
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (1) 0 (5) (15)
Transfer into Level 3 [1] 0 0 27 8
Transfer out of Level 3 [1] 0 (31) 0 (31)
Ending balance 164 168 164 168
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   1  
Fixed maturity securities | Non-U.S. corporate        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 1,694 1,631 1,685 1,532
Total realized and unrealized gains (losses), Included in net income 1 1 4 5
Total realized and unrealized gains (losses), Included in OCI 8 24 12 119
Purchases 27 53 71 170
Sales 0 0 0 (7)
Issuances 0 0 0 0
Settlements (22) (50) (77) (144)
Transfer into Level 3 [1] 25 16 213 22
Transfer out of Level 3 [1] (83) 0 (258) (22)
Ending balance 1,650 1,675 1,650 1,675
Total gains (losses) included in net income attributable to assets still held, Included in net income 1 1 3 3
Total gains (losses) included in net income attributable to assets still held, Included in OCI 6   12  
Fixed maturity securities | Non-U.S. corporate | Utilities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 357 417 374 404
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 4 5 7 28
Purchases 0 0 12 30
Sales 0 0 0 (7)
Issuances 0 0 0 0
Settlements 0 (25) 0 (42)
Transfer into Level 3 [1] 6 0 27 0
Transfer out of Level 3 [1] (20) 0 (73) (16)
Ending balance 347 397 347 397
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 3   5  
Fixed maturity securities | Non-U.S. corporate | Energy        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 237 241 247 217
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 0 5 (8) 17
Purchases 0 31 0 47
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (12) (26) (16)
Transfer into Level 3 [1] 0 0 24 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 237 265 237 265
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 1   (7)  
Fixed maturity securities | Non-U.S. corporate | Finance and insurance        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 311 179 234 171
Total realized and unrealized gains (losses), Included in net income 1 1 3 3
Total realized and unrealized gains (losses), Included in OCI (2) 4 7 22
Purchases 0 0 15 7
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (3) 0 (16)
Transfer into Level 3 [1] 19 16 77 16
Transfer out of Level 3 [1] (25) 0 (32) (6)
Ending balance 304 197 304 197
Total gains (losses) included in net income attributable to assets still held, Included in net income 1 1 3 3
Total gains (losses) included in net income attributable to assets still held, Included in OCI (2)   8  
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 54 68 59 106
Total realized and unrealized gains (losses), Included in net income 0 0 0 2
Total realized and unrealized gains (losses), Included in OCI 0 1 2 5
Purchases 0 0 8 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (5) 0 (49)
Transfer into Level 3 [1] 0 0 1 0
Transfer out of Level 3 [1] 0 0 (16) 0
Ending balance 54 64 54 64
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   1  
Fixed maturity securities | Non-U.S. corporate | Technology and communications        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 28 27 28 26
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 0 1 0 2
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 28 28 28 28
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   0  
Fixed maturity securities | Non-U.S. corporate | Industrial        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 92 64 104 61
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 1 0 2 3
Purchases 0 13 0 13
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 (5) 0
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 (8) 0
Ending balance 93 77 93 77
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 1   2  
Fixed maturity securities | Non-U.S. corporate | Capital goods        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 173 181 161 173
Total realized and unrealized gains (losses), Included in net income 0 0 1 0
Total realized and unrealized gains (losses), Included in OCI 0 2 (2) 11
Purchases 10 0 10 10
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (10) (4) (26) (15)
Transfer into Level 3 [1] 0 0 29 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 173 179 173 179
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI (1)   (2)  
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 156 126 147 122
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 4 2 1 10
Purchases 17 9 21 9
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 (7) (4)
Transfer into Level 3 [1] 0 0 32 0
Transfer out of Level 3 [1] (10) 0 (27) 0
Ending balance 167 137 167 137
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 4   (1)  
Fixed maturity securities | Non-U.S. corporate | Transportation        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 141 199 191 171
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI (2) 1 0 10
Purchases 0 0 0 19
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 0 0 22 0
Transfer out of Level 3 [1] (28) 0 (102) 0
Ending balance 111 200 111 200
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI (3)   3  
Fixed maturity securities | Non-U.S. corporate | Other        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 145 129 140 81
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 3 3 3 11
Purchases 0 0 5 35
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (12) (1) (13) (2)
Transfer into Level 3 [1] 0 0 1 6
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 136 131 136 131
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 3   3  
Fixed maturity securities | Residential mortgage-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 24 36 27 35
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI (1) 1 (1) 2
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (1) (1) (1)
Transfer into Level 3 [1] 0 0 4 0
Transfer out of Level 3 [1] (9) (4) (15) (4)
Ending balance 14 32 14 32
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   0  
Fixed maturity securities | Commercial mortgage-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 21 92 6 95
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI (1) 14 1 23
Purchases 0 0 0 2
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 0 0 20 0
Transfer out of Level 3 [1] 0 0 (7) (14)
Ending balance 20 106 20 106
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   1  
Fixed maturity securities | Other asset-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 121 234 132 154
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 1 0 (1) 2
Purchases 78 13 93 109
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (10) (11) (32) (53)
Transfer into Level 3 [1] 0 0 0 28
Transfer out of Level 3 [1] (29) (106) (31) (110)
Ending balance 161 130 161 130
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 0 0 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI 1   (1)  
Equity Securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 53 56 51 58
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 0 0 0 0
Purchases 0 0 6 2
Sales (1) (2) (5) (6)
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 52 54 52 54
Total gains (losses) included in net income attributable to assets still held, Included in net income 0 $ 0 0 $ 0
Total gains (losses) included in net income attributable to assets still held, Included in OCI $ 0   $ 0  
[1] The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
[2] Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
v3.20.2
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Fair value of financial instruments [Abstract]        
Total realized and unrealized gains (losses) included in net income (loss), assets $ 19 $ 8 $ 34 $ 40
Total gains (losses) included in net income (loss) attributable to assets still held, assets (2) 7 23 7
Net Investment Income        
Fair value of financial instruments [Abstract]        
Total realized and unrealized gains (losses) included in net income (loss), assets 15 2 21 8
Total gains (losses) included in net income (loss) attributable to assets still held, assets 2 2 5 5
Net investment gains (losses)        
Fair value of financial instruments [Abstract]        
Total realized and unrealized gains (losses) included in net income (loss), assets 4 6 13 32
Total gains (losses) included in net income (loss) attributable to assets still held, assets $ (4) $ 5 $ 18 $ 2
v3.20.2
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
bps
Dec. 31, 2019
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ $ 974 $ 805
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ 64,416 60,339
Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ 965 794
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 4,142 4,191
Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 1,980  
Fair value input, credit spreads, lower limit 66  
Fair value input, credit spreads, upper limit 373  
Fair value input, credit spreads, weighted-average [1] 179  
Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 1,232  
Fair value input, credit spreads, lower limit 78  
Fair value input, credit spreads, upper limit 490  
Fair value input, credit spreads, weighted-average [1] 163  
Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ $ 965 794
Capital goods | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 97  
Fair value input, credit spreads, lower limit 102  
Fair value input, credit spreads, upper limit 273  
Fair value input, credit spreads, weighted-average [1] 190  
Capital goods | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 146  
Fair value input, credit spreads, lower limit 97  
Fair value input, credit spreads, upper limit 254  
Fair value input, credit spreads, weighted-average [1] 177  
Consumer-cyclical | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 133  
Fair value input, credit spreads, lower limit 139  
Fair value input, credit spreads, upper limit 276  
Fair value input, credit spreads, weighted-average [1] 201  
Consumer-cyclical | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 54  
Fair value input, credit spreads, lower limit 102  
Fair value input, credit spreads, upper limit 241  
Fair value input, credit spreads, weighted-average [1] 197  
Consumer-non-cyclical | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 103  
Fair value input, credit spreads, lower limit 78  
Fair value input, credit spreads, upper limit 358  
Fair value input, credit spreads, weighted-average [1] 174  
Consumer-non-cyclical | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 53  
Fair value input, credit spreads, lower limit 97  
Fair value input, credit spreads, upper limit 162  
Fair value input, credit spreads, weighted-average [1] 142  
Energy | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 7  
Fair value input, credit spreads, upper limit 91  
Energy | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 82  
Fair value input, credit spreads, lower limit 102  
Fair value input, credit spreads, upper limit 241  
Fair value input, credit spreads, weighted-average [1] 156  
Finance and insurance | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 493  
Fair value input, credit spreads, lower limit 66  
Fair value input, credit spreads, upper limit 321  
Fair value input, credit spreads, weighted-average [1] 178  
Finance and insurance | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 199  
Fair value input, credit spreads, lower limit 86  
Fair value input, credit spreads, upper limit 174  
Fair value input, credit spreads, weighted-average [1] 134  
Industrial | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 40  
Fair value input, credit spreads, lower limit 156  
Fair value input, credit spreads, upper limit 373  
Fair value input, credit spreads, weighted-average [1] 230  
Industrial | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 93  
Fair value input, credit spreads, lower limit 91  
Fair value input, credit spreads, upper limit 241  
Fair value input, credit spreads, weighted-average [1] 165  
Other | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 164  
Fair value input, credit spreads, lower limit 93  
Fair value input, credit spreads, upper limit 206  
Fair value input, credit spreads, weighted-average [1] 114  
Other | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 135  
Fair value input, credit spreads, lower limit 110  
Fair value input, credit spreads, upper limit 490  
Fair value input, credit spreads, weighted-average [1] 209  
Technology and communications | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 126  
Fair value input, credit spreads, lower limit 133  
Fair value input, credit spreads, upper limit 358  
Fair value input, credit spreads, weighted-average [1] 224  
Technology and communications | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 28  
Fair value input, credit spreads, lower limit 102  
Fair value input, credit spreads, upper limit 238  
Fair value input, credit spreads, weighted-average [1] 184  
Transportation | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 43  
Fair value input, credit spreads, lower limit 67  
Fair value input, credit spreads, upper limit 156  
Fair value input, credit spreads, weighted-average [1] 118  
Transportation | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 95  
Fair value input, credit spreads, lower limit 78  
Fair value input, credit spreads, upper limit 241  
Fair value input, credit spreads, weighted-average [1] 129  
Utilities | Level 3 | U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 774  
Fair value input, credit spreads, lower limit 71  
Fair value input, credit spreads, upper limit 368  
Fair value input, credit spreads, weighted-average [1] 183  
Utilities | Level 3 | Non-U.S. corporate | Internal Models    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Internal models  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 347  
Fair value input, credit spreads, lower limit 89  
Fair value input, credit spreads, upper limit 292  
Fair value input, credit spreads, weighted-average [1] 164  
Fixed index annuity embedded derivatives | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ $ 432 452
Fixed index annuity embedded derivatives | Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Option budget method  
Derivative liabilities, fair value | $ $ 432 452
Fair value, expected future interest credited, lower limit 0.00%  
Fair value, expected future interest credited, upper limit 3.00%  
Fair value, expected future interest credited, weighted-average [2] 1.00%  
Equity index options | Level 3 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $55,252 and allowance for credit losses of $5 as of September 30, 2020) | $ $ 67  
Fair value input, equity index volatility, lower limit 6.00%  
Fair value input, equity index volatility, upper limit 41.00%  
Fair value input, equity index volatility, weighted-average [1] 28.00%  
Indexed universal life embedded derivatives | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ $ 25 19
Indexed universal life embedded derivatives | Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Option budget method  
Derivative liabilities, fair value | $ $ 25 19
Fair value, expected future interest credited, lower limit 3.00%  
Fair value, expected future interest credited, upper limit 10.00%  
Fair value, expected future interest credited, weighted-average [2] 5.00%  
GMWB embedded derivatives | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ [3] $ 508 323
GMWB embedded derivatives | Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique [4] Stochastic cash flow model  
Derivative liabilities, fair value | $ [3] $ 508 [4] $ 323
Fair value, withdrawal utilization rate, lower limit 56.00%  
Fair value, withdrawal utilization rate, upper limit 88.00%  
Fair value, lapse rate, lower limit 2.00%  
Fair value, lapse rate, upper limit 9.00%  
Fair value input, credit spreads, lower limit 12  
Fair value input, credit spreads, upper limit 83  
Fair value input, credit spreads, weighted-average [2] 67  
Fair value input, equity index volatility, lower limit [4] 21.00%  
Fair value input, equity index volatility, upper limit [4] 27.00%  
Fair value, withdrawal utilization rate, weighted-average [2] 73.00%  
Fair value, lapse rate, weighted-average [2] 4.00%  
Fair value input, equity index volatility, weighted-average [2],[4] 23.00%  
[1] Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
[2] Unobservable inputs weighted by the policyholder account balances associated with the instrument.
[3] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[4] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
v3.20.2
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value $ 974 $ 805
Total liabilities 974 805
Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 9 11
Other liabilities | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 4 10
Other liabilities | Other foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 5 1
Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 965 794
Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value [1] 508 323
Policyholder account balances | Fixed index annuity embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 432 452
Policyholder account balances | Indexed universal life embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 25 19
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total liabilities 0 0
Level 1 | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 1 | Other liabilities | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 1 | Other liabilities | Other foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 1 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 1 | Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value [1] 0 0
Level 1 | Policyholder account balances | Fixed index annuity embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 1 | Policyholder account balances | Indexed universal life embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total liabilities 9 11
Level 2 | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 9 11
Level 2 | Other liabilities | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 4 10
Level 2 | Other liabilities | Other foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 5 1
Level 2 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 2 | Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value [1] 0 0
Level 2 | Policyholder account balances | Fixed index annuity embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 2 | Policyholder account balances | Indexed universal life embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total liabilities 965 794
Level 3 | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 3 | Other liabilities | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 3 | Other liabilities | Other foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 965 794
Level 3 | Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value [1] 508 [2] 323
Level 3 | Policyholder account balances | Fixed index annuity embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 432 452
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value $ 25 $ 19
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
v3.20.2
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance $ 1,029 $ 778 $ 794 $ 738
Total realized and unrealized (gains) losses included in net (income) (42) 62 188 96
Total realized and unrealized (gains) losses included in OCI 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 11 11 34 26
Settlements (33) (8) (51) (17)
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 965 843 965 843
Total (gains) losses included in net (income) attributable to liabilities still held (42) 63 195 100
Total (gains) losses included in OCI attributable to liabilities still held 0   0  
Policyholder account balances        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 1,029 778 794 738
Total realized and unrealized (gains) losses included in net (income) (42) 62 188 96
Total realized and unrealized (gains) losses included in OCI 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 11 11 34 26
Settlements (33) (8) (51) (17)
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 965 843 965 843
Total (gains) losses included in net (income) attributable to liabilities still held (42) 63 195 100
Total (gains) losses included in OCI attributable to liabilities still held 0   0  
Policyholder account balances | GMWB embedded derivatives        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance [1] 559 325 323 337
Total realized and unrealized (gains) losses included in net (income) [1] (57) 49 167 25
Total realized and unrealized (gains) losses included in OCI [1] 0 0 0 0
Purchases [1] 0 0 0 0
Sales [1] 0 0 0 0
Issuances [1] 6 7 18 19
Settlements [1] 0 0 0 0
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance [1] 508 381 508 381
Total (gains) losses included in net (income) attributable to liabilities still held [1] (57) 50 174 29
Total (gains) losses included in OCI attributable to liabilities still held [1] 0   0  
Policyholder account balances | Fixed index annuity embedded derivatives        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 447 438 452 389
Total realized and unrealized (gains) losses included in net (income) 18 14 31 72
Total realized and unrealized (gains) losses included in OCI 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (33) (8) (51) (17)
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 432 444 432 444
Total (gains) losses included in net (income) attributable to liabilities still held 18 14 31 72
Total (gains) losses included in OCI attributable to liabilities still held 0   0  
Policyholder account balances | Indexed universal life embedded derivatives        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 23 15 19 12
Total realized and unrealized (gains) losses included in net (income) (3) (1) (10) (1)
Total realized and unrealized (gains) losses included in OCI 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 5 4 16 7
Settlements 0 0 0 0
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 25 18 25 18
Total (gains) losses included in net (income) attributable to liabilities still held (3) $ (1) (10) $ (1)
Total (gains) losses included in OCI attributable to liabilities still held $ 0   $ 0  
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
v3.20.2
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Total realized and unrealized (gains) losses included in net (income) loss, liabilities $ (42) $ 62 $ 188 $ 96
Total (gains) losses included in net (income) loss attributable to liabilities still held, liabilities (42) 63 195 100
Net Investment Income        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Total realized and unrealized (gains) losses included in net (income) loss, liabilities 0 0 0 0
Total (gains) losses included in net (income) loss attributable to liabilities still held, liabilities 0 0 0 0
Net investment (gains) losses        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Total realized and unrealized (gains) losses included in net (income) loss, liabilities (42) 62 188 96
Total (gains) losses included in net (income) loss attributable to liabilities still held, liabilities $ (42) $ 63 $ 195 $ 100
v3.20.2
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans $ 6,880 $ 6,963
Other invested assets 2,402 1,632
Liabilities:    
Long-term borrowings [1] 3,570 3,277
Non-recourse funding obligations 0 311
Commitments to fund limited partnerships    
Liabilities:    
Off-balance sheet risk 1,112  
Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 35  
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [2] 0 0
Other invested assets [2] 0 0
Liabilities:    
Long-term borrowings [2] 0 0
Non-recourse funding obligations [2]   0
Investment contracts [2] 0 0
Level 1 | Commitments to fund limited partnerships    
Liabilities:    
Off-balance sheet risk 0 0
Level 1 | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Level 1 | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [2] 0 0
Other invested assets [2] 23 49
Liabilities:    
Long-term borrowings [2] 2,979 2,951
Non-recourse funding obligations [2]   0
Investment contracts [2] 0 0
Level 2 | Commitments to fund limited partnerships    
Liabilities:    
Off-balance sheet risk 0 0
Level 2 | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Level 2 | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [2] 7,169 7,239
Other invested assets [2] 388 383
Liabilities:    
Long-term borrowings [2] 169 142
Non-recourse funding obligations [2]   207
Investment contracts [2] 12,016 12,086
Level 3 | Commitments to fund limited partnerships    
Liabilities:    
Off-balance sheet risk 0 0
Level 3 | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Level 3 | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Carrying value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [2] 6,880 6,963
Other invested assets [2] 410 432
Liabilities:    
Long-term borrowings [2] 3,570 3,277
Non-recourse funding obligations [2]   311
Investment contracts [2] 10,872 11,466
Carrying value | Commitments to fund limited partnerships    
Liabilities:    
Off-balance sheet risk 0 0
Carrying value | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Carrying value | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [2] 7,169 7,239
Other invested assets [2] 411 432
Liabilities:    
Long-term borrowings [2] 3,148 3,093
Non-recourse funding obligations [2]   207
Investment contracts [2] 12,016 12,086
Fair value | Commitments to fund limited partnerships    
Liabilities:    
Off-balance sheet risk 0 0
Fair value | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Fair value | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Notional amount | Commitments to fund limited partnerships    
Liabilities:    
Off-balance sheet risk 1,112 976
Notional amount | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 35 52
Notional amount | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk $ 126 $ 69
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who currently has the option to redeem the notes due in 2025 at face value at any time, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
[2] These financial instruments do not have notional amounts.
v3.20.2
Changes in Liability for Policy and Contract Claims (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Beginning balance $ 10,958  
Ending balance 11,373  
Long-term Care Insurance    
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Beginning balance 10,958 $ 10,295
Less reinsurance recoverables (2,406) (2,379)
Net beginning balance 8,552 7,916
Current year 3,179 2,865
Prior years (389) (237)
Total incurred 2,790 2,628
Current year (708) (659)
Prior years (1,867) (1,794)
Total paid (2,575) (2,453)
Interest on liability for policy and contract claims 308 285
Foreign currency translation 5 (9)
Net ending balance 9,080 8,367
Add reinsurance recoverables 2,293 2,413
Ending balance $ 11,373 $ 10,780
v3.20.2
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Long-term Care Insurance    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Incurred related to insured events of prior year $ 389 $ 237
Increase decrease in reserves for liability for policy and contract claims 61  
U.S. Mortgage Insurance    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Increase decrease in reserves for liability for policy and contract claims 415  
Policy Contract    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Increase decrease in reserves for liability for policy and contract claims $ 28  
v3.20.2
Reinsurance - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Oct. 22, 2020
Sep. 30, 2020
Dec. 31, 2019
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]      
Reinsurance recoverable   $ 16,788 $ 17,103
Reinsurance Recoverable, Past Due   0  
Scottish RE Group Limited      
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]      
Reinsurance Recoverable, Past Due   $ 16  
Triangle Re [Member] | Mortgage Insurance Policy [Member]      
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]      
Fully collaterised excess loss coverage $ 350    
Reinsurance coverage in excess of retention 350    
Retain of First layer aggregate losses $ 522    
Percentage of reinsurance coverage losses 67.00%    
Union Fidelity Life Insurance Company      
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]      
Minimum amount of risk-based capital General Electric Company agreed to maintain in UFLIC   150.00%  
Union Fidelity Life Insurance Company | Ceded Credit Risk      
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]      
Reinsurance recoverable   $ 13,418 $ 13,752
v3.20.2
Reinsurance - Schedule of Reinsurance Recoverable in Allowance for Credit Losses (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Beginning balance $ 44 $ 0
Cumulative effect of change in accounting 0 40
Provision 0 4
Write-offs 0 0
Recoveries 0 0
Ending balance $ 44 $ 44
v3.20.2
Reinsurance - Schedule Of Credit Ratings on Reinsurance Recoverable (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Reinsurance recoverable $ 16,832 $ 17,103
A++    
Reinsurance recoverable 514  
A+    
Reinsurance recoverable 2,746  
A    
Reinsurance recoverable 66  
B+    
Reinsurance recoverable 2  
Non rated    
Reinsurance recoverable 13,504  
Collateralized    
Reinsurance recoverable 14,822  
Collateralized | A++    
Reinsurance recoverable 0  
Collateralized | A+    
Reinsurance recoverable 1,380  
Collateralized | A    
Reinsurance recoverable 20  
Collateralized | B+    
Reinsurance recoverable 0  
Collateralized | Non rated    
Reinsurance recoverable 13,422  
Non-collateralized    
Reinsurance recoverable 2,010  
Non-collateralized | A++    
Reinsurance recoverable 514  
Non-collateralized | A+    
Reinsurance recoverable 1,366  
Non-collateralized | A    
Reinsurance recoverable 46  
Non-collateralized | B+    
Reinsurance recoverable 2  
Non-collateralized | Non rated    
Reinsurance recoverable $ 82  
v3.20.2
Borrowings - Long Term Borrowings (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Total [1] $ 3,570 $ 3,277
Genworth Holdings    
Debt Instrument [Line Items]    
Long-term borrowings [2] 2,693 3,174
Bond consent fees [2] (20) (25)
Deferred borrowing charges [2] (10) (12)
Total [2] 2,663 3,137
Genworth Holdings | 7.70% Senior Notes, Due 2020    
Debt Instrument [Line Items]    
Long-term borrowings [2] 0 397
Genworth Holdings | 7.20% Senior Notes, Due 2021    
Debt Instrument [Line Items]    
Long-term borrowings [2] 338 382
Genworth Holdings | 7.625% Senior Notes, Due 2021    
Debt Instrument [Line Items]    
Long-term borrowings [2] 661 701
Genworth Holdings | 4.90% Senior Notes, Due 2023    
Debt Instrument [Line Items]    
Long-term borrowings [2] 399 399
Genworth Holdings | 4.80% Senior Notes, Due 2024    
Debt Instrument [Line Items]    
Long-term borrowings [2] 400 400
Genworth Holdings | 6.50% Senior Notes, Due 2034    
Debt Instrument [Line Items]    
Long-term borrowings [2] 297 297
Genworth Holdings | Floating Rate Junior Subordinated Notes, due 2066 [Member]    
Debt Instrument [Line Items]    
Long-term borrowings [2] 598 598
Genworth Financial Mortgage Insurance Pty Limited    
Debt Instrument [Line Items]    
Long-term borrowings [1] 171 140
Deferred borrowing charges [1] (2) 0
Total [1] 169 140
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Subordinated Notes, due 2025 [Member]    
Debt Instrument [Line Items]    
Long-term borrowings [1] 35 140
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Subordinated Notes, due 2030 [Member]    
Debt Instrument [Line Items]    
Long-term borrowings [1] 136 0
Genworth Mortgage Holdings, Inc.    
Debt Instrument [Line Items]    
Deferred borrowing charges (12) 0
Total 738 0
Genworth Mortgage Holdings, Inc. | 6.50% Senior Notes, due 2025    
Debt Instrument [Line Items]    
Long-term borrowings $ 750 $ 0
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who currently has the option to redeem the notes due in 2025 at face value at any time, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
[2] We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
v3.20.2
Borrowings - Additional Information (Detail)
$ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 21, 2020
USD ($)
Jul. 03, 2020
AUD ($)
Jan. 21, 2020
USD ($)
Jan. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Oct. 06, 2020
AUD ($)
Aug. 24, 2020
AUD ($)
Jul. 31, 2020
AUD ($)
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]                        
Pre-tax gain (loss) on early extinguishment of debt         $ 0 $ 0 $ (9) $ 0        
Long-term Debt [1]         3,570   3,570         $ 3,277
Non-Recourse Funding Obligations | Floating Rate Subordinated Notes Due in 2050                        
Debt Instrument [Line Items]                        
Pre-tax gain (loss) on early extinguishment of debt       $ 4                
Debt instrument, maturity year       2050                
Redemption of secured debt       $ 315                
Genworth Holdings                        
Debt Instrument [Line Items]                        
Debt instrument, maturity month and year       2020-06                
Pre-tax make-whole expense on redemption of senior notes       $ 9                
Long-term Debt [2]         2,663   2,663         3,137
Genworth Holdings | 7.70% Senior Notes, Due 2020                        
Debt Instrument [Line Items]                        
Interest rate     7.70%                  
Debt instrument, maturity month and year     2020-06                  
Early redemption of senior notes     $ 409                  
Pre-tax make-whole expense on redemption of senior notes     9                  
Pre-tax gain (loss) on early extinguishment of debt     9                  
Aggregate principal amount of notes repurchased     397                  
Interest paid     3                  
Early redemption of senior notes, principal amount     $ 397                  
Genworth Holdings | Senior Notes 2021                        
Debt Instrument [Line Items]                        
Pre-tax gain (loss) on early extinguishment of debt             $ 4          
Debt instrument, maturity year             2021          
Aggregate principal amount of notes repurchased         84   $ 84          
Genworth Financial Mortgage Insurance Pty Limited                        
Debt Instrument [Line Items]                        
Long-term Debt [1]         169   169         140
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Subordinated Notes Due in 2030                        
Debt Instrument [Line Items]                        
Debt Instrument, Description of Variable Rate Basis   swap reference rate plus a margin of a minimum of 5.0% per annum                    
Debt instrument face amount   $ 43                    
Debt instrument face amount issued in exchange   $ 147                    
Debt instrument, maturity month and year   2030-07                    
Long-term Debt                     $ 190  
Debt instrument, Option to redeem date   Jul. 03, 2025                    
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Subordinated Notes Due in 2025                        
Debt Instrument [Line Items]                        
Aggregate principal amount of notes repurchased                   $ 5    
Long-term Debt                     $ 53  
Aggregate principal amount of notes exchanged   $ 147                    
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Subordinated Notes Due in 2025 | Subsequent Event                        
Debt Instrument [Line Items]                        
Debt instrument remaning notes repurchased                 $ 48      
Genworth Mortgage Holdings, Inc.                        
Debt Instrument [Line Items]                        
Long-term Debt         $ 738   $ 738         $ 0
Genworth Mortgage Holdings, Inc. | 6.50% Senior Notes, due 2025                        
Debt Instrument [Line Items]                        
Interest rate 6.50%                      
First interest payment date Feb. 15, 2021                      
Debt instrument, call feature date Feb. 15, 2025                      
Debt instrument face amount $ 750                      
Option to redeem, price percentage of principal 100.00%                      
Long term debt terms of interest payment Interest on the notes is payable semi-annually                      
Long term debt date of maturity Aug. 15, 2025                      
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who currently has the option to redeem the notes due in 2025 at face value at any time, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
[2] We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
v3.20.2
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Tax Examination [Line Items]        
Statutory U.S. federal income tax rate 21.00% 21.00% 21.00% 21.00%
Swaps terminated prior to the TCJA 2.60% 1.20% 4.30% 3.20%
Provision to return adjustments 0.80% (1.60%) 0.70% (0.40%)
Effect of foreign operations 1.10% (0.80%) 1.80% 2.50%
Other, net 0.10% 0.10% 0.80% 0.30%
Effective rate 25.60% 19.90% 28.60% 26.60%
v3.20.2
Segment Information - Additional Information (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
Segment
Sep. 30, 2019
USD ($)
Segment Reporting Information [Line Items]            
Number of operating segments | Segment         4  
Assumed tax rate on adjustments to adjusted operating income         21.00%  
Expenses related to restructuring   $ 0   $ 0 $ 2 $ 4
Pre-tax gain (loss) on early extinguishment of debt   0   0 (9) 0
Goodwill impairment   0   $ 0 $ 5 $ 0
Floating Rate Subordinated Notes Due in 2050 | Non-Recourse Funding Obligations            
Segment Reporting Information [Line Items]            
Pre-tax gain (loss) on early extinguishment of debt $ 4          
Redemption of secured debt $ 315          
Debt instrument, maturity year 2050          
Australia Mortgage Insurance            
Segment Reporting Information [Line Items]            
Goodwill impairment     $ 3      
Segment, Continuing Operations | Australia Mortgage Insurance            
Segment Reporting Information [Line Items]            
Assumed tax rate on adjustments to adjusted operating income         30.00%  
Genworth Holdings            
Segment Reporting Information [Line Items]            
Pre-tax make-whole expense $ 9          
Debt instrument, maturity month and year 2020-06          
Genworth Holdings | Senior Notes 2021            
Segment Reporting Information [Line Items]            
Pre-tax gain (loss) on early extinguishment of debt         $ 4  
Aggregate principal amount of notes repurchased   $ 84     $ 84  
Debt instrument, maturity year         2021  
v3.20.2
Summary of Revenues for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Revenues $ 2,420 $ 2,020 $ 6,395 $ 6,058
Segment, Continuing Operations        
Segment Reporting Information [Line Items]        
Revenues 2,420 2,020 6,395 6,058
Segment, Continuing Operations | U.S. Mortgage Insurance        
Segment Reporting Information [Line Items]        
Revenues 284 251 819 709
Segment, Continuing Operations | Australia Mortgage Insurance        
Segment Reporting Information [Line Items]        
Revenues 102 82 265 288
Segment, Continuing Operations | Long-term Care Insurance        
Segment Reporting Information [Line Items]        
Revenues 1,466 1,110 3,672 3,279
Segment, Continuing Operations | Life Insurance        
Segment Reporting Information [Line Items]        
Revenues 333 347 1,016 1,101
Segment, Continuing Operations | Fixed Annuities        
Segment Reporting Information [Line Items]        
Revenues 138 145 400 455
Segment, Continuing Operations | U.S. Life Insurance        
Segment Reporting Information [Line Items]        
Revenues 1,937 1,602 5,088 4,835
Segment, Continuing Operations | Runoff        
Segment Reporting Information [Line Items]        
Revenues 103 74 200 234
Segment, Continuing Operations | Corporate and Other        
Segment Reporting Information [Line Items]        
Revenues $ (6) $ 11 $ 23 $ (8)
v3.20.2
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ 418 $ 18 $ (89) $ 360
Add: net income from continuing operations attributable to noncontrolling interests 18 10 35 45
Add: net income from discontinued operations attributable to noncontrolling interests 0 30 0 101
Net income (loss) 436 58 (54) 506
Less: income (loss) from discontinued operations, net of taxes 1 (80) (519) 42
Income from continuing operations 435 138 465 464
Less: net income from continuing operations attributable to noncontrolling interests 18 10 35 45
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders 417 128 430 419
Net investment (gains) losses, net [1] (362) (5) (378) (33)
Goodwill impairment, net  [2] 0 0 3 0
(Gains) losses on early extinguishment of debt 0 0 9 0
Expenses related to restructuring 0 0 2 4
Taxes on adjustments 77 0 78 6
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 132 123 144 396
Segment, Continuing Operations        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 132 123 144 396
Segment, Continuing Operations | U.S. Mortgage Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 141 137 286 408
Segment, Continuing Operations | Australia Mortgage Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 7 12 17 39
Segment, Continuing Operations | Long-term Care Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 59 21 108 38
Segment, Continuing Operations | Life Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders (69) (25) (227) (17)
Segment, Continuing Operations | Fixed Annuities        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 24 3 58 39
Segment, Continuing Operations | U.S. Life Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 14 (1) (61) 60
Segment, Continuing Operations | Runoff        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 19 10 30 39
Segment, Continuing Operations | Corporate and Other        
Segment Reporting Information [Line Items]        
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders $ (49) $ (35) $ (128) $ (150)
[1] For the three months ended September 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $1 and $(3) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $12 million and $(4) million, respectively. For the nine months ended September 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(14) million and $(8) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $18 million and $2 million, respectively.
[2] For the nine months ended September 30, 2020, goodwill impairment was adjusted for the portion attributable to noncontrolling interests of $2 million.
v3.20.2
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Adjustment for DAC and other intangibles and certain benefit reserves $ 1 $ (3) $ (14) $ (8)
Adjustment for portion attributable to noncontrolling interests 12 $ (4) 18 $ 2
Goodwill impairment loss attributable to noncontrolling interest $ 2   $ 2  
v3.20.2
Summary of Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]    
Total assets $ 104,925 $ 101,342
Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 104,925 101,342
U.S. Mortgage Insurance | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 5,494 4,504
Australia Mortgage Insurance | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 2,601 2,406
U.S. Life Insurance | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 84,208 81,640
Runoff | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 9,901 9,953
Corporate and Other | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets $ 2,721 $ 2,839
v3.20.2
Commitments and Contingencies - Additional Information (Detail)
£ in Millions, $ in Millions
 1 Months Ended 9 Months Ended 12 Months Ended
Jun. 08, 2020
GBP (£)
Jan. 31, 2020
USD ($)
Dec. 06, 2019
Sep. 11, 2019
USD ($)
Dec. 01, 2017
GBP (£)
Company
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Jan. 31, 2019
USD ($)
Sep. 30, 2020
GBP (£)
Dec. 31, 2019
USD ($)
Sep. 30, 2020
USD ($)
Commitments and Contingencies Disclosure [Line Items]                      
Loss contingencies actions by plaintiff       On September 11, 2019, plaintiffs filed a renewed motion seeking the same relief from their August 7, 2019 motion with an exception that allowed GFIH to transfer $450 million of expected proceeds from the sale of Genworth Canada through a dividend to Genworth Holdings to allow the pay-off of a senior secured term loan facility dated March 7, 2018 among Genworth Holdings as the borrower, GFIH as the limited guarantor and the lending parties thereto. Oral arguments on our motion to dismiss and plaintiffs’ motion occurred on October 21, 2019, and plaintiffs’ motion was denied. On January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $395 million in dividends GLIC paid to its parent from 2012 to 2014 (out of the $410 million in total dividends subject to plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $15 million in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 2020, we filed our answer to plaintiffs’ amended complaint. We intend to continue to vigorously defend this action.              
Commitments to Fund Limited Partnerships                      
Commitments and Contingencies Disclosure [Line Items]                      
Off-balance sheet risk                     $ 1,112
Commitments to fund U.S. commercial mortgage loan investments                      
Commitments and Contingencies Disclosure [Line Items]                      
Off-balance sheet risk                     11
Commitments to Fund Private Placement Investments                      
Commitments and Contingencies Disclosure [Line Items]                      
Off-balance sheet risk                     115
Commitments to Fund Bank Loan Investments                      
Commitments and Contingencies Disclosure [Line Items]                      
Off-balance sheet risk                     $ 35
AXA Damages Hearing                      
Commitments and Contingencies Disclosure [Line Items]                      
Number of insurance company sold | Company         2            
Loss Contingency, Damages Sought | £ £ 499       £ 28            
Percentage of losses sought as claims     90.00%                
Payments for accruals             $ 134        
Damages sought, tax gross up amount | £                 £ 117    
Other Litigation                      
Commitments and Contingencies Disclosure [Line Items]                      
Plaintiff's Motion Dismissed             $ 395        
Loss Contingency, Damages Sought           $ 5   $ 5      
Plaintiffs' motion   $ 15               $ 410  
Restricted cash proceeds on sale per litigation       $ 450              
v3.20.2
Component of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance $ 4,447 $ 3,013 $ 3,433 $ 2,044
OCI before reclassifications 3 626 1,161 1,779
Amounts reclassified from (to) OCI (296) (43) (450) (141)
Total other comprehensive income (loss) (293) 583 711 1,638
Balances before nonnontrolling interests 4,154 3,596 4,144 3,682
Less: change in OCI attributable to noncontrolling interests 13 (26) 3 60
Ending balance 4,141 3,622 4,141 3,622
Net unrealized investment (gains) losses        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance [1] 1,811 1,305 1,456 595
OCI before reclassifications [1] 161 384 609 1,186
Amounts reclassified from (to) OCI [1] (261) (13) (355) (59)
Total other comprehensive income (loss) [1] (100) 371 254 1,127
Balances before nonnontrolling interests [1] 1,711 1,676 1,710 1,722
Less: change in OCI attributable to noncontrolling interests [1] 0 1 (1) 47
Ending balance [1] 1,711 1,675 1,711 1,675
Derivatives qualifying as hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance [2] 2,677 1,983 2,002 1,781
OCI before reclassifications [2] (191) 306 544 560
Amounts reclassified from (to) OCI [2] (35) (30) (95) (82)
Total other comprehensive income (loss) [2] (226) 276 449 478
Balances before nonnontrolling interests [2] 2,451 2,259 2,451 2,259
Less: change in OCI attributable to noncontrolling interests [2] 0 0 0 0
Ending balance [2] 2,451 2,259 2,451 2,259
Foreign currency translation and other adjustments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (41) (275) (25) (332)
OCI before reclassifications 33 (64) 8 33
Amounts reclassified from (to) OCI 0 0 0 0
Total other comprehensive income (loss) 33 (64) 8 33
Balances before nonnontrolling interests (8) (339) (17) (299)
Less: change in OCI attributable to noncontrolling interests 13 (27) 4 13
Ending balance $ (21) $ (312) $ (21) $ (312)
[1] Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
[2] See note 5 for additional information.
v3.20.2
Changes In Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Unrecognized postretirement benefit obligation, current period OCI   $ (2)
Unrecognized postretirement benefit obligation, current period OCI, tax   1
Foreign currency translation and other adjustments, current period OCI, tax $ 22 $ (44)
v3.20.2
Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net investment income $ (827) $ (816) $ (2,406) $ (2,426)
Net investment (gains) losses (375) 2 (382) (27)
Income taxes 150 34 186 169
(Income) loss from continuing operations (435) (138) (465) (464)
Amount reclassified from accumulated other comprehensive income (loss) | Net unrealized investment (gains) losses        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net investment (gains) losses [1] (331) (17) (450) (75)
Income taxes 70 4 95 16
(Income) loss from continuing operations (261) (13) (355) (59)
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income taxes 19 16 52 45
(Income) loss from continuing operations (35) (30) (95) (82)
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net investment income (50) (41) (139) (121)
Net investment (gains) losses (4) (4) (8) (6)
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Foreign currency swaps        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net investment income $ 0 $ (1) $ 0 $ 0
[1] Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.20.2
Discontinued Operations - Additional Information (Detail)
£ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 20, 2020
GBP (£)
Jul. 20, 2020
USD ($)
Jan. 31, 2020
GBP (£)
Jan. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Loss Associated With Discontinued Opertions         $ 18    
Other costs on legal settlement         1 $ 5  
AXA Settlement Agreement [Member]              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Loss Associated With Discontinued Opertions £ 100 $ 125     21 537  
Interest expenses         3 3  
Unrelated liability         16 $ 16 $ 42
Loss Contingency Accrual, Provision         28    
Income (Loss) from Discontinued Operations         $ 23    
AXA Damages - Interim Payment              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Payments for accruals     £ 100 $ 134      
Discontinued Operations [Member] | AXA Settlement Agreement [Member] | Promissory Note [Member]              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Debt instrument interest rate 5.25% 5.25%          
Proceeds from Issuance of debt gross   $ 750          
Debt Instrument, Interest Rate Decrease 2.75% 2.75%          
Percent Of Security Interest Pledged 19.90% 19.90%          
Proceeds from Issuance or Sale of Equity   $ 475          
v3.20.2
Discontinued Operations - Summary of Liabilities related to Discontinued Operations (Detail) - AXA Settlement Agreement - Promissory Note [Member]
£ in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2020
GBP (£)
Sep. 30, 2020
USD ($)
Sep. 30, 2020
USD ($)
Installment payments due to AXA:      
June 2022 £ 159   $ 206
Beginning balance 158 $ 205  
Amounts billed as future losses 29 38  
Ending balance 187 243  
Total amounts due under the promissory note 346   449
Future claims:      
Estimated beginning balance 107 138  
Less: Amounts billed to date (29) (38)  
Estimated future billings 78 $ 100  
Total amounts due to AXA under the settlement agreement £ 424   $ 549