GENWORTH FINANCIAL INC, 10-Q filed on 8/5/2020
Quarterly Report
v3.20.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2020
Jul. 27, 2020
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001276520  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 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 $.001 per share  
Entity Common Stock, Shares Outstanding   594,010,907
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Assets    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 63,544 $ 60,339
Equity securities, at fair value 206 239
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of June 30, 2020 and December 31, 2019) 6,945 6,976
Less: Allowance for credit losses (28) (13)
Commercial mortgage loans, net 6,917 6,963
Policy loans 2,182 2,058
Other invested assets 2,473 1,632
Total investments 75,322 71,231
Cash, cash equivalents and restricted cash 2,597 3,341
Accrued investment income 601 654
Deferred acquisition costs 1,718 1,836
Intangible assets and goodwill 223 201
Reinsurance recoverable 16,944 17,103
Less: Allowance for credit losses (44) 0
Reinsurance recoverable, net 16,900 17,103
Other assets 454 443
Deferred tax asset 286 425
Separate account assets 5,536 6,108
Total assets 103,637 101,342
Liabilities and equity    
Future policy benefits 41,463 40,384
Policyholder account balances 22,921 22,217
Liability for policy and contract claims 11,280 10,958
Unearned premiums 1,804 1,893
Other liabilities 2,075 1,428
Non-recourse funding obligations 0 311
Long-term borrowings 2,817 3,277 [1]
Separate account liabilities 5,536 6,108
Liabilities related to discontinued operations 653 134
Total liabilities 88,549 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 June 30, 2020 and December 31, 2019, respectively; 506 million and 504 million shares outstanding as of June 30, 2020 and December 31, 2019, respectively 1 1
Additional paid-in capital 11,996 11,990
Accumulated other comprehensive income (loss) 4,447 3,433
Retained earnings 899 1,461
Treasury stock, at cost (88 million shares as of June 30, 2020 and December 31, 2019) (2,700) (2,700)
Total Genworth Financial, Inc.'s stockholders' equity 14,643 14,185
Noncontrolling interests 445 447
Total equity 15,088 14,632
Total liabilities and equity $ 103,637 $ 101,342
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who has the option to redeem the notes at face value beginning on July 3, 2020, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Debt securities amortized costs $ 54,834  
Debt securities allowance for credit losses 7  
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Premiums $ 1,019 $ 1,001 $ 2,034 $ 1,989
Net investment income 786 816 1,579 1,610
Net investment gains (losses) 159 (46) 7 29
Policy fees and other income 174 223 355 410
Total revenues 2,138 1,994 3,975 4,038
Benefits and expenses:        
Benefits and other changes in policy reserves 1,486 1,251 2,847 2,533
Interest credited 139 146 280 293
Acquisition and operating expenses, net of deferrals 223 229 472 466
Amortization of deferred acquisition costs and intangibles 93 84 209 165
Goodwill impairment 5 0 5 0
Interest expense 44 60 96 120
Total benefits and expenses 1,990 1,770 3,909 3,577
Income from continuing operations before income taxes 148 224 66 461
Provision for income taxes 46 66 36 135
Income from continuing operations 102 158 30 326
Income (loss) from discontinued operations, net of taxes (520) 60 (520) 122
Net income (loss) (418) 218 (490) 448
Less: net income from continuing operations attributable to noncontrolling interests 23 15 17 35
Less: net income from discontinued operations attributable to noncontrolling interests 0 35 0 71
Net income (loss) available to Genworth Financial, Inc.'s common stockholders (441) 168 (507) 342
Net income (loss) available to Genworth Financial, Inc.'s common stockholders:        
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders 79 143 13 291
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders (520) 25 (520) 51
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ (441) $ 168 $ (507) $ 342
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per share:        
Basic $ 0.16 $ 0.29 $ 0.03 $ 0.58
Diluted 0.15 0.28 0.03 0.57
Net income (loss) available to Genworth Financial, Inc.'s common stockholders per share:        
Basic [1] (0.87) 0.33 (1.00) 0.68
Diluted $ (0.86) $ 0.33 $ (0.99) $ 0.67
Weighted-average common shares outstanding:        
Basic 505.4 503.4 504.8 502.3
Diluted 512.5 508.7 511.1 508.7
[1] May not total due to whole number calculation.
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net income $ (418) $ 218 $ (490) $ 448
Other comprehensive income (loss), net of taxes:        
Net unrealized gains (losses) on securities without an allowance for credit losses 682 0 362 0
Net unrealized gains (losses) on securities with an allowance for credit losses (8) 0 (8) 0
Net unrealized gains (losses) on securities not other-than-temporarily impaired 0 376 0 755
Net unrealized gains (losses) on other-than-temporarily impaired securities 0 0 0 1
Derivatives qualifying as hedges (78) 133 675 202
Foreign currency translation and other adjustments 73 43 (25) 97
Total other comprehensive income (loss) 669 552 1,004 1,055
Total comprehensive income 251 770 514 1,503
Less: comprehensive income attributable to noncontrolling interests 60 81 7 192
Total comprehensive income available to Genworth Financial, Inc.'s common stockholders $ 191 $ 689 $ 507 $ 1,311
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) 448   0   0   0   342   0   342   106  
Other comprehensive income (loss), net of taxes 1,055   0   0   969   0   0   969   86  
Total comprehensive income 1,503                       1,311   192  
Dividends to noncontrolling interests (53)   0   0   0   0   0   0   (53)  
Stock-based compensation expense and exercises and other (3)   0   (4)   0   0   0   (4)   1  
Balances, ending at Jun. 30, 2019 15,592   1   11,983   3,013   1,460   (2,700)   13,757   1,835  
Balances, beginning at Mar. 31, 2019 14,882   1   11,989   2,492   1,292   (2,700)   13,074   1,808  
Repurchase of subsidiary shares (32)   0   0   0   0   0   0   (32)  
Comprehensive income (loss):                                
Net income (loss) 218   0   0   0   168   0   168   50  
Other comprehensive income (loss), net of taxes 552   0   0   521   0   0   521   31  
Total comprehensive income 770                       689   81  
Dividends to noncontrolling interests (25)   0   0   0   0   0   0   (25)  
Stock-based compensation expense and exercises and other (3)   0   (6)   0   0   0   (6)   3  
Balances, ending at Jun. 30, 2019 15,592   1   11,983   3,013   1,460   (2,700)   13,757   1,835  
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) (490)   0   0   0   (507)   0   (507)   17  
Other comprehensive income (loss), net of taxes 1,004   0   0   1,014   0   0   1,014   (10)  
Total comprehensive income 514                       507   7  
Dividends to noncontrolling interests (9)   0   0   0   0   0   0   (9)  
Stock-based compensation expense and exercises and other 6   0   6   0   0   0   6   0  
Balances, ending at Jun. 30, 2020 15,088   1   11,996   4,447   899   (2,700)   14,643   445  
Balances, beginning at Mar. 31, 2020 14,834   1   11,993   3,815   1,340   (2,700)   14,449   385  
Comprehensive income (loss):                                
Net income (loss) (418)   0   0   0   (441)   0   (441)   23  
Other comprehensive income (loss), net of taxes 669   0   0   632   0   0   632   37  
Total comprehensive income 251                       191   60  
Stock-based compensation expense and exercises and other 3   0   3   0   0   0   3   0  
Balances, ending at Jun. 30, 2020 $ 15,088   $ 1   $ 11,996   $ 4,447   $ 899   $ (2,700)   $ 14,643   $ 445  
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (490) $ 448
Less (income) loss from discontinued operations, net of taxes 520 (122)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Amortization of fixed maturity securities discounts and premiums (50) (57)
Net investment (gains) losses (7) (29)
Charges assessed to policyholders (314) (364)
Acquisition costs deferred (9) (16)
Amortization of deferred acquisition costs and intangibles 209 165
Goodwill impairment 5 0
Deferred income taxes 28 98
Derivative instruments, limited partnerships and other 191 18
Stock-based compensation expense 19 10
Change in certain assets and liabilities:    
Accrued investment income and other assets (131) (284)
Insurance reserves 674 609
Current tax liabilities (1) 13
Other liabilities, policy and contract claims and other policy-related balances 655 134
Cash from operating activities—discontinued operations 0 172
Net cash from operating activities 1,299 795
Cash flows used by investing activities:    
Fixed maturity securities 1,687 1,774
Commercial mortgage loans 302 291
Other invested assets 71 51
Proceeds from sales of investments:    
Fixed maturity and equity securities 1,657 2,362
Purchases and originations of investments:    
Fixed maturity and equity securities (4,166) (4,054)
Commercial mortgage loans (271) (561)
Other invested assets (236) (235)
Short-term investments, net 59 3
Policy loans, net 10 39
Cash used by investing activities—discontinued operations 0 (21)
Net cash used by investing activities (887) (351)
Cash flows used by financing activities:    
Deposits to universal life and investment contracts 516 444
Withdrawals from universal life and investment contracts (914) (1,096)
Redemption of non-recourse funding obligations (315) 0
Repayment and repurchase of long-term debt (471) (1)
Repurchase of subsidiary shares 0 (22)
Dividends paid to noncontrolling interests (9) (14)
Other, net 49 55
Cash used by financing activities—discontinued operations 0 (61)
Net cash used by financing activities (1,144) (695)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $—and $12 related to discontinued operations) (12) 12
Net change in cash, cash equivalents and restricted cash (744) (239)
Cash, cash equivalents and restricted cash at beginning of period 3,341 2,177
Cash, cash equivalents and restricted cash at end of period 2,597 1,938
Less cash, cash equivalents and restricted cash of discontinued operations at end of period 0 223
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 2,597 $ 1,715
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Statement of Cash Flows [Abstract]    
Discontinued operations exchange rate effect $ 0 $ 12
v3.20.2
Formation of Genworth and Basis of Presentation
 6 Months Ended
Jun. 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 Financial 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.
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 (“flow mortgage insurance”). We selectively provide mortgage insurance on a bulk basis (“bulk mortgage insurance”) with essentially all of our bulk writings being prime-based.
 
  •  
Australia Mortgage Insurance.
In Australia, we offer flow mortgage insurance and selectively provide 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.
On December 12, 2019, we completed the sale of Genworth MI Canada Inc. (“Genworth Canada”), our former Canada mortgage insurance business, to an affiliate of Brookfield Business Partners L.P. (“Brookfield”) and received approximately $1.7 billion in net cash proceeds. Prior to the sale, in the third quarter of 2019, Genworth Canada was reported as discontinued operations and its financial position, results of operations and cash flows were separately reported for all periods presented. All prior periods reflected herein have been
re-presented
on this basis. See note 14 for additional information related to discontinued operations.
Unless otherwise indicated, references to the condensed consolidated balance sheets, the condensed consolidated statements of income, the condensed consolidated statements of cash flows and the notes to the condensed consolidated financial statements, exclude amounts related to 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. 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 June 30, 2020, Genworth Holdings has $494 million of unrestricted cash and cash equivalents. For the quarterly period ended June 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:
 
 
•
 
A partial settlement payment in the amount of £100 million ($125 million) paid to
AXA S.A. (“AXA”) on
 July
21
, 2020 in connection with a settlement reached regarding the case titled
AXA S.A. v. Genworth Financial International Holdings, LLC et al.
As part of the settlement agreement, we issued a secured promissory note agreeing to pay AXA
two
 installments 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 $25 million in interest on the promissory note, assuming we do not make any pre-payments, and we may make an additional one-time payment of approximately
$40 million for an
 
 
 
unrelated liability and other expenses. 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 loss from discontinued operations.
 
  •  
Genworth Holdings has $356 million of its 7.20% senior notes maturing in February 2021. We are currently in compliance with the terms of our debt agreements and interest payments on our senior notes are forecasted to be $158 million for the next twelve months. See note 9 for additional details on our long-term borrowings.
We also evaluate other conditions and events and their relative significance in relation to our ability to meet our obligations. As an example, 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.
 
  •  
Due to the uncertain macroeconomic conditions surrounding
COVID-19,
on June 30, 2020, Genworth and China Oceanwide agreed to a fifteenth waiver and agreement extending the merger deadline to no later than September 30, 2020.
 
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.
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.
We are actively taking steps to raise capital to address our obligations, including a debt
financing
as well as, should our pending transaction with China Oceanwide not close, preparing for a 19.9% public offering of our U.S. mortgage insurance business subject to market conditions. We expect to
engage in
a debt
financing
through our U.S. mortgage insurance business later in 2020 which, along with existing cash and cash equivalents, would 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. We believe this debt
financing
is probable to be effectively implemented given the value of the U.S. mortgage insurance business, the healthy conditions of the relevant credit markets, recent similar peer transactions and our history of similar refinancing transactions, among other factors.
The impact of the developing 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
 6 Months Ended
Jun. 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, the 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 LIBOR.
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 $
25
 million as of June 
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 $544 million as of June 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 are in process of evaluating the impact the guidance may have on our 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. 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
 6 Months Ended
Jun. 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
    
Six months ended
  
   
June 30,
    
June 30,
  
(Amounts in millions, except per share amounts)
  
2020
    
2019
    
2020
    
2019
  
Weighted-average shares used in basic earnings per share calculations
      505.4       503.4        504.8       502.3  
Potentially dilutive securities:
          
Stock options, restricted stock units and stock appreciation rights
      7.1       5.3        6.3       6.4  
  
 
 
    
 
 
     
 
 
    
 
 
  
Weighted-average shares used in diluted earnings per share calculations
      512.5       508.7        511.1       508.7  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income from continuing operations:
          
Income from continuing operations
    $ 102     $ 158      $ 30     $ 326  
Less: net income from continuing operations attributable to noncontrolling interests
      23       15        17       35  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
    $ 79     $ 143      $ 13     $ 291  
  
 
 
    
 
 
     
 
 
    
 
 
  
Basic per share
    $ 0.16     $ 0.29      $ 0.03     $ 0.58  
  
 
 
    
 
 
     
 
 
    
 
 
  
Diluted per share
    $ 0.15     $ 0.28      $ 0.03     $ 0.57  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income (loss) from discontinued operations:
          
Income (loss) from discontinued operations, net of taxes
    $ (520 )    $ 60      $ (520 )    $ 122  
Less: net income from discontinued operations attributable to noncontrolling interests
      —         35        —         71  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ (520 )    $ 25      $ (520 )    $ 51  
  
 
 
    
 
 
     
 
 
    
 
 
  
Basic per share
    $ (1.03 )    $ 0.05      $ (1.03 )    $ 0.10  
  
 
 
    
 
 
     
 
 
    
 
 
  
Diluted per share
    $ (1.01 )    $ 0.05      $ (1.02 )    $ 0.10  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss):
          
Income from continuing operations
    $ 102     $ 158      $ 30     $ 326  
Income (loss) from discontinued operations, net of taxes
      (520 )      60        (520 )      122  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss)
      (418 )      218        (490 )      448  
Less: net income attributable to noncontrolling interests
      23       50        17       106  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (441 )    $ 168      $ (507 )    $ 342  
  
 
 
    
 
 
     
 
 
    
 
 
  
Basic per share
(1)
    $ (0.87 )    $ 0.33      $ (1.00 )    $ 0.68  
  
 
 
    
 
 
     
 
 
    
 
 
  
Diluted per share
    $ (0.86 )    $ 0.33      $ (0.99 )    $ 0.67  
  
 
 
    
 
 
     
 
 
    
 
 
  
 
(1)
May not total due to whole number calculation.
v3.20.2
Investments
 6 Months Ended
Jun. 30, 2020
Investments
(4) Investments
(a) Net Investment Income
Sources of net investment income were as follows for the periods indicated:
 
    
Three months ended
    
Six months ended
  
    
June 30,
    
June 30,
  
(Amounts in millions)
   
2020
    
2019
    
2020
    
2019
  
Fixed maturity securities—taxable
    $ 601     $ 634     $ 1,223     $ 1,247  
Fixed maturity
securities—non-taxable
      1       2       3       4  
Equity securities
      2       5       4       9  
Commercial mortgage loans
      84       85       169       167  
Policy loans
      49       45       98       91  
Other invested assets
      66       59       113       118  
Cash, cash equivalents, restricted cash and short-term investments
      4       11       15       22  
  
 
 
    
 
 
    
 
 
    
 
 
  
Gross investment income before expenses and fees
      807       841       1,625       1,658  
Expenses and fees
      (21 )      (25 )      (46 )      (48 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income
    $ 786     $ 816     $ 1,579     $ 1,610  
  
 
 
    
 
 
    
 
 
    
 
 
  
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
    
Three months ended
    
Six months ended
  
    
June 30,
    
June 30,
  
(Amounts in millions)
   
2020
    
2019
    
2020
    
2019
  
Available-for-sale
fixed maturity securities:
         
Realized gains
    $ 119     $ 10     $ 133     $ 74  
Realized losses
      (5 )      (21 )      (6 )      (27 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gains (losses) on
available-for-sale
fixed maturity securities
      114       (11 )      127       47  
  
 
 
    
 
 
    
 
 
    
 
 
  
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
      (7 )      —         (7 )      —    
Net realized gains (losses) on equity securities sold
      —         —         —         3  
Net unrealized gains (losses) on equity securities still held
      9       5       (10 )      17  
Limited partnerships
      37       (11 )      (3 )      4  
Commercial mortgage loans
      1       1       1       —    
Derivative instruments
(1)
      10       (30 )      (95 )      (42 ) 
Other
      (5 )      —         (6 )      —    
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment gains (losses)
    $ 159     $ (46 )    $ 7     $ 29  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
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 three and six months ended June 30, 2020:
 
         
Increase from
    
Increase
                                
         
securities
    
(decrease)
          
Decrease
                    
         
without
    
from securities
          
due to change
                    
         
allowance in
    
with allowance
          
in intent or
                    
   
Beginning
    
previous
    
in previous
    
Securities
    
requirement
                
Ending
  
(Amounts in millions)
  
balance
    
periods
    
periods
    
sold
    
to sell
    
Write-offs
    
Recoveries
    
balance
  
Fixed maturity securities:
                
Non-U.S.
corporate
   $ —       $ 4     $ —       $ —       $ —       $ —       $ —       $ 4  
Commercial mortgage-backed
     —         3       —         —         —         —         —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
available-for-sale
fixed maturity securities
   $ —     $ 7     $ —       $ —       $ —       $ —       $ —       $ 7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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:
 
    
Three months
     
Six months
  
    
ended
     
ended
  
    
June 30,
     
June 30,
  
(Amounts in millions)
   
2019
     
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)
  
June 30, 2020
    
December 31, 2019
  
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
    $ 8,766     $ 6,676  
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
      (10 )      —    
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves
      (6,420 )      (4,789 ) 
Income taxes, net
      (501 )      (406 ) 
  
 
 
    
 
 
  
Net unrealized investment gains (losses)
      1,835       1,481  
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
      24       25  
  
 
 
    
 
 
  
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
    $ 1,811     $ 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
  
    
June 30,
  
(Amounts in millions)
   
2020
    
2019
  
Beginning balance
    $ 1,140     $ 943  
Unrealized gains (losses) arising during the period:
     
Unrealized gains (losses) on fixed maturity securities
      3,911       1,957  
Adjustment to deferred acquisition costs
      (111 )      (52 ) 
Adjustment to present value of future profits
      5       (2 ) 
Adjustment to sales inducements
      (34 )      (12 ) 
Adjustment to benefit reserves
      (2,802 )      (1,412 ) 
Provision for income taxes
      (207 )      (104 ) 
  
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
      762       375  
Reclassification adjustments to net investment (gains) losses, net of taxes of $24 and $(1)
      (88 )      1  
  
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
      674       376  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
      3       14  
  
 
 
    
 
 
  
Ending balance
    $ 1,811     $ 1,305  
  
 
 
    
 
 
  
    
As of or for the
  
    
six months ended
  
    
June 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
      2,199       3,956  
Adjustment to deferred acquisition costs
      57       (1,041 ) 
Adjustment to present value of future profits
      4       (55 ) 
Adjustment to sales inducements
      2       (31 ) 
Adjustment to benefit reserves
      (1,694 )      (1,800 ) 
Provision for income taxes
      (120 )      (227 ) 
  
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
      448       802  
Reclassification adjustments to net investment (gains) losses, net of taxes of $25 and $12
      (94 )      (46 ) 
  
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
      354       756  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
      (1 )      46  
  
 
 
    
 
 
  
Ending balance
    $ 1,811     $ 1,305  
  
 
 
    
 
 
  
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 June 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:
 
   
Amortized
    
Gross
    
Gross
    
Allowance
        
   
cost or
    
unrealized
    
unrealized
    
for credit
    
Fair
  
(Amounts in millions)
  
cost
    
gains
    
losses
    
losses
    
value
  
Fixed maturity securities:
             
U.S. government, agencies and government-sponsored enterprises
    $ 3,877      $ 1,725      $ —       $ —       $ 5,602  
State and political subdivisions
      2,503        496        (1 )      —         2,998  
Non-U.S.
government
      1,424        125        (7 )      —         1,542  
U.S. corporate:
                                       
Utilities
      4,392        879        (1 )      —         5,270  
Energy
      2,454        203        (63 )      —         2,594  
Finance and insurance
      7,400        1,017        (14 )      —         8,403  
Consumer—non-cyclical
      5,132        1,147        (2 )      —         6,277  
Technology and communications
      2,912        503        (4 )      —         3,411  
Industrial
      1,350        157        (4 )      —         1,503  
Capital goods
      2,580        454        (6 )      —         3,028  
Consumer—cyclical
      1,748        224        (6 )      —         1,966  
Transportation
      1,335        254        (24 )      —         1,565  
Other
      340        38        —         —         378  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Total U.S. corporate
      29,643        4,876        (124 )      —         34,395  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                                       
Utilities
      811        68        —         —         879  
Energy
      1,141        148        (14 )      —         1,275  
Finance and insurance
      2,199        284        (16 )      (1 )      2,466  
Consumer—non-cyclical
      692        86        (1 )      —         777  
Technology and communications
      1,066        182        (1 )      —         1,247  
Industrial
      883        116        (4 )      —         995  
Capital goods
      565        50        (2 )      —         613  
Consumer—cyclical
      380        27        —         —         407  
Transportation
      560        84        (6 )      (3 )      635  
Other
      1,376        218        (3 )      —         1,591  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
      9,673        1,263        (47 )      (4 )      10,885  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
      1,927        259        (2 )      —         2,184  
Commercial mortgage-backed
      2,800        225        (52 )      (3 )      2,970  
Other asset-backed
      2,987        30        (49 )      —         2,968  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Total
available-for-sale
fixed maturity securities
    $ 54,834      $ 8,999      $ (282 )    $ (7 )    $ 63,544  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
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
         
   
Amortized
    
Not other-than-
    
Other-than-
    
Not other-than-
    
Other-than-
        
   
cost or
    
temporarily
    
temporarily
    
temporarily
    
temporarily
    
Fair
  
(Amounts in millions)
  
cost
    
impaired
    
impaired
    
impaired
    
impaired
    
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 June 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
         
Gross
                
Gross
                
Gross
        
   
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
  
(Dollar amounts in millions)
  
value
    
losses
    
securities
    
value
    
losses
    
securities
    
value
    
losses
    
securities
  
Description of Securities
                  
Fixed maturity securities:
                  
State and political subdivisions
   $ 23     $ (1 )      6     $ —       $ —         —       $ 23     $ (1 )      6  
Non-U.S.
government
     207       (7 )      18       —         —         —         207       (7 )      18  
U.S. corporate
     1,785       (107 )      291       182       (17 )      18       1,967       (124 )      309  
Non-U.S.
corporate
     613       (37 )      125       12       (2 )      2       625       (39 )      127  
Residential mortgage-backed
     36       (1 )      11       8       (1 )      4       44       (2 )      15  
Commercial mortgage-backed
     625       (50 )      105       —         —         —         625       (50 )      105  
Other asset-backed
     1,329       (38 )      291       263       (11 )      62       1,592       (49 )      353  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,618     $ (241 )      847     $ 465     $ (31 )      86     $ 5,083     $ (272 )      933  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                  
<20% Below cost
   $ 4,538     $ (211 )      825     $ 442     $ (24 )      83     $ 4,980     $ (235 )      908  
20%-50%
Below cost
     80       (30 )      22       22       (6 )      2       102       (36 )      24  
>50% Below cost
     —         —         —         1       (1 )      1       1       (1 )      1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,618     $ (241 )      847     $ 465     $ (31 )      86     $ 5,083     $ (272 )      933  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 3,731     $ (163 )      701     $ 330     $ (18 )      71     $ 4,061     $ (181 )      772  
Below investment grade
     887       (78 )      146       135       (13 )      15       1,022       (91 )      161  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,618     $ (241 )      847     $ 465     $ (31 )      86     $ 5,083     $ (272 )      933  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our corporate securities, for which an allowance for credit loss 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 June 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
         
Gross
                
Gross
                
Gross
        
   
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
  
(Dollar amounts in millions)
  
value
    
losses
    
securities
    
value
    
losses
    
securities
    
value
    
losses
    
securities
  
Description of Securities
                  
U.S. corporate:
                  
Utilities
   $ 35     $ (1 )      6     $ —       $ —         —       $ 35     $ (1 )      6  
Energy
     594       (50 )      93       88       (13 )      11       682       (63 )      104  
Finance and insurance
     429       (14 )      56       —         —         —         429       (14 )      56  
Consumer—non-cyclical
     80       (1 )      17       43       (1 )      2       123       (2 )      19  
Technology and communications
     89       (4 )      20       —         —         —         89       (4 )      20  
Industrial
     98       (4 )      9       —         —         —         98       (4 )      9  
Capital goods
     90       (5 )      14       14       (1 )      1       104       (6 )      15  
Consumer—cyclical
     181       (4 )      32       37       (2 )      4       218       (6 )      36  
Transportation
     189       (24 )      44       —         —         —         189       (24 )      44  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     1,785       (107 )      291       182       (17 )      18       1,967       (124 )      309  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                  
Energy
     150       (14 )      23       —         —         —         150       (14 )      23  
Finance and insurance
     215       (10 )      43       —         —         —         215       (10 )      43  
Consumer—non-cyclical
     —         —         —         6       (1 )      1       6       (1 )      1  
Technology and communications
     34       (1 )      16       —         —         —         34       (1 )      16  
Industrial
     80       (4 )      11       —         —         —         80       (4 )      11  
Capital goods
     62       (2 )      8       —         —         —         62       (2 )      8  
Transportation
     42       (4 )      15       —         —         —         42       (4 )      15  
Other
     30       (2 )      9       6       (1 )      1       36       (3 )      10  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal,
non-U.S.
corporate securities
     613       (37 )      125       12       (2 )      2       625       (39 )      127  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 2,398     $ (144 )      416     $ 194     $ (19 )      20     $ 2,592     $ (163 )      436  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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 June 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
    $ 1,494      $ 1,517  
Due after one year through five years
      9,518        10,054  
Due after five years through ten years
      12,978        14,478  
Due after ten years
      23,130        29,373  
  
 
 
     
 
 
  
Subtotal
      47,120        55,422  
Residential mortgage-backed
      1,927        2,184  
Commercial mortgage-backed
      2,800        2,970  
Other asset-backed
      2,987        2,968  
  
 
 
     
 
 
  
Total
    $ 54,834      $ 63,544  
  
 
 
     
 
 
  
As of June 30, 2020, securities issued by finance and insurance,
consumer—non-cyclical,
utilities and technology and communications industry groups represented approximately 24%, 16%, 14% 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 June 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:
 
    
June 30, 2020
    
December 31, 2019
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Property type:
           
Retail
    $ 2,531        36 %    $ 2,590        37 % 
Industrial
      1,655        24       1,670        24  
Office
      1,636        24       1,632        23  
Apartments
      583        8       541        8  
Mixed use
      279        4       281        4  
Other
      261        4       266        4  
  
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,945        100 %      6,980        100 % 
     
 
 
       
 
 
  
Unamortized balance of loan origination fees
      —            (4 )    
Allowance for credit losses
      (28 )         (13 )    
  
 
 
       
 
 
     
Total
    $ 6,917        $ 6,963     
  
 
 
       
 
 
     
    
June 30, 2020
    
December 31, 2019
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Geographic region:
           
South Atlantic
    $ 1,751        25 %    $ 1,715        25 % 
Pacific
      1,623        23       1,673        24  
Middle Atlantic
      989        14       992        14  
Mountain
      765        11       753        11  
West North Central
      476        7       488        7  
East North Central
      457        7       455        6  
West South Central
      436        6       433        6  
New England
      254        4       257        4  
East South Central
      194        3       214        3  
  
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,945        100 %      6,980        100 % 
     
 
 
       
 
 
  
Unamortized balance of loan origination fees
      —            (4 )    
Allowance for credit losses
      (28 )         (13 )    
  
 
 
       
 
 
     
Total
    $ 6,917        $ 6,963     
  
 
 
       
 
 
     
The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated:
 
    
June 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
    $ 10     $ —       $ —       $ 10     $ 2,521     $ 2,531  
Industrial
      —         —         —         —         1,655       1,655  
Office
      —         —         —         —         1,636       1,636  
Apartments
      —         —         —         —         583       583  
Mixed use
      —         —         —         —         279       279  
Other
      —         —         —         —         261       261  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 10     $ —       $ —       $ 10     $ 6,935     $ 6,945  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% 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 June 30, 2020 and December 31, 2019, we had no commercial mortgage loans on
non-accrual
status.
During the six months ended June 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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
  2020  
     
  2019  
     
  2020  
     
  2019  
  
Allowance for credit losses:
            
Beginning balance
    $ 29      $ 10      $ 13      $ 9  
Cumulative effect of change in accounting
      —          —          16        —    
Provision
      (1 )       1        (1 )       2  
Write-offs
      —          —          —          —    
Recoveries
      —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Ending balance
    $ 28      $ 11      $ 28      $ 11  
  
 
 
     
 
 
     
 
 
     
 
 
  
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 the
debt-to-value
of commercial mortgage loans by property type as of the dates indicated:
 
    
June 30, 2020
  
(Amounts in millions)
   
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
             
Retail
    $ 963     $ 572     $ 996     $ —       $ —       $ 2,531  
Industrial
      758       344       553       —         —         1,655  
Office
      530       359       739       8       —         1,636  
Apartments
      218       98       267       —         —         583  
Mixed use
      104       67       108       —         —         279  
Other
      57       65       139       —         —         261  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 2,630     $ 1,505     $ 2,802     $ 8     $ —       $ 6,945  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      38 %      22 %      40 %      —   %      —   %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
      2.31       1.80       1.56       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:
 
    
June 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
    $ 63     $ 136     $ 599     $ 1,118     $ 615     $ 2,531  
Industrial
      24       64       215       670       682       1,655  
Office
      28       112       269       751       476       1,636  
Apartments
      11       25       178       184       185       583  
Mixed use
      3       18       37       106       115       279  
Other
      33       145       19       31       33       261  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 162     $ 500     $ 1,317     $ 2,860     $ 2,106     $ 6,945  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      3 %      7 %      19 %      41 %      30 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average
debt-to-value
      57 %      61 %      63 %      58 %      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 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2020:
 
(Amounts in millions)
   
2020
     
2019
     
2018
     
2017
     
2016
     
2015 and
prior
     
Total
  
Debt-to-value:
                     
0% - 50%
    $ 4      $ 15      $ 36      $ 105      $ 118      $ 2,352      $ 2,630  
51% - 60%
      29        33        190        289        155        809        1,505  
61% - 75%
      236        748        766        337        226        489        2,802  
76% - 100%
      —          —          8        —          —          —          8  
Greater than 100%
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 269      $ 796      $ 1,000      $ 731      $ 499      $ 3,650      $ 6,945  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt service coverage ratio:
                                                           
Less than 1.00
    $ —        $ —        $ 33      $ 3      $ —        $ 126      $ 162  
1.00 - 1.25
      39        12        107        73        13        256        500  
1.26 - 1.50
      62        359        261        97        88        450        1,317  
1.51 - 2.00
      130        357        505        322        268        1,278        2,860  
Greater than 2.00
      38        68        94        236        130        1,540        2,106  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 269      $ 796      $ 1,000      $ 731      $ 499      $ 3,650      $ 6,945  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, gross
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
Recoveries
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, net
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
(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 June 30, 2020 and December 31, 2019, the total carrying value of these investments was $743 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
 6 Months Ended
Jun. 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
    
June 30,
2020
    
December 31,
2019
    
Balance
sheet
 
classification
    
June 30,
2020
    
December 31,
2019
  
Derivatives designated as hedges
            
Cash flow hedges:
            
Interest rate swaps
     Other invested assets     $ 939     $ 197       Other liabilities     $ —       $ 10  
Foreign currency swaps
     Other invested assets       17       4       Other liabilities       —         —    
   
 
 
    
 
 
      
 
 
    
 
 
  
Total cash flow hedges
       956       201         —         10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives designated as hedges
       956       201         —         10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Derivatives not designated as hedges
            
Equity index options
     Other invested assets       66       81       Other liabilities       —         —    
Financial futures
     Other invested assets       —         —         Other liabilities       —         —    
Other foreign currency contracts
     Other invested assets       2       8       Other liabilities       1       1  
GMWB embedded derivatives
     Reinsurance
 
recoverable
(1)
  
 		     38       20       Policyholder
account balances
 
(2)
  
 		     559       323  
Fixed index annuity embedded derivatives
     Other assets       —         —         Policyholder
account balances
 
(3)
  
 		     447       452  
Indexed universal life embedded derivatives
     Reinsurance
 
recoverable		  
 		     —         —         Policyholder
account balances
 
(4)
  
 		     23       19  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives not designated as hedges
       106       109         1,030       795  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives
     $ 1,062     $ 310       $ 1,030     $ 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
    
June 30,
2020
  
Derivatives designated as hedges
              
Cash flow hedges:
              
Interest rate swaps
    Notional    $ 8,968      $ 1,158      $ (1,880 )    $ 8,246  
Foreign currency swaps
    Notional      110        —          —         110  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total cash flow hedges
         9,078        1,158        (1,880 )      8,356  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives designated as hedges
         9,078        1,158        (1,880 )      8,356  
     
 
 
     
 
 
     
 
 
    
 
 
  
Derivatives not designated as hedges
                                  
Interest rate swaps
    Notional      4,674        —          —         4,674  
Equity index options
    Notional      2,451        883        (1,126 )      2,208  
Financial futures
    Notional      1,182        3,082        (2,914 )      1,350  
Other foreign currency contracts
    Notional      628        3,009        (2,618 )      1,019  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives not designated as hedges
         8,935        6,974        (6,658 )      9,251  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives
       $ 18,013      $ 8,132      $ (8,538 )    $ 17,607  
     
 
 
     
 
 
     
 
 
    
 
 
  
(Number of policies)
   
Measurement
   
December 31,
2019
     
Additions
     
Maturities/
terminations
    
June 30,
2020
  
Derivatives not designated as hedges
              
GMWB embedded derivatives
    Policies      25,623        —          (992 )      24,631  
Fixed index annuity embedded derivatives
    Policies      15,441        —          (668 )      14,773  
Indexed universal life embedded derivatives
    Policies      884        —          (28 )      856  
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 June 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
   $ (57 )    $ 46     Net investment
income		   $ —       Net investment
gains (losses)
Interest rate swaps hedging liabilities
     1       —       Interest expense     —       Net investment
gains (losses)
Foreign currency swaps
     (4 )      —       Net investment
income		     —       Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
    
Total
   $ (60 )    $ 46       $ —      
 
 
 
    
 
 
      
 
 
    
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the three months ended June 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
   $ 216     $ 42     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
     (20 )      —       Interest expense     —     Net investment
gains (losses)
Foreign currency swaps
     2       (1 )    Net investment
income		     —     Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
  
Total
   $ 198     $ 37       $ —    
 
 
 
    
 
 
      
 
 
  
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the six months ended June 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
   $ 984     $ 89     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
     (62 )      —       Interest expense     —     Net investment
gains (losses)
Foreign currency swaps
     13       —       Net investment
income		     —     Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
  
Total
   $ 935     $ 93       $ —    
 
 
 
    
 
 
      
 
 
  
 
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the six months ended June 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
   $ 353     $ 80     Net investment
income		   $ —       Net investment
gains (losses)
Interest rate swaps hedging assets
     —         2     Net investment
gains (losses)		     —       Net investment
gains (losses)
Interest rate swaps hedging liabilities
     (32 )      —       Interest expense     —       Net investment
gains (losses)
Foreign currency swaps
     (1 )      (1 )    Net investment
income		     —       Net investment
gains (losses)
Foreign currency swaps
     —         —       Net investment
gains (losses)		     2     Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
    
Total
   $ 320     $ 81       $ 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
June 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
  
Derivatives qualifying as effective accounting hedges as of April 1
    $ 2,755     $ 1,850  
Current period increases (decreases) in fair value, net of deferred taxes of $12 and $(41)
      (48 )      157  
Reclassification to net (income), net of deferred taxes of $16 and $13
      (30 )      (24 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of June 30
    $ 2,677     $ 1,983  
  
 
 
    
 
 
  
 
    
Six months ended
June 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 $(200) and $(66)
      735       254  
Reclassification to net (income), net of deferred taxes of $33 and $29
      (60 )      (52 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of June 30
    $ 2,677     $ 1,983  
  
 
 
    
 
 
  
The total of derivatives designated as cash flow hedges of $2,677 million, net of taxes, recorded in stockholders’ equity as of June 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, $123 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 six months ended June 30, 2020 and 2019, we reclassified $1 million
 
and $2 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 June 30,
    
Classification of gain (loss) recognized

in net income (loss)
(Amounts in millions)
  
2020
    
 2019
  
Interest rate swaps
   $ (2 )    $ (3 )    Net investment gains (losses)
Equity index options
     4       10     Net investment gains (losses)
Financial futures
     (123 )      17     Net investment gains (losses)
Other foreign currency contracts
     44       (7 )    Net investment gains (losses)
GMWB embedded derivatives
     129       (22 )    Net investment gains (losses)
Fixed index annuity embedded derivatives
     (45 )      (20 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     3       (1 )    Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ 10     $ (26 )   
 
 
 
    
 
 
    
 
   
Six months ended June 30,
    
Classification of gain (loss) recognized

in net income (loss)
(Amounts in millions)
  
2020
    
2019
  
Interest rate swaps
   $ (12 )    $ (4 )    Net investment gains (losses)
Equity index options
     (9 )      27     Net investment gains (losses)
Financial futures
     138       (27 )    Net investment gains (losses)
Other foreign currency contracts
     (3 )      (7 )    Net investment gains (losses)
GMWB embedded derivatives
     (207 )      23     Net investment gains (losses)
Fixed index annuity embedded derivatives
     (13 )      (58 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     7       —       Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ (99 )    $ (46 )   
 
 
 
    
 
 
    
 
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:
 
   
June 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
   $ 1,024     $ 1     $ 1,023     $ 291     $ 11     $ 280  
Gross amounts offset in the balance sheet
     —         —         —         —         —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amounts presented in the balance sheet
     1,024       1       1,023       291       11       280  
Gross amounts not offset in the balance sheet:
            
Financial instruments 
(3)
     (1 )      (1 )      —         (7 )      (7 )      —    
Collateral received
     (864 )      —         (864 )      (179 )      —         (179 ) 
Collateral pledged
     —         (434 )      434       —         (405 )      405  
Over collateralization
     19       433       (414 )      18       401       (383 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount
   $ 178     $ (1 )    $ 179     $ 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 June 30, 2020 and December 31, 2019.
(2)
 
Does not include amounts related to embedded derivatives as of June 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
 6 Months Ended
Jun. 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 June 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 90%
of
our portfolio was priced using third-party pricing services as of June 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 third-party 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 third-party 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 third-party pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of June 30, 2020:
 
(Amounts in millions)
  
Fair value
    
Primary methodologies
  
Significant inputs
U.S. government, agencies and government-sponsored enterprises
 
$
5,602
 
 
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
 
$
2,935
 
 
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
 
$
1,527
 
 
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
 
$
30,874
 
 
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
 
$
8,589
 
 
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
 
$
2,160
 
 
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
 
$
 
 
 
 
 
2,949
 
 
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
 
$
2,847
 
 
Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers
 
Spreads to daily updated swaps 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
non-U.S.
government, U.S. corporate and
non-U.S.
corporate securities are valued using internal models. The fair value of these fixed maturity securities was $15 million, $1,189 million and $602 million, respectively, as of June 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 third-party pricing services.
Short-term investments
The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by third-party 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 third-party 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 $863 million as of June 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 $3,392 million as of June 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 June 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 June 30, 2020 and December 31, 2019, the impact of
non-performance
risk resulted in a lower fair value of our GMWB liabilities of $91 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 June 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 June 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 June 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:
 
    
June 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
    $ 5,602      $ —        $ 5,602      $ —        $ —    
State and political subdivisions
      2,998        —          2,935        63        —    
Non-U.S.
government
      1,542        —          1,542        —          —    
U.S. corporate:
               
Utilities
      5,270        —          4,334        936        —    
Energy
      2,594        —          2,471        123        —    
Finance and insurance
      8,403        —          7,852        551        —    
Consumer—non-cyclical
      6,277        —          6,174        103        —    
Technology and communications
      3,411        —          3,345        66        —    
Industrial
      1,503        —          1,464        39        —    
Capital goods
      3,028        —          2,931        97        —    
Consumer—cyclical
      1,966        —          1,768        198        —    
Transportation
      1,565        —          1,511        54        —    
Other
      378        —          213        165        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. corporate
      34,395        —          32,063        2,332        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Non-U.S.
corporate:
               
Utilities
      879        —          522        357        —    
Energy
      1,275        —          1,038        237        —    
Finance and insurance
      2,466        —          2,155        311        —    
Consumer—non-cyclical
      777        —          723        54        —    
Technology and communications
      1,247        —          1,219        28        —    
Industrial
      995        —          903        92        —    
Capital goods
      613        —          440        173        —    
Consumer—cyclical
      407        —          251        156        —    
Transportation
      635        —          494        141        —    
Other
      1,591        —          1,446        145        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
non-U.S.
corporate
      10,885        —          9,191        1,694        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Residential mortgage-backed
      2,184        —          2,160        24        —    
Commercial mortgage-backed
      2,970        —          2,949        21        —    
Other asset-backed
      2,968        —          2,847        121        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturity securities
      63,544        —          59,289        4,255        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Equity securities
      206        45        108        53        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Other invested assets:
               
Derivative assets:
               
Interest rate swaps
      939        —          939        —          —    
Foreign currency swaps
      17        —          17        —          —    
Equity index options
      66        —          —          66        —    
Other foreign currency contracts
      2        —          2        —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative assets
      1,024        —          958        66        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Securities lending collateral
      59        —          59        —          —    
Short-term investments
      190        —          190        —          —    
Limited partnerships
      598        —          —          —          598  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total other invested assets
      1,871        —          1,207        66        598  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance recoverable
(2)
      38        —          —          38        —    
Separate account assets
      5,536        5,536        —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
    $ 71,195      $ 5,581      $ 60,604      $ 4,412      $ 598  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(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
April 1,
2020
    
Total realized and
unrealized gains
(losses)
                                        
Ending
balance

as of
June 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
   $ 83     $ —       $ 7     $ —       $ —       $ —       $ —       $ —       $ (27 )    $ 63     $ 1     $ 6  
Non-U.S.
government
     1       —         —         —         —         —         (1 )      —         —         —         —         —    
U.S. corporate:
                        
Utilities
     843       —         37       32       —         —         (2 )      26       —         936       —         37  
Energy
     124       1       13       —         —         —         (2 )      —         (13 )      123       —         9  
Finance and insurance
     510       —         33       21       —         —         (12 )      —         (1 )      551       —         33  
Consumer—non-cyclical
     88       —         8       8       —         —         (1 )      —         —         103       —         8  
Technology and communications
     61       —         5       —         —         —         —         —         —         66       —         5  
Industrial
     37       —         2       —         —         —         —         —         —         39       —         2  
Capital goods
     90       —         7       —         —         —         —         —         —         97       —         7  
Consumer—cyclical
     179       —         11       —         —         —         (1 )      9       —         198       —         11  
Transportation
     43       —         2       —         —         —         (1 )      10       —         54       —         2  
Other
     138       —         2       —         —         —         (2 )      27       —         165       —         2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,113       1       120       61       —         —         (21 )      72       (14 )      2,332       —         116  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                        
Utilities
     355       —         23       1       —         —         —         —         (22 )      357       —         23  
Energy
     236       —         22       —         —         —         (26 )      5       —         237       —         22  
Finance and insurance
     223       1       50       —         —         —         —         37       —         311       1       49  
Consumer—non-cyclical
     58       —         5       —         —         —         —         —         (9 )      54       —         4  
Technology and communications
     27       —         1       —         —         —         —         —         —         28       —         1  
Industrial
     92       —         8       —         —         —         —         —         (8 )      92       —         7  
Capital goods
     135       —         9       —         —         —         —         29       —         173       —         9  
Consumer—cyclical
     164       —         12       —         —         —         (3 )      —         (17 )      156       —         11  
Transportation
     108       —         11       —         —         —         —         22       —         141       —         11  
Other
     131       —         9       5       —         —         —         —         —         145       —         9  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
     1,529       1       150       6       —         —         (29 )      93       (56 )      1,694       1       146  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     24       —         1       —         —         —         (1 )      3       (3 )      24       —         —    
Commercial mortgage-backed
     —         —         1       —         —         —         —         20       —         21       —         1  
Other asset-backed
     118       —         2       6       —         —         (5 )      —         —         121       —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     3,868       2       281       73       —         —         (57 )      188       (100 )      4,255       2       272  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     50       —         —         6       (3 )      —         —         —         —         53       —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                        
Derivative assets:
                        
Equity index options
     62       4       —         7       —         —         (7 )      —         —         66       8       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     62       4       —         7       —         —         (7 )      —         —         66       8       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     62       4       —         7       —         —         (7 )      —         —         66       8       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     47       (9 )      —         —         —         —         —         —         —         38       (9 )      —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,027     $ (3 )    $ 281     $ 86     $ (3 )    $ —       $ (64 )    $ 188     $ (100 )    $ 4,412     $ 1     $ 272  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
April 1,
2019
 
 
Total realized and
unrealized gains
(losses)
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Ending
balance

as of
June 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
  
Fixed maturity securities:
                      
State and political subdivisions
   $ 52     $ 1     $ 8     $ —       $ —       $ —       $ —       $ —       $ —       $ 61     $ —    
U.S. corporate:
                            
Utilities
     748       —         20       82       (13 )      —         (38 )      —         (10 )      789       —    
Energy
     115       —         3       5       —         —         (1 )      —         —         122       —    
Finance and insurance
     590       —         15       10       —         —         (8 )      —         —         607       —    
Consumer—non-cyclical
     74       —         1       14       —         —         —         —         —         89       —    
Technology and communications
     52       —         3       —         —         —         —         —         (11 )      44       —    
Industrial
     40       —         —         —         —         —         —         —         —         40       —    
Capital goods
     95       —         3       —         —         —         —         —         —         98       —    
Consumer—cyclical
     195       —         3       —         —         —         (13 )      —         —         185       —    
Transportation
     54       —         —         —         —         —         —         —         —         54       —    
Other
     199       —         3       —         —         —         (3 )      —         —         199       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,162       —         51       111       (13 )      —         (63 )      —         (21 )      2,227       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                          
Utilities
     435       —         7       —         (7 )      —         (17 )      —         (1 )      417       —    
Energy
     221       —         5       15       —         —         —         —         —         241       —    
Finance and insurance
     182       1       7       2       —         —         (13 )      —         —         179       1  
Consumer—non-cyclical
     67       —         1       —         —         —         —         —         —         68       —    
Technology and communications
     27       —         —         —         —         —         —         —         —         27       —    
Industrial
     63       —         1       —         —         —         —         —         —         64       —    
Capital goods
     173       —         3       5       —         —         —         —         —         181       —    
Consumer—cyclical
     125       —         2       —         —         —         (1 )      —         —         126       —    
Transportation
     192       —         3       4       —         —         —         —         —         199       —    
Other
     90       —         4       35       —         —         —         —         —         129       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
     1,575       1       33       61       (7 )      —         (31 )      —         (1 )      1,631       1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     35       —         1       —         —         —         —         —         —         36       —    
Commercial mortgage-backed
     98       —         7       1       —         —         —         —         (14 )      92       —    
Other asset-backed
     197       —         1       42       —         —         (29 )      27       (4 )      234       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     4,119       2       101       215       (20 )      —         (123 )      27       (40 )      4,281       1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     55       —         —         2       (1 )      —         —         —         —         56       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                          
Derivative assets:
                          
Equity index options
     60       10       —         9       —         —         (14 )      —         —         65       7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     60       10       —         9       —         —         (14 )      —         —         65       7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     60       10       —         9       —         —         (14 )      —         —         65       7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     18       2       —         —         —         —         —         —         —         20       2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,252     $ 14     $ 101     $ 226     $ (21 )    $ —       $ (137 )    $ 27     $ (40 )    $ 4,422     $ 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.
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

June 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     $ 1     $ (12 )    $ —       $ —       $ —       $ (1 )    $ —       $ (27 )    $ 63     $ 2     $ (13 ) 
Non-U.S.
government
     —         —         —         —         —         —         (1 )      1       —         —         —         —    
U.S. corporate:
                                                                                            
Utilities
     865       —         12       32       —         —         (2 )      42       (13 )      936       —         14  
Energy
     129       1       (2 )      10       (21 )      —         (3 )      22       (13 )      123       —         (5 ) 
Finance and insurance
     572       2       2       21       —         —         (24 )      —         (22 )      551       —         5  
Consumer—non-cyclical
     94       —         2       8       —         —         (1 )      —         —         103       —         2  
Technology and communications
     50       —         1       20       —         —         —         —         (5 )      66       —         2  
Industrial
     40       —         (1 )      —         —         —         —         —         —         39       —         (1 ) 
Capital goods
     102       —         (1 )      —         —         —         (4 )      —         —         97       —         (1 ) 
Consumer—cyclical
     173       —         4       —         —         —         (3 )      24       —         198       —         4  
Transportation
     78       —         (2 )      —         —         —         (2 )      10       (30 )      54       —         1  
Other
     136       —         1       5       —         —         (4 )      27       —         165       —         1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,239       3       16       96       (21 )      —         (43 )      125       (83 )      2,332       —         22  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                                                                                            
Utilities
     374       —         3       12       —         —         —         21       (53 )      357       —         3  
Energy
     247       —         (8 )      —         —         —         (26 )      24       —         237       —         (8 ) 
Finance and insurance
     234       2       9       15       —         —         —         58       (7 )      311       2       10  
Consumer—non-cyclical
     59       —         2       8       —         —         —         1       (16 )      54       —         1  
Technology and communications
     28       —         —         —         —         —         —         —         —         28       —         —    
Industrial
     104       —         1       —         —         —         (5 )      —         (8 )      92       —         —    
Capital goods
     161       1       (2 )      —         —         —         (16 )      29       —         173       —         (1 ) 
Consumer—cyclical
     147       —         (3 )      4       —         —         (7 )      32       (17 )      156       —         (5 ) 
Transportation
     191       —         2       —         —         —         —         22       (74 )      141       —         6  
Other
     140       —         —         5       —         —         (1 )      1       —         145       —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
     1,685       3       4       44       —         —         (55 )      188       (175 )      1,694       2       6  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     27       —         —         —         —         —         (1 )      4       (6 )      24       —         —    
Commercial mortgage-backed
     6       —         2       —         —         —         —         20       (7 )      21       —         1  
Other asset-backed
     132       —         (2 )      15       —         —         (22 )      —         (2 )      121       —         (2 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     4,191       7       8       155       (21 )      —         (123 )      338       (300 )      4,255       4       14  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     51       —         —         6       (4 )      —         —         —         —         53       —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                                                                                            
Derivative assets:
                                                                                            
Equity index options
     81       (9 )      —         18       —         —         (24 )      —         —         66       5       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     81       (9 )      —         18       —         —         (24 )      —         —         66       5       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     81       (9 )      —         18       —         —         (24 )      —         —         66       5       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     20       17       —         —         —         1       —         —         —         38       17       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,343     $ 15     $ 8     $ 179     $ (25 )    $ 1     $ (147 )    $ 338     $ (300 )    $ 4,412     $ 26     $ 14  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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)
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Ending
balance

as of
June 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
  
Fixed maturity securities:
                      
State and political subdivisions
   $ 51     $ 2     $ 8     $ —       $ —       $ —       $ —       $ —       $ —       $ 61     $ 1  
U.S. corporate:
                                                                                    
Utilities
     643       —         42       96       (14 )      —         (40 )      72       (10 )      789       —    
Energy
     121       —         7       5       —         —         (11 )      —         —         122       —    
Finance and insurance
     534       —         38       40       —         —         (12 )      7       —         607       —    
Consumer—non-cyclical
     73       —         3       14       —         —         (10 )      9       —         89       —    
Technology and communications
     50       —         5       —         —         —         —         —         (11 )      44       —    
Industrial
     39       —         1       —         —         —         —         —         —         40       —    
Capital goods
     92       —         6       —         —         —         —         —         —         98       —    
Consumer—cyclical
     211       —         10       —         (13 )      —         (14 )      —         (9 )      185       —    
Transportation
     57       —         1       4       —         —         (8 )      —         —         54       —    
Other
     178       —         6       22       —         —         (15 )      8       —         199       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     1,998       —         119       181       (27 )      —         (110 )      96       (30 )      2,227       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                                                                                    
Utilities
     404       —         23       30       (7 )      —         (17 )      —         (16 )      417       —    
Energy
     217       —         12       16       —         —         (4 )      —         —         241       —    
Finance and insurance
     171       2       18       7       —         —         (13 )      —         (6 )      179       2  
Consumer—non-cyclical
     106       2       4       —         —         —         (44 )      —         —         68       —    
Technology and communications
     26       —         1       —         —         —         —         —         —         27       —    
Industrial
     61       —         3       —         —         —         —         —         —         64       —    
Capital goods
     173       —         9       10       —         —         (11 )      —         —         181       —    
Consumer—cyclical
     122       —         8       —         —         —         (4 )      —         —         126       —    
Transportation
     171       —         9       19       —         —         —         —         —         199       —    
Other
     81       —         8       35       —         —         (1 )      6       —         129       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
n
on-U.S.
corporate
     1,532       4       95       117       (7 )      —         (94 )      6       (22 )      1,631       2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     35       —         1       —         —         —         —         —         —         36       —    
Commercial mortgage-backed
     95       —         9       2       —         —         —         —         (14 )      92       —    
Other asset-backed
     154       —         2       96       —         —         (42 )      28       (4 )      234       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     3,865       6       234       396       (34 )      —         (246 )      130       (70 )      4,281       3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     58       —         —         2       (4 )      —         —         —         —         56       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                                                                                    
Derivative assets:
                                                                                    
Equity index options
     39       27       —         21       —         —         (22 )      —         —         65       11  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     39       27       —         21       —         —         (22 )      —         —         65       11  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     39       27       —         21       —         —         (22 )      —         —         65       11  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     20       (1 )      —         —         —         1       —         —         —         20       (1 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 3,982     $ 32     $ 234     $ 419     $ (38 )    $ 1     $ (268 )    $ 130     $ (70 )    $ 4,422     $ 13  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
2020
    
2019
     
2020
     
 2019
  
Total realized and unrealized gains (losses) included in net income (loss):
           
Net investment income
    $ 2     $ 2      $ 6      $ 6  
Net investment gains (losses)
      (5 )      12        9        26  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ (3 )    $ 14      $ 15      $ 32  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total gains (losses) included in net income (loss) attributable to assets still held:
           
Net investment income
    $ 2     $ 1      $ 4      $ 3  
Net investment gains (losses)
      (1 )      9        22        10  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ 1     $ 10      $ 26      $ 13  
  
 
 
    
 
 
     
 
 
     
 
 
  
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 June 30, 2020:
 
(Amounts in millions)
  
Valuation technique
    
Fair value
    
Unobservable input
    
Range
    
Weighted-average 
(1)
  
Fixed maturity securities:
          
U.S. corporate:
          
Utilities
     Internal models     $ 826       Credit spreads      
71bps - 427bps
       194bps  
Energy
     Internal models       8       Credit spreads       108bps       N/A  
Finance and insurance
     Internal models       497       Credit spreads       73bps - 380bps       206bps  
Consumer—non-cyclical
     Internal models       102       Credit spreads       83bps - 395bps       202bps  
Technology and communications
     Internal models       66       Credit spreads      
212bps - 395bps
       271bps  
Industrial
     Internal models       39       Credit spreads       199bps - 483bps       293bps  
Capital goods
     Internal models       97       Credit spreads       120bps - 294bps       214bps  
Consumer—cyclical
     Internal models       161       Credit spreads       131bps - 307bps       208bps  
Transportation
     Internal models       44       Credit spreads       76bps - 199bps       144bps  
Other
     Internal models       165       Credit spreads       99bps - 213bps       122bps  
   
 
 
        
Total U.S. corporate
     Internal models     $ 2,005       Credit spreads       71bps - 483bps       197bps  
   
 
 
        
Non-U.S.
corporate:
          
Utilities
     Internal models     $ 357       Credit spreads       97bps - 286bps       176bps  
Energy
     Internal models       82       Credit spreads       120bps - 272bps       175bps  
Finance and insurance
     Internal models       209       Credit spreads       136bps - 188bps       133bps  
Consumer—non-cyclical
     Internal models       53       Credit spreads       107bps - 182bps       160bps  
Technology and communications
     Internal models       28       Credit spreads       153bps - 260bps       221bps  
Industrial
     Internal models       92       Credit spreads       108bps - 272bps       193bps  
Capital goods
     Internal models       144       Credit spreads       107bps - 294bps       215bps  
Consumer—cyclical
     Internal models       45       Credit spreads       97bps - 272bps       194bps  
Transportation
     Internal models       114       Credit spreads       83bps - 294bps       175bps  
Other
     Internal models       144       Credit spreads       121bps - 507bps       300bps  
   
 
 
        
Total
non-U.S.
corporate
     Internal models     $ 1,268       Credit spreads       83bps - 507bps       196bps  
   
 
 
        
Derivative assets:
            
Equity index options
     Discounted cash
flows		  
 		   $ 66       Equity index
volatility		  
 		     6% - 38%       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:
 
    
June 30, 2020
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Liabilities
            
Policyholder account balances:
            
GMWB embedded derivatives
(1)
    $ 559      $ —        $ —        $ 559  
Fixed index annuity embedded derivatives
      447        —          —          447  
Indexed universal life embedded derivatives
      23        —          —          23  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total policyholder account balances
      1,029        —          —          1,029  
  
 
 
     
 
 
     
 
 
     
 
 
  
Derivative liabilities:
            
Other foreign currency contracts
      1        —          1        —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative liabilities
      1        —          1        —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
    $ 1,030      $ —        $ 1      $ 1,029  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(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:
 
(Amounts in millions)
  
Beginning
balance

as of
April 1,
2020
    
Total realized and
unrealized (gains)
losses
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 30,
2020
    
Total (gains) 
losses
attributable to
liabilities still held
  
 
Included
in net
(income)
loss
    
Included
in OCI
    
Included
in net
(income)
loss
    
Included
in OCI
  
Policyholder account balances:
 
 
 
 
 
 
 
 
 
 
 
 
GMWB embedded derivatives
(1)
 
$
691
 
 
$
(138
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
6
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
559
 
 
$
(137
) 
 
$
—  
 
Fixed index annuity embedded derivatives
 
 
413
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(11
) 
 
 
—  
 
 
 
—  
 
 
 
447
 
 
 
45
 
 
 
—  
 
Indexed universal life embedded derivatives
 
 
21
 
 
 
(3
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
23
 
 
 
(3
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
1,125
 
 
 
(96
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11
 
 
 
(11
) 
 
 
—  
 
 
 
—  
 
 
 
1,029
 
 
 
(95
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
1,125
 
 
$
(96
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
11
 
 
$
(11
) 
 
$
—  
 
 
$
—  
 
 
$
1,029
 
 
$
(95
) 
 
$
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
   
Beginning
balance

as of
April 1,
2019
    
Total realized and
unrealized (gains)
losses
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 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
  
Policyholder account balances:
                      
GMWB embedded derivatives
(1)
   $ 295     $ 24     $ —       $ —       $ —       $ 6     $ —       $ —       $ —       $ 325     $ 24  
Fixed index annuity embedded derivatives
     423       20       —         —         —         —         (5 )      —         —         438       20  
Indexed universal life embedded derivatives
     13       1       —         —         —         1       —         —         —         15       1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     731       45       —         —         —         7       (5 )      —         —         778       45  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 731     $ 45     $ —       $ —       $ —       $ 7     $ (5 )    $ —       $ —       $ 778     $ 45  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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:
 
(Amounts in millions)
  
Beginning
balance

as of
January 1,
2020
    
Total realized and
unrealized (gains)
losses
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 30,
2020
    
Total (gains)
losses
attributable to
liabilities still held
  
 
Included
in net
(income)
loss
    
Included
in OCI
    
Included
in net
(income)
loss
    
Included
in OCI
  
Policyholder account balances:
                        
GMWB embedded derivatives
(1)
   $ 323     $ 224     $ —       $ —       $ —       $ 12     $ —       $ —       $ —       $ 559     $ 231     $ —    
Fixed index annuity embedded derivatives
     452       13       —         —         —         —         (18 )      —         —         447       13       —    
Indexed universal life embedded derivatives
     19       (7 )      —         —         —         11       —         —         —         23       (7 )      —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     794       230       —         —         —         23       (18 )      —         —         1,029       237       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 794     $ 230     $ —       $ —       $ —       $ 23     $ (18 )    $ —       $ —       $ 1,029     $ 237     $ —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 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
  
Policyholder account balances:
                      
GMWB embedded derivatives
(1)
   $ 337     $ (24 )    $ —       $ —       $ —       $ 12     $ —       $ —       $ —       $ 325     $ (20 ) 
Fixed index annuity embedded derivatives
     389       58       —         —         —         —         (9 )      —         —         438       58  
Indexed universal life embedded derivatives
     12       —         —         —         —         3       —         —         —         15       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     738       34       —         —         —         15       (9 )      —         —         778       38  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 738     $ 34     $ —       $ —       $ —       $ 15     $ (9 )    $ —       $ —       $ 778     $ 38  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
June 30,
     
Six months ended
June 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
      (96 )      45        230        34  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ (96 )    $ 45      $ 230      $ 34  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total (gains) losses included in net (income) loss attributable to liabilities still held:
           
Net investment income
    $ —       $ —        $ —        $ —    
Net investment (gains) losses
      (95 )      45        237        38  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ (95 )    $ 45      $ 237      $ 38  
  
 
 
    
 
 
     
 
 
     
 
 
  
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 June 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%
 
 
   3
%
     
Non-performance risk
  
 
  
      (credit spreads)  
 
9bps - 83bps
 
 
   67
bps
GMWB embedded derivatives
(2)
  
 
Stochastic cash flow
model
 
 
   $ 559     Equity index
volatility		  
 
 21% - 30%
 
 
   24
%
Fixed index annuity embedded derivatives
  
 
Option budget
method
 
 
   $ 447     Expected future
interest credited		  
 
 —
  
%
 - 3%
 
 
   1
%
 
Indexed universal life embedded derivatives
  
 
 
Option budget
method

 
   $ 23     Expected future
interest credited		  
 
 3% - 11%
 
 
 
 
 
 
   6
%
 
 
(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:
 
    
June 30, 2020
  
    
Notional

amount
    
Carrying

amount
     
Fair value
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                 
Commercial mortgage loans
                  
(1)
 		   $ 6,917      $ 7,225      $ —        $ —        $ 7,225  
Other invested assets
                  
(1)
 		     418        421        —          22        399  
Liabilities:
                 
Long-term borrowings
                  
(1)
 		     2,817        2,153        —          2,016        137  
Investment contracts
                  
(1)
 		  
11,258
   
12,227
   
—
   
—
   
12,227
Other firm commitments:
                 
Commitments to fund limited partnerships
      1,135       —          —          —          —          —    
Commitments to fund bank loan investments
      35       —          —          —          —          —    
Ordinary course of business lending commitments
      116       —          —          —          —          —    
 
(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
 6 Months Ended
Jun. 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 six
months ended

June 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
      2,238        1,961  
Prior years
      (255 )       (206 ) 
  
 
 
     
 
 
  
Total incurred
      1,983        1,755  
  
 
 
     
 
 
  
Paid related to insured events of:
      
Current year
      (436 )       (407 ) 
Prior years
      (1,339 )       (1,253 ) 
  
 
 
     
 
 
  
Total paid
      (1,775 )       (1,660 ) 
  
 
 
     
 
 
  
Interest on liability for policy and contract claims
      205        188  
Foreign currency translation
      (4 )       (1 ) 
  
 
 
     
 
 
  
Net ending balance
      8,961        8,198  
Add reinsurance recoverables
      2,319        2,388  
  
 
 
     
 
 
  
Ending balance
    $ 11,280      $ 10,586  
  
 
 
     
 
 
  
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 possibly 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 new delinquency.
For the six months ended June 30, 2020, the favorable development of $255 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 in the current year
.
 
For the six months ended June 30, 2020, the liability for policy and contract claims increased $322 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 the deterioration of early cure emergence patterns impacting claim frequency along with a modest increase in claim severity. The current year also reflected lower net benefits from cures and aging of existing delinquencies compared to the prior year. 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 prior year 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 $37 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
 6 Months Ended
Jun. 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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
2020
     
2020
  
Allowance for credit losses:
      
Beginning balance
    $ 42      $ —    
Cumulative effect of change in accounting
      —          40  
Provision
      2        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 June 30, 2020:
 
(Amounts in millions)
   
Collateralized
     
Non-collateralized
     
Total
  
Credit rating:
         
A++
    $ —        $ 508      $ 508  
A+
      1,267        1,467        2,734  
A
      20        58        78  
B+
      —          2        2  
Not rated
      13,542        80        13,622  
  
 
 
     
 
 
     
 
 
  
Total reinsurance recoverable
    $ 14,829      $ 2,115      $ 16,944  
  
 
 
     
 
 
     
 
 
  
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 June 30, 2020 and December 31, 2019, we had a reinsurance recoverable of $13,539 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 June 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 June 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
. The filing did not include a schedule for affected cedents to object to the proposed rehabilitation plan. We do not know what deadlines will be imposed related to the Court of Chancery’s consideration of the proposed plan, but we expect a final hearing to be scheduled in November or December of this year.
As of June 30, 2020, amounts past due related to Scottish Re were $13 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.
v3.20.2
Borrowings and Liquidity
 6 Months Ended
Jun. 30, 2020
Borrowings
(9) Borrowings and Liquidity
(a) Long-Term Borrowings
The following table sets forth total long-term borrowings as of the dates indicated:
 
(Amounts in millions)
   
June 30,
2020
     
December 31,
2019
  
Genworth Holdings
(1)
      
7.70% Senior Notes, due 2020
    $ —        $ 397  
7.20% Senior Notes, due 2021
      356        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
      2,711        3,174  
Bond consent fees
      (22 )       (25 ) 
Deferred borrowing charges
      (10 )       (12 ) 
  
 
 
     
 
 
  
Total Genworth Holdings
      2,679        3,137  
  
 
 
     
 
 
  
Australia
(2)
      
Floating Rate Junior Subordinated Notes, due 2025
      138        140  
  
 
 
     
 
 
  
Total Australia
      138        140  
  
 
 
     
 
 
  
Total
   
$
 2,817      $ 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 has the option to redeem the notes at face value beginning on July 3, 2020, 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 second quarter of 2020, Genworth Holdings repurchased $52 million principal amount of its senior notes with 2021 maturity dates for a
pre-tax
gain of $3 million and paid accrued interest thereon. In March 2020, Genworth Holdings also repurchased $14 million principal amount of its senior notes with 2021 maturity dates for a
pre-tax
gain of $1 million and paid accrued interest thereon.
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. In addition, on July 3, 2020, GFMIPL issued 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 has outstanding floating rate subordinated notes of AUD$53 million due in July 2025 and AUD$190 million due in July 2030.
(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
 6 Months Ended
Jun. 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
 
 
Six months ended
 
 
  
June 30,
 
 
June 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
  
 
4.8
 
 
 
3.2
 
 
 
19.1
 
 
 
3.9
 
Effect of foreign operations
  
 
3.7
 
 
 
2.3
 
 
 
7.3
 
 
 
2.7
 
Non-deductible
goodwill
  
 
1.2
 
 
 
—  
 
 
 
2.7
 
 
 
—  
 
Non-deductible
expense
  
 
0.7
 
 
 
0.6
 
 
 
2.8
 
 
 
0.7
 
Tax favored investments
  
 
(0.8
) 
 
 
(0.5
) 
 
 
(3.2
) 
 
 
(0.5
) 
Stock-based compensation
  
 
0.1
 
 
 
0.1
 
 
 
2.9
 
 
 
—  
 
Other, net
  
 
0.4
 
 
 
2.8
 
 
 
1.9
 
 
 
1.5
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective rate
  
 
31.1
% 
 
 
29.5
% 
 
 
54.5
% 
 
 
29.3
% 
The increase in the effective tax rate for the three and six months ended June 30, 2020 was primarily attributable to 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, in relation to lower
pre-tax
income in the current year. The increase was also attributable to a higher tax expense related to foreign operations,
non-deductible
goodwill recorded in the current year and higher stock-based compensation for the six months ended June 30, 2020.
U.S. GAAP generally requires an annualized effective tax rate to be used for interim reporting periods, utilizing projections of full year results. However, in certain circumstances it is appropriate to record the actual effective tax rate for the period if a reliable full year estimate cannot be made. For the three and six months ended June 30, 2020, we have elected to record the actual effective tax rate for the period, primarily due to the sensitivity of the full year annualized effective rate
in relation to
small changes in projected
pre-tax
income
.
v3.20.2
Segment Information
 6 Months Ended
Jun. 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.
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.
During the second and first quarters of 2020, we repurchased $52 million and $14 million, respectively, principal amount of Genworth Holdings’ senior notes with 2021 maturity dates for a
pre-tax
gain of $3 million and $1 million, respectively. In January 2020, we paid a
pre-tax
make-whole expense of $9 million related to the early redemption of Genworth Holdings, Inc.’s 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.
We recorded a
pre-tax
expense of $1 million and $2 million for the three and six months ended June 30, 2020, respectively, and $4 million for the six months ended June 30, 2019 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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
2020
     
2019
     
 
 
 
2020
 
 
 
     
 
 
2019
 
 
 
  
Revenues:
            
U.S. Mortgage Insurance segment
    $ 274      $ 235      $ 535      $ 458  
  
 
 
     
 
 
     
 
 
     
 
 
  
Australia Mortgage Insurance segment
      136        96        163        206  
  
 
 
     
 
 
     
 
 
     
 
 
  
U.S. Life Insurance segment:
                    
Long-term care insurance
      1,200        1,055        2,206        2,169  
Life insurance
      335        382        683        754  
Fixed annuities
      129        151        262        310  
  
 
 
     
 
 
     
 
 
     
 
 
  
U.S. Life Insurance segment
      1,664        1,588        3,151        3,233  
  
 
 
     
 
 
     
 
 
     
 
 
  
Runoff segment
      90        78        97        160  
  
 
 
     
 
 
     
 
 
     
 
 
  
Corporate and Other activities
      (26 )       (3 )       29        (19 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 2,138      $ 1,994      $ 3,975      $ 4,038  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
 
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
June 30,
    
Six months
 
ended
June 30,
  
(Amounts in millions)
   
2020
    
2019
    
2020
    
2019
  
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (441 )    $ 168     $ (507 )    $ 342  
Add: net income from continuing operations attributable to noncontrolling interests
      23       15       17       35  
Add: net income from discontinued operations attributable to noncontrolling interests
      —         35       —         71  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (418 )      218       (490 )      448  
Less: income (loss) from discontinued operations, net of taxes
      (520 )      60       (520 )      122  
  
 
 
    
 
 
    
 
 
    
 
 
  
Income from continuing operations
      102       158       30       326  
Less: net income from continuing operations attributable to noncontrolling interests
      23       15       17       35  
  
 
 
    
 
 
    
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
      79       143       13       291  
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
         
Net investment (gains) losses, net
(1)
      (131 )      43       (16 )      (28 ) 
Goodwill impairment, net
(2)
      3       —         3       —    
(Gains) losses on early extinguishment of debt
      (3 )      —         9       —    
Expenses related to restructuring
      1       —         2       4  
Taxes on adjustments
      30       (8 )      1       6  
  
 
 
    
 
 
    
 
 
    
 
 
  
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (21 )    $ 178     $ 12     $ 273  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
 
 
 
 
 
 
 
 
 
(1)
For the three months ended June 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(4) and $(3) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $32 million and $—, respectively. For the six months ended June 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(15) million and $(5) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $6
 
million in both periods.
 
 
(2)
For the three and six months ended June 30, 2020, goodwill impairment was adjusted for the portion attributable to noncontrolling interests of $2 million.
 
    
Three months ended
     
Six months ended
  
    
June 30,
     
June 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
    $ (3 )    $ 147     $
 
 
 145     $
 
 
 271  
Australia Mortgage Insurance segment
      1       13       10       27  
U.S. Life Insurance segment:
         
Long-term care insurance
      48       37       49       17  
Life insurance
      (81 )      10       (158 )      8  
Fixed annuities
      28       19       34       36  
  
 
 
    
 
 
    
 
 
    
 
 
  
U.S. Life Insurance segment
      (5 )      66       (75 )      61  
  
 
 
    
 
 
    
 
 
    
 
 
  
Runoff segment
      24       9       11       29  
Corporate and Other activities
      (38 )      (57 )      (79 )      (115 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (21 )    $ 178     $ 12     $ 273  
  
 
 
    
 
 
    
 
 
    
 
 
  
The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated:
(Amounts in millions)
   
June 30,
2020
     
December 31,
2019
  
Assets:
      
U.S. Mortgage Insurance segment
    $ 4,944      $ 4,504  
Australia Mortgage Insurance segment
      2,439        2,406  
U.S. Life Insurance segment
      83,829        81,640  
Runoff segment
      9,783        9,953  
Corporate and Other activities
      2,642        2,839  
  
 
 
     
 
 
  
Total assets
    $ 103,637      $ 101,342  
  
 
 
     
 
 
  
v3.20.2
Commitments and Contingencies
 6 Months Ended
Jun. 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 o
n
 
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 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 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 adds Genworth’s current chief financial officer as a defendant, based on the current chief financial officer’s 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 current chief financial officer, its 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”). In February 2018, we served a Particulars of Defence and counterclaim against AXA, and also served other counterclaims against various parties, including Santander Cards UK Limited (“Santander”), alleging that Santander is responsible for any remediation paid to PPI customers. AXA and Santander applied to the Court for orders dismissing or staying the counterclaims. A hearing on those applications was held in October 2018, and the Court dismissed our counterclaims. On November 15, 2018, AXA amended its claim and updated its demand to £237 million. We filed our amended Particulars of Defence and amended counterclaim on December 13, 2018, seeking, among other forms of relief, a declaration that in the event we make any payment to AXA pursuant to the indemnity, we are subrogated to FICL’s and FACL’s rights against Santander with respect to those amounts. On February 25, 2019, AXA amended its claim and updated its demand to £265 million. The Court held a case management conference and hearing on February 26, 2019. Santander, FICL and FACL consented to be joined as parties to the proceedings and consented to allow Genworth to amend its pleadings to include the subrogation declarations to reflect the additional parties. On March 29, 2019, AXA, FICL, FACL and Santander filed their respective responses to our amended counterclaim. On June 21, 2019, we filed an application to address certain deficiencies in AXA’s discovery production. On July 18, 2019, we reached an agreement with AXA and Santander regarding our discovery application. The hearing on liability and subrogation matters 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 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 January 10, 2020, Genworth applied to the English Court of Appeal (Civil Division) for permission to appeal certain aspects of the December 6, 2019 judgment including, among other matters, the Court’s determination that Genworth is not entitled to be subrogated to the rights of FICL/FACL against Santander or require AXA to assert reasonable defenses with respect to PPI
mis-selling
claims. On March 16, 2020, the English Court of Appeal (Civil Division) denied permission for Genworth to appeal the December 6, 2019 judgment.
 
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
.
 
O
n July 20, 2020, Genworth and GFIH entered into a settlement agreement with AXA
pur
suant t
o 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
subseque
ntly iss
ued
damages
judgment of July 27, 2020.
See note 14 f
o
r
 
additional
details on the terms of the settlement with AXA
, the
sale of our former lifestyle protection insurance business
and amo
unts recor
ded r
el
ated to
loss
from d
i
scon
ti
n
ued
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 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 and July 14, 2020 and has continued the final approval hearing to 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. Our responsive pleading deadline is August 31, 2020. 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 June 30, 2020, we were committed to fund $1,135 million in limited partnership investments, $84 million in U.S. commercial mortgage loan investments and $32 million in private placement investments. As of June 30, 2020, we were also committed to fund $35 million of bank loan investments which had not yet been drawn.
v3.20.2
Changes in Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 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 April 1, 2020
    $ 1,140     $ 2,755     $ (80 )    $ 3,815  
OCI before reclassifications
      762       (48 )      73       787  
Amounts reclassified from (to) OCI
      (88 )      (30 )      —         (118 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      674       (78 )      73       669  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020 before noncontrolling interests
      1,814       2,677       (7 )      4,484  
  
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      3       —         34       37  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020
    $ 1,811     $ 2,677     $ (41 )    $ 4,447  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(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 April 1, 2019
    $ 943      $ 1,850     $ (301 )    $ 2,492  
OCI before reclassifications
      375        157       43       575  
Amounts reclassified from (to) OCI
      1        (24 )      —         (23 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Current period OCI
      376        133       43       552  
  
 
 
     
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019 before noncontrolling interests
      1,319        1,983       (258 )      3,044  
  
 
 
     
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      14        —         17       31  
  
 
 
     
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019
    $ 1,305      $ 1,983     $ (275 )    $ 3,013  
  
 
 
     
 
 
    
 
 
    
 
 
  
 
(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
      448       735       (25 )      1,158  
Amounts reclassified from (to) OCI
      (94 )      (60 )      —         (154 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      354       675       (25 )      1,004  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020 before noncontrolling interests
      1,810       2,677       (50 )      4,437  
  
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      (1 )      —         (9 )      (10 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020
    $ 1,811     $ 2,677     $ (41 )    $ 4,447  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
      802       254       97       1,153  
Amounts reclassified from (to) OCI
      (46 )      (52 )      —         (98 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      756       202       97       1,055  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019 before noncontrolling interests
      1,351       1,983       (235 )      3,099  
  
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      46       —         40       86  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019
    $ 1,305     $ 1,983     $ (275 )    $ 3,013  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(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 June 30, 2019. The balance also included taxes of $22 million and $(45) million, respectively, related to foreign currency translation adjustments as of June 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 June 30,
    
Six months ended June 30,
  
(Amounts in millions)
  
2020
    
2019
    
2020
    
2019
  
Net unrealized investment (gains) losses:
           
Unrealized (gains) losses on investments 
(1)
    $ (112 )    $ 2     $ (119 )    $ (58 )    Net investment (gains) losses
Income
taxes
      24       (1 )      25       12     Provision for income taxes
  
 
 
    
 
 
    
 
 
    
 
 
    
Total
    $ (88 )    $ 1     $ (94 )    $ (46 )   
  
 
 
    
 
 
    
 
 
    
 
 
    
Derivatives qualifying as hedges:
           
Interest rate swaps hedging assets
    $ (46 )    $ (42 )    $ (89 )    $ (80 )    Net investment income
Interest rate swaps hedging assets
      —         4       (4 )      (2 )    Net investment (gains) losses
Foreign currency swaps
      —         1       —         1     Net investment income
Income
taxes
      16       13       33       29     Provision for income taxes
  
 
 
    
 
 
    
 
 
    
 
 
    
Total
    $ (30 )    $ (24 )    $ (60 )    $ (52 )   
  
 
 
    
 
 
    
 
 
    
 
 
    
 
(1)
Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.20.2
Discontinued Operations
 6 Months Ended
Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
(14) Discontinued Operations
Canada mortgage insurance business
On December 12, 2019, we completed the sale of Genworth Canada, our former Canada mortgage insurance business and received approximately $1.7 billion in net cash proceeds. Prior to its sale, in the third quarter of 2019, Genworth Canada was reported as discontinued operations; accordingly, its results of operations were separately reported for the three and six months ended June 30, 2019.
A summary of operating results related to Genworth Canada reported as discontinued operations were as follows for the three and six months ended June 30, 2019:
 
(Amounts in millions)
   
Three months
 
ended
June 30, 2019
     
Six months
 
ended
June 30,
 
2019
  
Revenues:
      
Premiums
    $ 125      $ 251  
Net investment income
      36        71  
Net investment gains (losses)
      1        —    
  
 
 
     
 
 
  
Total revenues
      162        322  
  
 
 
     
 
 
  
Benefits and expenses:
      
Benefits and other changes in policy reserves
      19        38  
Acquisition and operating expenses, net of deferrals
      18        32  
Amortization of deferred acquisition costs and intangibles
      11        21  
Interest expense
(1)
      13        25  
  
 
 
     
 
 
  
Total benefits and expenses
      61        116  
  
 
 
     
 
 
  
Income before income taxes
(2)
      101        206  
Provision for income taxes
      41        84  
  
 
 
     
 
 
  
Income from discontinued operations, net of taxes
      60        122  
  
 
 
     
 
 
  
Less: net income from discontinued operations attributable to noncontrolling interests
      35        71  
  
 
 
     
 
 
  
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ 25      $ 51  
  
 
 
     
 
 
  
 
(1)
Interest on debt assumed by Brookfield and interest on debt that was repaid as a result of the sale of Genworth Canada was allocated and reported in discontinued operations. A senior secured term loan facility (“Term Loan”), owed by Genworth Holdings and secured by GFIH’s ownership interest in Genworth Canada’s outstanding common shares, was repaid in connection with the close of the Genworth Canada sale. Accordingly, interest expense related to the Term Loan of $8 million and $16 million for the three and six months ended June 30, 2019, respectively, was allocated and reported in discontinued operations.
(2)
The three and six months ended June 30, 2019 includes
pre-tax
income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $55 million and $111 million, respectively.
Lifestyle protection insurance
On December 1, 2015, we completed the sale of our lifestyle protection insurance business to AXA. In June 2020, we accrued a contingent liability of $653 million that was reflected as liabilities related to discontinued operations in our unaudited condensed consolidated balance sheet as of June 30, 2020. The contingent liability was recorded in connection with a settlement agreement reached with AXA on July 20, 2020
 f
or losses incurred from mis-selling complaints on policies sold from 1970 through 2004. An
 
after-tax
loss
of $516 million
related to
the
settlement
was also included in loss from discontinued operations for the three and six months ended June 30, 2020, along with other
after-tax
legal fees and expenses of $4 million. See note 12 for additional 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 payment protection insurance
 mis
-selling
claims, along with
 a significant p
ortion of
future claims that are still being processed. On July 21, 2020, under the settlement agreement, we paid an initial amount of £100 million ($125 million) to AXA. In addition, we issued a secured promissory note to AXA, under which we agreed to make deferred cash payments totaling approximately £317 million in two installment payments on June 2022 and September 2022. Future claims that are still being processed will be added to the promissory note as part of the September 2022 payment. 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. To secure our obligation under the promissory note, we granted a 19.9% security interest, held by us through our subsidiaries, in both our outstanding common stock of Genworth Mortgage Holdings, Inc. (“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 June 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, representations and warranties and customary events of default.
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 an unrelated liability related to certain claims 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)
 6 Months Ended
Jun. 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, the 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 LIBOR.
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 $
25
 million as of June 
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 $544 million as of June 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 are in process of evaluating the impact the guidance may have on our 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. 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)
 6 Months Ended
Jun. 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
    
Six months ended
  
   
June 30,
    
June 30,
  
(Amounts in millions, except per share amounts)
  
2020
    
2019
    
2020
    
2019
  
Weighted-average shares used in basic earnings per share calculations
      505.4       503.4        504.8       502.3  
Potentially dilutive securities:
          
Stock options, restricted stock units and stock appreciation rights
      7.1       5.3        6.3       6.4  
  
 
 
    
 
 
     
 
 
    
 
 
  
Weighted-average shares used in diluted earnings per share calculations
      512.5       508.7        511.1       508.7  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income from continuing operations:
          
Income from continuing operations
    $ 102     $ 158      $ 30     $ 326  
Less: net income from continuing operations attributable to noncontrolling interests
      23       15        17       35  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
    $ 79     $ 143      $ 13     $ 291  
  
 
 
    
 
 
     
 
 
    
 
 
  
Basic per share
    $ 0.16     $ 0.29      $ 0.03     $ 0.58  
  
 
 
    
 
 
     
 
 
    
 
 
  
Diluted per share
    $ 0.15     $ 0.28      $ 0.03     $ 0.57  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income (loss) from discontinued operations:
          
Income (loss) from discontinued operations, net of taxes
    $ (520 )    $ 60      $ (520 )    $ 122  
Less: net income from discontinued operations attributable to noncontrolling interests
      —         35        —         71  
  
 
 
    
 
 
     
 
 
    
 
 
  
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ (520 )    $ 25      $ (520 )    $ 51  
  
 
 
    
 
 
     
 
 
    
 
 
  
Basic per share
    $ (1.03 )    $ 0.05      $ (1.03 )    $ 0.10  
  
 
 
    
 
 
     
 
 
    
 
 
  
Diluted per share
    $ (1.01 )    $ 0.05      $ (1.02 )    $ 0.10  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss):
          
Income from continuing operations
    $ 102     $ 158      $ 30     $ 326  
Income (loss) from discontinued operations, net of taxes
      (520 )      60        (520 )      122  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss)
      (418 )      218        (490 )      448  
Less: net income attributable to noncontrolling interests
      23       50        17       106  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (441 )    $ 168      $ (507 )    $ 342  
  
 
 
    
 
 
     
 
 
    
 
 
  
Basic per share
(1)
    $ (0.87 )    $ 0.33      $ (1.00 )    $ 0.68  
  
 
 
    
 
 
     
 
 
    
 
 
  
Diluted per share
    $ (0.86 )    $ 0.33      $ (0.99 )    $ 0.67  
  
 
 
    
 
 
     
 
 
    
 
 
  
 
(1)
May not total due to whole number calculation.
v3.20.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2020
Net Investment Income
Sources of net investment income were as follows for the periods indicated:
 
    
Three months ended
    
Six months ended
  
    
June 30,
    
June 30,
  
(Amounts in millions)
   
2020
    
2019
    
2020
    
2019
  
Fixed maturity securities—taxable
    $ 601     $ 634     $ 1,223     $ 1,247  
Fixed maturity
securities—non-taxable
      1       2       3       4  
Equity securities
      2       5       4       9  
Commercial mortgage loans
      84       85       169       167  
Policy loans
      49       45       98       91  
Other invested assets
      66       59       113       118  
Cash, cash equivalents, restricted cash and short-term investments
      4       11       15       22  
  
 
 
    
 
 
    
 
 
    
 
 
  
Gross investment income before expenses and fees
      807       841       1,625       1,658  
Expenses and fees
      (21 )      (25 )      (46 )      (48 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income
    $ 786     $ 816     $ 1,579     $ 1,610  
  
 
 
    
 
 
    
 
 
    
 
 
  
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
    
Six months ended
  
    
June 30,
    
June 30,
  
(Amounts in millions)
   
2020
    
2019
    
2020
    
2019
  
Available-for-sale
fixed maturity securities:
         
Realized gains
    $ 119     $ 10     $ 133     $ 74  
Realized losses
      (5 )      (21 )      (6 )      (27 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gains (losses) on
available-for-sale
fixed maturity securities
      114       (11 )      127       47  
  
 
 
    
 
 
    
 
 
    
 
 
  
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
      (7 )      —         (7 )      —    
Net realized gains (losses) on equity securities sold
      —         —         —         3  
Net unrealized gains (losses) on equity securities still held
      9       5       (10 )      17  
Limited partnerships
      37       (11 )      (3 )      4  
Commercial mortgage loans
      1       1       1       —    
Derivative instruments
(1)
      10       (30 )      (95 )      (42 ) 
Other
      (5 )      —         (6 )      —    
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment gains (losses)
    $ 159     $ (46 )    $ 7     $ 29  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
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 three and six months ended June 30, 2020:
         
Increase from
    
Increase
                                
         
securities
    
(decrease)
          
Decrease
                    
         
without
    
from securities
          
due to change
                    
         
allowance in
    
with allowance
          
in intent or
                    
   
Beginning
    
previous
    
in previous
    
Securities
    
requirement
                
Ending
  
(Amounts in millions)
  
balance
    
periods
    
periods
    
sold
    
to sell
    
Write-offs
    
Recoveries
    
balance
  
Fixed maturity securities:
                
Non-U.S.
corporate
   $ —       $ 4     $ —       $ —       $ —       $ —       $ —       $ 4  
Commercial mortgage-backed
     —         3       —         —         —         —         —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
available-for-sale
fixed maturity securities
   $ —     $ 7     $ —       $ —       $ —       $ —       $ —       $ 7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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:
 
    
Three months
     
Six months
  
    
ended
     
ended
  
    
June 30,
     
June 30,
  
(Amounts in millions)
   
2019
     
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)
  
June 30, 2020
    
December 31, 2019
  
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
    $ 8,766     $ 6,676  
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
      (10 )      —    
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves
      (6,420 )      (4,789 ) 
Income taxes, net
      (501 )      (406 ) 
  
 
 
    
 
 
  
Net unrealized investment gains (losses)
      1,835       1,481  
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
      24       25  
  
 
 
    
 
 
  
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
    $ 1,811     $ 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
  
    
June 30,
  
(Amounts in millions)
   
2020
    
2019
  
Beginning balance
    $ 1,140     $ 943  
Unrealized gains (losses) arising during the period:
     
Unrealized gains (losses) on fixed maturity securities
      3,911       1,957  
Adjustment to deferred acquisition costs
      (111 )      (52 ) 
Adjustment to present value of future profits
      5       (2 ) 
Adjustment to sales inducements
      (34 )      (12 ) 
Adjustment to benefit reserves
      (2,802 )      (1,412 ) 
Provision for income taxes
      (207 )      (104 ) 
  
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
      762       375  
Reclassification adjustments to net investment (gains) losses, net of taxes of $24 and $(1)
      (88 )      1  
  
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
      674       376  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
      3       14  
  
 
 
    
 
 
  
Ending balance
    $ 1,811     $ 1,305  
  
 
 
    
 
 
  
    
As of or for the
  
    
six months ended
  
    
June 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
      2,199       3,956  
Adjustment to deferred acquisition costs
      57       (1,041 ) 
Adjustment to present value of future profits
      4       (55 ) 
Adjustment to sales inducements
      2       (31 ) 
Adjustment to benefit reserves
      (1,694 )      (1,800 ) 
Provision for income taxes
      (120 )      (227 ) 
  
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
      448       802  
Reclassification adjustments to net investment (gains) losses, net of taxes of $25 and $12
      (94 )      (46 ) 
  
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
      354       756  
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
      (1 )      46  
  
 
 
    
 
 
  
Ending balance
    $ 1,811     $ 1,305  
  
 
 
    
 
 
  
Fixed Maturity Securities
As of June 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:
 
   
Amortized
    
Gross
    
Gross
    
Allowance
        
   
cost or
    
unrealized
    
unrealized
    
for credit
    
Fair
  
(Amounts in millions)
  
cost
    
gains
    
losses
    
losses
    
value
  
Fixed maturity securities:
             
U.S. government, agencies and government-sponsored enterprises
    $ 3,877      $ 1,725      $ —       $ —       $ 5,602  
State and political subdivisions
      2,503        496        (1 )      —         2,998  
Non-U.S.
government
      1,424        125        (7 )      —         1,542  
U.S. corporate:
                                       
Utilities
      4,392        879        (1 )      —         5,270  
Energy
      2,454        203        (63 )      —         2,594  
Finance and insurance
      7,400        1,017        (14 )      —         8,403  
Consumer—non-cyclical
      5,132        1,147        (2 )      —         6,277  
Technology and communications
      2,912        503        (4 )      —         3,411  
Industrial
      1,350        157        (4 )      —         1,503  
Capital goods
      2,580        454        (6 )      —         3,028  
Consumer—cyclical
      1,748        224        (6 )      —         1,966  
Transportation
      1,335        254        (24 )      —         1,565  
Other
      340        38        —         —         378  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Total U.S. corporate
      29,643        4,876        (124 )      —         34,395  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                                       
Utilities
      811        68        —         —         879  
Energy
      1,141        148        (14 )      —         1,275  
Finance and insurance
      2,199        284        (16 )      (1 )      2,466  
Consumer—non-cyclical
      692        86        (1 )      —         777  
Technology and communications
      1,066        182        (1 )      —         1,247  
Industrial
      883        116        (4 )      —         995  
Capital goods
      565        50        (2 )      —         613  
Consumer—cyclical
      380        27        —         —         407  
Transportation
      560        84        (6 )      (3 )      635  
Other
      1,376        218        (3 )      —         1,591  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
      9,673        1,263        (47 )      (4 )      10,885  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
      1,927        259        (2 )      —         2,184  
Commercial mortgage-backed
      2,800        225        (52 )      (3 )      2,970  
Other asset-backed
      2,987        30        (49 )      —         2,968  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Total
available-for-sale
fixed maturity securities
    $ 54,834      $ 8,999      $ (282 )    $ (7 )    $ 63,544  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
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
         
   
Amortized
    
Not other-than-
    
Other-than-
    
Not other-than-
    
Other-than-
        
   
cost or
    
temporarily
    
temporarily
    
temporarily
    
temporarily
    
Fair
  
(Amounts in millions)
  
cost
    
impaired
    
impaired
    
impaired
    
impaired
    
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 June 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
         
Gross
                
Gross
                
Gross
        
   
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
  
(Dollar amounts in millions)
  
value
    
losses
    
securities
    
value
    
losses
    
securities
    
value
    
losses
    
securities
  
Description of Securities
                  
Fixed maturity securities:
                  
State and political subdivisions
   $ 23     $ (1 )      6     $ —       $ —         —       $ 23     $ (1 )      6  
Non-U.S.
government
     207       (7 )      18       —         —         —         207       (7 )      18  
U.S. corporate
     1,785       (107 )      291       182       (17 )      18       1,967       (124 )      309  
Non-U.S.
corporate
     613       (37 )      125       12       (2 )      2       625       (39 )      127  
Residential mortgage-backed
     36       (1 )      11       8       (1 )      4       44       (2 )      15  
Commercial mortgage-backed
     625       (50 )      105       —         —         —         625       (50 )      105  
Other asset-backed
     1,329       (38 )      291       263       (11 )      62       1,592       (49 )      353  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,618     $ (241 )      847     $ 465     $ (31 )      86     $ 5,083     $ (272 )      933  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                  
<20% Below cost
   $ 4,538     $ (211 )      825     $ 442     $ (24 )      83     $ 4,980     $ (235 )      908  
20%-50%
Below cost
     80       (30 )      22       22       (6 )      2       102       (36 )      24  
>50% Below cost
     —         —         —         1       (1 )      1       1       (1 )      1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,618     $ (241 )      847     $ 465     $ (31 )      86     $ 5,083     $ (272 )      933  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 3,731     $ (163 )      701     $ 330     $ (18 )      71     $ 4,061     $ (181 )      772  
Below investment grade
     887       (78 )      146       135       (13 )      15       1,022       (91 )      161  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,618     $ (241 )      847     $ 465     $ (31 )      86     $ 5,083     $ (272 )      933  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our corporate securities, for which an allowance for credit loss 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 June 30, 2020:
 
   
Less than 12 months
    
12 months or more
    
Total
  
         
Gross
                
Gross
                
Gross
        
   
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
    
Fair
    
unrealized
    
Number of
  
(Dollar amounts in millions)
  
value
    
losses
    
securities
    
value
    
losses
    
securities
    
value
    
losses
    
securities
  
Description of Securities
                  
U.S. corporate:
                  
Utilities
   $ 35     $ (1 )      6     $ —       $ —         —       $ 35     $ (1 )      6  
Energy
     594       (50 )      93       88       (13 )      11       682       (63 )      104  
Finance and insurance
     429       (14 )      56       —         —         —         429       (14 )      56  
Consumer—non-cyclical
     80       (1 )      17       43       (1 )      2       123       (2 )      19  
Technology and communications
     89       (4 )      20       —         —         —         89       (4 )      20  
Industrial
     98       (4 )      9       —         —         —         98       (4 )      9  
Capital goods
     90       (5 )      14       14       (1 )      1       104       (6 )      15  
Consumer—cyclical
     181       (4 )      32       37       (2 )      4       218       (6 )      36  
Transportation
     189       (24 )      44       —         —         —         189       (24 )      44  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     1,785       (107 )      291       182       (17 )      18       1,967       (124 )      309  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                  
Energy
     150       (14 )      23       —         —         —         150       (14 )      23  
Finance and insurance
     215       (10 )      43       —         —         —         215       (10 )      43  
Consumer—non-cyclical
     —         —         —         6       (1 )      1       6       (1 )      1  
Technology and communications
     34       (1 )      16       —         —         —         34       (1 )      16  
Industrial
     80       (4 )      11       —         —         —         80       (4 )      11  
Capital goods
     62       (2 )      8       —         —         —         62       (2 )      8  
Transportation
     42       (4 )      15       —         —         —         42       (4 )      15  
Other
     30       (2 )      9       6       (1 )      1       36       (3 )      10  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal,
non-U.S.
corporate securities
     613       (37 )      125       12       (2 )      2       625       (39 )      127  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 2,398     $ (144 )      416     $ 194     $ (19 )      20     $ 2,592     $ (163 )      436  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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
    $ 1,494      $ 1,517  
Due after one year through five years
      9,518        10,054  
Due after five years through ten years
      12,978        14,478  
Due after ten years
      23,130        29,373  
  
 
 
     
 
 
  
Subtotal
      47,120        55,422  
Residential mortgage-backed
      1,927        2,184  
Commercial mortgage-backed
      2,800        2,970  
Other asset-backed
      2,987        2,968  
  
 
 
     
 
 
  
Total
    $ 54,834      $ 63,544  
  
 
 
     
 
 
  
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:
 
    
June 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
    $ 10     $ —       $ —       $ 10     $ 2,521     $ 2,531  
Industrial
      —         —         —         —         1,655       1,655  
Office
      —         —         —         —         1,636       1,636  
Apartments
      —         —         —         —         583       583  
Mixed use
      —         —         —         —         279       279  
Other
      —         —         —         —         261       261  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 10     $ —       $ —       $ 10     $ 6,935     $ 6,945  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% 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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
  2020  
     
  2019  
     
  2020  
     
  2019  
  
Allowance for credit losses:
            
Beginning balance
    $ 29      $ 10      $ 13      $ 9  
Cumulative effect of change in accounting
      —          —          16        —    
Provision
      (1 )       1        (1 )       2  
Write-offs
      —          —          —          —    
Recoveries
      —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Ending balance
    $ 28      $ 11      $ 28      $ 11  
  
 
 
     
 
 
     
 
 
     
 
 
  
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2020:
 
(Amounts in millions)
   
2020
     
2019
     
2018
     
2017
     
2016
     
2015 and
prior
     
Total
  
Debt-to-value:
                     
0% - 50%
    $ 4      $ 15      $ 36      $ 105      $ 118      $ 2,352      $ 2,630  
51% - 60%
      29        33        190        289        155        809        1,505  
61% - 75%
      236        748        766        337        226        489        2,802  
76% - 100%
      —          —          8        —          —          —          8  
Greater than 100%
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 269      $ 796      $ 1,000      $ 731      $ 499      $ 3,650      $ 6,945  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt service coverage ratio:
                                                           
Less than 1.00
    $ —        $ —        $ 33      $ 3      $ —        $ 126      $ 162  
1.00 - 1.25
      39        12        107        73        13        256        500  
1.26 - 1.50
      62        359        261        97        88        450        1,317  
1.51 - 2.00
      130        357        505        322        268        1,278        2,860  
Greater than 2.00
      38        68        94        236        130        1,540        2,106  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 269      $ 796      $ 1,000      $ 731      $ 499      $ 3,650      $ 6,945  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, gross
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
Recoveries
      —          —          —          —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Write-offs, net
    $ —        $ —        $ —        $ —        $ —        $ —        $ —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt Service Coverage Ratio  
Commercial Mortgage Loans by Property Type
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
 
    
June 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
    $ 63     $ 136     $ 599     $ 1,118     $ 615     $ 2,531  
Industrial
      24       64       215       670       682       1,655  
Office
      28       112       269       751       476       1,636  
Apartments
      11       25       178       184       185       583  
Mixed use
      3       18       37       106       115       279  
Other
      33       145       19       31       33       261  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 162     $ 500     $ 1,317     $ 2,860     $ 2,106     $ 6,945  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      3 %      7 %      19 %      41 %      30 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average
debt-to-value
      57 %      61 %      63 %      58 %      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 Property Type
The following tables set forth the
debt-to-value
of commercial mortgage loans by property type as of the dates indicated:
 
    
June 30, 2020
  
(Amounts in millions)
   
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
             
Retail
    $ 963     $ 572     $ 996     $ —       $ —       $ 2,531  
Industrial
      758       344       553       —         —         1,655  
Office
      530       359       739       8       —         1,636  
Apartments
      218       98       267       —         —         583  
Mixed use
      104       67       108       —         —         279  
Other
      57       65       139       —         —         261  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 2,630     $ 1,505     $ 2,802     $ 8     $ —       $ 6,945  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      38 %      22 %      40 %      —   %      —   %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
      2.31       1.80       1.56       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:
    
June 30, 2020
    
December 31, 2019
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Property type:
           
Retail
    $ 2,531        36 %    $ 2,590        37 % 
Industrial
      1,655        24       1,670        24  
Office
      1,636        24       1,632        23  
Apartments
      583        8       541        8  
Mixed use
      279        4       281        4  
Other
      261        4       266        4  
  
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,945        100 %      6,980        100 % 
     
 
 
       
 
 
  
Unamortized balance of loan origination fees
      —            (4 )    
Allowance for credit losses
      (28 )         (13 )    
  
 
 
       
 
 
     
Total
    $ 6,917        $ 6,963     
  
 
 
       
 
 
     
    
June 30, 2020
    
December 31, 2019
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Geographic region:
           
South Atlantic
    $ 1,751        25 %    $ 1,715        25 % 
Pacific
      1,623        23       1,673        24  
Middle Atlantic
      989        14       992        14  
Mountain
      765        11       753        11  
West North Central
      476        7       488        7  
East North Central
      457        7       455        6  
West South Central
      436        6       433        6  
New England
      254        4       257        4  
East South Central
      194        3       214        3  
  
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,945        100 %      6,980        100 % 
     
 
 
       
 
 
  
Unamortized balance of loan origination fees
      —            (4 )    
Allowance for credit losses
      (28 )         (13 )    
  
 
 
       
 
 
     
Total
    $ 6,917        $ 6,963     
  
 
 
       
 
 
     
v3.20.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 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
    
June 30,
2020
    
December 31,
2019
    
Balance
sheet
 
classification
    
June 30,
2020
    
December 31,
2019
  
Derivatives designated as hedges
            
Cash flow hedges:
            
Interest rate swaps
     Other invested assets     $ 939     $ 197       Other liabilities     $ —       $ 10  
Foreign currency swaps
     Other invested assets       17       4       Other liabilities       —         —    
   
 
 
    
 
 
      
 
 
    
 
 
  
Total cash flow hedges
       956       201         —         10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives designated as hedges
       956       201         —         10  
   
 
 
    
 
 
      
 
 
    
 
 
  
Derivatives not designated as hedges
            
Equity index options
     Other invested assets       66       81       Other liabilities       —         —    
Financial futures
     Other invested assets       —         —         Other liabilities       —         —    
Other foreign currency contracts
     Other invested assets       2       8       Other liabilities       1       1  
GMWB embedded derivatives
     Reinsurance
 
recoverable
(1)
  
 		     38       20       Policyholder
account balances
 
(2)
  
 		     559       323  
Fixed index annuity embedded derivatives
     Other assets       —         —         Policyholder
account balances
 
(3)
  
 		     447       452  
Indexed universal life embedded derivatives
     Reinsurance
 
recoverable		  
 		     —         —         Policyholder
account balances
 
(4)
  
 		     23       19  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives not designated as hedges
       106       109         1,030       795  
   
 
 
    
 
 
      
 
 
    
 
 
  
Total derivatives
     $ 1,062     $ 310       $ 1,030     $ 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
    
June 30,
2020
  
Derivatives designated as hedges
              
Cash flow hedges:
              
Interest rate swaps
    Notional    $ 8,968      $ 1,158      $ (1,880 )    $ 8,246  
Foreign currency swaps
    Notional      110        —          —         110  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total cash flow hedges
         9,078        1,158        (1,880 )      8,356  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives designated as hedges
         9,078        1,158        (1,880 )      8,356  
     
 
 
     
 
 
     
 
 
    
 
 
  
Derivatives not designated as hedges
                                  
Interest rate swaps
    Notional      4,674        —          —         4,674  
Equity index options
    Notional      2,451        883        (1,126 )      2,208  
Financial futures
    Notional      1,182        3,082        (2,914 )      1,350  
Other foreign currency contracts
    Notional      628        3,009        (2,618 )      1,019  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives not designated as hedges
         8,935        6,974        (6,658 )      9,251  
     
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives
       $ 18,013      $ 8,132      $ (8,538 )    $ 17,607  
     
 
 
     
 
 
     
 
 
    
 
 
  
(Number of policies)
   
Measurement
   
December 31,
2019
     
Additions
     
Maturities/
terminations
    
June 30,
2020
  
Derivatives not designated as hedges
              
GMWB embedded derivatives
    Policies      25,623        —          (992 )      24,631  
Fixed index annuity embedded derivatives
    Policies      15,441        —          (668 )      14,773  
Indexed universal life embedded derivatives
    Policies      884        —          (28 )      856  
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 June 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
   $ (57 )    $ 46     Net investment
income		   $ —       Net investment
gains (losses)
Interest rate swaps hedging liabilities
     1       —       Interest expense     —       Net investment
gains (losses)
Foreign currency swaps
     (4 )      —       Net investment
income		     —       Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
    
Total
   $ (60 )    $ 46       $ —      
 
 
 
    
 
 
      
 
 
    
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the three months ended June 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
   $ 216     $ 42     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
     (20 )      —       Interest expense     —     Net investment
gains (losses)
Foreign currency swaps
     2       (1 )    Net investment
income		     —     Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
  
Total
   $ 198     $ 37       $ —    
 
 
 
    
 
 
      
 
 
  
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the six months ended June 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
   $ 984     $ 89     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
     (62 )      —       Interest expense     —     Net investment
gains (losses)
Foreign currency swaps
     13       —       Net investment
income		     —     Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
  
Total
   $ 935     $ 93       $ —    
 
 
 
    
 
 
      
 
 
  
 
The following table provides information about the
pre-tax
income (loss) effects of cash flow hedges for the six months ended June 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
   $ 353     $ 80     Net investment
income		   $ —       Net investment
gains (losses)
Interest rate swaps hedging assets
     —         2     Net investment
gains (losses)		     —       Net investment
gains (losses)
Interest rate swaps hedging liabilities
     (32 )      —       Interest expense     —       Net investment
gains (losses)
Foreign currency swaps
     (1 )      (1 )    Net investment
income		     —       Net investment
gains (losses)
Foreign currency swaps
     —         —       Net investment
gains (losses)		     2     Net investment
gains (losses)
 
 
 
    
 
 
      
 
 
    
Total
   $ 320     $ 81       $ 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
June 30,
  
(Amounts in millions)
   
    2020    
    
    2019    
  
Derivatives qualifying as effective accounting hedges as of April 1
    $ 2,755     $ 1,850  
Current period increases (decreases) in fair value, net of deferred taxes of $12 and $(41)
      (48 )      157  
Reclassification to net (income), net of deferred taxes of $16 and $13
      (30 )      (24 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of June 30
    $ 2,677     $ 1,983  
  
 
 
    
 
 
  
 
    
Six months ended
June 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 $(200) and $(66)
      735       254  
Reclassification to net (income), net of deferred taxes of $33 and $29
      (60 )      (52 ) 
  
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of June 30
    $ 2,677     $ 1,983  
  
 
 
    
 
 
  
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 June 30,
    
Classification of gain (loss) recognized

in net income (loss)
(Amounts in millions)
  
2020
    
 2019
  
Interest rate swaps
   $ (2 )    $ (3 )    Net investment gains (losses)
Equity index options
     4       10     Net investment gains (losses)
Financial futures
     (123 )      17     Net investment gains (losses)
Other foreign currency contracts
     44       (7 )    Net investment gains (losses)
GMWB embedded derivatives
     129       (22 )    Net investment gains (losses)
Fixed index annuity embedded derivatives
     (45 )      (20 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     3       (1 )    Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ 10     $ (26 )   
 
 
 
    
 
 
    
 
   
Six months ended June 30,
    
Classification of gain (loss) recognized

in net income (loss)
(Amounts in millions)
  
2020
    
2019
  
Interest rate swaps
   $ (12 )    $ (4 )    Net investment gains (losses)
Equity index options
     (9 )      27     Net investment gains (losses)
Financial futures
     138       (27 )    Net investment gains (losses)
Other foreign currency contracts
     (3 )      (7 )    Net investment gains (losses)
GMWB embedded derivatives
     (207 )      23     Net investment gains (losses)
Fixed index annuity embedded derivatives
     (13 )      (58 )    Net investment gains (losses)
Indexed universal life embedded derivatives
     7       —       Net investment gains (losses)
 
 
 
    
 
 
    
Total derivatives not designated as hedges
   $ (99 )    $ (46 )   
 
 
 
    
 
 
    
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:
 
   
June 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
   $ 1,024     $ 1     $ 1,023     $ 291     $ 11     $ 280  
Gross amounts offset in the balance sheet
     —         —         —         —         —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amounts presented in the balance sheet
     1,024       1       1,023       291       11       280  
Gross amounts not offset in the balance sheet:
            
Financial instruments 
(3)
     (1 )      (1 )      —         (7 )      (7 )      —    
Collateral received
     (864 )      —         (864 )      (179 )      —         (179 ) 
Collateral pledged
     —         (434 )      434       —         (405 )      405  
Over collateralization
     19       433       (414 )      18       401       (383 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount
   $ 178     $ (1 )    $ 179     $ 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 June 30, 2020 and December 31, 2019.
(2)
 
Does not include amounts related to embedded derivatives as of June 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)
 6 Months Ended
Jun. 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 third-party pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of June 30, 2020:
 
(Amounts in millions)
  
Fair value
    
Primary methodologies
  
Significant inputs
U.S. government, agencies and government-sponsored enterprises
 
$
5,602
 
 
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
 
$
2,935
 
 
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
 
$
1,527
 
 
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
 
$
30,874
 
 
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
 
$
8,589
 
 
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
 
$
2,160
 
 
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
 
$
 
 
 
 
 
2,949
 
 
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
 
$
2,847
 
 
Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers
 
Spreads to daily updated swaps 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
 
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:
 
    
June 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
    $ 5,602      $ —        $ 5,602      $ —        $ —    
State and political subdivisions
      2,998        —          2,935        63        —    
Non-U.S.
government
      1,542        —          1,542        —          —    
U.S. corporate:
               
Utilities
      5,270        —          4,334        936        —    
Energy
      2,594        —          2,471        123        —    
Finance and insurance
      8,403        —          7,852        551        —    
Consumer—non-cyclical
      6,277        —          6,174        103        —    
Technology and communications
      3,411        —          3,345        66        —    
Industrial
      1,503        —          1,464        39        —    
Capital goods
      3,028        —          2,931        97        —    
Consumer—cyclical
      1,966        —          1,768        198        —    
Transportation
      1,565        —          1,511        54        —    
Other
      378        —          213        165        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. corporate
      34,395        —          32,063        2,332        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Non-U.S.
corporate:
               
Utilities
      879        —          522        357        —    
Energy
      1,275        —          1,038        237        —    
Finance and insurance
      2,466        —          2,155        311        —    
Consumer—non-cyclical
      777        —          723        54        —    
Technology and communications
      1,247        —          1,219        28        —    
Industrial
      995        —          903        92        —    
Capital goods
      613        —          440        173        —    
Consumer—cyclical
      407        —          251        156        —    
Transportation
      635        —          494        141        —    
Other
      1,591        —          1,446        145        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
non-U.S.
corporate
      10,885        —          9,191        1,694        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Residential mortgage-backed
      2,184        —          2,160        24        —    
Commercial mortgage-backed
      2,970        —          2,949        21        —    
Other asset-backed
      2,968        —          2,847        121        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturity securities
      63,544        —          59,289        4,255        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Equity securities
      206        45        108        53        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Other invested assets:
               
Derivative assets:
               
Interest rate swaps
      939        —          939        —          —    
Foreign currency swaps
      17        —          17        —          —    
Equity index options
      66        —          —          66        —    
Other foreign currency contracts
      2        —          2        —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative assets
      1,024        —          958        66        —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Securities lending collateral
      59        —          59        —          —    
Short-term investments
      190        —          190        —          —    
Limited partnerships
      598        —          —          —          598  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total other invested assets
      1,871        —          1,207        66        598  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance recoverable
(2)
      38        —          —          38        —    
Separate account assets
      5,536        5,536        —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
    $ 71,195      $ 5,581      $ 60,604      $ 4,412      $ 598  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(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
April 1,
2020
    
Total realized and
unrealized gains
(losses)
                                        
Ending
balance

as of
June 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
   $ 83     $ —       $ 7     $ —       $ —       $ —       $ —       $ —       $ (27 )    $ 63     $ 1     $ 6  
Non-U.S.
government
     1       —         —         —         —         —         (1 )      —         —         —         —         —    
U.S. corporate:
                        
Utilities
     843       —         37       32       —         —         (2 )      26       —         936       —         37  
Energy
     124       1       13       —         —         —         (2 )      —         (13 )      123       —         9  
Finance and insurance
     510       —         33       21       —         —         (12 )      —         (1 )      551       —         33  
Consumer—non-cyclical
     88       —         8       8       —         —         (1 )      —         —         103       —         8  
Technology and communications
     61       —         5       —         —         —         —         —         —         66       —         5  
Industrial
     37       —         2       —         —         —         —         —         —         39       —         2  
Capital goods
     90       —         7       —         —         —         —         —         —         97       —         7  
Consumer—cyclical
     179       —         11       —         —         —         (1 )      9       —         198       —         11  
Transportation
     43       —         2       —         —         —         (1 )      10       —         54       —         2  
Other
     138       —         2       —         —         —         (2 )      27       —         165       —         2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,113       1       120       61       —         —         (21 )      72       (14 )      2,332       —         116  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                        
Utilities
     355       —         23       1       —         —         —         —         (22 )      357       —         23  
Energy
     236       —         22       —         —         —         (26 )      5       —         237       —         22  
Finance and insurance
     223       1       50       —         —         —         —         37       —         311       1       49  
Consumer—non-cyclical
     58       —         5       —         —         —         —         —         (9 )      54       —         4  
Technology and communications
     27       —         1       —         —         —         —         —         —         28       —         1  
Industrial
     92       —         8       —         —         —         —         —         (8 )      92       —         7  
Capital goods
     135       —         9       —         —         —         —         29       —         173       —         9  
Consumer—cyclical
     164       —         12       —         —         —         (3 )      —         (17 )      156       —         11  
Transportation
     108       —         11       —         —         —         —         22       —         141       —         11  
Other
     131       —         9       5       —         —         —         —         —         145       —         9  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
     1,529       1       150       6       —         —         (29 )      93       (56 )      1,694       1       146  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     24       —         1       —         —         —         (1 )      3       (3 )      24       —         —    
Commercial mortgage-backed
     —         —         1       —         —         —         —         20       —         21       —         1  
Other asset-backed
     118       —         2       6       —         —         (5 )      —         —         121       —         3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     3,868       2       281       73       —         —         (57 )      188       (100 )      4,255       2       272  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     50       —         —         6       (3 )      —         —         —         —         53       —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                        
Derivative assets:
                        
Equity index options
     62       4       —         7       —         —         (7 )      —         —         66       8       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     62       4       —         7       —         —         (7 )      —         —         66       8       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     62       4       —         7       —         —         (7 )      —         —         66       8       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     47       (9 )      —         —         —         —         —         —         —         38       (9 )      —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,027     $ (3 )    $ 281     $ 86     $ (3 )    $ —       $ (64 )    $ 188     $ (100 )    $ 4,412     $ 1     $ 272  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
April 1,
2019
 
 
Total realized and
unrealized gains
(losses)
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Ending
balance

as of
June 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
  
Fixed maturity securities:
                      
State and political subdivisions
   $ 52     $ 1     $ 8     $ —       $ —       $ —       $ —       $ —       $ —       $ 61     $ —    
U.S. corporate:
                            
Utilities
     748       —         20       82       (13 )      —         (38 )      —         (10 )      789       —    
Energy
     115       —         3       5       —         —         (1 )      —         —         122       —    
Finance and insurance
     590       —         15       10       —         —         (8 )      —         —         607       —    
Consumer—non-cyclical
     74       —         1       14       —         —         —         —         —         89       —    
Technology and communications
     52       —         3       —         —         —         —         —         (11 )      44       —    
Industrial
     40       —         —         —         —         —         —         —         —         40       —    
Capital goods
     95       —         3       —         —         —         —         —         —         98       —    
Consumer—cyclical
     195       —         3       —         —         —         (13 )      —         —         185       —    
Transportation
     54       —         —         —         —         —         —         —         —         54       —    
Other
     199       —         3       —         —         —         (3 )      —         —         199       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,162       —         51       111       (13 )      —         (63 )      —         (21 )      2,227       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                          
Utilities
     435       —         7       —         (7 )      —         (17 )      —         (1 )      417       —    
Energy
     221       —         5       15       —         —         —         —         —         241       —    
Finance and insurance
     182       1       7       2       —         —         (13 )      —         —         179       1  
Consumer—non-cyclical
     67       —         1       —         —         —         —         —         —         68       —    
Technology and communications
     27       —         —         —         —         —         —         —         —         27       —    
Industrial
     63       —         1       —         —         —         —         —         —         64       —    
Capital goods
     173       —         3       5       —         —         —         —         —         181       —    
Consumer—cyclical
     125       —         2       —         —         —         (1 )      —         —         126       —    
Transportation
     192       —         3       4       —         —         —         —         —         199       —    
Other
     90       —         4       35       —         —         —         —         —         129       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
     1,575       1       33       61       (7 )      —         (31 )      —         (1 )      1,631       1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     35       —         1       —         —         —         —         —         —         36       —    
Commercial mortgage-backed
     98       —         7       1       —         —         —         —         (14 )      92       —    
Other asset-backed
     197       —         1       42       —         —         (29 )      27       (4 )      234       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     4,119       2       101       215       (20 )      —         (123 )      27       (40 )      4,281       1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     55       —         —         2       (1 )      —         —         —         —         56       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                          
Derivative assets:
                          
Equity index options
     60       10       —         9       —         —         (14 )      —         —         65       7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     60       10       —         9       —         —         (14 )      —         —         65       7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     60       10       —         9       —         —         (14 )      —         —         65       7  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     18       2       —         —         —         —         —         —         —         20       2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,252     $ 14     $ 101     $ 226     $ (21 )    $ —       $ (137 )    $ 27     $ (40 )    $ 4,422     $ 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.
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

June 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     $ 1     $ (12 )    $ —       $ —       $ —       $ (1 )    $ —       $ (27 )    $ 63     $ 2     $ (13 ) 
Non-U.S.
government
     —         —         —         —         —         —         (1 )      1       —         —         —         —    
U.S. corporate:
                                                                                            
Utilities
     865       —         12       32       —         —         (2 )      42       (13 )      936       —         14  
Energy
     129       1       (2 )      10       (21 )      —         (3 )      22       (13 )      123       —         (5 ) 
Finance and insurance
     572       2       2       21       —         —         (24 )      —         (22 )      551       —         5  
Consumer—non-cyclical
     94       —         2       8       —         —         (1 )      —         —         103       —         2  
Technology and communications
     50       —         1       20       —         —         —         —         (5 )      66       —         2  
Industrial
     40       —         (1 )      —         —         —         —         —         —         39       —         (1 ) 
Capital goods
     102       —         (1 )      —         —         —         (4 )      —         —         97       —         (1 ) 
Consumer—cyclical
     173       —         4       —         —         —         (3 )      24       —         198       —         4  
Transportation
     78       —         (2 )      —         —         —         (2 )      10       (30 )      54       —         1  
Other
     136       —         1       5       —         —         (4 )      27       —         165       —         1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,239       3       16       96       (21 )      —         (43 )      125       (83 )      2,332       —         22  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                                                                                            
Utilities
     374       —         3       12       —         —         —         21       (53 )      357       —         3  
Energy
     247       —         (8 )      —         —         —         (26 )      24       —         237       —         (8 ) 
Finance and insurance
     234       2       9       15       —         —         —         58       (7 )      311       2       10  
Consumer—non-cyclical
     59       —         2       8       —         —         —         1       (16 )      54       —         1  
Technology and communications
     28       —         —         —         —         —         —         —         —         28       —         —    
Industrial
     104       —         1       —         —         —         (5 )      —         (8 )      92       —         —    
Capital goods
     161       1       (2 )      —         —         —         (16 )      29       —         173       —         (1 ) 
Consumer—cyclical
     147       —         (3 )      4       —         —         (7 )      32       (17 )      156       —         (5 ) 
Transportation
     191       —         2       —         —         —         —         22       (74 )      141       —         6  
Other
     140       —         —         5       —         —         (1 )      1       —         145       —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
corporate
     1,685       3       4       44       —         —         (55 )      188       (175 )      1,694       2       6  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     27       —         —         —         —         —         (1 )      4       (6 )      24       —         —    
Commercial mortgage-backed
     6       —         2       —         —         —         —         20       (7 )      21       —         1  
Other asset-backed
     132       —         (2 )      15       —         —         (22 )      —         (2 )      121       —         (2 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     4,191       7       8       155       (21 )      —         (123 )      338       (300 )      4,255       4       14  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     51       —         —         6       (4 )      —         —         —         —         53       —         —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                                                                                            
Derivative assets:
                                                                                            
Equity index options
     81       (9 )      —         18       —         —         (24 )      —         —         66       5       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     81       (9 )      —         18       —         —         (24 )      —         —         66       5       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     81       (9 )      —         18       —         —         (24 )      —         —         66       5       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     20       17       —         —         —         1       —         —         —         38       17       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,343     $ 15     $ 8     $ 179     $ (25 )    $ 1     $ (147 )    $ 338     $ (300 )    $ 4,412     $ 26     $ 14  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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)
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer
into
Level 3 
(1)
 
 
Transfer
out of
Level 3 
(1)
 
 
Ending
balance

as of
June 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
  
Fixed maturity securities:
                      
State and political subdivisions
   $ 51     $ 2     $ 8     $ —       $ —       $ —       $ —       $ —       $ —       $ 61     $ 1  
U.S. corporate:
                                                                                    
Utilities
     643       —         42       96       (14 )      —         (40 )      72       (10 )      789       —    
Energy
     121       —         7       5       —         —         (11 )      —         —         122       —    
Finance and insurance
     534       —         38       40       —         —         (12 )      7       —         607       —    
Consumer—non-cyclical
     73       —         3       14       —         —         (10 )      9       —         89       —    
Technology and communications
     50       —         5       —         —         —         —         —         (11 )      44       —    
Industrial
     39       —         1       —         —         —         —         —         —         40       —    
Capital goods
     92       —         6       —         —         —         —         —         —         98       —    
Consumer—cyclical
     211       —         10       —         (13 )      —         (14 )      —         (9 )      185       —    
Transportation
     57       —         1       4       —         —         (8 )      —         —         54       —    
Other
     178       —         6       22       —         —         (15 )      8       —         199       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     1,998       —         119       181       (27 )      —         (110 )      96       (30 )      2,227       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S.
corporate:
                                                                                    
Utilities
     404       —         23       30       (7 )      —         (17 )      —         (16 )      417       —    
Energy
     217       —         12       16       —         —         (4 )      —         —         241       —    
Finance and insurance
     171       2       18       7       —         —         (13 )      —         (6 )      179       2  
Consumer—non-cyclical
     106       2       4       —         —         —         (44 )      —         —         68       —    
Technology and communications
     26       —         1       —         —         —         —         —         —         27       —    
Industrial
     61       —         3       —         —         —         —         —         —         64       —    
Capital goods
     173       —         9       10       —         —         (11 )      —         —         181       —    
Consumer—cyclical
     122       —         8       —         —         —         (4 )      —         —         126       —    
Transportation
     171       —         9       19       —         —         —         —         —         199       —    
Other
     81       —         8       35       —         —         (1 )      6       —         129       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
n
on-U.S.
corporate
     1,532       4       95       117       (7 )      —         (94 )      6       (22 )      1,631       2  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     35       —         1       —         —         —         —         —         —         36       —    
Commercial mortgage-backed
     95       —         9       2       —         —         —         —         (14 )      92       —    
Other asset-backed
     154       —         2       96       —         —         (42 )      28       (4 )      234       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     3,865       6       234       396       (34 )      —         (246 )      130       (70 )      4,281       3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     58       —         —         2       (4 )      —         —         —         —         56       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other invested assets:
                                                                                    
Derivative assets:
                                                                                    
Equity index options
     39       27       —         21       —         —         (22 )      —         —         65       11  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     39       27       —         21       —         —         (22 )      —         —         65       11  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     39       27       —         21       —         —         (22 )      —         —         65       11  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable 
(2)
     20       (1 )      —         —         —         1       —         —         —         20       (1 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 3,982     $ 32     $ 234     $ 419     $ (38 )    $ 1     $ (268 )    $ 130     $ (70 )    $ 4,422     $ 13  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
2020
    
2019
     
2020
     
 2019
  
Total realized and unrealized gains (losses) included in net income (loss):
           
Net investment income
    $ 2     $ 2      $ 6      $ 6  
Net investment gains (losses)
      (5 )      12        9        26  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ (3 )    $ 14      $ 15      $ 32  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total gains (losses) included in net income (loss) attributable to assets still held:
           
Net investment income
    $ 2     $ 1      $ 4      $ 3  
Net investment gains (losses)
      (1 )      9        22        10  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ 1     $ 10      $ 26      $ 13  
  
 
 
    
 
 
     
 
 
     
 
 
  
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 June 30, 2020:
 
(Amounts in millions)
  
Valuation technique
    
Fair value
    
Unobservable input
    
Range
    
Weighted-average 
(1)
  
Fixed maturity securities:
          
U.S. corporate:
          
Utilities
     Internal models     $ 826       Credit spreads      
71bps - 427bps
       194bps  
Energy
     Internal models       8       Credit spreads       108bps       N/A  
Finance and insurance
     Internal models       497       Credit spreads       73bps - 380bps       206bps  
Consumer—non-cyclical
     Internal models       102       Credit spreads       83bps - 395bps       202bps  
Technology and communications
     Internal models       66       Credit spreads      
212bps - 395bps
       271bps  
Industrial
     Internal models       39       Credit spreads       199bps - 483bps       293bps  
Capital goods
     Internal models       97       Credit spreads       120bps - 294bps       214bps  
Consumer—cyclical
     Internal models       161       Credit spreads       131bps - 307bps       208bps  
Transportation
     Internal models       44       Credit spreads       76bps - 199bps       144bps  
Other
     Internal models       165       Credit spreads       99bps - 213bps       122bps  
   
 
 
        
Total U.S. corporate
     Internal models     $ 2,005       Credit spreads       71bps - 483bps       197bps  
   
 
 
        
Non-U.S.
corporate:
          
Utilities
     Internal models     $ 357       Credit spreads       97bps - 286bps       176bps  
Energy
     Internal models       82       Credit spreads       120bps - 272bps       175bps  
Finance and insurance
     Internal models       209       Credit spreads       136bps - 188bps       133bps  
Consumer—non-cyclical
     Internal models       53       Credit spreads       107bps - 182bps       160bps  
Technology and communications
     Internal models       28       Credit spreads       153bps - 260bps       221bps  
Industrial
     Internal models       92       Credit spreads       108bps - 272bps       193bps  
Capital goods
     Internal models       144       Credit spreads       107bps - 294bps       215bps  
Consumer—cyclical
     Internal models       45       Credit spreads       97bps - 272bps       194bps  
Transportation
     Internal models       114       Credit spreads       83bps - 294bps       175bps  
Other
     Internal models       144       Credit spreads       121bps - 507bps       300bps  
   
 
 
        
Total
non-U.S.
corporate
     Internal models     $ 1,268       Credit spreads       83bps - 507bps       196bps  
   
 
 
        
Derivative assets:
            
Equity index options
     Discounted cash
flows		  
 		   $ 66       Equity index
volatility		  
 		     6% - 38%       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:
 
    
June 30, 2020
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Liabilities
            
Policyholder account balances:
            
GMWB embedded derivatives
(1)
    $ 559      $ —        $ —        $ 559  
Fixed index annuity embedded derivatives
      447        —          —          447  
Indexed universal life embedded derivatives
      23        —          —          23  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total policyholder account balances
      1,029        —          —          1,029  
  
 
 
     
 
 
     
 
 
     
 
 
  
Derivative liabilities:
            
Other foreign currency contracts
      1        —          1        —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative liabilities
      1        —          1        —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
    $ 1,030      $ —        $ 1      $ 1,029  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(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:
 
(Amounts in millions)
  
Beginning
balance

as of
April 1,
2020
    
Total realized and
unrealized (gains)
losses
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 30,
2020
    
Total (gains) 
losses
attributable to
liabilities still held
  
 
Included
in net
(income)
loss
    
Included
in OCI
    
Included
in net
(income)
loss
    
Included
in OCI
  
Policyholder account balances:
 
 
 
 
 
 
 
 
 
 
 
 
GMWB embedded derivatives
(1)
 
$
691
 
 
$
(138
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
6
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
559
 
 
$
(137
) 
 
$
—  
 
Fixed index annuity embedded derivatives
 
 
413
 
 
 
45
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(11
) 
 
 
—  
 
 
 
—  
 
 
 
447
 
 
 
45
 
 
 
—  
 
Indexed universal life embedded derivatives
 
 
21
 
 
 
(3
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
23
 
 
 
(3
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total policyholder account balances
 
 
1,125
 
 
 
(96
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11
 
 
 
(11
) 
 
 
—  
 
 
 
—  
 
 
 
1,029
 
 
 
(95
) 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Level 3 liabilities
 
$
1,125
 
 
$
(96
) 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
11
 
 
$
(11
) 
 
$
—  
 
 
$
—  
 
 
$
1,029
 
 
$
(95
) 
 
$
—  
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
   
Beginning
balance

as of
April 1,
2019
    
Total realized and
unrealized (gains)
losses
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 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
  
Policyholder account balances:
                      
GMWB embedded derivatives
(1)
   $ 295     $ 24     $ —       $ —       $ —       $ 6     $ —       $ —       $ —       $ 325     $ 24  
Fixed index annuity embedded derivatives
     423       20       —         —         —         —         (5 )      —         —         438       20  
Indexed universal life embedded derivatives
     13       1       —         —         —         1       —         —         —         15       1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     731       45       —         —         —         7       (5 )      —         —         778       45  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 731     $ 45     $ —       $ —       $ —       $ 7     $ (5 )    $ —       $ —       $ 778     $ 45  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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:
 
(Amounts in millions)
  
Beginning
balance

as of
January 1,
2020
    
Total realized and
unrealized (gains)
losses
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 30,
2020
    
Total (gains)
losses
attributable to
liabilities still held
  
 
Included
in net
(income)
loss
    
Included
in OCI
    
Included
in net
(income)
loss
    
Included
in OCI
  
Policyholder account balances:
                        
GMWB embedded derivatives
(1)
   $ 323     $ 224     $ —       $ —       $ —       $ 12     $ —       $ —       $ —       $ 559     $ 231     $ —    
Fixed index annuity embedded derivatives
     452       13       —         —         —         —         (18 )      —         —         447       13       —    
Indexed universal life embedded derivatives
     19       (7 )      —         —         —         11       —         —         —         23       (7 )      —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     794       230       —         —         —         23       (18 )      —         —         1,029       237       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 794     $ 230     $ —       $ —       $ —       $ 23     $ (18 )    $ —       $ —       $ 1,029     $ 237     $ —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Ending
balance

as of
June 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
  
Policyholder account balances:
                      
GMWB embedded derivatives
(1)
   $ 337     $ (24 )    $ —       $ —       $ —       $ 12     $ —       $ —       $ —       $ 325     $ (20 ) 
Fixed index annuity embedded derivatives
     389       58       —         —         —         —         (9 )      —         —         438       58  
Indexed universal life embedded derivatives
     12       —         —         —         —         3       —         —         —         15       —    
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     738       34       —         —         —         15       (9 )      —         —         778       38  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 738     $ 34     $ —       $ —       $ —       $ 15     $ (9 )    $ —       $ —       $ 778     $ 38  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
June 30,
     
Six months ended
June 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
      (96 )      45        230        34  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ (96 )    $ 45      $ 230      $ 34  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total (gains) losses included in net (income) loss attributable to liabilities still held:
           
Net investment income
    $ —       $ —        $ —        $ —    
Net investment (gains) losses
      (95 )      45        237        38  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    $ (95 )    $ 45      $ 237      $ 38  
  
 
 
    
 
 
     
 
 
     
 
 
  
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 June 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%
 
 
   3
%
     
Non-performance risk
  
 
  
      (credit spreads)  
 
9bps - 83bps
 
 
   67
bps
GMWB embedded derivatives
(2)
  
 
Stochastic cash flow
model
 
 
   $ 559     Equity index
volatility		  
 
 21% - 30%
 
 
   24
%
Fixed index annuity embedded derivatives
  
 
Option budget
method
 
 
   $ 447     Expected future
interest credited		  
 
 —
  
%
 - 3%
 
 
   1
%
 
Indexed universal life embedded derivatives
  
 
 
Option budget
method

 
   $ 23     Expected future
interest credited		  
 
 3% - 11%
 
 
 
 
 
 
   6
%
 
 
(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:
 
    
June 30, 2020
  
    
Notional

amount
    
Carrying

amount
     
Fair value
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                 
Commercial mortgage loans
                  
(1)
 		   $ 6,917      $ 7,225      $ —        $ —        $ 7,225  
Other invested assets
                  
(1)
 		     418        421        —          22        399  
Liabilities:
                 
Long-term borrowings
                  
(1)
 		     2,817        2,153        —          2,016        137  
Investment contracts
                  
(1)
 		  
11,258
   
12,227
   
—
   
—
   
12,227
Other firm commitments:
                 
Commitments to fund limited partnerships
      1,135       —          —          —          —          —    
Commitments to fund bank loan investments
      35       —          —          —          —          —    
Ordinary course of business lending commitments
      116       —          —          —          —          —    
 
(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)
 6 Months Ended
Jun. 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 six
months ended

June 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
      2,238        1,961  
Prior years
      (255 )       (206 ) 
  
 
 
     
 
 
  
Total incurred
      1,983        1,755  
  
 
 
     
 
 
  
Paid related to insured events of:
      
Current year
      (436 )       (407 ) 
Prior years
      (1,339 )       (1,253 ) 
  
 
 
     
 
 
  
Total paid
      (1,775 )       (1,660 ) 
  
 
 
     
 
 
  
Interest on liability for policy and contract claims
      205        188  
Foreign currency translation
      (4 )       (1 ) 
  
 
 
     
 
 
  
Net ending balance
      8,961        8,198  
Add reinsurance recoverables
      2,319        2,388  
  
 
 
     
 
 
  
Ending balance
    $ 11,280      $ 10,586  
  
 
 
     
 
 
  
v3.20.2
Reinsurance (Tables)
 6 Months Ended
Jun. 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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
2020
     
2020
  
Allowance for credit losses:
      
Beginning balance
    $ 42      $ —    
Cumulative effect of change in accounting
      —          40  
Provision
      2        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 June 30, 2020:
 
(Amounts in millions)
   
Collateralized
     
Non-collateralized
     
Total
  
Credit rating:
         
A++
    $ —        $ 508      $ 508  
A+
      1,267        1,467        2,734  
A
      20        58        78  
B+
      —          2        2  
Not rated
      13,542        80        13,622  
  
 
 
     
 
 
     
 
 
  
Total reinsurance recoverable
    $ 14,829      $ 2,115      $ 16,944  
  
 
 
     
 
 
     
 
 
  
v3.20.2
Borrowings and Liquidity (Tables)
 6 Months Ended
Jun. 30, 2020
Schedule of Long Term Borrowings
The following table sets forth total long-term borrowings as of the dates indicated:
 
(Amounts in millions)
   
June 30,
2020
     
December 31,
2019
  
Genworth Holdings
(1)
      
7.70% Senior Notes, due 2020
    $ —        $ 397  
7.20% Senior Notes, due 2021
      356        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
      2,711        3,174  
Bond consent fees
      (22 )       (25 ) 
Deferred borrowing charges
      (10 )       (12 ) 
  
 
 
     
 
 
  
Total Genworth Holdings
      2,679        3,137  
  
 
 
     
 
 
  
Australia
(2)
      
Floating Rate Junior Subordinated Notes, due 2025
      138        140  
  
 
 
     
 
 
  
Total Australia
      138        140  
  
 
 
     
 
 
  
Total
   
$
 2,817      $ 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 has the option to redeem the notes at face value beginning on July 3, 2020, subject to the Australian Prudential Regulation Authority’s (“APRA”) prior written approval.
v3.20.2
Income Taxes (Tables)
 6 Months Ended
Jun. 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
 
 
Six months ended
 
 
  
June 30,
 
 
June 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
  
 
4.8
 
 
 
3.2
 
 
 
19.1
 
 
 
3.9
 
Effect of foreign operations
  
 
3.7
 
 
 
2.3
 
 
 
7.3
 
 
 
2.7
 
Non-deductible
goodwill
  
 
1.2
 
 
 
—  
 
 
 
2.7
 
 
 
—  
 
Non-deductible
expense
  
 
0.7
 
 
 
0.6
 
 
 
2.8
 
 
 
0.7
 
Tax favored investments
  
 
(0.8
) 
 
 
(0.5
) 
 
 
(3.2
) 
 
 
(0.5
) 
Stock-based compensation
  
 
0.1
 
 
 
0.1
 
 
 
2.9
 
 
 
—  
 
Other, net
  
 
0.4
 
 
 
2.8
 
 
 
1.9
 
 
 
1.5
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective rate
  
 
31.1
% 
 
 
29.5
% 
 
 
54.5
% 
 
 
29.3
% 
v3.20.2
Segment Information (Tables)
 6 Months Ended
Jun. 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
June 30,
     
Six months ended
June 30,
  
(Amounts in millions)
   
2020
     
2019
     
 
 
 
2020
 
 
 
     
 
 
2019
 
 
 
  
Revenues:
            
U.S. Mortgage Insurance segment
    $ 274      $ 235      $ 535      $ 458  
  
 
 
     
 
 
     
 
 
     
 
 
  
Australia Mortgage Insurance segment
      136        96        163        206  
  
 
 
     
 
 
     
 
 
     
 
 
  
U.S. Life Insurance segment:
                    
Long-term care insurance
      1,200        1,055        2,206        2,169  
Life insurance
      335        382        683        754  
Fixed annuities
      129        151        262        310  
  
 
 
     
 
 
     
 
 
     
 
 
  
U.S. Life Insurance segment
      1,664        1,588        3,151        3,233  
  
 
 
     
 
 
     
 
 
     
 
 
  
Runoff segment
      90        78        97        160  
  
 
 
     
 
 
     
 
 
     
 
 
  
Corporate and Other activities
      (26 )       (3 )       29        (19 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 2,138      $ 1,994      $ 3,975      $ 4,038  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
 
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
June 30,
    
Six months
 
ended
June 30,
  
(Amounts in millions)
   
2020
    
2019
    
2020
    
2019
  
Net income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (441 )    $ 168     $ (507 )    $ 342  
Add: net income from continuing operations attributable to noncontrolling interests
      23       15       17       35  
Add: net income from discontinued operations attributable to noncontrolling interests
      —         35       —         71  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (418 )      218       (490 )      448  
Less: income (loss) from discontinued operations, net of taxes
      (520 )      60       (520 )      122  
  
 
 
    
 
 
    
 
 
    
 
 
  
Income from continuing operations
      102       158       30       326  
Less: net income from continuing operations attributable to noncontrolling interests
      23       15       17       35  
  
 
 
    
 
 
    
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
      79       143       13       291  
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
         
Net investment (gains) losses, net
(1)
      (131 )      43       (16 )      (28 ) 
Goodwill impairment, net
(2)
      3       —         3       —    
(Gains) losses on early extinguishment of debt
      (3 )      —         9       —    
Expenses related to restructuring
      1       —         2       4  
Taxes on adjustments
      30       (8 )      1       6  
  
 
 
    
 
 
    
 
 
    
 
 
  
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (21 )    $ 178     $ 12     $ 273  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
 
 
 
 
 
 
 
 
 
(1)
For the three months ended June 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(4) and $(3) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $32 million and $—, respectively. For the six months ended June 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(15) million and $(5) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $6
 
million in both periods.
 
 
(2)
For the three and six months ended June 30, 2020, goodwill impairment was adjusted for the portion attributable to noncontrolling interests of $2 million.
 
    
Three months ended
     
Six months ended
  
    
June 30,
     
June 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
    $ (3 )    $ 147     $
 
 
 145     $
 
 
 271  
Australia Mortgage Insurance segment
      1       13       10       27  
U.S. Life Insurance segment:
         
Long-term care insurance
      48       37       49       17  
Life insurance
      (81 )      10       (158 )      8  
Fixed annuities
      28       19       34       36  
  
 
 
    
 
 
    
 
 
    
 
 
  
U.S. Life Insurance segment
      (5 )      66       (75 )      61  
  
 
 
    
 
 
    
 
 
    
 
 
  
Runoff segment
      24       9       11       29  
Corporate and Other activities
      (38 )      (57 )      (79 )      (115 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders
    $ (21 )    $ 178     $ 12     $ 273  
  
 
 
    
 
 
    
 
 
    
 
 
  
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)
   
June 30,
2020
     
December 31,
2019
  
Assets:
      
U.S. Mortgage Insurance segment
    $ 4,944      $ 4,504  
Australia Mortgage Insurance segment
      2,439        2,406  
U.S. Life Insurance segment
      83,829        81,640  
Runoff segment
      9,783        9,953  
Corporate and Other activities
      2,642        2,839  
  
 
 
     
 
 
  
Total assets
    $ 103,637      $ 101,342  
  
 
 
     
 
 
  
v3.20.2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 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 April 1, 2020
    $ 1,140     $ 2,755     $ (80 )    $ 3,815  
OCI before reclassifications
      762       (48 )      73       787  
Amounts reclassified from (to) OCI
      (88 )      (30 )      —         (118 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      674       (78 )      73       669  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020 before noncontrolling interests
      1,814       2,677       (7 )      4,484  
  
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      3       —         34       37  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020
    $ 1,811     $ 2,677     $ (41 )    $ 4,447  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(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 April 1, 2019
    $ 943      $ 1,850     $ (301 )    $ 2,492  
OCI before reclassifications
      375        157       43       575  
Amounts reclassified from (to) OCI
      1        (24 )      —         (23 ) 
  
 
 
     
 
 
    
 
 
    
 
 
  
Current period OCI
      376        133       43       552  
  
 
 
     
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019 before noncontrolling interests
      1,319        1,983       (258 )      3,044  
  
 
 
     
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      14        —         17       31  
  
 
 
     
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019
    $ 1,305      $ 1,983     $ (275 )    $ 3,013  
  
 
 
     
 
 
    
 
 
    
 
 
  
 
(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
      448       735       (25 )      1,158  
Amounts reclassified from (to) OCI
      (94 )      (60 )      —         (154 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      354       675       (25 )      1,004  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020 before noncontrolling interests
      1,810       2,677       (50 )      4,437  
  
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      (1 )      —         (9 )      (10 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2020
    $ 1,811     $ 2,677     $ (41 )    $ 4,447  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(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
      802       254       97       1,153  
Amounts reclassified from (to) OCI
      (46 )      (52 )      —         (98 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      756       202       97       1,055  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019 before noncontrolling interests
      1,351       1,983       (235 )      3,099  
  
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      46       —         40       86  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2019
    $ 1,305     $ 1,983     $ (275 )    $ 3,013  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(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 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 June 30, 2019. The balance also included taxes of $22 million and $(45) million, respectively, related to foreign currency translation adjustments as of June 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 June 30,
    
Six months ended June 30,
  
(Amounts in millions)
  
2020
    
2019
    
2020
    
2019
  
Net unrealized investment (gains) losses:
           
Unrealized (gains) losses on investments 
(1)
    $ (112 )    $ 2     $ (119 )    $ (58 )    Net investment (gains) losses
Income
taxes
      24       (1 )      25       12     Provision for income taxes
  
 
 
    
 
 
    
 
 
    
 
 
    
Total
    $ (88 )    $ 1     $ (94 )    $ (46 )   
  
 
 
    
 
 
    
 
 
    
 
 
    
Derivatives qualifying as hedges:
           
Interest rate swaps hedging assets
    $ (46 )    $ (42 )    $ (89 )    $ (80 )    Net investment income
Interest rate swaps hedging assets
      —         4       (4 )      (2 )    Net investment (gains) losses
Foreign currency swaps
      —         1       —         1     Net investment income
Income
taxes
      16       13       33       29     Provision for income taxes
  
 
 
    
 
 
    
 
 
    
 
 
    
Total
    $ (30 )    $ (24 )    $ (60 )    $ (52 )   
  
 
 
    
 
 
    
 
 
    
 
 
    
 
(1)
Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.20.2
Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2020
Assets and liabilities held for sale and operating results related to discontinued operations
A summary of operating results related to Genworth Canada reported as discontinued operations were as follows for the three and six months ended June 30, 2019:
 
(Amounts in millions)
   
Three months
 
ended
June 30, 2019
     
Six months
 
ended
June 30,
 
2019
  
Revenues:
      
Premiums
    $ 125      $ 251  
Net investment income
      36        71  
Net investment gains (losses)
      1        —    
  
 
 
     
 
 
  
Total revenues
      162        322  
  
 
 
     
 
 
  
Benefits and expenses:
      
Benefits and other changes in policy reserves
      19        38  
Acquisition and operating expenses, net of deferrals
      18        32  
Amortization of deferred acquisition costs and intangibles
      11        21  
Interest expense
(1)
      13        25  
  
 
 
     
 
 
  
Total benefits and expenses
      61        116  
  
 
 
     
 
 
  
Income before income taxes
(2)
      101        206  
Provision for income taxes
      41        84  
  
 
 
     
 
 
  
Income from discontinued operations, net of taxes
      60        122  
  
 
 
     
 
 
  
Less: net income from discontinued operations attributable to noncontrolling interests
      35        71  
  
 
 
     
 
 
  
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ 25      $ 51  
  
 
 
     
 
 
  
 
(1)
Interest on debt assumed by Brookfield and interest on debt that was repaid as a result of the sale of Genworth Canada was allocated and reported in discontinued operations. A senior secured term loan facility (“Term Loan”), owed by Genworth Holdings and secured by GFIH’s ownership interest in Genworth Canada’s outstanding common shares, was repaid in connection with the close of the Genworth Canada sale. Accordingly, interest expense related to the Term Loan of $8 million and $16 million for the three and six months ended June 30, 2019, respectively, was allocated and reported in discontinued operations.
(2)
The three and six months ended June 30, 2019 includes
pre-tax
income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $55 million and $111 million, respectively.
v3.20.2
Formation of Genworth and Basis of Presentation - Additional Information (Detail)
$ / shares in Units, £ in Millions, $ in Millions
 1 Months Ended 6 Months Ended
Jul. 21, 2020
USD ($)
Jul. 21, 2020
GBP (£)
Oct. 21, 2016
USD ($)
$ / shares
Jan. 31, 2020
Jun. 30, 2020
USD ($)
Segment
Dec. 12, 2019
USD ($)
Apr. 01, 2013
Number of operating segments | Segment         4    
Unrestricted cash and cash equivalents         $ 494    
U.S. Mortgage Insurance Business [member]              
Percentage of holding to be included in public offering         19.90%    
Subsequent Event | AXA Settlement Agreement              
Payment of legal settlements $ 125 £ 100          
Litigation Settlement Interest 25            
Litigation Settlement, Expense $ 40            
Genworth Canada MI              
Net cash proceeds for sale of mortgage business           $ 1,700  
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         $ 356    
Debt instrument interest rate         7.20%    
Debt instrument, maturity month and year         2021-02    
Debt instrument annual interest payment         $ 158    
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
Jun. 30, 2020
Dec. 31, 2019
Disclosure of Accounting Changes [Line Items]    
Retained earnings $ 899 $ 1,461
Commercial mortgage loans    
Disclosure of Accounting Changes [Line Items]    
Accrued interest carrying value in Accrued investment income 25  
Fixed maturity securities    
Disclosure of Accounting Changes [Line Items]    
Accrued interest carrying value in Accrued investment income 544  
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Earnings Per Share [Abstract]        
Weighted-average shares used in basic earnings per share calculations 505.4 503.4 504.8 502.3
Stock options, restricted stock units and stock appreciation rights 7.1 5.3 6.3 6.4
Weighted-average shares used in diluted earnings per share calculations 512.5 508.7 511.1 508.7
Income from continuing operations:        
Income from continuing operations $ 102 $ 158 $ 30 $ 326
Less: net income from continuing operations attributable to noncontrolling interests 23 15 17 35
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders $ 79 $ 143 $ 13 $ 291
Basic per share $ 0.16 $ 0.29 $ 0.03 $ 0.58
Diluted per share $ 0.15 $ 0.28 $ 0.03 $ 0.57
Income (loss) from discontinued operations:        
Income (loss) from discontinued operations, net of taxes $ (520) $ 60 $ (520) $ 122
Less: net income from discontinued operations attributable to noncontrolling interests 0 35 0 71
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders $ (520) $ 25 $ (520) $ 51
Basic per share $ (1.03) $ 0.05 $ (1.03) $ 0.10
Diluted per share $ (1.01) $ 0.05 $ (1.02) $ 0.10
Net income (loss):        
Income from continuing operations $ 102 $ 158 $ 30 $ 326
Income (loss) from discontinued operations, net of taxes (520) 60 (520) 122
Net income (loss) (418) 218 (490) 448
Less: net income attributable to noncontrolling interests 23 50 17 106
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ (441) $ 168 $ (507) $ 342
Basic per share [1] $ (0.87) $ 0.33 $ (1.00) $ 0.68
Diluted per share $ (0.86) $ 0.33 $ (0.99) $ 0.67
[1] May not total due to whole number calculation.
v3.20.2
Net Investment Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net Investment Income [Line Items]        
Gross investment income before expenses and fees $ 807 $ 841 $ 1,625 $ 1,658
Expenses and fees (21) (25) (46) (48)
Net investment income 786 816 1,579 1,610
Fixed maturity securities—taxable        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 601 634 1,223 1,247
Fixed maturity securities—non-taxable        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 1 2 3 4
Equity Securities        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 2 5 4 9
Commercial mortgage loans        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 84 85 169 167
Policy Loans        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 49 45 98 91
Other invested assets        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees 66 59 113 118
Cash, cash equivalents, restricted cash and short-term investments        
Net Investment Income [Line Items]        
Gross investment income before expenses and fees $ 4 $ 11 $ 15 $ 22
v3.20.2
Net Investment Gains (Losses) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Available-for-sale securities:        
Realized gains $ 119 $ 10 $ 133 $ 74
Realized losses (5) (21) (6) (27)
Net realized gains (losses) on available-for-sale securities 114 (11) 127 47
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 (7) 0 (7) 0
Net realized gains (losses) on equity securities sold 0 0 0 3
Net unrealized gains (losses) on equity securities still held 9 5 (10) 17
Limited partnerships 37 (11) (3) 4
Commercial mortgage loans [1] 1 1 1 0
Derivative instruments 10 (30) (95) (42)
Other (5) 0 (6) 0
Total net investment gains (losses) $ 159 $ (46) $ 7 $ 29
[1] 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)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Ending Balance $ (7)
Fixed maturity securities  
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Beginning Balance 0
Increase from securities without allowance in previous periods 7
Increase (decrease) from securities with allowance in previous periods 0
Securities Sold 0
Decrease due to change in intent or requirement to sell 0
Write-offs 0
Recoveries 0
Ending Balance 7
Non-U.S. corporate | Fixed maturity securities  
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Beginning Balance 0
Increase from securities without allowance in previous periods 4
Increase (decrease) from securities with allowance in previous periods 0
Securities Sold 0
Decrease due to change in intent or requirement to sell 0
Write-offs 0
Recoveries 0
Ending Balance 4
Commercial mortgage-backed | Fixed maturity securities  
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Beginning Balance 0
Increase from securities without allowance in previous periods 3
Increase (decrease) from securities with allowance in previous periods 0
Securities Sold 0
Decrease due to change in intent or requirement to sell 0
Write-offs 0
Recoveries 0
Ending Balance $ 3
v3.20.2
Investments - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 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  
Modified or extended troubled debt restructurings $ 0 $ 0
Total Assets 103,637 101,342
Variable interest Entity, not primary beneficiary    
Schedule of Investments [Line Items]    
Total Assets 743 616
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% 14.00%  
Consumer-non-cyclical | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 16.00%  
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 6 Months Ended
Jun. 30, 2019
Jun. 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
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Jun. 30, 2019
Mar. 31, 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] $ 8,766   $ 6,676      
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses [1] (10)   0      
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves (6,420)   (4,789)      
Income taxes, net (501)   (406)      
Net unrealized investment gains (losses) 1,835   1,481      
Less: net unrealized investment gains (losses) attributable to noncontrolling interests 24   25      
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. $ 1,811 $ 1,140 $ 1,456 $ 1,305 $ 943 $ 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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Investments [Abstract]        
Net unrealized investment gains (losses), beginning of period $ 1,140 $ 943 $ 1,456 $ 595
Unrealized gains (losses) arising during the period:        
Unrealized gains (losses) on fixed maturity securities 3,911 1,957 2,199 3,956
Adjustment to deferred acquisition costs (111) (52) 57 (1,041)
Adjustment to present value of future profits 5 (2) 4 (55)
Adjustment to sales inducements (34) (12) 2 (31)
Adjustment to benefit reserves and policyholder contract balances (2,802) (1,412) (1,694) (1,800)
Provision for income taxes (207) (104) (120) (227)
Change in unrealized gains (losses) on investment securities 762 375 448 802
Reclassification adjustments to net investment (gains) losses, net of taxes of $24 and $(1) (88) 1 (94) (46)
Change in net unrealized investment gains (losses) 674 376 354 756
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests 3 14 (1) 46
Net unrealized investment gains (losses), end of period $ 1,811 $ 1,305 $ 1,811 $ 1,305
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 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 $ 24 $ (1) $ 25 $ 12
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
Jun. 30, 2020
Dec. 31, 2019
Schedule of Investments [Line Items]    
Amortized cost or cost, total $ 54,834 $ 53,700
Gross unrealized gains 8,999  
Gross unrealized losses (282)  
Fair value, total 63,544 60,339
Amortized cost or cost, fixed maturity securities 54,834  
Allowance for credit losses (7)  
Fair value, fixed maturity securities 63,544 60,339
Fixed maturity securities    
Schedule of Investments [Line Items]    
Allowance for credit losses 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 3,877 4,073
Gross unrealized gains, fixed maturity securities 1,725  
Gross unrealized losses, fixed maturity securities 0  
Allowance for credit losses 0  
Fair value, fixed maturity securities 5,602 5,025
Fixed maturity securities | State and Political Subdivisions    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 2,503 2,394
Gross unrealized gains, fixed maturity securities 496  
Gross unrealized losses, fixed maturity securities (1)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 2,998 2,747
Fixed maturity securities | Non-U.S. government    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 1,424 1,235
Gross unrealized gains, fixed maturity securities 125  
Gross unrealized losses, fixed maturity securities (7)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 1,542 1,350
Fixed maturity securities | U.S. corporate    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 29,643 28,313
Gross unrealized gains, fixed maturity securities 4,876  
Gross unrealized losses, fixed maturity securities (124)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 34,395 32,111
Fixed maturity securities | U.S. corporate | Utilities    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 4,392 4,322
Gross unrealized gains, fixed maturity securities 879  
Gross unrealized losses, fixed maturity securities (1)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 5,270 4,997
Fixed maturity securities | U.S. corporate | Energy    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 2,454 2,404
Gross unrealized gains, fixed maturity securities 203  
Gross unrealized losses, fixed maturity securities (63)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 2,594 2,699
Fixed maturity securities | U.S. corporate | Finance and insurance    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 7,400 6,977
Gross unrealized gains, fixed maturity securities 1,017  
Gross unrealized losses, fixed maturity securities (14)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 8,403 7,774
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 5,132 4,909
Gross unrealized gains, fixed maturity securities 1,147  
Gross unrealized losses, fixed maturity securities (2)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 6,277 5,701
Fixed maturity securities | U.S. corporate | Technology and communications    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 2,912 2,883
Gross unrealized gains, fixed maturity securities 503  
Gross unrealized losses, fixed maturity securities (4)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 3,411 3,245
Fixed maturity securities | U.S. corporate | Industrial    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 1,350 1,271
Gross unrealized gains, fixed maturity securities 157  
Gross unrealized losses, fixed maturity securities (4)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 1,503 1,396
Fixed maturity securities | U.S. corporate | Capital goods    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 2,580 2,345
Gross unrealized gains, fixed maturity securities 454  
Gross unrealized losses, fixed maturity securities (6)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 3,028 2,711
Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 1,748 1,590
Gross unrealized gains, fixed maturity securities 224  
Gross unrealized losses, fixed maturity securities (6)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 1,966 1,760
Fixed maturity securities | U.S. corporate | Transportation    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 1,335 1,320
Gross unrealized gains, fixed maturity securities 254  
Gross unrealized losses, fixed maturity securities (24)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 1,565 1,506
Fixed maturity securities | U.S. corporate | Other    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 340 292
Gross unrealized gains, fixed maturity securities 38  
Gross unrealized losses, fixed maturity securities 0  
Allowance for credit losses 0  
Fair value, fixed maturity securities 378 322
Fixed maturity securities | Non-U.S. corporate    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 9,673 9,469
Gross unrealized gains, fixed maturity securities 1,263  
Gross unrealized losses, fixed maturity securities (47)  
Allowance for credit losses 4 0
Fair value, fixed maturity securities 10,885 10,525
Fixed maturity securities | Non-U.S. corporate | Utilities    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 811 779
Gross unrealized gains, fixed maturity securities 68  
Gross unrealized losses, fixed maturity securities 0  
Allowance for credit losses 0  
Fair value, fixed maturity securities 879 829
Fixed maturity securities | Non-U.S. corporate | Energy    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 1,141 1,140
Gross unrealized gains, fixed maturity securities 148  
Gross unrealized losses, fixed maturity securities (14)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 1,275 1,319
Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 2,199 2,087
Gross unrealized gains, fixed maturity securities 284  
Gross unrealized losses, fixed maturity securities (16)  
Allowance for credit losses (1)  
Fair value, fixed maturity securities 2,466 2,319
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 692 631
Gross unrealized gains, fixed maturity securities 86  
Gross unrealized losses, fixed maturity securities (1)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 777 684
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 182  
Gross unrealized losses, fixed maturity securities (1)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 1,247 1,138
Fixed maturity securities | Non-U.S. corporate | Industrial    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 883 896
Gross unrealized gains, fixed maturity securities 116  
Gross unrealized losses, fixed maturity securities (4)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 995 988
Fixed maturity securities | Non-U.S. corporate | Capital goods    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 565 565
Gross unrealized gains, fixed maturity securities 50  
Gross unrealized losses, fixed maturity securities (2)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 613 605
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 380 373
Gross unrealized gains, fixed maturity securities 27  
Gross unrealized losses, fixed maturity securities 0  
Allowance for credit losses 0  
Fair value, fixed maturity securities 407 397
Fixed maturity securities | Non-U.S. corporate | Transportation    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 560 557
Gross unrealized gains, fixed maturity securities 84  
Gross unrealized losses, fixed maturity securities (6)  
Allowance for credit losses (3)  
Fair value, fixed maturity securities 635 629
Fixed maturity securities | Non-U.S. corporate | Other    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 1,376 1,431
Gross unrealized gains, fixed maturity securities 218  
Gross unrealized losses, fixed maturity securities (3)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 1,591 1,617
Fixed maturity securities | Residential mortgage-backed    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 1,927 2,057
Gross unrealized gains, fixed maturity securities 259  
Gross unrealized losses, fixed maturity securities (2)  
Allowance for credit losses 0  
Fair value, fixed maturity securities 2,184 2,270
Fixed maturity securities | Commercial mortgage-backed    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 2,800 2,897
Gross unrealized gains, fixed maturity securities 225  
Gross unrealized losses, fixed maturity securities (52)  
Allowance for credit losses 3 0
Fair value, fixed maturity securities 2,970 3,026
Fixed maturity securities | Other asset-backed    
Schedule of Investments [Line Items]    
Amortized cost or cost, fixed maturity securities 2,987 3,262
Gross unrealized gains, fixed maturity securities 30  
Gross unrealized losses, fixed maturity securities (49)  
Allowance for credit losses 0  
Fair value, fixed maturity securities $ 2,968 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
Jun. 30, 2020
USD ($)
Securities
Dec. 31, 2019
USD ($)
Securities
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 4,618 $ 1,452
Less than 12 months, Gross unrealized losses $ (241) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 847 231
12 months or more, Fair value $ 465 $ 817
12 months or more, Gross unrealized losses $ (31) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 86 158
Fair value $ 5,083 $ 2,269
Gross unrealized losses $ (272) $ (43)
Number of securities in a continuous loss position | Securities 933 389
Investment grade    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 3,731 $ 1,408
Less than 12 months, Gross unrealized losses $ (163) $ (14)
Less than 12 months, Number of securities in a continuous loss position | Securities 701 223
12 months or more, Fair value $ 330 $ 702
12 months or more, Gross unrealized losses $ (18) $ (15)
12 months or more, Number of securities in a continuous loss position | Securities 71 145
Fair value $ 4,061 $ 2,110
Gross unrealized losses $ (181) $ (29)
Number of securities in a continuous loss position | Securities 772 368
Below investment grade    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 887 $ 44
Less than 12 months, Gross unrealized losses $ (78) $ (4)
Less than 12 months, Number of securities in a continuous loss position | Securities 146 8
12 months or more, Fair value $ 135 $ 115
12 months or more, Gross unrealized losses $ (13) $ (10)
12 months or more, Number of securities in a continuous loss position | Securities 15 13
Fair value $ 1,022 $ 159
Gross unrealized losses $ (91) $ (14)
Number of securities in a continuous loss position | Securities 161 21
Fixed maturity securities    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 4,618 $ 1,452
Less than 12 months, Gross unrealized losses $ (241) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 847 231
12 months or more, Fair value $ 465 $ 817
12 months or more, Gross unrealized losses $ (31) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 86 158
Fair value $ 5,083 $ 2,269
Gross unrealized losses $ (272) $ (43)
Number of securities in a continuous loss position | Securities 933 389
Fixed maturity securities | Less Than 20 Percent Below Cost    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 4,538 $ 1,452
Less than 12 months, Gross unrealized losses $ (211) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 825 231
12 months or more, Fair value $ 442 $ 807
12 months or more, Gross unrealized losses $ (24) $ (20)
12 months or more, Number of securities in a continuous loss position | Securities 83 155
Fair value $ 4,980 $ 2,259
Gross unrealized losses $ (235) $ (38)
Number of securities in a continuous loss position | Securities 908 386
Fixed maturity securities | 20 To 50 percent below cost    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 80 $ 0
Less than 12 months, Gross unrealized losses $ (30) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 22 0
12 months or more, Fair value $ 22 $ 10
12 months or more, Gross unrealized losses $ (6) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 2 3
Fair value $ 102 $ 10
Gross unrealized losses $ (36) $ (5)
Number of securities in a continuous loss position | Securities 24 3
Fixed maturity securities | Greater Than 50 Percent Below Cost    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 0  
Less than 12 months, Gross unrealized losses $ 0  
Less than 12 months, Number of securities in a continuous loss position | Securities 0  
12 months or more, Fair value $ 1  
12 months or more, Gross unrealized losses $ (1)  
12 months or more, Number of securities in a continuous loss position | Securities 1  
Fair value $ 1  
Gross unrealized losses $ (1)  
Number of securities in a continuous loss position | Securities 1  
Fixed maturity securities | State and Political Subdivisions    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 23 $ 91
Less than 12 months, Gross unrealized losses $ (1) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 6 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 $ 23 $ 91
Gross unrealized losses $ (1) $ (2)
Number of securities in a continuous loss position | Securities 6 14
Fixed maturity securities | Non-U.S. government    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 207 $ 224
Less than 12 months, Gross unrealized losses $ (7) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 18 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 $ 207 $ 224
Gross unrealized losses $ (7) $ (2)
Number of securities in a continuous loss position | Securities 18 20
Fixed maturity securities | U.S. corporate    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 1,785 $ 123
Less than 12 months, Gross unrealized losses $ (107) $ (5)
Less than 12 months, Number of securities in a continuous loss position | Securities 291 27
12 months or more, Fair value $ 182 $ 302
12 months or more, Gross unrealized losses $ (17) $ (13)
12 months or more, Number of securities in a continuous loss position | Securities 18 33
Fair value $ 1,967 $ 425
Gross unrealized losses $ (124) $ (18)
Number of securities in a continuous loss position | Securities 309 60
Fixed maturity securities | Non-U.S. corporate    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 613 $ 79
Less than 12 months, Gross unrealized losses $ (37) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 125 12
12 months or more, Fair value $ 12 $ 62
12 months or more, Gross unrealized losses $ (2) $ (4)
12 months or more, Number of securities in a continuous loss position | Securities 2 7
Fair value $ 625 $ 141
Gross unrealized losses $ (39) $ (5)
Number of securities in a continuous loss position | Securities 127 19
Fixed maturity securities | Residential mortgage-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 36 $ 22
Less than 12 months, Gross unrealized losses $ (1) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 11 10
12 months or more, Fair value $ 8 $ 0
12 months or more, Gross unrealized losses $ (1) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 4 0
Fair value $ 44 $ 22
Gross unrealized losses $ (2) $ (1)
Number of securities in a continuous loss position | Securities 15 10
Fixed maturity securities | Commercial mortgage-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 625 $ 381
Less than 12 months, Gross unrealized losses $ (50) $ (5)
Less than 12 months, Number of securities in a continuous loss position | Securities 105 51
12 months or more, Fair value $ 0 $ 14
12 months or more, Gross unrealized losses $ 0 $ (3)
12 months or more, Number of securities in a continuous loss position | Securities 0 3
Fair value $ 625 $ 395
Gross unrealized losses $ (50) $ (8)
Number of securities in a continuous loss position | Securities 105 54
Fixed maturity securities | Other asset-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 1,329 $ 532
Less than 12 months, Gross unrealized losses $ (38) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 291 97
12 months or more, Fair value $ 263 $ 439
12 months or more, Gross unrealized losses $ (11) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 62 115
Fair value $ 1,592 $ 971
Gross unrealized losses $ (49) $ (7)
Number of securities in a continuous loss position | Securities 353 212
v3.20.2
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail)
$ in Millions
Jun. 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 $ 4,618 $ 1,452
Less than 12 months, Gross unrealized losses $ (241) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 847 231
12 months or more, Fair value $ 465 $ 817
12 months or more, Gross unrealized losses $ (31) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 86 158
Fair value $ 5,083 $ 2,269
Gross unrealized losses $ (272) $ (43)
Number of securities in a continuous loss position | Securities 933 389
Fixed maturity securities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 4,618 $ 1,452
Less than 12 months, Gross unrealized losses $ (241) $ (18)
Less than 12 months, Number of securities in a continuous loss position | Securities 847 231
12 months or more, Fair value $ 465 $ 817
12 months or more, Gross unrealized losses $ (31) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 86 158
Fair value $ 5,083 $ 2,269
Gross unrealized losses $ (272) $ (43)
Number of securities in a continuous loss position | Securities 933 389
Fixed maturity securities | U.S. corporate    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 1,785 $ 123
Less than 12 months, Gross unrealized losses $ (107) $ (5)
Less than 12 months, Number of securities in a continuous loss position | Securities 291 27
12 months or more, Fair value $ 182 $ 302
12 months or more, Gross unrealized losses $ (17) $ (13)
12 months or more, Number of securities in a continuous loss position | Securities 18 33
Fair value $ 1,967 $ 425
Gross unrealized losses $ (124) $ (18)
Number of securities in a continuous loss position | Securities 309 60
Fixed maturity securities | U.S. corporate | Utilities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 35  
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 $ 35  
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 $ 594 $ 54
Less than 12 months, Gross unrealized losses $ (50) $ (3)
Less than 12 months, Number of securities in a continuous loss position | Securities 93 10
12 months or more, Fair value $ 88 $ 80
12 months or more, Gross unrealized losses $ (13) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 11 10
Fair value $ 682 $ 134
Gross unrealized losses $ (63) $ (8)
Number of securities in a continuous loss position | Securities 104 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 $ 429 $ 0
Less than 12 months, Gross unrealized losses $ (14) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 56 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 $ 429 $ 34
Gross unrealized losses $ (14) $ (1)
Number of securities in a continuous loss position | Securities 56 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 $ 80 $ 34
Less than 12 months, Gross unrealized losses $ (1) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 17 9
12 months or more, Fair value $ 43 $ 93
12 months or more, Gross unrealized losses $ (1) $ (3)
12 months or more, Number of securities in a continuous loss position | Securities 2 9
Fair value $ 123 $ 127
Gross unrealized losses $ (2) $ (4)
Number of securities in a continuous loss position | Securities 19 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 $ 89 $ 0
Less than 12 months, Gross unrealized losses $ (4) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 20 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 $ 89 $ 18
Gross unrealized losses $ (4) $ (1)
Number of securities in a continuous loss position | Securities 20 2
Fixed maturity securities | U.S. corporate | Industrial    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 98  
Less than 12 months, Gross unrealized losses $ (4)  
Less than 12 months, Number of securities in a continuous loss position | Securities 9  
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 $ 98  
Gross unrealized losses $ (4)  
Number of securities in a continuous loss position | Securities 9  
Fixed maturity securities | U.S. corporate | Capital goods    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 90 $ 35
Less than 12 months, Gross unrealized losses $ (5) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 14 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 $ 104 $ 35
Gross unrealized losses $ (6) $ (1)
Number of securities in a continuous loss position | Securities 15 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 $ 181 $ 0
Less than 12 months, Gross unrealized losses $ (4) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 32 0
12 months or more, Fair value $ 37 $ 54
12 months or more, Gross unrealized losses $ (2) $ (2)
12 months or more, Number of securities in a continuous loss position | Securities 4 6
Fair value $ 218 $ 54
Gross unrealized losses $ (6) $ (2)
Number of securities in a continuous loss position | Securities 36 6
Fixed maturity securities | U.S. corporate | Transportation    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 189 $ 0
Less than 12 months, Gross unrealized losses $ (24) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 44 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 $ 189 $ 23
Gross unrealized losses $ (24) $ (1)
Number of securities in a continuous loss position | Securities 44 2
Fixed maturity securities | Non-U.S. corporate    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 613 $ 79
Less than 12 months, Gross unrealized losses $ (37) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 125 12
12 months or more, Fair value $ 12 $ 62
12 months or more, Gross unrealized losses $ (2) $ (4)
12 months or more, Number of securities in a continuous loss position | Securities 2 7
Fair value $ 625 $ 141
Gross unrealized losses $ (39) $ (5)
Number of securities in a continuous loss position | Securities 127 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 $ 150  
Less than 12 months, Gross unrealized losses $ (14)  
Less than 12 months, Number of securities in a continuous loss position | Securities 23  
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 $ 150  
Gross unrealized losses $ (14)  
Number of securities in a continuous loss position | Securities 23  
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 $ 215  
Less than 12 months, Gross unrealized losses $ (10)  
Less than 12 months, Number of securities in a continuous loss position | Securities 43  
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 $ 215  
Gross unrealized losses $ (10)  
Number of securities in a continuous loss position | Securities 43  
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 $ 6 $ 31
12 months or more, Gross unrealized losses $ (1) $ (2)
12 months or more, Number of securities in a continuous loss position | Securities 1 3
Fair value $ 6 $ 31
Gross unrealized losses $ (1) $ (2)
Number of securities in a continuous loss position | Securities 1 3
Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 34  
Less than 12 months, Gross unrealized losses $ (1)  
Less than 12 months, Number of securities in a continuous loss position | Securities 16  
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 $ 34  
Gross unrealized losses $ (1)  
Number of securities in a continuous loss position | Securities 16  
Fixed maturity securities | Non-U.S. corporate | Industrial    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 80  
Less than 12 months, Gross unrealized losses $ (4)  
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 $ 80  
Gross unrealized losses $ (4)  
Number of securities in a continuous loss position | Securities 11  
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 $ 62  
Less than 12 months, Gross unrealized losses $ (2)  
Less than 12 months, Number of securities in a continuous loss position | Securities 8  
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 $ 62  
Gross unrealized losses $ (2)  
Number of securities in a continuous loss position | Securities 8  
Fixed maturity securities | Non-U.S. corporate | Transportation    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 42 $ 0
Less than 12 months, Gross unrealized losses $ (4) $ 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 $ 42 $ 25
Gross unrealized losses $ (4) $ (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 $ 30 $ 79
Less than 12 months, Gross unrealized losses $ (2) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 9 12
12 months or more, Fair value $ 6 $ 6
12 months or more, Gross unrealized losses $ (1) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 1 1
Fair value $ 36 $ 85
Gross unrealized losses $ (3) $ (2)
Number of securities in a continuous loss position | Securities 10 13
Fixed maturity securities | Corporate Debt Securities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 2,398 $ 202
Less than 12 months, Gross unrealized losses $ (144) $ (6)
Less than 12 months, Number of securities in a continuous loss position | Securities 416 39
12 months or more, Fair value $ 194 $ 364
12 months or more, Gross unrealized losses $ (19) $ (17)
12 months or more, Number of securities in a continuous loss position | Securities 20 40
Fair value $ 2,592 $ 566
Gross unrealized losses $ (163) $ (23)
Number of securities in a continuous loss position | Securities 436 79
v3.20.2
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Amortized cost or cost    
Due one year or less $ 1,494  
Due after one year through five years 9,518  
Due after five years through ten years 12,978  
Due after ten years 23,130  
Subtotal 47,120  
Amortized cost or cost, fixed maturity securities 54,834  
Fair value    
Due one year or less 1,517  
Due after one year through five years 10,054  
Due after five years through ten years 14,478  
Due after ten years 29,373  
Subtotal 55,422  
Fair value, fixed maturity securities 63,544 $ 60,339
Residential mortgage-backed    
Amortized cost or cost    
Fixed maturity securities 1,927  
Fair value    
Fixed maturity securities 2,184  
Commercial mortgage-backed    
Amortized cost or cost    
Fixed maturity securities 2,800  
Fair value    
Fixed maturity securities 2,970  
Other asset-backed    
Amortized cost or cost    
Fixed maturity securities 2,987  
Fair value    
Fixed maturity securities $ 2,968  
v3.20.2
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($)
$ in Millions
Jun. 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 $ 6,945 $ 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 $ (28) $ (13)
Commercial mortgage loans, net 6,917 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 6,945 6,980
Unamortized balance of loan origination fees and costs $ 0 $ (4)
% of total 100.00% 100.00%
Allowance for credit losses $ (28) $ (13)
Commercial mortgage loans, net 6,917 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 $ 1,751 $ 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 $ 1,623 $ 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 $ 989 $ 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 $ 765 $ 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 $ 476 $ 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 $ 457 $ 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 $ 436 $ 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 $ 254 $ 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 $ 194 $ 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 $ 2,531 $ 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 $ 1,655 $ 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 $ 1,636 $ 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 $ 583 $ 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 $ 279 $ 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 $ 261 $ 266
% of total 4.00% 4.00%
v3.20.2
Aging of Past Due Commercial Mortgage Loans by Property Type (Detail) - USD ($)
$ in Millions
Jun. 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 $ 6,945 $ 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 $ 2,531 $ 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 $ 1,655 $ 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 $ 1,636 $ 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 $ 583 $ 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 $ 279 $ 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 $ 261 $ 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 $ 10 $ 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 $ 10 $ 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 $ 0 $ 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 $ 0 $ 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 $ 10 $ 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 $ 10 $ 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 $ 6,935 $ 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 $ 2,521 $ 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 1,655 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 1,636 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 583 541
Current | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 279 281
Current | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 261 $ 266
v3.20.2
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Financing Receivable, Allowance for Credit Losses [Line Items]        
Beginning balance     $ 13  
Ending balance $ 28   28  
Allowance for Credit Losses        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Beginning balance 29 $ 10 13 $ 9
Cumulative effect of change in accounting 0 0 16 0
Provision (1) 1 (1) 2
Write-offs 0 0 0 0
Recoveries 0 0 0 0
Ending balance $ 28 $ 11 $ 28 $ 11
v3.20.2
Loan-to-Value of Commercial Mortgage Loans by Property Type (Detail)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 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 $ 6,945 $ 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 $ 2,531 $ 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 $ 1,655 $ 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 $ 1,636 $ 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 $ 583 $ 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 $ 279 $ 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 $ 261 $ 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 $ 2,630 $ 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 $ 963 $ 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 758 808
0% - 50% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 530 529
0% - 50% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 218 211
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 104 104
0% - 50% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 57 56
51% - 60%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,505 $ 1,545
% of total 22.00% 22.00%
Weighted-average debt service coverage ratio 1.80 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 $ 572 $ 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 344 337
51% - 60% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 359 380
51% - 60% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 98 110
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 67 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 $ 2,802 $ 2,741
% of total 40.00% 39.00%
Weighted-average debt service coverage ratio 1.56 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 $ 996 $ 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 553 525
61% - 75% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 739 723
61% - 75% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 267 220
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 108 107
61% - 75% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 139 141
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
 6 Months Ended 12 Months Ended
Jun. 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 $ 6,945 $ 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 $ 6,945 $ 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 $ 2,531 $ 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 $ 2,531 $ 2,590
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,655 $ 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 $ 1,655 $ 1,670
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 1,636 $ 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 $ 1,636 $ 1,632
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 583 $ 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 $ 583 $ 541
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 279 $ 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 $ 279 $ 281
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, recorded investment $ 261 $ 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 $ 261 $ 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 $ 162 $ 190
% of total 3.00% 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 $ 63 $ 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 24 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 $ 500 $ 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 $ 136 $ 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 64 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 112 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 25 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 145 147
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 $ 1,317 $ 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 $ 599 $ 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 215 221
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 269 277
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 178 129
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 $ 2,860 $ 2,870
% of total 41.00% 41.00%
Weighted-average loan-to-value 58.00% 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 $ 1,118 $ 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 670 658
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 751 751
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 184 175
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 106 107
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 31 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 $ 2,106 $ 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 $ 615 $ 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 682 716
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 476 471
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 185 189
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 115 117
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 $ 33 $ 34
v3.20.2
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 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 $ 6,945 $ 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 6,945 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 2,630 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 2,630  
51% - 60%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 1,505 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 1,505  
61% - 75%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, recorded investment 2,802 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 2,802  
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 162 190
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 500 476
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 1,317 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 2,860 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 2,106 $ 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 269  
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 4  
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 236  
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 39  
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 62  
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 130  
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 38  
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 796  
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 748  
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 359  
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 357  
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 68  
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 1,000  
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 36  
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 190  
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 766  
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 107  
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 261  
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 505  
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 94  
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 731  
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 105  
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 337  
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 97  
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 322  
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 236  
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 499  
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 118  
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 155  
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 226  
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 88  
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 268  
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 130  
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 3,650  
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 2,352  
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 809  
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 489  
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 126  
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 256  
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 450  
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 1,278  
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 $ 1,540  
v3.20.2
Schedule of Positions in Derivative Instruments (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Derivative assets, fair value $ 1,062 $ 310
Derivative liabilities, fair value 1,030 805
Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 1,029 794
Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 1 11
Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 1,024 290
Interest rate swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value   10
Interest rate swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 939 197
Foreign currency swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 17 4
Equity index options | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 66 81
Other foreign currency contracts | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 1 1
Other foreign currency contracts | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 2 8
GMWB embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [1] 559 323
GMWB embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value [2] 38 20
Fixed index annuity embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 447 452
Indexed universal life embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 23 19
Designated As Hedging Instrument    
Derivative [Line Items]    
Derivative assets, fair value 956 201
Derivative liabilities, fair value 0 10
Designated As Hedging Instrument | Cash Flow Hedges    
Derivative [Line Items]    
Derivative assets, fair value 956 201
Derivative liabilities, fair value 0 10
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0 10
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 939 197
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0 0
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 17 4
Derivatives not designated as hedges    
Derivative [Line Items]    
Derivative assets, fair value 106 109
Derivative liabilities, fair value 1,030 795
Derivatives not designated as hedges | Equity index options | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0 0
Derivatives not designated as hedges | Equity index options | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 66 81
Derivatives not designated as hedges | Financial futures | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0 0
Derivatives not designated as hedges | Financial futures | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 0 0
Derivatives not designated as hedges | Other foreign currency contracts | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 1 1
Derivatives not designated as hedges | Other foreign currency contracts | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 2 8
Derivatives not designated as hedges | GMWB embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [3] 559 323
Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value [4] 38 20
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [5] 447 452
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Other assets    
Derivative [Line Items]    
Derivative assets, fair value 0 0
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [6] 23 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
 6 Months Ended
Jun. 30, 2020
USD ($)
Policies
Derivative [Line Items]  
Notional amount, beginning balance $ 18,013
Additions 8,132
Maturities/ terminations (8,538)
Notional amount, ending balance 17,607
Designated As Hedging Instrument  
Derivative [Line Items]  
Notional amount, beginning balance 9,078
Additions 1,158
Maturities/ terminations (1,880)
Notional amount, ending balance 8,356
Designated As Hedging Instrument | Cash Flow Hedges  
Derivative [Line Items]  
Notional amount, beginning balance 9,078
Additions 1,158
Maturities/ terminations (1,880)
Notional amount, ending balance 8,356
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps  
Derivative [Line Items]  
Notional amount, beginning balance 8,968
Additions 1,158
Maturities/ terminations (1,880)
Notional amount, ending balance 8,246
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 6,974
Maturities/ terminations (6,658)
Notional amount, ending balance 9,251
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 883
Maturities/ terminations (1,126)
Notional amount, ending balance 2,208
Derivatives not designated as hedges | Financial futures  
Derivative [Line Items]  
Notional amount, beginning balance 1,182
Additions 3,082
Maturities/ terminations (2,914)
Notional amount, ending balance 1,350
Derivatives not designated as hedges | Other foreign currency contracts  
Derivative [Line Items]  
Notional amount, beginning balance 628
Additions 3,009
Maturities/ terminations (2,618)
Notional amount, ending balance $ 1,019
Derivatives not designated as hedges | GMWB embedded derivatives  
Derivative [Line Items]  
Notional amount, beginning balance | Policies 25,623
Additions | Policies 0
Maturities/ terminations | Policies (992)
Notional amount, ending balance | Policies 24,631
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 (668)
Notional amount, ending balance | Policies 14,773
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 (28)
Notional amount, ending balance | Policies 856
v3.20.2
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI $ (60) $ 198 $ 935 $ 320
Gain (loss) reclassified into net income from OCI 46 37 93 81
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 (57) 216 984 353
Gain (loss) reclassified into net income from OCI 46 42 89 80
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
Gain (loss) reclassified into net income from OCI   (4) 4 2
Gain (loss) recognized in net income (loss)   0 0 0
Interest Rate Swaps Hedging Liabilities | Interest Expense        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI 1 (20) (62) (32)
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 (4) 2 13 (1)
Gain (loss) reclassified into net income from OCI 0 (1) 0 (1)
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments [Abstract]        
Derivatives qualifying as effective accounting hedges, beginning of period $ 2,755 $ 1,850 $ 2,002 $ 1,781
Cumulative effect of changes in accounting:        
Current period increases (decreases) in fair value, net of deferred taxes (48) 157 735 254
Reclassification to net (income), net of deferred taxes (30) (24) (60) (52)
Derivatives qualifying as effective accounting hedges, end of period $ 2,677 $ 1,983 $ 2,677 $ 1,983
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Current period increases (decreases) in fair value, deferred taxes $ 12 $ (41) $ (200) $ (66)
Reclassification to net (income), deferred taxes $ 16 $ 13 $ 33 $ 29
v3.20.2
Derivative Instruments - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 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 $ 2,677 $ 1,983 $ 2,755 $ 2,002 $ 1,850 $ 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 $ 123          
Amount reclassified to net income in connection with forecasted transactions that were no longer considered probable of occurring $ 1 $ 2        
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss $ 10 $ (26) $ (99) $ (46)
Interest rate swaps | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss (2) (3) (12) (4)
Equity index options | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss 4 10 (9) 27
Financial futures | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss (123) 17 138 (27)
Other foreign currency contracts | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss 44 (7) (3) (7)
GMWB embedded derivatives | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss 129 (22) (207) 23
Fixed index annuity embedded derivatives | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss (45) (20) (13) (58)
Indexed universal life embedded derivatives | Net Investment Gains (Losses)        
Derivative [Line Items]        
Pre-tax gain (loss) recognized in net loss $ 3 $ (1) $ 7 $ 0
v3.20.2
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Gross amounts recognized, derivatives assets $ 1,062 $ 310
Gross amounts recognized, derivatives liabilities 1,030 805
Subject to enforceable master netting arrangement    
Derivative [Line Items]    
Gross amounts recognized, net derivatives 1,023 280
Gross amounts offset in the balance sheet, net derivatives 0 0
Net amounts presented in the balance sheet, net derivatives 1,023 280
Gross amounts not offset in the balance sheet, financial instruments, net derivatives [1] 0 0
Collateral received (864) (179)
Collateral pledged 434 405
Over collateralization, net derivatives (414) (383)
Net amount 179 123
Subject to enforceable master netting arrangement | Derivative assets    
Derivative [Line Items]    
Gross amounts recognized, derivatives assets 1,024 291
Gross amounts offset in the balance sheet, derivatives assets 0 0
Net amounts presented in the balance sheet, derivatives assets 1,024 291
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets [1],[2] (1) (7)
Collateral received (864) (179)
Collateral pledged 0 0
Over collateralization, derivatives assets 19 18
Net amount, derivatives assets 178 123
Subject to enforceable master netting arrangement | Derivative liabilities    
Derivative [Line Items]    
Gross amounts recognized, derivatives liabilities 1 11
Gross amounts offset in the balance sheet, derivatives liabilities 0 0
Net amounts presented in the balance sheet, derivatives liabilities 1 11
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities [1],[3] (1) (7)
Collateral received 0 0
Collateral pledged (434) (405)
Over collateralization, derivatives liabilities 433 401
Net amount, derivatives liabilities $ (1) $ 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 $1 million of accruals on derivatives classified as other assets as of December 31, 2019 and does not include amounts related to embedded derivatives as of June 30, 2020 and December 31, 2019.
[3] Does not include amounts related to embedded derivatives as of June 30, 2020 and December 31, 2019.
v3.20.2
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Parenthetical) (Detail) - Derivative assets - Subject to enforceable master netting arrangement - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Net amounts presented in the balance sheet, accruals on derivative assets $ 1,024 $ 291
Other assets    
Derivative [Line Items]    
Net amounts presented in the balance sheet, accruals on derivative assets   $ 1
v3.20.2
Fair Value of Financial Instruments - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 63,544 $ 60,339
GMWB non-performance risk impact $ 91 62
Period end valuation 0  
Fixed maturity securities | Non-U.S. government    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 1,542 1,350
Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 34,395 32,111
Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 10,885 10,525
Level 2    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 59,289 56,148
Level 2 | Fixed maturity securities | Non-U.S. government    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 1,542 1,350
Level 2 | Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 32,063 29,872
Level 2 | Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 9,191 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 90.00%  
Level 2 | Fixed maturity securities | Third-Party Pricing Services | Non-U.S. government    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 1,527  
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 30,874  
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 8,589  
Level 2 | Fixed maturity securities | Internal models | Non-U.S. government    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 15  
Level 2 | Fixed maturity securities | Internal models | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 1,189  
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 602  
Level 3    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 4,255 4,191
Level 3 | Fixed maturity securities | Non-U.S. government    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 0 0
Level 3 | Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 2,332 2,239
Level 3 | Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 1,694 $ 1,685
Level 3 | Fixed maturity securities | Internal models    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 3,392  
Level 3 | Fixed maturity securities | Broker Quotes    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 863  
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
 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 63,544 $ 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 5,602 5,025
Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,998 2,747
Fixed maturity securities | Non-U.S. government    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 1,542 1,350
Fixed maturity securities | U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 34,395 32,111
Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 10,885 10,525
Fixed maturity securities | Residential mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,184 2,270
Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,970 3,026
Fixed maturity securities | Other asset-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,968 3,285
Level 2    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 59,289 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 5,602 5,025
Level 2 | Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,935 2,645
Level 2 | Fixed maturity securities | Non-U.S. government    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 1,542 1,350
Level 2 | Fixed maturity securities | U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 32,063 29,872
Level 2 | Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 9,191 8,840
Level 2 | Fixed maturity securities | Residential mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,160 2,243
Level 2 | Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,949 3,020
Level 2 | Fixed maturity securities | Other asset-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,847 $ 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 $ 5,602  
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 $ 2,935  
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 $ 1,527  
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 $ 30,874  
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 $ 8,589  
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 $ 2,160  
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 $ 2,949  
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 $ 2,847  
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 swaps 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
Jun. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities $ 63,544 $ 60,339
Available-for-sale equity securities 206 239
Derivative assets, fair value 1,062 310
Total other invested assets 2,473 1,632
Separate account assets 5,536 6,108
Total assets 71,195 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] 598 503
Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 1,024 290
Securities lending collateral 59 51
Short-term investments 190 211
Limited partnerships 598 503
Total other invested assets 1,871 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] 598 503
Total other invested assets [1] 598 503
Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 939 197
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 17 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 66 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 2 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] 38 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 5,602 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 2,998 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 1,542 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 34,395 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 5,270 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 2,594 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 8,403 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 6,277 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 3,411 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 1,503 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 3,028 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 1,966 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 1,565 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 378 322
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 10,885 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 879 829
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 1,275 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 2,466 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 777 684
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 1,247 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 995 988
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 613 605
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 407 397
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 635 629
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 1,591 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 2,184 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 2,970 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 2,968 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 45 62
Total other invested assets [3] 0 0
Separate account assets 5,536 6,108
Total assets 5,581 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 59,289 56,148
Available-for-sale equity securities 108 126
Total other invested assets [3] 22 49
Separate account assets 0 0
Total assets 60,604 56,745
Level 2 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 958 209
Securities lending collateral 59 51
Short-term investments 190 211
Limited partnerships 0 0
Total other invested assets 1,207 471
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 939 197
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 17 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 2 [1] 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 5,602 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 2,935 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 1,542 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 32,063 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 4,334 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 2,471 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 7,852 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 6,174 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 3,345 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 1,464 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 2,931 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 1,768 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 1,511 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 213 186
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 9,191 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 522 455
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 1,038 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 2,155 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 723 625
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 1,219 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 903 884
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 440 444
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 251 250
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 494 438
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 1,446 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 2,160 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 2,949 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 2,847 3,153
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,255 4,191
Available-for-sale equity securities 53 51
Total other invested assets [3] 399 383
Separate account assets 0 0
Total assets 4,412 4,343
Level 3 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 66 81
Securities lending collateral 0 0
Short-term investments 0 0
Limited partnerships 0 0
Total other invested assets 66 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 66 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] 38 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 63 102
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 2,332 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 936 865
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 123 129
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 551 572
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 66 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 39 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 198 173
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 165 136
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 1,694 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 357 374
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 311 234
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 92 104
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 156 147
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 141 191
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 145 140
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 24 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 21 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 $ 121 $ 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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance $ 4,027 $ 4,252 $ 4,343 $ 3,982
Total realized and unrealized gains (losses), Included in net income (3) 14 15 32
Total realized and unrealized gains (losses), Included in OCI 281 101 8 234
Purchases 86 226 179 419
Sales (3) (21) (25) (38)
Issuances 0 0 1 1
Settlements (64) (137) (147) (268)
Transfer into Level 3 [1] 188 27 338 130
Transfer out of Level 3 [1] (100) (40) (300) (70)
Ending balance 4,412 4,422 4,412 4,422
Total gains (losses) included in net income attributable to assets still held, Included in net income 1 10 26 13
Total gains (losses) included in net income attributable to assets still held, Included in OCI 272   14  
Other invested assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 62 60 81 39
Total realized and unrealized gains (losses), Included in net income 4 10 (9) 27
Total realized and unrealized gains (losses), Included in OCI 0 0 0 0
Purchases 7 9 18 21
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (7) (14) (24) (22)
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 66 65 66 65
Total gains (losses) included in net income attributable to assets still held, Included in net income 8 7 5 11
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 62 60 81 39
Total realized and unrealized gains (losses), Included in net income 4 10 (9) 27
Total realized and unrealized gains (losses), Included in OCI 0 0 0 0
Purchases 7 9 18 21
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (7) (14) (24) (22)
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 66 65 66 65
Total gains (losses) included in net income attributable to assets still held, Included in net income 8 7 5 11
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 62 60 81 39
Total realized and unrealized gains (losses), Included in net income 4 10 (9) 27
Total realized and unrealized gains (losses), Included in OCI 0 0 0 0
Purchases 7 9 18 21
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (7) (14) (24) (22)
Transfer into Level 3 [1] 0 0 0 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 66 65 66 65
Total gains (losses) included in net income attributable to assets still held, Included in net income 8 7 5 11
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] 47 18 20 20
Total realized and unrealized gains (losses), Included in net income [2] (9) 2 17 (1)
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] 38 20 38 20
Total gains (losses) included in net income attributable to assets still held, Included in net income [2] (9) 2 17 (1)
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 3,868 4,119 4,191 3,865
Total realized and unrealized gains (losses), Included in net income 2 2 7 6
Total realized and unrealized gains (losses), Included in OCI 281 101 8 234
Purchases 73 215 155 396
Sales 0 (20) (21) (34)
Issuances 0 0 0 0
Settlements (57) (123) (123) (246)
Transfer into Level 3 [1] 188 27 338 130
Transfer out of Level 3 [1] (100) (40) (300) (70)
Ending balance 4,255 4,281 4,255 4,281
Total gains (losses) included in net income attributable to assets still held, Included in net income 2 1 4 3
Total gains (losses) included in net income attributable to assets still held, Included in OCI 272   14  
Fixed maturity securities | Non-U.S. government        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 1   0  
Total realized and unrealized gains (losses), Included in net income 0   0  
Total realized and unrealized gains (losses), Included in OCI 0   0  
Purchases 0   0  
Sales 0   0  
Issuances 0   0  
Settlements (1)   (1)  
Transfer into Level 3 [1] 0   1  
Transfer out of Level 3 [1] 0   0  
Ending balance 0   0  
Total gains (losses) included in net income attributable to assets still held, Included in net income 0   0  
Total gains (losses) included in net income attributable to assets still held, Included in OCI 0   0  
Fixed maturity securities | State and political subdivisions        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 83 52 102 51
Total realized and unrealized gains (losses), Included in net income 0 1 1 2
Total realized and unrealized gains (losses), Included in OCI 7 8 (12) 8
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] (27) 0 (27) 0
Ending balance 63 61 63 61
Total gains (losses) included in net income attributable to assets still held, Included in net income 1 0 2 1
Total gains (losses) included in net income attributable to assets still held, Included in OCI 6   (13)  
Fixed maturity securities | U.S. corporate        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 2,113 2,162 2,239 1,998
Total realized and unrealized gains (losses), Included in net income 1 0 3 0
Total realized and unrealized gains (losses), Included in OCI 120 51 16 119
Purchases 61 111 96 181
Sales 0 (13) (21) (27)
Issuances 0 0 0 0
Settlements (21) (63) (43) (110)
Transfer into Level 3 [1] 72 0 125 96
Transfer out of Level 3 [1] (14) (21) (83) (30)
Ending balance 2,332 2,227 2,332 2,227
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 116   22  
Fixed maturity securities | U.S. corporate | Utilities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 843 748 865 643
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 37 20 12 42
Purchases 32 82 32 96
Sales 0 (13) 0 (14)
Issuances 0 0 0 0
Settlements (2) (38) (2) (40)
Transfer into Level 3 [1] 26 0 42 72
Transfer out of Level 3 [1] 0 (10) (13) (10)
Ending balance 936 789 936 789
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 37   14  
Fixed maturity securities | U.S. corporate | Energy        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 124 115 129 121
Total realized and unrealized gains (losses), Included in net income 1 0 1 0
Total realized and unrealized gains (losses), Included in OCI 13 3 (2) 7
Purchases 0 5 10 5
Sales 0 0 (21) 0
Issuances 0 0 0 0
Settlements (2) (1) (3) (11)
Transfer into Level 3 [1] 0 0 22 0
Transfer out of Level 3 [1] (13) 0 (13) 0
Ending balance 123 122 123 122
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   (5)  
Fixed maturity securities | U.S. corporate | Finance and insurance        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 510 590 572 534
Total realized and unrealized gains (losses), Included in net income 0 0 2 0
Total realized and unrealized gains (losses), Included in OCI 33 15 2 38
Purchases 21 10 21 40
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (12) (8) (24) (12)
Transfer into Level 3 [1] 0 0 0 7
Transfer out of Level 3 [1] (1) 0 (22) 0
Ending balance 551 607 551 607
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 33   5  
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 88 74 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 8 1 2 3
Purchases 8 14 8 14
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (1) 0 (1) (10)
Transfer into Level 3 [1] 0 0 0 9
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 103 89 103 89
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 8   2  
Fixed maturity securities | U.S. corporate | Technology and communications        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 61 52 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 5 3 1 5
Purchases 0 0 20 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 (11) (5) (11)
Ending balance 66 44 66 44
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 5   2  
Fixed maturity securities | U.S. corporate | Industrial        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 37 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 2 0 (1) 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 39 40 39 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 2   (1)  
Fixed maturity securities | U.S. corporate | Capital goods        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 90 95 102 92
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 7 3 (1) 6
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 98 97 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 7   (1)  
Fixed maturity securities | U.S. corporate | Consumer-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 179 195 173 211
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 11 3 4 10
Purchases 0 0 0 0
Sales 0 0 0 (13)
Issuances 0 0 0 0
Settlements (1) (13) (3) (14)
Transfer into Level 3 [1] 9 0 24 0
Transfer out of Level 3 [1] 0 0 0 (9)
Ending balance 198 185 198 185
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 11   4  
Fixed maturity securities | U.S. corporate | Transportation        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 43 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 2 0 (2) 1
Purchases 0 0 0 4
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (1) 0 (2) (8)
Transfer into Level 3 [1] 10 0 10 0
Transfer out of Level 3 [1] 0 0 (30) 0
Ending balance 54 54 54 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 2   1  
Fixed maturity securities | U.S. corporate | Other        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 138 199 136 178
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 2 3 1 6
Purchases 0 0 5 22
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (2) (3) (4) (15)
Transfer into Level 3 [1] 27 0 27 8
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 165 199 165 199
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   1  
Fixed maturity securities | Non-U.S. corporate        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 1,529 1,575 1,685 1,532
Total realized and unrealized gains (losses), Included in net income 1 1 3 4
Total realized and unrealized gains (losses), Included in OCI 150 33 4 95
Purchases 6 61 44 117
Sales 0 (7) 0 (7)
Issuances 0 0 0 0
Settlements (29) (31) (55) (94)
Transfer into Level 3 [1] 93 0 188 6
Transfer out of Level 3 [1] (56) (1) (175) (22)
Ending balance 1,694 1,631 1,694 1,631
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 146   6  
Fixed maturity securities | Non-U.S. corporate | Utilities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 355 435 374 404
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 23 7 3 23
Purchases 1 0 12 30
Sales 0 (7) 0 (7)
Issuances 0 0 0 0
Settlements 0 (17) 0 (17)
Transfer into Level 3 [1] 0 0 21 0
Transfer out of Level 3 [1] (22) (1) (53) (16)
Ending balance 357 417 357 417
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 23   3  
Fixed maturity securities | Non-U.S. corporate | Energy        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 236 221 247 217
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 22 5 (8) 12
Purchases 0 15 0 16
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (26) 0 (26) (4)
Transfer into Level 3 [1] 5 0 24 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 237 241 237 241
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 22   (8)  
Fixed maturity securities | Non-U.S. corporate | Finance and insurance        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 223 182 234 171
Total realized and unrealized gains (losses), Included in net income 1 1 2 2
Total realized and unrealized gains (losses), Included in OCI 50 7 9 18
Purchases 0 2 15 7
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 (13) 0 (13)
Transfer into Level 3 [1] 37 0 58 0
Transfer out of Level 3 [1] 0 0 (7) (6)
Ending balance 311 179 311 179
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 49   10  
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 58 67 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 5 1 2 4
Purchases 0 0 8 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 (44)
Transfer into Level 3 [1] 0 0 1 0
Transfer out of Level 3 [1] (9) 0 (16) 0
Ending balance 54 68 54 68
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 | Technology and communications        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 27 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 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 28 27 28 27
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   0  
Fixed maturity securities | Non-U.S. corporate | Industrial        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 92 63 104 61
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 8 1 1 3
Purchases 0 0 0 0
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] (8) 0 (8) 0
Ending balance 92 64 92 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 7   0  
Fixed maturity securities | Non-U.S. corporate | Capital goods        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 135 173 161 173
Total realized and unrealized gains (losses), Included in net income 0 0 1 0
Total realized and unrealized gains (losses), Included in OCI 9 3 (2) 9
Purchases 0 5 0 10
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 (16) (11)
Transfer into Level 3 [1] 29 0 29 0
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 173 181 173 181
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   (1)  
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 164 125 147 122
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 12 2 (3) 8
Purchases 0 0 4 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (3) (1) (7) (4)
Transfer into Level 3 [1] 0 0 32 0
Transfer out of Level 3 [1] (17) 0 (17) 0
Ending balance 156 126 156 126
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 11   (5)  
Fixed maturity securities | Non-U.S. corporate | Transportation        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 108 192 191 171
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 11 3 2 9
Purchases 0 4 0 19
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 22 0 22 0
Transfer out of Level 3 [1] 0 0 (74) 0
Ending balance 141 199 141 199
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 11   6  
Fixed maturity securities | Non-U.S. corporate | Other        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 131 90 140 81
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 9 4 0 8
Purchases 5 35 5 35
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 (1) (1)
Transfer into Level 3 [1] 0 0 1 6
Transfer out of Level 3 [1] 0 0 0 0
Ending balance 145 129 145 129
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   0  
Fixed maturity securities | Residential mortgage-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 24 35 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 0 1
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (1) 0 (1) 0
Transfer into Level 3 [1] 3 0 4 0
Transfer out of Level 3 [1] (3) 0 (6) 0
Ending balance 24 36 24 36
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 0 98 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 7 2 9
Purchases 0 1 0 2
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfer into Level 3 [1] 20 0 20 0
Transfer out of Level 3 [1] 0 (14) (7) (14)
Ending balance 21 92 21 92
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 | Other asset-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 118 197 132 154
Total realized and unrealized gains (losses), Included in net income 0 0 0 0
Total realized and unrealized gains (losses), Included in OCI 2 1 (2) 2
Purchases 6 42 15 96
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (5) (29) (22) (42)
Transfer into Level 3 [1] 0 27 0 28
Transfer out of Level 3 [1] 0 (4) (2) (4)
Ending balance 121 234 121 234
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   (2)  
Equity Securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance 50 55 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 6 2 6 2
Sales (3) (1) (4) (4)
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 53 56 53 56
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Fair value of financial instruments [Abstract]        
Total realized and unrealized gains (losses) included in net income (loss), assets $ (3) $ 14 $ 15 $ 32
Total gains (losses) included in net income (loss) attributable to assets still held, assets 1 10 26 13
Net Investment Income        
Fair value of financial instruments [Abstract]        
Total realized and unrealized gains (losses) included in net income (loss), assets 2 2 6 6
Total gains (losses) included in net income (loss) attributable to assets still held, assets 2 1 4 3
Net investment gains (losses)        
Fair value of financial instruments [Abstract]        
Total realized and unrealized gains (losses) included in net income (loss), assets (5) 12 9 26
Total gains (losses) included in net income (loss) attributable to assets still held, assets $ (1) $ 9 $ 22 $ 10
v3.20.2
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value $ 1,030 $ 805
Fixed maturity securities available-for-sale, at fair value (amortized cost of $54,834 and allowance for credit losses of $7 as of June 30, 2020) 63,544 60,339
Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value 1,029 794
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 4,255 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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 2,005  
Fair value input, credit spreads, lower limit 71  
Fair value input, credit spreads, upper limit 483  
Fair value input, credit spreads, weighted-average [1] 197  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 1,268  
Fair value input, credit spreads, lower limit 83  
Fair value input, credit spreads, upper limit 507  
Fair value input, credit spreads, weighted-average [1] 196  
Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value $ 1,029 794
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 97  
Fair value input, credit spreads, lower limit 120  
Fair value input, credit spreads, upper limit 294  
Fair value input, credit spreads, weighted-average [1] 214  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 144  
Fair value input, credit spreads, lower limit 107  
Fair value input, credit spreads, upper limit 294  
Fair value input, credit spreads, weighted-average [1] 215  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 161  
Fair value input, credit spreads, lower limit 131  
Fair value input, credit spreads, upper limit 307  
Fair value input, credit spreads, weighted-average [1] 208  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 45  
Fair value input, credit spreads, lower limit 97  
Fair value input, credit spreads, upper limit 272  
Fair value input, credit spreads, weighted-average [1] 194  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 102  
Fair value input, credit spreads, lower limit 83  
Fair value input, credit spreads, upper limit 395  
Fair value input, credit spreads, weighted-average [1] 202  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 53  
Fair value input, credit spreads, lower limit 107  
Fair value input, credit spreads, upper limit 182  
Fair value input, credit spreads, weighted-average [1] 160  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 8  
Fair value input, credit spreads, upper limit 108  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 82  
Fair value input, credit spreads, lower limit 120  
Fair value input, credit spreads, upper limit 272  
Fair value input, credit spreads, weighted-average [1] 175  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 497  
Fair value input, credit spreads, lower limit 73  
Fair value input, credit spreads, upper limit 380  
Fair value input, credit spreads, weighted-average [1] 206  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 209  
Fair value input, credit spreads, lower limit 136  
Fair value input, credit spreads, upper limit 188  
Fair value input, credit spreads, weighted-average [1] 133  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 39  
Fair value input, credit spreads, lower limit 199  
Fair value input, credit spreads, upper limit 483  
Fair value input, credit spreads, weighted-average [1] 293  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 92  
Fair value input, credit spreads, lower limit 108  
Fair value input, credit spreads, upper limit 272  
Fair value input, credit spreads, weighted-average [1] 193  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 165  
Fair value input, credit spreads, lower limit 99  
Fair value input, credit spreads, upper limit 213  
Fair value input, credit spreads, weighted-average [1] 122  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 144  
Fair value input, credit spreads, lower limit 121  
Fair value input, credit spreads, upper limit 507  
Fair value input, credit spreads, weighted-average [1] 300  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 66  
Fair value input, credit spreads, lower limit 212  
Fair value input, credit spreads, upper limit 395  
Fair value input, credit spreads, weighted-average [1] 271  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 28  
Fair value input, credit spreads, lower limit 153  
Fair value input, credit spreads, upper limit 260  
Fair value input, credit spreads, weighted-average [1] 221  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 44  
Fair value input, credit spreads, lower limit 76  
Fair value input, credit spreads, upper limit 199  
Fair value input, credit spreads, weighted-average [1] 144  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 114  
Fair value input, credit spreads, lower limit 83  
Fair value input, credit spreads, upper limit 294  
Fair value input, credit spreads, weighted-average [1] 175  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 826  
Fair value input, credit spreads, lower limit 71  
Fair value input, credit spreads, upper limit 427  
Fair value input, credit spreads, weighted-average [1] 194  
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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 357  
Fair value input, credit spreads, lower limit 97  
Fair value input, credit spreads, upper limit 286  
Fair value input, credit spreads, weighted-average [1] 176  
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 $ 447 452
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 budgetmethod  
Derivative liabilities, fair value $ 447 452
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 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 $54,834 and allowance for credit losses of $7 as of June 30, 2020) $ 66  
Fair value input, equity index volatility, lower limit 6.00%  
Fair value input, equity index volatility, upper limit 38.00%  
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 $ 23 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 budgetmethod  
Derivative liabilities, fair value $ 23 19
Fair value, expected future interest credited, lower limit 3.00%  
Fair value, expected future interest credited, upper limit 11.00%  
Fair value, expected future interest credited, weighted-average 6.00%  
GMWB embedded derivatives | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value [2] $ 559 323
GMWB embedded derivatives | Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique Stochastic cash flowmodel  
Derivative liabilities, fair value [2] $ 559 $ 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 9  
Fair value input, credit spreads, upper limit 83  
Fair value input, credit spreads, weighted-average 67  
Fair value input, equity index volatility, lower limit 21.00%  
Fair value input, equity index volatility, upper limit 30.00%  
Fair value, withdrawal utilization rate, weighted-average 73.00%  
Fair value, lapse rate, weighted-average 3.00%  
Fair value input, equity index volatility, weighted-average 24.00%  
[1] Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
[2] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
v3.20.2
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value $ 1,030 $ 805
Total liabilities 1,030 805
Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 1 11
Other liabilities | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value   10
Other liabilities | Other foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 1 1
Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 1,029 794
Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value [1] 559 323
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 447 452
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 23 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
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 1 11
Level 2 | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 1 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   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 1 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 1,029 794
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
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 1,029 794
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] 559 323
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 447 452
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 $ 23 $ 19
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning balance $ 1,125 $ 731 $ 794 $ 738
Total realized and unrealized (gains) losses included in net (income) (96) 45 230 34
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 7 23 15
Settlements (11) (5) (18) (9)
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 1,029 778 1,029 778
Total (gains) losses included in net (income) attributable to liabilities still held (95) 45 237 38
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 1,125 731 794 738
Total realized and unrealized (gains) losses included in net (income) (96) 45 230 34
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 7 23 15
Settlements (11) (5) (18) (9)
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 1,029 778 1,029 778
Total (gains) losses included in net (income) attributable to liabilities still held (95) 45 237 38
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] 691 295 323 337
Total realized and unrealized (gains) losses included in net (income) [1] (138) 24 224 (24)
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 6 12 12
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] 559 325 559 325
Total (gains) losses included in net (income) attributable to liabilities still held [1] (137) 24 231 (20)
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 413 423 452 389
Total realized and unrealized (gains) losses included in net (income) 45 20 13 58
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 (11) (5) (18) (9)
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 447 438 447 438
Total (gains) losses included in net (income) attributable to liabilities still held 45 20 13 58
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 21 13 19 12
Total realized and unrealized (gains) losses included in net (income) (3) 1 (7) 0
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 1 11 3
Settlements 0 0 0 0
Transfer into Level 3 0 0 0 0
Transfer out of Level 3 0 0 0 0
Ending balance 23 15 23 15
Total (gains) losses included in net (income) attributable to liabilities still held (3) $ 1 (7) $ 0
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 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 $ (96) $ 45 $ 230 $ 34
Total (gains) losses included in net (income) loss attributable to liabilities still held, liabilities (95) 45 237 38
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 (96) 45 230 34
Total (gains) losses included in net (income) loss attributable to liabilities still held, liabilities $ (95) $ 45 $ 237 $ 38
v3.20.2
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
 [1]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial mortgage loans $ 6,917 $ 6,963  
Other invested assets 2,473 1,632  
Liabilities:      
Long-term borrowings 2,817 3,277 [1] $ 2,817
Non-recourse funding obligations 0 311  
Commitments to fund limited partnerships      
Liabilities:      
Off-balance sheet risk 1,135    
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] 22 49  
Liabilities:      
Long-term borrowings [2] 2,016 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] 7,225 7,239  
Other invested assets [2] 399 383  
Liabilities:      
Long-term borrowings [2] 137 142  
Non-recourse funding obligations [2]   207  
Investment contracts [2] 12,227 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] 6,917 6,963  
Other invested assets [2] 418 432  
Liabilities:      
Long-term borrowings [2] 2,817 3,277  
Non-recourse funding obligations [2]   311  
Investment contracts [2] 11,258 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] 7,225 7,239  
Other invested assets [2] 421 432  
Liabilities:      
Long-term borrowings [2] 2,153 3,093  
Non-recourse funding obligations [2]   207  
Investment contracts [2] 12,227 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 1,135 976  
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 $ 116 $ 69  
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who has the option to redeem the notes at face value beginning on July 3, 2020, 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
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Beginning balance $ 10,958  
Ending balance 11,280  
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 2,238 1,961
Prior years (255) (206)
Total incurred 1,983 1,755
Current year (436) (407)
Prior years (1,339) (1,253)
Total paid (1,775) (1,660)
Interest on liability for policy and contract claims 205 188
Foreign currency translation (4) (1)
Net ending balance 8,961 8,198
Add reinsurance recoverables 2,319 2,388
Ending balance $ 11,280 $ 10,586
v3.20.2
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Long-term Care Insurance    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Incurred related to insured events of prior year $ (255) $ (206)
Increase decrease in reserves for liability for policy and contract claims 37  
U.S. Mortgage Insurance    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Increase decrease in reserves for liability for policy and contract claims 28  
Policy Contract    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Increase decrease in reserves for liability for policy and contract claims $ 322  
v3.20.2
Reinsurance - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]    
Reinsurance recoverable $ 16,900 $ 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 $ 13  
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 $ 13,539 $ 13,752
v3.20.2
Reinsurance - Schedule of Reinsurance Recoverable in Allowance for Credit Losses (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2020
Beginning balance $ 42 $ 0
Cumulative effect of change in accounting 0 40
Provision 2 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
Jun. 30, 2020
Dec. 31, 2019
Reinsurance recoverable $ 16,944 $ 17,103
A++    
Reinsurance recoverable 508  
A+    
Reinsurance recoverable 2,734  
A    
Reinsurance recoverable 78  
B+    
Reinsurance recoverable 2  
Non rated    
Reinsurance recoverable 13,622  
Collateralized    
Reinsurance recoverable 14,829  
Collateralized | A++    
Reinsurance recoverable 0  
Collateralized | A+    
Reinsurance recoverable 1,267  
Collateralized | A    
Reinsurance recoverable 20  
Collateralized | B+    
Reinsurance recoverable 0  
Collateralized | Non rated    
Reinsurance recoverable 13,542  
Non-collateralized    
Reinsurance recoverable 2,115  
Non-collateralized | A++    
Reinsurance recoverable 508  
Non-collateralized | A+    
Reinsurance recoverable 1,467  
Non-collateralized | A    
Reinsurance recoverable 58  
Non-collateralized | B+    
Reinsurance recoverable 2  
Non-collateralized | Non rated    
Reinsurance recoverable $ 80  
v3.20.2
Borrowings and Liquidity - Long Term Borrowings (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
 [1]
Debt Instrument [Line Items]      
Total $ 2,817 $ 3,277 [1] $ 2,817
Genworth Holdings      
Debt Instrument [Line Items]      
Long-term borrowings [2] 2,711 3,174  
Bond consent fees [2] (22) (25)  
Deferred borrowing charges [2] (10) (12)  
Total [2] 2,679 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] 356 382  
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]      
Total [1] 138 140  
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Subordinated Notes, due 2025 [Member]      
Debt Instrument [Line Items]      
Long-term borrowings [1] $ 138 $ 140  
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who has the option to redeem the notes at face value beginning on July 3, 2020, 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 and Liquidity - Additional Information (Detail)
$ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2020
AUD ($)
Jul. 03, 2020
AUD ($)
Jan. 21, 2020
USD ($)
Mar. 31, 2020
USD ($)
Jan. 31, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]                      
Pre-tax gain (loss) on early extinguishment of debt           $ 3   $ 0 $ (9) $ 0  
Long-term Debt           2,817   $ 2,817 [1] 2,817 $ 2,817 [1] $ 3,277 [1]
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]           2,679     $ 2,679   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       $ 1   $ 3 $ 1        
Debt instrument, maturity year       2021   2021     2021    
Aggregate principal amount of notes repurchased       $ 14   $ 52 $ 14   $ 52    
Genworth Financial Mortgage Insurance Pty Limited                      
Debt Instrument [Line Items]                      
Long-term Debt [1]           $ 138     $ 138   $ 140
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Subordinated Notes Due in 2030 | Subsequent Event                      
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 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 | Subsequent Event                      
Debt Instrument [Line Items]                      
Debt instrument, maturity month and year 2025-07                    
Long-term Debt $ 53                    
Aggregate principal amount of notes exchanged   $ 147                  
[1] Subordinated floating rate notes issued by Genworth Financial Mortgage Insurance Pty Limited (“GFMIPL”), our indirect majority-owned subsidiary, who has the option to redeem the notes at face value beginning on July 3, 2020, 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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 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 4.80% 3.20% 19.10% 3.90%
Effect of foreign operations 3.70% 2.30% 7.30% 2.70%
Non-deductible goodwill 1.20% 0.00% 2.70% 0.00%
Non-deductible expense 0.70% 0.60% 2.80% 0.70%
Tax favored investments (0.80%) (0.50%) (3.20%) (0.50%)
Stock-based compensation 0.10% 0.10% 2.90% 0.00%
Other, net 0.40% 2.80% 1.90% 1.50%
Effective rate 31.10% 29.50% 54.50% 29.30%
v3.20.2
Segment Information - Additional Information (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2020
USD ($)
Jan. 31, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Segment
Jun. 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     $ 1   $ 0 $ 2 $ 4
Pre-tax gain (loss) on early extinguishment of debt     3   0 (9) 0
Goodwill impairment     5   $ 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 $ 1   3 $ 1      
Aggregate principal amount of notes repurchased $ 14   $ 52 $ 14   $ 52  
Debt instrument, maturity year 2021   2021     2021  
v3.20.2
Summary of Revenues for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Revenues $ 2,138 $ 1,994 $ 3,975 $ 4,038
Segment, Continuing Operations        
Segment Reporting Information [Line Items]        
Revenues 2,138 1,994 3,975 4,038
Segment, Continuing Operations | U.S. Mortgage Insurance        
Segment Reporting Information [Line Items]        
Revenues 274 235 535 458
Segment, Continuing Operations | Australia Mortgage Insurance        
Segment Reporting Information [Line Items]        
Revenues 136 96 163 206
Segment, Continuing Operations | Long-term Care Insurance        
Segment Reporting Information [Line Items]        
Revenues 1,200 1,055 2,206 2,169
Segment, Continuing Operations | Life Insurance        
Segment Reporting Information [Line Items]        
Revenues 335 382 683 754
Segment, Continuing Operations | Fixed Annuities        
Segment Reporting Information [Line Items]        
Revenues 129 151 262 310
Segment, Continuing Operations | U.S. Life Insurance        
Segment Reporting Information [Line Items]        
Revenues 1,664 1,588 3,151 3,233
Segment, Continuing Operations | Runoff        
Segment Reporting Information [Line Items]        
Revenues 90 78 97 160
Segment, Continuing Operations | Corporate and Other        
Segment Reporting Information [Line Items]        
Revenues $ (26) $ (3) $ 29 $ (19)
v3.20.2
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ (441) $ 168 $ (507) $ 342
Add: net income from continuing operations attributable to noncontrolling interests 23 15 17 35
Add: net income from discontinued operations attributable to noncontrolling interests 0 35 0 71
Net income (loss) (418) 218 (490) 448
Less: income (loss) from discontinued operations, net of taxes (520) 60 (520) 122
Income from continuing operations 102 158 30 326
Less: net income from continuing operations attributable to noncontrolling interests 23 15 17 35
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders 79 143 13 291
Net investment (gains) losses, net [1] (131) 43 (16) (28)
Goodwill impairment, net  [2] 3 0 3 0
(Gains) losses on early extinguishment of debt (3) 0 9 0
Expenses related to restructuring 1 0 2 4
Taxes on adjustments 30 (8) 1 6
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders (21) 178 12 273
Segment, Continuing Operations | U.S. Mortgage Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders (3) 147 145 271
Segment, Continuing Operations | Australia Mortgage Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders 1 13 10 27
Segment, Continuing Operations | Long-term Care Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders 48 37 49 17
Segment, Continuing Operations | Life Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders (81) 10 (158) 8
Segment, Continuing Operations | Fixed Annuities        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders 28 19 34 36
Segment, Continuing Operations | U.S. Life Insurance        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders (5) 66 (75) 61
Segment, Continuing Operations | Runoff        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders 24 9 11 29
Segment, Continuing Operations | Corporate and Other        
Segment Reporting Information [Line Items]        
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders $ (38) $ (57) $ (79) $ (115)
[1] For the three months ended June 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(4) and $(3) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $32 million and $—, respectively. For the six months ended June 30, 2020 and 2019, net investment (gains) losses were adjusted for DAC and other intangible amortization and certain benefit reserves of $(15) million and $(5) million, respectively, and adjusted for net investment gains (losses) attributable to noncontrolling interests of $6 million in both periods.
[2] For the three and six months ended June 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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Adjustment for DAC and other intangibles and certain benefit reserves $ (4) $ (3) $ (15) $ (5)
Adjustment for portion attributable to noncontrolling interests 32 $ 0 6 $ 6
Goodwill impairment loss attributable to noncontrolling interest $ 2   $ 2  
v3.20.2
Summary of Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]    
Total assets $ 103,637 $ 101,342
Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 103,637 101,342
U.S. Mortgage Insurance | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 4,944 4,504
Australia Mortgage Insurance | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 2,439 2,406
U.S. Life Insurance | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 83,829 81,640
Runoff | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 9,783 9,953
Corporate and Other | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets $ 2,642 $ 2,839
v3.20.2
Commitments and Contingencies - Additional Information (Detail)
£ in Millions, $ in Millions
 1 Months Ended 6 Months Ended 12 Months Ended
Jun. 08, 2020
GBP (£)
Jan. 31, 2020
USD ($)
Dec. 06, 2019
Sep. 11, 2019
USD ($)
Feb. 25, 2019
GBP (£)
Nov. 15, 2018
GBP (£)
Dec. 01, 2017
GBP (£)
Company
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Jan. 31, 2019
USD ($)
Jun. 30, 2020
GBP (£)
Dec. 31, 2019
USD ($)
Jun. 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                         $ 1,135
Commitments to fund U.S. commercial mortgage loan investments                          
Commitments and Contingencies Disclosure [Line Items]                          
Off-balance sheet risk                         84
Commitments to Fund Private Placement Investments                          
Commitments and Contingencies Disclosure [Line Items]                          
Off-balance sheet risk                         32
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       £ 265 £ 237 £ 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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance $ 3,815 $ 2,492 $ 3,433 $ 2,044
OCI before reclassifications 787 575 1,158 1,153
Amounts reclassified from (to) OCI (118) (23) (154) (98)
Total other comprehensive income (loss) 669 552 1,004 1,055
Balances before nonnontrolling interests 4,484 3,044 4,437 3,099
Less: change in OCI attributable to noncontrolling interests 37 31 (10) 86
Ending balance 4,447 3,013 4,447 3,013
Net unrealized investment (gains) losses        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 1,140 [1] 943 [1] 1,456 [1] 595
OCI before reclassifications 762 [1] 375 [1] 448 [1] 802
Amounts reclassified from (to) OCI (88) [1] 1 [1] (94) [1] (46)
Total other comprehensive income (loss) 674 [1] 376 [1] 354 [1] 756
Balances before nonnontrolling interests 1,814 [1] 1,319 [1] 1,810 [1] 1,351
Less: change in OCI attributable to noncontrolling interests 3 [1] 14 [1] (1) [1] 46
Ending balance [1] 1,811 1,305 1,811 1,305
Derivatives qualifying as hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 2,755 [2] 1,850 [2] 2,002 [2] 1,781
OCI before reclassifications (48) [2] 157 [2] 735 [2] 254
Amounts reclassified from (to) OCI (30) [2] (24) [2] (60) [2] (52)
Total other comprehensive income (loss) (78) [2] 133 [2] 675 [2] 202
Balances before nonnontrolling interests 2,677 [2] 1,983 [2] 2,677 [2] 1,983
Less: change in OCI attributable to noncontrolling interests 0 [2] 0 [2] 0 [2] 0
Ending balance [2] 2,677 1,983 2,677 1,983
Foreign currency translation and other adjustments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (80) (301) (25) (332)
OCI before reclassifications 73 43 (25) 97
Amounts reclassified from (to) OCI 0 0 0 0
Total other comprehensive income (loss) 73 43 (25) 97
Balances before nonnontrolling interests (7) (258) (50) (235)
Less: change in OCI attributable to noncontrolling interests 34 17 (9) 40
Ending balance $ (41) $ (275) $ (41) $ (275)
[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
 6 Months Ended
Jun. 30, 2020
Jun. 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 $ (45)
v3.20.2
Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net investment income $ (786) $ (816) $ (1,579) $ (1,610)
Net investment (gains) losses (159) 46 (7) (29)
Income taxes 46 66 36 135
(Income) loss from continuing operations (102) (158) (30) (326)
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] (112) 2 (119) (58)
Income taxes 24 (1) 25 12
(Income) loss from continuing operations (88) 1 (94) (46)
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income taxes 16 13 33 29
(Income) loss from continuing operations (30) (24) (60) (52)
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 (46) (42) (89) (80)
Net investment (gains) losses 0 4 (4) (2)
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 $ 1
[1] Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.20.2
Summary of Operating Results Related to Genworth Canada reported as Discontinued Operations (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Premiums $ 1,019 $ 1,001 $ 2,034 $ 1,989
Net investment income 786 816 1,579 1,610
Net investment gains (losses) 159 (46) 7 29
Benefits and expenses:        
Benefits and other changes in policy reserves 1,486 1,251 2,847 2,533
Acquisition and operating expenses, net of deferrals 223 229 472 466
Amortization of deferred acquisition costs and intangibles 93 84 209 165
Total benefits and expenses 1,990 1,770 3,909 3,577
Income from discontinued operations, net of taxes (520) 60 (520) 122
Less: net income from discontinued operations attributable to noncontrolling interests 0 35 0 71
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders $ (520) 25 $ (520) 51
Assets Held For Sale Related To Discontinued Operations | Canada Mortgage Insurance        
Revenues:        
Premiums   125   251
Net investment income   36   71
Net investment gains (losses)   1   0
Total revenues   162   322
Benefits and expenses:        
Benefits and other changes in policy reserves   19   38
Acquisition and operating expenses, net of deferrals   18   32
Amortization of deferred acquisition costs and intangibles   11   21
Interest expense [1]   13   25
Total benefits and expenses   61   116
Income before income taxes [2]   101   206
Provision for income taxes   41   84
Income from discontinued operations, net of taxes   60   122
Less: net income from discontinued operations attributable to noncontrolling interests   35   71
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders   $ 25   $ 51
[1] Interest on debt assumed by Brookfield and interest on debt that was repaid as a result of the sale of Genworth Canada was allocated and reported in discontinued operations. A senior secured term loan facility (“Term Loan”), owed by Genworth Holdings and secured by GFIH’s ownership interest in Genworth Canada’s outstanding common shares, was repaid in connection with the close of the Genworth Canada sale. Accordingly, interest expense related to the Term Loan of $8 million and $16 million for the three and six months ended June 30, 2019, respectively, was allocated and reported in discontinued operations.
[2] The three and six months ended June 30, 2019 includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $55 million and $111 million, respectively.
v3.20.2
Summary of Operating Results Related to Genworth Canada reported as Discontinued Operations (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Parent Company [Member]    
Discontinued operation pretax income attributable to parent $ 55 $ 111
Genworth Canada MI [Member]    
Interest expense-term loan $ 8 $ 16
v3.20.2
Discontinued Operations - Additional Information (Detail)
£ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jul. 21, 2020
USD ($)
Jul. 21, 2020
GBP (£)
Jul. 20, 2020
USD ($)
Jan. 31, 2020
USD ($)
Jan. 31, 2020
GBP (£)
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 12, 2019
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Liabilities held for sale related to discontinued operations           $ 653 $ 653 $ 134  
AXA Settlement Agreement [Member]                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Loss Associated With Discontinued Opertions           516 516    
other costs on legal settlement           4 4    
AXA Damages - Interim Payment                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Payments for accruals       $ 134 £ 100        
Subsequent Event [Member] | AXA Settlement Agreement [Member]                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Loss Associated With Discontinued Opertions $ 125 £ 100              
Discontinued Operations [Member] | Subsequent Event [Member] | AXA Settlement Agreement [Member]                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Debt instrument face amount | £   £ 317              
Debt instrument interest rate     5.25%            
Proceeds from Issuance of debt gross     $ 750            
Debt Instrument, Interest Rate Decrease     2.75%            
Percent Of Security Interest Pledged     19.90%            
Proceeds from Issuance or Sale of Equity     $ 475            
Genworth Canada MI                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Net cash proceeds                 $ 1,700
AXA [Member] | Contingent Liability [Member]                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Liabilities held for sale related to discontinued operations           $ 653 $ 653