Document and Entity Information - shares |
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Jun. 30, 2018 |
Jul. 24, 2018 |
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Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GNW | |
Entity Registrant Name | GENWORTH FINANCIAL INC | |
Entity Central Index Key | 0001276520 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 500,679,748 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2018 |
Dec. 31, 2017 |
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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 | 589,000,000 | 588,000,000 |
Class A common stock, shares outstanding | 501,000,000 | 499,000,000 |
Treasury stock, shares | 88,000,000 | 88,000,000 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Net income | $ 249 | $ 271 | $ 414 | $ 487 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (185) | (72) | (526) | (84) |
Net unrealized gains (losses) on other-than-temporarily impaired securities | (2) | 0 | (2) | 1 |
Derivatives qualifying as hedges | (64) | 28 | (216) | (21) |
Foreign currency translation and other adjustments | (98) | 61 | (185) | 180 |
Total other comprehensive income (loss) | (349) | 17 | (929) | 76 |
Total comprehensive income (loss) | (100) | 288 | (515) | 563 |
Less: comprehensive income attributable to noncontrolling interests | 10 | 87 | 14 | 205 |
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | $ (110) | $ 201 | $ (529) | $ 358 |
Formation of Genworth and Basis of Presentation |
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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. (the “Parent”), a limited liability company incorporated in the People’s Republic of China, and Asia Pacific Global Capital USA Corporation (“Merger Sub”), a Delaware corporation and an indirect, wholly-owned subsidiary of the Parent. Subject to the terms and conditions of the Merger Agreement, including the satisfaction or waiver of certain conditions, Merger Sub would merge with and into Genworth Financial with Genworth Financial surviving the merger as an indirect, wholly-owned subsidiary of the Parent. The Parent is a subsidiary of China Oceanwide Holdings Group Co., Ltd. (together with its affiliates, “China Oceanwide”). 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 transaction remains subject to closing conditions, including the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions. Both parties are engaging with the relevant regulators regarding the applications and the pending transaction. 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,” the “Company,” “we” or “our” in the accompanying unaudited condensed consolidated financial statements and these notes thereto are, unless the context otherwise requires, to Genworth Financial on a consolidated basis. We operate our business through the following five operating segments:
In addition to our five operating business segments, we also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are managed outside of our operating segments, including certain smaller international mortgage insurance businesses and discontinued operations. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. 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 2017 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Accounting Changes |
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Accounting Changes | (2) Accounting Changes Accounting Pronouncements Recently Adopted On January 1, 2018, we early adopted new accounting guidance on the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“TCJA”), or “stranded tax effects.” Under current U.S. GAAP, deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the period that the changes were enacted. This also includes situations in which the related tax effects were originally recognized in other comprehensive income as opposed to income from continuing operations. The following summarizes the components for the cumulative effect adjustment recorded on January 1, 2018 related to the adoption of this new accounting guidance:
The accounting for the temporary differences related to investment in foreign subsidiaries recorded in accumulated other comprehensive income (loss) at adoption of the TCJA, were provisional. Therefore, additional reclassification adjustments may be recorded in future periods as tax effects of the TCJA on related temporary differences are finalized. However, no reclassification adjustments were recorded in the second quarter of 2018. Other than those effects related to the TCJA, our policy is to release stranded tax effects from accumulated other comprehensive income (loss) using the portfolio approach for items related to investments and derivatives, and upon disposition of a subsidiary for items related to outside basis differences. On January 1, 2018, we early adopted new accounting guidance related to the hedge accounting model. The new guidance amends the hedge accounting model to enable entities to better portray the economics of their derivative risk management activities in the financial statements and enhance the transparency and understandability of hedge results. In certain situations, the amendments also simplify the application of hedge accounting and removed the requirements to separately measure and report hedge ineffectiveness. We adopted this new accounting using the modified retrospective method and recognized a gain of $2 million in accumulated other comprehensive income with a corresponding decrease to retained earnings at adoption. This gain was the cumulative amount of hedge ineffectiveness related to active hedges that was previously included in earnings. On January 1, 2018, we adopted new accounting guidance that clarifies when to account for a change to share-based compensation as a modification. The new guidance requires modification accounting only if there are changes to the fair value, vesting conditions or classification as a liability or equity of the share-based compensation. We adopted this new accounting guidance prospectively and therefore, the guidance did not have any impact at adoption. On January 1, 2018, we adopted new accounting guidance that clarifies the scope and accounting for gains and losses from the derecognition of nonfinancial assets or an in substance nonfinancial asset that is not a business and accounting for partial sales of nonfinancial assets. The new guidance clarifies when transferring ownership interests in a consolidated subsidiary holding nonfinancial assets is within scope. It also states that the reporting entity should identify each distinct nonfinancial asset and derecognize when a counterparty obtains control. We adopted this new accounting guidance using the modified retrospective method, which had no impact on our consolidated financial statements at adoption.
On January 1, 2018, we early adopted new accounting guidance simplifying the test for goodwill impairment. The new guidance states goodwill impairment is equal to the difference between the carrying value and fair value of the reporting unit up to the amount of recorded goodwill. We adopted this new accounting guidance prospectively and will apply it to our 2018 goodwill impairment test. On January 1, 2018, we adopted new accounting guidance related to the classification and presentation of changes in restricted cash. The new guidance requires that changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents be shown in the statements of cash flows and requires additional disclosures related to restricted cash and restricted cash equivalents. We adopted this new accounting guidance retrospectively and modified the line item descriptions on our consolidated balance sheets and statements of cash flows in our consolidated financial statements. The other impacts from this new accounting guidance did not have a significant impact on our consolidated financial statements or disclosures. On January 1, 2018, we adopted new accounting guidance related to the income tax effects of intra-entity transfers of assets other than inventory. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted this new accounting guidance using the modified retrospective method, which did not have any significant impact on our consolidated financial statements or disclosures at adoption. On January 1, 2018, we adopted new accounting guidance related to the classification of certain cash payments and cash receipts on our statement of cash flows. The guidance reduces diversity in practice related to eight specific cash flow issues. We adopted this new accounting guidance retrospectively. We will reclassify a $20 million make-whole premium that was incurred in the first quarter of 2016 previously included in the operating activities section of the statement of cash flows, within the line item “other liabilities, policy and contract claims and other policy-related balances” to the financing activities section within the line item “repayment and repurchase of long-term debt” in our 2018 annual consolidated financial statements filed on Form 10-K. The reclassification will result in an increase in net cash used by financing activities and an increase in net cash from operating activities. The remaining specific cash flow issues did not have a significant impact on our consolidated financial statements. On January 1, 2018, we adopted new accounting guidance related to the recognition and measurement of financial assets and financial liabilities. Changes to financial instruments accounting primarily affects equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments with readily determinable fair value, except those accounted for under the equity method of accounting, are measured at fair value with changes in fair value recognized in net income. The new guidance also clarifies that the need for a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated in combination with other deferred tax assets. We adopted this new accounting guidance using the modified retrospective method and reclassified, after adjustments for deferred acquisition costs (“DAC”) and other intangible amortization and certain benefit reserves, taxes and noncontrolling interests, $25 million of gains related to equity securities from accumulated other comprehensive income and $17 million of gains related to limited partnerships previously recorded at cost to cumulative effect of change in accounting within retained earnings. On January 1, 2018, we adopted new accounting guidance related to revenue from contracts with customers. The key principle of the new guidance is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods or services. Insurance contracts are specifically excluded from this new guidance. The Financial Accounting Standards Board (“the FASB”) has clarified the scope that all of our insurance contracts, including mortgage insurance and investment contracts are excluded from the scope of this new guidance. We adopted this new accounting guidance using the modified retrospective method, which did not have any significant impact on our consolidated financial statements at adoption. Accounting Pronouncements Not Yet Adopted In June 2018, the FASB issued new guidance related to accounting for nonemployee share-based payments. The guidance aligns the measurement and classification of share-based payments to nonemployees issued in exchange for goods or services with the guidance for share-based payments to employees, with certain exceptions. The guidance is currently effective for us on January 1, 2019 using the modified retrospective method, with early adoption permitted. While we are still evaluating the full impact, at this time we do not expect any impacts from this new guidance on our consolidated financial statements. In March 2017, the FASB issued new guidance shortening the amortization period of certain callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. This change does not apply to securities held at a discount. The guidance is currently effective for us on January 1, 2019 using the modified retrospective method, with early adoption permitted. While we are still evaluating the full impact, at this time we do not expect any significant impact from this guidance on our consolidated financial statements. In June 2016, the FASB issued new guidance related to accounting for credit losses on financial instruments. The guidance requires that entities recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most debt instruments not measured at fair value, which would primarily include our commercial mortgage loans and reinsurance receivables. The new guidance retains most of the existing impairment guidance for available-for-sale debt securities but amends the presentation of credit losses to be presented as an allowance as opposed to a write-down and permits the reversal of credit losses when reassessing changes in the credit losses each reporting period. The new guidance is effective for us on January 1, 2020, with early adoption permitted beginning January 1, 2019. Upon adoption, the modified retrospective method will be used and a cumulative effect adjustment in retained earnings as of the beginning of the year of adoption will be recorded. We are in process of evaluating the impact the guidance may have on our consolidated financial statements. In February 2016, the FASB issued new accounting guidance related to the accounting for leases. The new guidance generally requires lessees to recognize both a right-to-use asset and a corresponding liability on the balance sheet. The guidance is effective for us on January 1, 2019, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the period adopted in the financial statements, with certain practical expedients available, which we are in the processes of evaluating. While we are still evaluating the full impact, at this time we do not expect any significant impact from this guidance on our consolidated financial statements.
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Earnings Per Share |
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Earnings Per Share | (3) Earnings Per Share Basic and diluted earnings per share are calculated by dividing each income category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
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Investments | (4) Investments (a) Net Investment Income Sources of net investment income were as follows for the periods indicated:
(b) Net Investment Gains (Losses) The following table sets forth net investment gains (losses) for the periods indicated:
We generally intend to hold securities in unrealized loss positions until they recover. However, from time to time, our intent on an individual security may change, based upon market or other unforeseen developments. In such instances, we sell securities in the ordinary course of managing our portfolio to meet diversification, credit quality, yield and liquidity requirements. If a loss is recognized from a sale subsequent to a balance sheet date due to these unexpected developments, the loss is recognized in the period in which we determined that we have the intent to sell the securities or it is more likely than not that we will be required to sell the securities prior to recovery. The aggregate fair value of securities sold at a loss during the three months ended June 30, 2018 and 2017 was $640 million and $228 million, respectively, which was approximately 97% and 95%, respectively, of book value. The aggregate fair value of securities sold at a loss during the six months ended June 30, 2018 and 2017 was $1,259 million and $1,104 million, respectively, which was approximately 97% and 96%, respectively, of book value. The following represents the activity for credit losses recognized in net income 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:
(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:
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:
(d) Fixed Maturity and Equity Securities As of June 30, 2018, 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:
As of December 31, 2017, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows:
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 June 30, 2018:
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 June 30, 2018:
For all securities in an unrealized loss position, 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 investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of December 31, 2017:
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, 2017:
The scheduled maturity distribution of fixed maturity securities as of June 30, 2018 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.
As of June 30, 2018, securities issued by finance and insurance, utilities and consumer—non-cyclical industry groups represented approximately 22%, 15% and 13%, 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, 2018, 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 loan 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:
The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated:
As of June 30, 2018 and December 31, 2017, we had no commercial mortgage loans that were past due for more than 90 days and still accruing interest. We also did not have any commercial mortgage loans that were past due for less than 90 days on non-accrual status as of June 30, 2018 and December 31, 2017. We evaluate the impairment of commercial mortgage loans on an individual loan basis. As of June 30, 2018, our commercial mortgage loans greater than 90 days past due included an impaired loan. This loan had an appraised value in excess of the recorded investment and the current recorded investment of this loan is expected to be recoverable. During the six months ended June 30, 2018 and the year ended December 31, 2017, we modified or extended two and ten commercial mortgage loans, respectively, with a total carrying value of $12 million and $27 million, respectively. All of these modifications or extensions were based on current market interest rates and did not result in any forgiveness in the outstanding principal amount owed by the borrower. The following table sets forth the allowance for credit losses and recorded investment in commercial mortgage loans as of or for the periods indicated:
As of June 30, 2018 and December 31, 2017, we had one individually impaired loan within the office property type with a recorded investment and unpaid principal balance of $6 million. As of June 30, 2017, we had no individually impaired commercial mortgage loans. 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 loan-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 loan-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 loan-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 should not be 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 loan-to-value of commercial mortgage loans by property type as of the dates indicated:
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
As of June 30, 2018 and December 31, 2017, we did not have any floating rate commercial mortgage loans. (f) Restricted Commercial Mortgage Loans Related To Securitization Entities We have a consolidated securitization entity that holds commercial mortgage loans that are recorded as restricted commercial mortgage loans related to securitization entities. (g) 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. Investments in 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, 2018 and December 31, 2017, the total carrying value of these investments was $295 million and $222 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. |
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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 certain 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 both cash flow and fair value hedges. The following table sets forth our positions in derivative instruments as of the dates indicated:
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, 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:
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; (v) forward bond purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future fixed rate bonds; and (vi) other instruments to hedge the cash flows of various forecasted transactions.
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2018:
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2017:
The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2018:
The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2017:
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:
The total of derivatives designated as cash flow hedges of $1,863 million, net of taxes, recorded in stockholders’ equity as of June 30, 2018 is expected to be reclassified to net income 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, $104 million, net of taxes, is expected to be reclassified to net income 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, 2018, we reclassified $5 million to net income 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) credit default swaps to enhance yield and reproduce characteristics of investments with similar terms and credit risk; (iii) 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; (iv) interest rate swaps and interest rate caps and floors where the hedging relationship does not qualify for hedge accounting; (v) credit default swaps to mitigate loss exposure to certain credit risk; (vi) foreign currency swaps, options and forward contracts to mitigate currency risk associated with non-functional currency investments held by certain foreign subsidiaries and future dividends or other cash flows from certain foreign subsidiaries to our holding company; and (vii) equity index options to mitigate certain macroeconomic risks associated with certain foreign subsidiaries. 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 products and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives. We also had, prior to the fourth quarter of 2017, derivatives related to securitization entities where we were required to consolidate the related securitization entity as a result of our involvement in the structure. The counterparties for these derivatives typically only had recourse to the securitization entity. The interest rate swaps used for these entities were typically used to effectively convert the interest payments on the assets of the securitization entity to the same basis as the interest rate on the borrowings issued by the securitization entity. Credit default swaps were utilized in certain securitization entities to enhance the yield payable on the borrowings issued by the securitization entity and also included a settlement feature that allows the securitization entity to provide the par value of assets in the securitization entity for the amount of any losses incurred under the credit default swap.
The following tables provide the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated:
Derivative Counterparty Credit Risk Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. For derivatives related to securitization entities, there are no arrangements that require either party to provide collateral and the recourse of the derivative counterparty is typically limited to the assets held by the securitization entity and there is no recourse to any entity other than the securitization entity.
The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated:
Except for derivatives related to securitization entities, several of our master swap agreements contain credit downgrade provisions that allow either party to assign or terminate derivative transactions if the other party’s long-term unsecured debt rating or financial strength rating is below the limit defined in the applicable agreement. Beginning in 2018, we have renegotiated with many of our counterparties to remove the credit downgrade provisions from the master swap agreements. If the provisions defined in these agreements had been triggered as of June 30, 2018 and December 31, 2017, we could have been allowed to claim $71 million and $85 million, respectively, or have been required to disburse up to $1 million as of June 30, 2018. The chart above excludes embedded derivatives and derivatives related to securitization entities as those derivatives are not subject to master netting arrangements. We actively responded to the risk in our derivatives portfolio arising from our counterparties’ right to terminate their bilateral over-the-counter derivatives transactions with us following the downgrades of our life insurance subsidiaries by Moody’s Investors Service, Inc. and A.M. Best Company, Inc. in February 2018. As of June 30, 2018, no counterparties exercised their rights to terminate or revise the terms of their transactions with us. Credit Derivatives We sell protection under single name credit default swaps in combination with purchasing a security to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for single name reference entities follow the Credit Derivatives Physical Settlement Matrix published by the International Swaps and Derivatives Association. Under these terms, credit default triggers are defined as bankruptcy, failure to pay or restructuring, if applicable. Our maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default for credit default swaps, we are typically required to pay the protection holder the full notional value less a recovery rate determined at auction. The following table sets forth our credit default swaps where we sell protection on single name reference entities and the fair values as of the dates indicated:
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Fair Value of Financial Instruments |
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Fair Value of Financial Instruments | (6) Fair Value of Financial Instruments 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 and cash equivalents, 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:
Recurring Fair Value Measurements We have fixed maturity, 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.
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”) of the underlying fund statements as a practical expedient for fair value. Fixed maturity, short-term investments and equity securities The fair value of fixed maturity, 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, a security is valued using that market information for similar securities, which is also a market approach. When market information is not available for a specific security 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. We utilize certain third-party data providers when determining fair value. We consider information obtained from pricing services as well as broker quotes in our determination of fair value. Additionally, we utilize internal models to determine the valuation of securities using an income approach where the inputs are based on third-party provided market inputs. 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. We also use various methods to obtain an understanding of the valuation methodologies and procedures used by third-party data providers to ensure sufficient understanding to evaluate the valuation data received, including an understanding of the assumptions and inputs utilized to determine the appropriate fair value. For pricing services, we analyze the prices provided by our primary pricing services to other readily available pricing services and perform a detailed review of the assumptions and inputs from each pricing service to determine the appropriate fair value when pricing differences exceed certain thresholds. We evaluate changes in fair value that are greater than certain pre-defined thresholds each month to further aid in our review of the accuracy of fair value measurements and our understanding of changes in fair value, with more detailed reviews performed by the asset managers responsible for the related asset class associated with the security being reviewed. A pricing committee provides additional oversight and guidance in the evaluation and review of the pricing methodologies used to value our investment portfolio. In general, we first obtain valuations from pricing services. 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 identical securities are not readily observable and these securities are not typically valued by pricing services. If prices are unavailable from public pricing services 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 pricing services, we obtain an understanding of the pricing methodologies and procedures for each type of instrument. Additionally, on a monthly basis we review a sample of securities, examining the pricing service’s assumptions to determine if we agree with the service’s derived price. When available, we also evaluate the prices sampled as compared to other public prices. If a variance greater than a pre-defined threshold is noted, additional review of the price is executed to ensure accuracy. In general, a pricing service does not provide a price for a security if sufficient information is not readily available to determine fair value or if such security is not in the specific sector or class covered by a particular pricing service. 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. 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 and value all private fixed maturity securities at par that have less than 12 months to maturity. 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. To evaluate the reasonableness of the internal model, we review a sample of private fixed maturity securities each month. In that review we compare the modeled prices to the prices of similar public securities in conjunction with analysis on current market indicators. If a pricing variance greater than a pre-defined threshold is noted, additional review of the price is executed to ensure accuracy. At the end of each month, all internally modeled prices are compared to the prior month prices with an evaluation of all securities with a month-over-month change greater than a pre-defined threshold. 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 and public bond spread as Level 3. In general, increases (decreases) in credit spreads will decrease (increase) the fair value for our fixed maturity securities. For broker quotes, we consider the valuation methodology utilized by the third party and analyze a sample each month to assess reasonableness given then-current market conditions. Additionally, for broker quotes on certain structured securities, we validate prices received against other publicly available pricing sources. 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 remaining securities priced using internal models, we determine fair value using an income approach. We analyze a sample each month to assess reasonableness given then-current market conditions. 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. A summary of the inputs used for our fixed maturity, 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. Short-term investments. Short-term investments primarily include commercial paper and other highly liquid debt instruments. The fair value of short-term investments classified as Level 1 is based on 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
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, 2018:
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
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. Restricted other invested assets related to securitization entities We previously held trading securities related to securitization entities that were classified as restricted other invested assets and were carried at fair value. The trading securities represented asset-backed securities. In 2017, these trading securities were sold as we repositioned these assets in connection with the maturity of the associated liabilities. The valuation for trading securities was determined using a market approach and/or an income approach depending on the availability of information. For certain highly rated asset-backed securities, there was observable market information for transactions of the same or similar instruments, which was provided to us by a third-party pricing service and was classified as Level 2. For certain securities that are not actively traded, we determined fair value after considering third-party broker provided prices or discounted expected cash flows using current yields for similar securities and classified these valuations as Level 3. 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. In addition to these inputs, we also consider risk and expense margins when determining the projected cash flows that would be determined by another market participant. While the risk and expense margins are considered in determining fair value, these inputs do not have a significant impact on the valuation. We determine fair value using an internal model based on the various inputs noted above. The resulting fair value measurement from the model is reviewed by the product actuarial, risk and finance professionals each reporting period with changes in fair value also being compared to changes in derivatives and other instruments used to mitigate changes in fair value from certain market risks, such as equity index volatility and interest rates. For GMWB liabilities, non-performance risk is integrated into the discount rate. 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, 2018 and December 31, 2017, the impact of non-performance risk resulted in a lower fair value of our GMWB liabilities of $50 million and $63 million, respectively. To determine the appropriate discount rate to reflect the non-performance risk of the GMWB liabilities, we evaluate the non-performance risk in our liabilities based on a hypothetical exit market transaction as there is no exit market for these types of liabilities. A hypothetical exit market can be viewed as a hypothetical transfer of the liability to another similarly rated insurance company which would closely resemble a reinsurance transaction. Another hypothetical exit market transaction can be viewed as a hypothetical transaction from the perspective of the GMWB policyholder. In determining the appropriate discount rate to incorporate non-performance risk of the GMWB liabilities, we also considered the impacts of state guarantees embedded in the related insurance product as a form of inseparable third-party guarantee. We believe that a hypothetical exit market participant would use a similar discount rate as described above to value the liabilities. For equity index volatility, we determine the projected equity market volatility using both historical volatility and projected equity market volatility with more significance being placed on projected near-term volatility and recent historical data. Given the different attributes and market characteristics of GMWB liabilities compared to equity index options in the derivative market, the equity index volatility assumption for GMWB liabilities may be different from the volatility assumption for equity index options, especially for the longer dated points on the curve. Equity index and fund correlations are determined based on historical price observations for the fund and equity index. For policyholder assumptions, we use our expected lapse, mortality and utilization assumptions and update these assumptions for our actual experience, as necessary. For our lapse assumption, we adjust our base lapse assumption by policy based on a combination of the policyholder’s current account value and GMWB benefit. 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. 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. Indexed universal life embedded derivatives We have indexed universal life 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.
Borrowings related to securitization entities We record certain borrowings related to securitization entities at fair value. The fair value of these borrowings is determined using either a market approach or income approach, depending on the instrument and availability of market information. Given the unique characteristics of the securitization entities that issued these borrowings as well as the lack of comparable instruments, we determine fair value considering the valuation of the underlying assets held by the securitization entities and any derivatives, as well as any unique characteristics of the borrowings that may impact the valuation. After considering all relevant inputs, we determine fair value of the borrowings using the net valuation of the underlying assets and derivatives that are backing the borrowings. Accordingly, these instruments are classified as Level 3. Increases in the valuation of the underlying assets or decreases in the derivative liabilities will result in an increase in the fair value of these borrowings. 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. We determine fair value for our derivatives using an income approach with internal models based on relevant market inputs for each derivative instrument. We also compare the fair value determined using our internal model to the valuations provided by our derivative counterparties with any significant differences or changes in valuation being evaluated further by our derivatives professionals that are familiar with the instrument and market inputs used in the valuation. 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 and floors. The valuation of interest rate caps and floors 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. Interest rate swaps related to securitization entities. The valuation of interest rate swaps related to securitization entities was determined using an income approach. The primary input into the valuation represented the forward interest rate swap curve, which was generally considered an observable input, and resulted in the derivative being classified as Level 2. Inflation indexed swaps. The valuation of inflation indexed swaps was determined using an income approach. The primary inputs into the valuation represented the forward interest rate swap curve, the current consumer price index and the forward consumer price index curve, which were generally considered observable inputs, and resulted in the derivative 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 an observable input, and results in the derivative being classified as Level 2. Credit default swaps. We have single name credit default swaps and we previously sold protection under index tranche credit default swaps. For single name credit default swaps, we utilize an income approach to determine fair value based on using current market information for the credit spreads of the reference entity, which is considered observable inputs based on the reference entities of our derivatives and results in these derivatives being classified as Level 2. For index tranche credit default swaps, we utilized an income approach that utilized current market information related to credit spreads and expected defaults and losses associated with the reference entities that comprised the respective index associated with each derivative. There were significant unobservable inputs associated with the timing and amount of losses from the reference entities as well as the timing or amount of losses, if any, that were absorbed by our tranche. Accordingly, the index tranche credit default swaps were classified as Level 3. As credit spreads widened for the underlying issuers comprising the index, the change in our valuation of these credit default swaps were unfavorable. Credit default swaps related to securitization entities. Credit default swaps related to securitization entities represented customized index tranche credit default swaps and were valued using a similar methodology as described above for index tranche credit default swaps. We determined fair value of these credit default swaps after considering both the valuation methodology described above as well as the valuation provided by the derivative counterparty. In addition to the valuation methodology and inputs described for index tranche credit default swaps, these customized credit default swaps contained a feature that permitted the securitization entity to provide the par value of underlying assets in the securitization entity to settle any losses under the credit default swap. The valuation of this settlement feature was dependent upon the valuation of the underlying assets and the timing and amount of any expected loss on the credit default swap, which was considered a significant unobservable input. Accordingly, these customized index tranche credit default swaps related to securitization entities were classified as Level 3. As credit spreads widened for the underlying issuers comprising the customized index, the change in our valuation of these credit default swaps were unfavorable. 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, which are considered significant unobservable inputs in most instances. 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 equity index volatility increases, our valuation of these options changes favorably. 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. Forward bond purchase commitments. The valuation of forward bond purchase commitments is determined using an income approach. The primary input into the valuation represents the current bond prices and interest rates, which are generally considered an observable input, 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, foreign equity index volatility and time value component associated with the optionality in the derivative. As a result of the significant unobservable inputs associated with the forward interest rate, foreign currency exchange rate volatility and foreign equity index volatility inputs, the derivative is classified as Level 3. As foreign currency exchange rate volatility and foreign equity index volatility increases, the change in our valuation of these options will be favorable for purchase options and unfavorable for options sold. 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.
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:
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers between levels at the beginning fair value for the reporting period in which the changes occur. Given the types of assets classified as Level 1, which primarily represents mutual fund investments, we typically do not have any transfers between Level 1 and Level 2 measurement categories and did not have any such transfers during any period presented. 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 third-party pricing sources to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.
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:
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:
The following table presents the gains and losses included in net income 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:
The amount presented for unrealized gains (losses) included in net income for available-for-sale securities represents impairments and accretion 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, 2018:
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:
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:
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:
The following table presents the gains and losses included in net (income) 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:
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)” 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, 2018:
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Liability for Policy and Contract Claims |
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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:
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. For the six months ended June 30, 2018 and 2017, the favorable development of $244 million for both years related to insured events of prior years was primarily attributable to favorable claim terminations, including pending claims that terminate before becoming an active claim, in our long-term care insurance business. The favorable development for the six months ended June 30, 2018 and 2017, was also impacted by our mortgage insurance businesses, primarily from an improvement in net cures and aging of existing claims, including a favorable reserve adjustment of $26 million in our U.S. mortgage insurance business during the second quarter of 2018. |
Borrowings |
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Borrowings | (8) Borrowings (a) Long-Term Borrowings The following table sets forth total long-term borrowings as of the dates indicated:
Genworth Holdings On May 22, 2018, Genworth Holdings redeemed $597 million of its 6.52% senior notes that were issued in May 2008 and matured in May 2018. A cash payment of $616 million comprised of net proceeds of $441 million from the senior secured term loan facility (“Term Loan”), as described below, and $175 million of existing cash on hand was used to fully redeem the principal and accrued interest balance of the May 2018 senior notes.
On March 7, 2018, Genworth Holdings entered into a $450 million Term Loan, which matures in March 2023 and was issued at a 0.5% discount. Principal payments under the agreement are due quarterly, commencing on June 30, 2018, and are payable in equal amounts of 0.25% per quarter of the original principal amount with the remaining balance due at maturity. At our option, the Term Loan will bear interest at either an adjusted London Interbank Offered Rate (“LIBOR”) no lower than 1.0% plus a margin of 4.5% per annum or an alternate base rate plus a margin of 3.5% per annum. The interest rate on the Term Loan as of June 30, 2018 was 6.5%. We incurred $7 million of borrowing costs that were deferred. The Term Loan is unconditionally guaranteed by Genworth Financial, and Genworth Financial International Holdings, LLC (“GFIH”) has provided a limited recourse guarantee to the lenders of Genworth Holdings’ outstanding Term Loan, which is secured by GFIH’s ownership interest in Genworth Canada’s outstanding common shares. GFIH is our indirect wholly-owned subsidiary and owns approximately 40.5% of the outstanding common stock of Genworth Canada. The Term Loan is subject to other terms and conditions, including but not limited to: voluntary prepayments subject to prepayment penalties, mandatory prepayments in the event of certain asset sales or the incurrence of further indebtedness by Genworth Financial and various financial covenants. |
Income Taxes |
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Income Taxes | (9) Income Taxes The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated:
The decrease in the effective tax rate for the three and six months ended June 30, 2018 was primarily attributable to the enactment of the TCJA, which includes a change in the U.S. corporate federal income tax rate from 35% to 21%. This decrease was partially offset by the effect of foreign operations, which had an overall increase on the effective tax rate as our primary foreign subsidiaries are now in jurisdictions with higher statutory tax rates than the United States. The decrease was also partially offset by tax expense in our long-term care insurance business related to gains on forward starting swaps settled prior to the enactment of the TCJA, which are tax effected at 35% as they are amortized into net investment income and from a provisional tax expense of $19 million in the current year related to a revaluation of deferred tax assets and liabilities on our foreign subsidiaries in light of the TCJA. As of December 31, 2017, as prescribed by the SEC’s Staff Accounting Bulletin (“SAB”) 118, we recorded provisional estimates of the tax impact of certain changes in tax law under the TCJA. However, for other changes in the tax law where we were unable to record a reasonable estimate, no amounts were recorded.
As of June 30, 2018, we are still in the process of completing the accounting of our provisional estimates and refining our computations as follows: Deferred tax assets and liabilities We recorded a provisional tax benefit of $154 million in 2017 related to remeasurement of certain deferred tax assets and liabilities as a result of the newly enacted tax rate. The Internal Revenue Service has indicated that additional guidance will be forthcoming with respect to several technical areas within the TCJA, which could affect the measurement of these balances or potentially give rise to new deferred tax amounts. During the three months ended June 30, 2018, we recorded a provisional tax expense of $19 million related to a revaluation of deferred tax assets and liabilities on our foreign subsidiaries in light of the TCJA. This amount is considered provisional and additional refinements to the calculation may be required. Foreign tax effects We recorded a provisional tax expense of $63 million in 2017 related to the one-time transition tax on mandatory deemed repatriation of earnings and profits (“E&P”). We have not yet completed our calculation of the total post-1986 E&P for these foreign subsidiaries. Further, the transition tax is based, in part, on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of our post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. During the six months ended June 30, 2018, there were no changes to the provisional estimates made in 2017 and no additional measurement period adjustment were recorded. Insurance reserve transition adjustment We recorded a provisional reclassification in deferred tax assets and liabilities in the amount of $134 million in 2017 related to the transition adjustment required under the TCJA with respect to life insurance policyholder reserves. We continue to refine our insurance reserve calculations and apply the new reserving rules under the TCJA on a product level basis. During the six months ended June 30, 2018, we updated our provisional estimate and identified a measurement period increase to this reclassification of $40 million which has been reflected in our consolidated balance sheet as of June 30, 2018. This measurement period adjustment had no impact on net income, and we will continue to refine this estimate throughout the measurement period. As of June 30, 2018, we are still in the process of completing the accounting for the following areas for which a reasonable estimate could not be made. Foreign tax effects We are still in the process of analyzing the impact of the Global Intangible Low Taxed Income (“GILTI”) and Base Erosion Anti-Abuse Tax (“BEAT”), including accounting policy elections. During the six months ended June 30, 2018, we have included the current tax effects of GILTI and BEAT taxes in current year earnings, but we have not yet made a policy election with respect to the accounting for the potential deferred tax effects of the GILTI tax and no measurement period adjustment has been recorded. State tax effects We have not analyzed certain areas of state income taxes, including the treatment of the one-time transition tax. Accordingly, no reasonable estimate can be made, and no measurement period adjustment has been recorded.
Further regulatory guidance related to the TCJA is expected to be issued in 2018 which may result in changes to our current estimates. Any revisions to the estimated impacts of the TCJA will be recorded quarterly until the computations are complete which is expected no later than the fourth quarter of 2018. |
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Segment Information | (10) Segment Information We have the following five operating business segments: U.S. Mortgage Insurance; Canada 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). In addition to our five 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 22, 2017, the TCJA was signed into law. The TCJA reduced the U.S. corporate federal income tax rate to 21% effective for taxable years beginning on January 1, 2018 and migrated the worldwide tax system to a territorial international tax system. Therefore, beginning on January 1, 2018 we taxed our international businesses at their local statutory tax rates and our domestic businesses at the new enacted tax rate of 21%. We allocate our consolidated provision for income taxes to our operating segments. Our allocation methodology applies a specific 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 income. 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 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 impairments, 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. Beginning in the first quarter of 2018, we assumed a tax rate of 21% on certain adjustments to reconcile net income available to Genworth Financial, Inc.’s common stockholders and adjusted operating income available to Genworth Financial, Inc.’s common stockholders (unless otherwise indicated). In the prior year, we assumed a tax rate of 35%, the previous U.S. corporate federal income tax rate prior to the enactment of the TCJA, on certain adjustments to reconcile net income available to Genworth Financial, Inc.’s common stockholders and adjusted operating income available to Genworth Financial, Inc.’s common stockholders. These adjustments are also net of the portion attributable to noncontrolling interests and net investment gains (losses) are adjusted for DAC and other intangible amortization and certain benefit reserves. We recorded a pre-tax expense of $1 million in the first quarter of 2017 related to restructuring costs as we continued to evaluate and appropriately size our organizational needs and expenses. There were no infrequent or unusual items excluded from adjusted operating income during the periods presented.
The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated:
The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income 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:
The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated:
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Commitments and Contingencies | (11) Commitments and Contingencies (a) Litigation and Regulatory Matters We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, product administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance businesses, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to customers, including but not limited to breach of customer information. Plaintiffs in class action and other lawsuits against us may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships, post-closing obligations associated with previous dispositions and securities lawsuits. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations. In January 2016, Genworth Financial, Inc., 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, Inc., 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, Inc., 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 January 2017, two putative stockholder class action lawsuits, captioned Rice v. Genworth Financial Incorporated, et al, and James v. Genworth Financial, Inc. et al, were filed in the United States District Court for the Eastern District of Virginia, Richmond Division, against Genworth and its board of directors. A third putative stockholder class action lawsuit captioned Rosenfeld Family Trust v. Genworth Financial, Inc. et al, was filed in the United States District Court for the District of Delaware against Genworth and its board of directors. In February 2017, a fourth putative class action lawsuit captioned Chopp v. Genworth Financial, Inc. et al, was filed in the United States District Court for the District of Delaware against Genworth and its board of directors and a fifth putative class action lawsuit captioned Ratliff v. Genworth Financial, Inc. et al, was filed in the United States District Court for the Eastern District of Virginia, Richmond Division, against Genworth and its board of directors. The complaints in all five actions allege, among other things, that the preliminary proxy statement filed by Genworth with the SEC on December 21, 2016 contains false and/or materially misleading statements and/or omits material information. The complaints assert claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, and seek equitable relief, including declaratory and injunctive relief, and an award of attorneys’ fees and expenses. On February 2, 2017, the plaintiff in Rice filed a motion for a preliminary injunction to enjoin the transaction described in the preliminary proxy. On February 10, 2017, defendants filed an opposition to the preliminary injunction motion in the Rice action. Also on February 10, 2017, the plaintiff in Rosenfeld Family Trust filed a motion for a preliminary injunction to enjoin the transaction described in the preliminary proxy. On February 14, 2017, defendants filed a motion to transfer the Rosenfeld Family Trust action to the Eastern District of Virginia. On February 15, 2017, defendants filed a motion to transfer the Chopp action to the Eastern District of Virginia. On February 21, 2017, the parties to the Eastern District of Virginia actions (Rice, James and Ratliff) reached an agreement in principle to resolve the pending preliminary injunction motion in the Eastern District of Virginia through additional disclosure prior to the March 7, 2017 stockholder vote on the proposed merger transaction. On February 22, 2017, the plaintiffs in the Eastern District of Virginia withdrew their preliminary injunction motion in consideration of the agreed disclosures to be filed in a Form 8-K by February 24, 2017. Also on February 22, 2017, the court in the District of Delaware suspended briefing on the motion for preliminary injunction in the Rosenfeld Family Trust action and entered an order transferring the Rosenfeld Family Trust and Chopp actions to the Eastern District of Virginia. On February 23, 2017, the court in the Eastern District of Virginia set the Rosenfeld Family Trust preliminary injunction motion for a hearing on March 1, 2017. On February 26, 2017, defendants filed an opposition to the preliminary injunction motion in the Rosenfeld Family Trust action. On February 27, 2017, the parties in the Rosenfeld Family Trust action reached an agreement in principle to resolve the pending preliminary injunction motion in the Rosenfeld Family Trustaction through additional disclosure prior to the March 7, 2017 stockholder vote on the proposed merger transaction, and the plaintiff in the Rosenfeld Family Trust action withdrew its preliminary injunction motion in consideration of the agreed disclosures as filed in a Form 8-K on February 28, 2017. On March 6, 2017, the court in the Eastern District of Virginia entered an order setting a schedule for proceedings to appoint a lead plaintiff and lead counsel for the purported class action. On March 7, 2017, the court in the Eastern District of Virginia consolidated the Rice, James, Ratliff, Rosenfeld Family Trust, and Chopp actions. On July 5, 2017, the court in the Eastern District of Virginia heard oral argument on the motion to appoint a lead plaintiff and lead counsel. On August 25, 2017, the court in the Eastern District of Virginia entered an order appointing the plaintiffs Alexander Rice and Brian James as lead plaintiffs and their counsel as lead counsel. In November, 2017, the parties reached an agreement in principle to settle the action based upon the previously provided additional disclosures, subject to confirmatory discovery and court approval. On April 4, 2018, the parties entered into a stipulation of settlement. On April 24, 2018, the court in the Eastern District of Virginia entered an order preliminarily approving the settlement and following a July 3, 2018 hearing, granted final approval of the settlement. In December 2017, Genworth Holdings and Genworth Financial were named as defendants in an action captioned AXA S.A. v. Genworth Financial International Holdings, Inc., et al., in the High Court of Justice, Business and Property Courts of England and Wales. In the action, AXA seeks 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 and Financial Assurance Company Limited, relating to alleged remediation it has paid to customers who purchased payment protection insurance. AXA also alleges that it is incurring losses on an ongoing basis and therefore that further sums will be demanded. In February 2018, Genworth 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 payment protection insurance customers. AXA and Santander have applied to the court for orders dismissing or staying the counterclaims. We intend to vigorously defend this action. At this time, other than as noted above, 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 also 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, 2018, we were committed to fund $402 million in limited partnership investments, $90 million in U.S. commercial mortgage loan investments and $29 million in private placement investments. As of June 30, 2018, we were committed to fund $30 million of bank loan investments which had not yet been drawn. |
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Changes in Accumulated Other Comprehensive Income | (12) Changes in Accumulated Other Comprehensive Income The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:
The foreign currency translation and other adjustments balance included $(14) million and $(5) million, respectively, net of taxes of $5 million and $1 million, respectively, related to a net unrecognized postretirement benefit obligation as of June 30, 2018 and 2017. The amount also includes taxes of $(46) million and $23 million, respectively, related to foreign currency translation adjustments as of June 30, 2018 and 2017. These balances include the impact of adopting new accounting guidance related to stranded tax effects. The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented:
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Condensed Consolidating Financial Information |
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Condensed Consolidating Financial Information | (13) Condensed Consolidating Financial Information Genworth Financial provides a full and unconditional guarantee to the trustee of Genworth Holdings’ outstanding senior and subordinated notes and the holders of the senior and subordinated notes, on an unsecured unsubordinated and subordinated basis, respectively, of the full and punctual payment of the principal of, premium, if any and interest on, and all other amounts payable under, each outstanding series of senior notes and outstanding subordinated notes, and the full and punctual payment of all other amounts payable by Genworth Holdings under the senior and subordinated notes indentures in respect of such senior and subordinated notes. Genworth Holdings is a direct, 100% owned subsidiary of Genworth Financial. The following condensed consolidating financial information of Genworth Financial and its direct and indirect subsidiaries has been prepared pursuant to rules regarding the preparation of consolidating financial information of Regulation S-X. The condensed consolidating financial information presents the condensed consolidating balance sheet information as of June 30, 2018 and December 31, 2017, the condensed consolidating income statement information and the condensed consolidating comprehensive income statement information for the three and six months ended June 30, 2018 and 2017 and the condensed consolidating cash flow statement information for the six months ended June 30, 2018 and 2017.
The condensed consolidating financial information reflects Genworth Financial (“Parent Guarantor”), Genworth Holdings (“Issuer”) and each of Genworth Financial’s other direct and indirect subsidiaries (the “All Other Subsidiaries”) on a combined basis, none of which guarantee the senior notes or subordinated notes, as well as the eliminations necessary to present Genworth Financial’s financial information on a consolidated basis and total consolidated amounts. The accompanying condensed consolidating financial information is presented based on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries and intercompany activity. The following table presents the condensed consolidating balance sheet information as of June 30, 2018:
The following table presents the condensed consolidating balance sheet information as of December 31, 2017:
The following table presents the condensed consolidating income statement information for the three months ended June 30, 2018:
The following table presents the condensed consolidating income statement information for the three months ended June 30, 2017:
The following table presents the condensed consolidating income statement information for the six months ended June 30, 2018:
The following table presents the condensed consolidating income statement information for the six months ended June 30, 2017:
The following table presents the condensed consolidating comprehensive income statement information for the three months ended June 30, 2018:
The following table presents the condensed consolidating comprehensive income statement information for the three months ended June 30, 2017:
The following table presents the condensed consolidating comprehensive income statement information for the six months ended June 30, 2018:
The following table presents the condensed consolidating comprehensive income statement information for the six months ended June 30, 2017:
The following table presents the condensed consolidating cash flow statement information for the six months ended June 30, 2018:
The following table presents the condensed consolidating cash flow statement information for the six months ended June 30, 2017:
Our insurance company subsidiaries are restricted by state and foreign laws and regulations as to the amount of dividends they may pay to their parent without regulatory approval in any year, the purpose of which is to protect affected insurance policyholders and contractholders, not stockholders. Any dividends in excess of limits are deemed “extraordinary” and require approval. Based on statutory results as of December 31, 2017, in accordance with applicable dividend restrictions, our subsidiaries could pay dividends of approximately $500 million to us in 2018 without obtaining regulatory approval, and the remaining net assets are considered restricted. While the $500 million is unrestricted, our insurance subsidiaries may not pay dividends to us in 2018 at this level if they need to retain capital for growth and to meet capital requirements and desired thresholds. As of June 30, 2018, Genworth Financial’s and Genworth Holdings’ subsidiaries had restricted net assets of $12.6 billion and $11.9 billion, respectively. |
Accounting Changes (Policies) |
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Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted On January 1, 2018, we early adopted new accounting guidance on the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“TCJA”), or “stranded tax effects.” Under current U.S. GAAP, deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the period that the changes were enacted. This also includes situations in which the related tax effects were originally recognized in other comprehensive income as opposed to income from continuing operations. The following summarizes the components for the cumulative effect adjustment recorded on January 1, 2018 related to the adoption of this new accounting guidance:
The accounting for the temporary differences related to investment in foreign subsidiaries recorded in accumulated other comprehensive income (loss) at adoption of the TCJA, were provisional. Therefore, additional reclassification adjustments may be recorded in future periods as tax effects of the TCJA on related temporary differences are finalized. However, no reclassification adjustments were recorded in the second quarter of 2018. Other than those effects related to the TCJA, our policy is to release stranded tax effects from accumulated other comprehensive income (loss) using the portfolio approach for items related to investments and derivatives, and upon disposition of a subsidiary for items related to outside basis differences. On January 1, 2018, we early adopted new accounting guidance related to the hedge accounting model. The new guidance amends the hedge accounting model to enable entities to better portray the economics of their derivative risk management activities in the financial statements and enhance the transparency and understandability of hedge results. In certain situations, the amendments also simplify the application of hedge accounting and removed the requirements to separately measure and report hedge ineffectiveness. We adopted this new accounting using the modified retrospective method and recognized a gain of $2 million in accumulated other comprehensive income with a corresponding decrease to retained earnings at adoption. This gain was the cumulative amount of hedge ineffectiveness related to active hedges that was previously included in earnings. On January 1, 2018, we adopted new accounting guidance that clarifies when to account for a change to share-based compensation as a modification. The new guidance requires modification accounting only if there are changes to the fair value, vesting conditions or classification as a liability or equity of the share-based compensation. We adopted this new accounting guidance prospectively and therefore, the guidance did not have any impact at adoption. On January 1, 2018, we adopted new accounting guidance that clarifies the scope and accounting for gains and losses from the derecognition of nonfinancial assets or an in substance nonfinancial asset that is not a business and accounting for partial sales of nonfinancial assets. The new guidance clarifies when transferring ownership interests in a consolidated subsidiary holding nonfinancial assets is within scope. It also states that the reporting entity should identify each distinct nonfinancial asset and derecognize when a counterparty obtains control. We adopted this new accounting guidance using the modified retrospective method, which had no impact on our consolidated financial statements at adoption.
On January 1, 2018, we early adopted new accounting guidance simplifying the test for goodwill impairment. The new guidance states goodwill impairment is equal to the difference between the carrying value and fair value of the reporting unit up to the amount of recorded goodwill. We adopted this new accounting guidance prospectively and will apply it to our 2018 goodwill impairment test. On January 1, 2018, we adopted new accounting guidance related to the classification and presentation of changes in restricted cash. The new guidance requires that changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents be shown in the statements of cash flows and requires additional disclosures related to restricted cash and restricted cash equivalents. We adopted this new accounting guidance retrospectively and modified the line item descriptions on our consolidated balance sheets and statements of cash flows in our consolidated financial statements. The other impacts from this new accounting guidance did not have a significant impact on our consolidated financial statements or disclosures. On January 1, 2018, we adopted new accounting guidance related to the income tax effects of intra-entity transfers of assets other than inventory. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted this new accounting guidance using the modified retrospective method, which did not have any significant impact on our consolidated financial statements or disclosures at adoption. On January 1, 2018, we adopted new accounting guidance related to the classification of certain cash payments and cash receipts on our statement of cash flows. The guidance reduces diversity in practice related to eight specific cash flow issues. We adopted this new accounting guidance retrospectively. We will reclassify a $20 million make-whole premium that was incurred in the first quarter of 2016 previously included in the operating activities section of the statement of cash flows, within the line item “other liabilities, policy and contract claims and other policy-related balances” to the financing activities section within the line item “repayment and repurchase of long-term debt” in our 2018 annual consolidated financial statements filed on Form 10-K. The reclassification will result in an increase in net cash used by financing activities and an increase in net cash from operating activities. The remaining specific cash flow issues did not have a significant impact on our consolidated financial statements. On January 1, 2018, we adopted new accounting guidance related to the recognition and measurement of financial assets and financial liabilities. Changes to financial instruments accounting primarily affects equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments with readily determinable fair value, except those accounted for under the equity method of accounting, are measured at fair value with changes in fair value recognized in net income. The new guidance also clarifies that the need for a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated in combination with other deferred tax assets. We adopted this new accounting guidance using the modified retrospective method and reclassified, after adjustments for deferred acquisition costs (“DAC”) and other intangible amortization and certain benefit reserves, taxes and noncontrolling interests, $25 million of gains related to equity securities from accumulated other comprehensive income and $17 million of gains related to limited partnerships previously recorded at cost to cumulative effect of change in accounting within retained earnings. On January 1, 2018, we adopted new accounting guidance related to revenue from contracts with customers. The key principle of the new guidance is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods or services. Insurance contracts are specifically excluded from this new guidance. The Financial Accounting Standards Board (“the FASB”) has clarified the scope that all of our insurance contracts, including mortgage insurance and investment contracts are excluded from the scope of this new guidance. We adopted this new accounting guidance using the modified retrospective method, which did not have any significant impact on our consolidated financial statements at adoption. |
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Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In June 2018, the FASB issued new guidance related to accounting for nonemployee share-based payments. The guidance aligns the measurement and classification of share-based payments to nonemployees issued in exchange for goods or services with the guidance for share-based payments to employees, with certain exceptions. The guidance is currently effective for us on January 1, 2019 using the modified retrospective method, with early adoption permitted. While we are still evaluating the full impact, at this time we do not expect any impacts from this new guidance on our consolidated financial statements. In March 2017, the FASB issued new guidance shortening the amortization period of certain callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. This change does not apply to securities held at a discount. The guidance is currently effective for us on January 1, 2019 using the modified retrospective method, with early adoption permitted. While we are still evaluating the full impact, at this time we do not expect any significant impact from this guidance on our consolidated financial statements. In June 2016, the FASB issued new guidance related to accounting for credit losses on financial instruments. The guidance requires that entities recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most debt instruments not measured at fair value, which would primarily include our commercial mortgage loans and reinsurance receivables. The new guidance retains most of the existing impairment guidance for available-for-sale debt securities but amends the presentation of credit losses to be presented as an allowance as opposed to a write-down and permits the reversal of credit losses when reassessing changes in the credit losses each reporting period. The new guidance is effective for us on January 1, 2020, with early adoption permitted beginning January 1, 2019. Upon adoption, the modified retrospective method will be used and a cumulative effect adjustment in retained earnings as of the beginning of the year of adoption will be recorded. We are in process of evaluating the impact the guidance may have on our consolidated financial statements. In February 2016, the FASB issued new accounting guidance related to the accounting for leases. The new guidance generally requires lessees to recognize both a right-to-use asset and a corresponding liability on the balance sheet. The guidance is effective for us on January 1, 2019, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the period adopted in the financial statements, with certain practical expedients available, which we are in the processes of evaluating. While we are still evaluating the full impact, at this time we do not expect any significant impact from this guidance on our consolidated financial statements. |
Accounting Changes (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components for Cumulative Effect Adjustment | The following summarizes the components for the cumulative effect adjustment recorded on January 1, 2018 related to the adoption of this new accounting guidance:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Basic and diluted earnings per share are calculated by dividing each income category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | Sources of net investment income were as follows for the periods indicated:
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Net Investment Gains (Losses) | The following table sets forth net investment gains (losses) for the periods indicated:
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Credit Losses Recognized in Net Income | The following represents the activity for credit losses recognized in net income 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:
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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:
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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:
(d) Fixed Maturity and Equity Securities |
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Fixed Maturity and Equity Securities | As of June 30, 2018, 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:
As of December 31, 2017, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows:
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Maturity Distribution of Fixed Maturity Securities | The scheduled maturity distribution of fixed maturity securities as of June 30, 2018 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.
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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:
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Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans | The following table sets forth the allowance for credit losses and recorded investment in commercial mortgage loans as of or for the periods indicated:
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Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 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, 2018:
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 June 30, 2018:
For all securities in an unrealized loss position, 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 investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of December 31, 2017:
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, 2017:
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Loan To Value Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by Property Type | The following tables set forth the loan-to-value of commercial mortgage loans by property type as of the dates indicated:
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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:
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Commercial Mortgage Loan | Real Estate Properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans | 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:
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Other Geographic Area | Commercial Mortgage Loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans | 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:
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Derivative Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Positions in Derivative Instruments | The following table sets forth our positions in derivative instruments as of the dates indicated:
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Schedule of Notional Amounts Outstanding on Derivative Instruments | The following tables represent activity associated with derivative instruments as of the dates indicated:
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Schedule of Pre-Tax Income Effects of Cash Flow Hedges | The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2018:
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended June 30, 2017:
The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2018:
The following table provides information about the pre-tax income effects of cash flow hedges for the six months ended June 30, 2017:
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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:
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Schedule of Pre-Tax Gain (Loss) Recognized in Net Income for Effects of Derivatives Not Designated as Hedges | The following tables provide the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated:
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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:
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Schedule of Credit Default Swaps Where We Sell Protection on Single Name Reference Entities and Fair Values | The following table sets forth our credit default swaps where we sell protection on single name reference entities and the fair values as of the dates indicated:
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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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, 2018:
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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:
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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:
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:
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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 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:
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Summary of Significant Unobservable Inputs Used for Certain Asset and Liability 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, 2018:
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, 2018:
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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:
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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:
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:
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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) 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:
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Liability for Policy and Contract Claims (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long Term Borrowings | The following table sets forth total long-term borrowings as of the dates indicated:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities | The following tables present the reconciliation of net income available to Genworth Financial, Inc.’s common stockholders to adjusted operating income 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:
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Summary of Total Assets for 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:
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Changes in Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented:
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Condensed Consolidating Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Consolidating Balance Sheet | The following table presents the condensed consolidating balance sheet information as of June 30, 2018:
The following table presents the condensed consolidating balance sheet information as of December 31, 2017:
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Condensed Consolidating Income Statement | The following table presents the condensed consolidating income statement information for the three months ended June 30, 2018:
The following table presents the condensed consolidating income statement information for the three months ended June 30, 2017:
The following table presents the condensed consolidating income statement information for the six months ended June 30, 2018:
The following table presents the condensed consolidating income statement information for the six months ended June 30, 2017:
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Condensed Consolidating Statement of Comprehensive Income | The following table presents the condensed consolidating comprehensive income statement information for the three months ended June 30, 2018:
The following table presents the condensed consolidating comprehensive income statement information for the three months ended June 30, 2017:
The following table presents the condensed consolidating comprehensive income statement information for the six months ended June 30, 2018:
The following table presents the condensed consolidating comprehensive income statement information for the six months ended June 30, 2017:
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Condensed Consolidating Statement of Cash Flows | The following table presents the condensed consolidating cash flow statement information for the six months ended June 30, 2018:
The following table presents the condensed consolidating cash flow statement information for the six months ended June 30, 2017:
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Formation of Genworth and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Billions |
6 Months Ended | ||
---|---|---|---|
Oct. 21, 2016
USD ($)
$ / shares
|
Jun. 30, 2018
Segment
|
Apr. 01, 2013 |
|
Entity Information [Line Items] | |||
Number of operating segments | Segment | 5 | ||
Genworth Holdings | |||
Entity Information [Line Items] | |||
Percentage of subsidiary equity ownership | 100.00% | ||
China Oceanwide Holdings Group Co., Ltd. | Definitive Acquisition Agreement | |||
Entity Information [Line Items] | |||
Total transaction value to acquire all of our outstanding common stock | $ | $ 2.7 | ||
Per share amount to acquire all of our outstanding common stock | $ / shares | $ 5.43 |
Investments - Additional Information (Detail) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
Loan
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
Loan
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
Loan
|
|
Schedule of Investments [Line Items] | |||||
Aggregate fair value of securities sold | $ 640 | $ 228 | $ 1,259 | $ 1,104 | |
Aggregate fair value of securities sold, percentage of book value | 97.00% | 95.00% | 97.00% | 96.00% | |
Percentage of investment portfolio by which no other industry group exceeded | 10.00% | ||||
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded | 10 | ||||
Commercial mortgage loans outstanding more than 90 days, interest accruing | $ 0 | $ 0 | $ 0 | ||
Commercial mortgage loans on nonaccrual status, past due less than 90 days | $ 0 | $ 0 | $ 0 | ||
Commercial mortgage loans modified or extended, number of loans | Loan | 2 | 2 | 10 | ||
Commercial mortgage loans modified or extended, carrying value | $ 12 | $ 12 | $ 27 | ||
Commercial mortgage loans, recorded investment | 6,492 | 6,492 | 6,353 | ||
Investments in partnerships or similar entities generally considered VIEs | 295 | 295 | 222 | ||
Floating rate commercial mortgage loans | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 0 | $ 0 | 0 | ||
Limited Partnership Interests | |||||
Schedule of Investments [Line Items] | |||||
Minimum threshold ownership percentage of limited partnership interest, equity method | 3.00% | 3.00% | |||
Finance and insurance | Fixed maturity securities | |||||
Schedule of Investments [Line Items] | |||||
Percent of investment portfolio, greater than 10% | 22.00% | ||||
Utilities | Fixed maturity securities | |||||
Schedule of Investments [Line Items] | |||||
Percent of investment portfolio, greater than 10% | 15.00% | ||||
Consumer-non-cyclical | Fixed maturity securities | |||||
Schedule of Investments [Line Items] | |||||
Percent of investment portfolio, greater than 10% | 13.00% | ||||
Industrial | |||||
Schedule of Investments [Line Items] | |||||
Individually impaired commercial mortgage loans | $ 0 | $ 0 | |||
Commercial mortgage loans, recorded investment | $ 1,644 | $ 1,644 | $ 1,628 | ||
Office | |||||
Schedule of Investments [Line Items] | |||||
Impaired loans, number of loans | Loan | 1 | 1 | 1 | ||
Impaired loans, unpaid principal balance | $ 6 | $ 6 | $ 6 | ||
Commercial mortgage loans, recorded investment | $ 1,482 | $ 1,482 | $ 1,510 |
Credit Losses Recognized in Net Income (Loss) on Debt Securities (Detail) - Debt Securities - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Cumulative credit losses, beginning balance | $ 28 | $ 41 | $ 32 | $ 42 |
Securities sold, paid down or disposed | (3) | (3) | (7) | (4) |
Cumulative credit losses, ending balance | $ 25 | $ 38 | $ 25 | $ 38 |
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 |
6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Mar. 31, 2018 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves | $ (1,549) | $ (3,451) | ||||||
Income taxes, net | (230) | (583) | ||||||
Net unrealized investment gains (losses) including noncontrolling interests | 776 | 1,160 | ||||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | 40 | 75 | ||||||
Net unrealized investment gains (losses) | 736 | 1,085 | $ 917 | $ 1,180 | $ 1,243 | $ 1,262 | ||
Net Unrealized Gains (Losses) On Investment Securities | ||||||||
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Fixed maturity securities | 2,555 | 5,125 | ||||||
Equity securities | 69 | |||||||
Subtotal | [1] | $ 2,555 | $ 5,194 | |||||
|
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Investments [Abstract] | ||||
Net unrealized investment gains (losses), beginning of period | $ 917 | $ 1,243 | $ 1,085 | $ 1,262 |
Cumulative effect of changes in accounting | ||||
Stranded tax effects | 189 | |||
Recognition and measurement of financial assets and liabilities, net of taxes of $18 and $- | (25) | |||
Recognition and measurement of financial assets and liabilities,tax amount | 18 | |||
Total cumulative effect of changes in accounting | 164 | 164 | ||
Unrealized gains (losses) on investment securities | (905) | 995 | (2,586) | 1,387 |
Adjustment to deferred acquisition costs | 467 | (741) | 909 | (1,046) |
Adjustment to present value of future profits | 20 | (28) | 56 | (33) |
Adjustment to sales inducements | 9 | (6) | 29 | (11) |
Adjustment to benefit reserves | 162 | (269) | 902 | (337) |
Provision for income taxes | 54 | 17 | 149 | 15 |
Change in unrealized gains (losses) on investment securities | (193) | (32) | (541) | (25) |
Reclassification adjustments to net investment (gains) losses, net of taxes | 6 | (40) | 13 | (58) |
Change in net unrealized investment gains (losses) | (187) | (72) | (528) | (83) |
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (6) | (9) | (15) | (1) |
Net unrealized investment gains (losses), end of period | $ 736 | $ 1,180 | $ 736 | $ 1,180 |
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Recognition and measurement of financial assets and liabilities,tax amount | $ 18 | |||
Reclassification adjustments to net investment (gains) losses, taxes | $ (2) | $ 21 | $ (3) | $ 31 |
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, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Investments [Line Items] | ||
Amortized cost or cost, total | $ 57,572 | $ 58,248 |
Fair value, total | 60,032 | 63,345 |
Amortized cost or cost, fixed maturity securities | 57,572 | 57,492 |
Fair value, fixed maturity securities | 60,032 | 62,525 |
Amortized cost or cost, equity securities | 756 | |
Fair value, equity securities | 758 | 820 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 4,733 | 4,681 |
Fair value, fixed maturity securities | 5,353 | 5,548 |
Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,699 | 2,678 |
Fair value, fixed maturity securities | 2,855 | 2,926 |
Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,347 | 2,147 |
Fair value, fixed maturity securities | 2,380 | 2,233 |
Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 26,347 | 25,934 |
Fair value, fixed maturity securities | 27,569 | 28,636 |
Fixed maturity securities | U.S. corporate | Utilities | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 4,550 | 4,396 |
Fair value, fixed maturity securities | 4,879 | 4,998 |
Fixed maturity securities | U.S. corporate | Energy | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,160 | 2,239 |
Fair value, fixed maturity securities | 2,270 | 2,458 |
Fixed maturity securities | U.S. corporate | Finance and insurance | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 6,095 | 5,984 |
Fair value, fixed maturity securities | 6,275 | 6,528 |
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 4,298 | 4,314 |
Fair value, fixed maturity securities | 4,541 | 4,831 |
Fixed maturity securities | U.S. corporate | Technology and communications | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,709 | 2,665 |
Fair value, fixed maturity securities | 2,781 | 2,845 |
Fixed maturity securities | U.S. corporate | Industrial | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,244 | 1,241 |
Fair value, fixed maturity securities | 1,283 | 1,346 |
Fixed maturity securities | U.S. corporate | Capital goods | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,216 | 2,087 |
Fair value, fixed maturity securities | 2,361 | 2,355 |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,538 | 1,493 |
Fair value, fixed maturity securities | 1,573 | 1,605 |
Fixed maturity securities | U.S. corporate | Transportation | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,200 | 1,160 |
Fair value, fixed maturity securities | 1,252 | 1,291 |
Fixed maturity securities | U.S. corporate | Other | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 337 | 355 |
Fair value, fixed maturity securities | 354 | 379 |
Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 11,667 | 11,778 |
Fair value, fixed maturity securities | 12,002 | 12,611 |
Fixed maturity securities | Non-U.S. corporate | Utilities | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 962 | 979 |
Fair value, fixed maturity securities | 962 | 1,017 |
Fixed maturity securities | Non-U.S. corporate | Energy | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 1,316 | 1,337 |
Fair value, fixed maturity securities | 1,399 | 1,490 |
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,471 | 2,567 |
Fair value, fixed maturity securities | 2,537 | 2,735 |
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 709 | 686 |
Fair value, fixed maturity securities | 702 | 712 |
Fixed maturity securities | Non-U.S. corporate | Technology and communications | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 992 | 913 |
Fair value, fixed maturity securities | 1,007 | 982 |
Fixed maturity securities | Non-U.S. corporate | Industrial | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 943 | 958 |
Fair value, fixed maturity securities | 977 | 1,044 |
Fixed maturity securities | Non-U.S. corporate | Capital goods | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 603 | 614 |
Fair value, fixed maturity securities | 611 | 645 |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 527 | 532 |
Fair value, fixed maturity securities | 522 | 540 |
Fixed maturity securities | Non-U.S. corporate | Transportation | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 690 | 656 |
Fair value, fixed maturity securities | 727 | 721 |
Fixed maturity securities | Non-U.S. corporate | Other | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,454 | 2,536 |
Fair value, fixed maturity securities | 2,558 | 2,725 |
Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 3,426 | 3,831 |
Fair value, fixed maturity securities | 3,567 | 4,057 |
Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 3,387 | 3,387 |
Fair value, fixed maturity securities | 3,349 | 3,446 |
Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Amortized cost or cost, fixed maturity securities | 2,966 | 3,056 |
Fair value, fixed maturity securities | 2,957 | 3,068 |
Not other-than-temporary impairments | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, equity securities | 72 | |
Gross unrealized losses, equity securities | (8) | |
Gross unrealized gains | 3,299 | 5,288 |
Gross unrealized losses | (853) | (208) |
Gross unrealized gains, fixed maturity securities | 3,299 | 5,216 |
Gross unrealized losses, fixed maturity securities | (853) | (200) |
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 | 632 | 870 |
Gross unrealized losses, fixed maturity securities | (12) | (3) |
Not other-than-temporary impairments | Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 195 | 270 |
Gross unrealized losses, fixed maturity securities | (39) | (22) |
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 69 | 106 |
Gross unrealized losses, fixed maturity securities | (36) | (20) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 1,689 | 2,770 |
Gross unrealized losses, fixed maturity securities | (467) | (68) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Utilities | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 395 | 611 |
Gross unrealized losses, fixed maturity securities | (66) | (9) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Energy | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 139 | 227 |
Gross unrealized losses, fixed maturity securities | (29) | (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 | 288 | 556 |
Gross unrealized losses, fixed maturity securities | (108) | (12) |
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 | 323 | 530 |
Gross unrealized losses, fixed maturity securities | (80) | (13) |
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 | 133 | 192 |
Gross unrealized losses, fixed maturity securities | (61) | (12) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Industrial | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 59 | 106 |
Gross unrealized losses, fixed maturity securities | (20) | (1) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Capital goods | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 185 | 273 |
Gross unrealized losses, fixed maturity securities | (40) | (5) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 66 | 116 |
Gross unrealized losses, fixed maturity securities | (31) | (4) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Transportation | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 83 | 134 |
Gross unrealized losses, fixed maturity securities | (31) | (3) |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Other | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 18 | 25 |
Gross unrealized losses, fixed maturity securities | (1) | (1) |
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 505 | 866 |
Gross unrealized losses, fixed maturity securities | (170) | (33) |
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Utilities | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 22 | 42 |
Gross unrealized losses, fixed maturity securities | (22) | (4) |
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Energy | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 101 | 158 |
Gross unrealized losses, fixed maturity securities | (18) | (5) |
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 | 102 | 174 |
Gross unrealized losses, fixed maturity securities | (36) | (6) |
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 | 11 | 30 |
Gross unrealized losses, fixed maturity securities | (18) | (4) |
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 | 30 | 71 |
Gross unrealized losses, fixed maturity securities | (15) | (2) |
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Industrial | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 46 | 88 |
Gross unrealized losses, fixed maturity securities | (12) | (2) |
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 | 15 | 33 |
Gross unrealized losses, fixed maturity securities | (7) | (2) |
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 | 2 | 9 |
Gross unrealized losses, fixed maturity securities | (7) | (1) |
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Transportation | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 48 | 68 |
Gross unrealized losses, fixed maturity securities | (11) | (3) |
Not other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | Other | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 128 | 193 |
Gross unrealized losses, fixed maturity securities | (24) | (4) |
Not other-than-temporary impairments | Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 156 | 223 |
Gross unrealized losses, fixed maturity securities | (28) | (11) |
Not other-than-temporary impairments | Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 46 | 94 |
Gross unrealized losses, fixed maturity securities | (84) | (37) |
Not other-than-temporary impairments | Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 7 | 17 |
Gross unrealized losses, fixed maturity securities | (17) | (6) |
Other-than-temporary impairments | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, equity securities | 0 | |
Gross unrealized losses, equity securities | 0 | |
Gross unrealized gains | 14 | 17 |
Gross unrealized losses | 0 | 0 |
Gross unrealized gains, fixed maturity securities | 14 | 17 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Utilities | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Energy | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Industrial | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Transportation | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | Other | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 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 | 0 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 13 | 14 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 0 | 2 |
Gross unrealized losses, fixed maturity securities | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Gross unrealized gains, fixed maturity securities | 1 | 1 |
Gross unrealized losses, fixed maturity securities | $ 0 | $ 0 |
Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Millions |
Jun. 30, 2018
USD ($)
Securities
|
Dec. 31, 2017
USD ($)
Securities
|
---|---|---|
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 18,743 | $ 6,090 |
Less than 12 months, Gross unrealized losses | $ (579) | $ (65) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,716 | 1,039 |
12 months or more, Fair value | $ 3,837 | $ 3,661 |
12 months or more, Gross unrealized losses | $ (274) | $ (143) |
12 months or more, Number of securities in a continuous loss position | Securities | 537 | 587 |
Fair value | $ 22,580 | $ 9,751 |
Gross unrealized losses | $ (853) | $ (208) |
Number of securities in a continuous loss position | Securities | 3,253 | 1,626 |
Investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 17,627 | $ 5,867 |
Less than 12 months, Gross unrealized losses | $ (535) | $ (55) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,555 | 898 |
12 months or more, Fair value | $ 3,704 | $ 3,488 |
12 months or more, Gross unrealized losses | $ (261) | $ (135) |
12 months or more, Number of securities in a continuous loss position | Securities | 508 | 528 |
Fair value | $ 21,331 | $ 9,355 |
Gross unrealized losses | $ (796) | $ (190) |
Number of securities in a continuous loss position | Securities | 3,063 | 1,426 |
Below investment grade | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,116 | $ 223 |
Less than 12 months, Gross unrealized losses | $ (44) | $ (10) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 161 | 141 |
12 months or more, Fair value | $ 133 | $ 173 |
12 months or more, Gross unrealized losses | $ (13) | $ (8) |
12 months or more, Number of securities in a continuous loss position | Securities | 29 | 59 |
Fair value | $ 1,249 | $ 396 |
Gross unrealized losses | $ (57) | $ (18) |
Number of securities in a continuous loss position | Securities | 190 | 200 |
Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 18,743 | $ 6,016 |
Less than 12 months, Gross unrealized losses | $ (579) | $ (62) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,716 | 905 |
12 months or more, Fair value | $ 3,837 | $ 3,561 |
12 months or more, Gross unrealized losses | $ (274) | $ (138) |
12 months or more, Number of securities in a continuous loss position | Securities | 537 | 529 |
Fair value | $ 22,580 | $ 9,577 |
Gross unrealized losses | $ (853) | $ (200) |
Number of securities in a continuous loss position | Securities | 3,253 | 1,434 |
Fixed maturity securities | Less Than 20 Percent Below Cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 18,743 | $ 6,016 |
Less than 12 months, Gross unrealized losses | $ (579) | $ (62) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,714 | 905 |
12 months or more, Fair value | $ 3,828 | $ 3,555 |
12 months or more, Gross unrealized losses | $ (270) | $ (136) |
12 months or more, Number of securities in a continuous loss position | Securities | 533 | 526 |
Fair value | $ 22,571 | $ 9,571 |
Gross unrealized losses | $ (849) | $ (198) |
Number of securities in a continuous loss position | Securities | 3,247 | 1,431 |
Fixed maturity securities | 20 To 50 percent below cost | ||
Schedule of Investments [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 | 2 | 0 |
12 months or more, Fair value | $ 9 | $ 6 |
12 months or more, Gross unrealized losses | $ (4) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 3 |
Fair value | $ 9 | $ 6 |
Gross unrealized losses | $ (4) | $ (2) |
Number of securities in a continuous loss position | Securities | 6 | 3 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 314 | $ 78 |
Less than 12 months, Gross unrealized losses | $ (6) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 35 | 21 |
12 months or more, Fair value | $ 84 | $ 94 |
12 months or more, Gross unrealized losses | $ (6) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 5 | 7 |
Fair value | $ 398 | $ 172 |
Gross unrealized losses | $ (12) | $ (3) |
Number of securities in a continuous loss position | Securities | 40 | 28 |
Fixed maturity securities | State and Political Subdivisions | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 482 | $ 125 |
Less than 12 months, Gross unrealized losses | $ (13) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 98 | 35 |
12 months or more, Fair value | $ 318 | $ 327 |
12 months or more, Gross unrealized losses | $ (26) | $ (21) |
12 months or more, Number of securities in a continuous loss position | Securities | 41 | 42 |
Fair value | $ 800 | $ 452 |
Gross unrealized losses | $ (39) | $ (22) |
Number of securities in a continuous loss position | Securities | 139 | 77 |
Fixed maturity securities | Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 649 | $ 583 |
Less than 12 months, Gross unrealized losses | $ (18) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 85 | 26 |
12 months or more, Fair value | $ 418 | $ 239 |
12 months or more, Gross unrealized losses | $ (18) | $ (13) |
12 months or more, Number of securities in a continuous loss position | Securities | 25 | 20 |
Fair value | $ 1,067 | $ 822 |
Gross unrealized losses | $ (36) | $ (20) |
Number of securities in a continuous loss position | Securities | 110 | 46 |
Fixed maturity securities | U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 9,473 | $ 1,871 |
Less than 12 months, Gross unrealized losses | $ (354) | $ (26) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,322 | 296 |
12 months or more, Fair value | $ 1,215 | $ 1,347 |
12 months or more, Gross unrealized losses | $ (113) | $ (42) |
12 months or more, Number of securities in a continuous loss position | Securities | 167 | 190 |
Fair value | $ 10,688 | $ 3,218 |
Gross unrealized losses | $ (467) | $ (68) |
Number of securities in a continuous loss position | Securities | 1,489 | 486 |
Fixed maturity securities | Non-U.S. corporate | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 4,146 | $ 1,323 |
Less than 12 months, Gross unrealized losses | $ (126) | $ (12) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 574 | 217 |
12 months or more, Fair value | $ 697 | $ 548 |
12 months or more, Gross unrealized losses | $ (44) | $ (21) |
12 months or more, Number of securities in a continuous loss position | Securities | 96 | 77 |
Fair value | $ 4,843 | $ 1,871 |
Gross unrealized losses | $ (170) | $ (33) |
Number of securities in a continuous loss position | Securities | 670 | 294 |
Fixed maturity securities | Residential mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 866 | $ 707 |
Less than 12 months, Gross unrealized losses | $ (19) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 133 | 81 |
12 months or more, Fair value | $ 321 | $ 130 |
12 months or more, Gross unrealized losses | $ (9) | $ (4) |
12 months or more, Number of securities in a continuous loss position | Securities | 62 | 46 |
Fair value | $ 1,187 | $ 837 |
Gross unrealized losses | $ (28) | $ (11) |
Number of securities in a continuous loss position | Securities | 195 | 127 |
Fixed maturity securities | Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,159 | $ 476 |
Less than 12 months, Gross unrealized losses | $ (29) | $ (4) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 168 | 69 |
12 months or more, Fair value | $ 590 | $ 646 |
12 months or more, Gross unrealized losses | $ (55) | $ (33) |
12 months or more, Number of securities in a continuous loss position | Securities | 87 | 90 |
Fair value | $ 1,749 | $ 1,122 |
Gross unrealized losses | $ (84) | $ (37) |
Number of securities in a continuous loss position | Securities | 255 | 159 |
Fixed maturity securities | Other asset-backed | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 1,654 | $ 853 |
Less than 12 months, Gross unrealized losses | $ (14) | $ (4) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 301 | 160 |
12 months or more, Fair value | $ 194 | $ 230 |
12 months or more, Gross unrealized losses | $ (3) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 54 | 57 |
Fair value | $ 1,848 | $ 1,083 |
Gross unrealized losses | $ (17) | $ (6) |
Number of securities in a continuous loss position | Securities | 355 | 217 |
Equity Securities | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 74 | |
Less than 12 months, Gross unrealized losses | $ (3) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 134 | |
12 months or more, Fair value | $ 100 | |
12 months or more, Gross unrealized losses | $ (5) | |
12 months or more, Number of securities in a continuous loss position | Securities | 58 | |
Fair value | $ 174 | |
Gross unrealized losses | $ (8) | |
Number of securities in a continuous loss position | Securities | 192 | |
Equity Securities | Less Than 20 Percent Below Cost | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair value | $ 74 | |
Less than 12 months, Gross unrealized losses | $ (3) | |
Less than 12 months, Number of securities in a continuous loss position | Securities | 134 | |
12 months or more, Fair value | $ 100 | |
12 months or more, Gross unrealized losses | $ (5) | |
12 months or more, Number of securities in a continuous loss position | Securities | 58 | |
Fair value | $ 174 | |
Gross unrealized losses | $ (8) | |
Number of securities in a continuous loss position | Securities | 192 |
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail) $ in Millions |
Jun. 30, 2018
USD ($)
Securities
|
Dec. 31, 2017
USD ($)
Securities
|
---|---|---|
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 18,743 | $ 6,090 |
Less than 12 months, Gross unrealized losses | $ (579) | $ (65) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,716 | 1,039 |
12 months or more, Fair value | $ 3,837 | $ 3,661 |
12 months or more, Gross unrealized losses | $ (274) | $ (143) |
12 months or more, Number of securities in a continuous loss position | Securities | 537 | 587 |
Fair value | $ 22,580 | $ 9,751 |
Gross unrealized losses | $ (853) | $ (208) |
Number of securities in a continuous loss position | Securities | 3,253 | 1,626 |
Fixed maturity securities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 18,743 | $ 6,016 |
Less than 12 months, Gross unrealized losses | $ (579) | $ (62) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 2,716 | 905 |
12 months or more, Fair value | $ 3,837 | $ 3,561 |
12 months or more, Gross unrealized losses | $ (274) | $ (138) |
12 months or more, Number of securities in a continuous loss position | Securities | 537 | 529 |
Fair value | $ 22,580 | $ 9,577 |
Gross unrealized losses | $ (853) | $ (200) |
Number of securities in a continuous loss position | Securities | 3,253 | 1,434 |
Fixed maturity securities | U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 9,473 | $ 1,871 |
Less than 12 months, Gross unrealized losses | $ (354) | $ (26) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,322 | 296 |
12 months or more, Fair value | $ 1,215 | $ 1,347 |
12 months or more, Gross unrealized losses | $ (113) | $ (42) |
12 months or more, Number of securities in a continuous loss position | Securities | 167 | 190 |
Fair value | $ 10,688 | $ 3,218 |
Gross unrealized losses | $ (467) | $ (68) |
Number of securities in a continuous loss position | Securities | 1,489 | 486 |
Fixed maturity securities | U.S. corporate | Utilities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 1,187 | $ 181 |
Less than 12 months, Gross unrealized losses | $ (46) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 185 | 33 |
12 months or more, Fair value | $ 214 | $ 219 |
12 months or more, Gross unrealized losses | $ (20) | $ (7) |
12 months or more, Number of securities in a continuous loss position | Securities | 35 | 36 |
Fair value | $ 1,401 | $ 400 |
Gross unrealized losses | $ (66) | $ (9) |
Number of securities in a continuous loss position | Securities | 220 | 69 |
Fixed maturity securities | U.S. corporate | Energy | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 639 | $ 106 |
Less than 12 months, Gross unrealized losses | $ (19) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 102 | 22 |
12 months or more, Fair value | $ 119 | $ 140 |
12 months or more, Gross unrealized losses | $ (10) | $ (7) |
12 months or more, Number of securities in a continuous loss position | Securities | 12 | 15 |
Fair value | $ 758 | $ 246 |
Gross unrealized losses | $ (29) | $ (8) |
Number of securities in a continuous loss position | Securities | 114 | 37 |
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 | $ 2,596 | $ 626 |
Less than 12 months, Gross unrealized losses | $ (90) | $ (6) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 366 | 91 |
12 months or more, Fair value | $ 243 | $ 222 |
12 months or more, Gross unrealized losses | $ (18) | $ (6) |
12 months or more, Number of securities in a continuous loss position | Securities | 32 | 30 |
Fair value | $ 2,839 | $ 848 |
Gross unrealized losses | $ (108) | $ (12) |
Number of securities in a continuous loss position | Securities | 398 | 121 |
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 | $ 1,579 | $ 299 |
Less than 12 months, Gross unrealized losses | $ (61) | $ (7) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 194 | 46 |
12 months or more, Fair value | $ 188 | $ 221 |
12 months or more, Gross unrealized losses | $ (19) | $ (6) |
12 months or more, Number of securities in a continuous loss position | Securities | 23 | 31 |
Fair value | $ 1,767 | $ 520 |
Gross unrealized losses | $ (80) | $ (13) |
Number of securities in a continuous loss position | Securities | 217 | 77 |
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 | $ 1,111 | $ 217 |
Less than 12 months, Gross unrealized losses | $ (42) | $ (4) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 142 | 32 |
12 months or more, Fair value | $ 159 | $ 210 |
12 months or more, Gross unrealized losses | $ (19) | $ (8) |
12 months or more, Number of securities in a continuous loss position | Securities | 21 | 29 |
Fair value | $ 1,270 | $ 427 |
Gross unrealized losses | $ (61) | $ (12) |
Number of securities in a continuous loss position | Securities | 163 | 61 |
Fixed maturity securities | U.S. corporate | Industrial | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 416 | $ 0 |
Less than 12 months, Gross unrealized losses | $ (15) | $ 0 |
Less than 12 months, Number of securities in a continuous loss position | Securities | 61 | 0 |
12 months or more, Fair value | $ 55 | $ 62 |
12 months or more, Gross unrealized losses | $ (5) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 7 | 9 |
Fair value | $ 471 | $ 62 |
Gross unrealized losses | $ (20) | $ (1) |
Number of securities in a continuous loss position | Securities | 68 | 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 | $ 717 | $ 176 |
Less than 12 months, Gross unrealized losses | $ (32) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 94 | 25 |
12 months or more, Fair value | $ 64 | $ 81 |
12 months or more, Gross unrealized losses | $ (8) | $ (3) |
12 months or more, Number of securities in a continuous loss position | Securities | 11 | 14 |
Fair value | $ 781 | $ 257 |
Gross unrealized losses | $ (40) | $ (5) |
Number of securities in a continuous loss position | Securities | 105 | 39 |
Fixed maturity securities | U.S. corporate | Consumer-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 668 | $ 137 |
Less than 12 months, Gross unrealized losses | $ (24) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 107 | 24 |
12 months or more, Fair value | $ 86 | $ 95 |
12 months or more, Gross unrealized losses | $ (7) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 11 | 13 |
Fair value | $ 754 | $ 232 |
Gross unrealized losses | $ (31) | $ (4) |
Number of securities in a continuous loss position | Securities | 118 | 37 |
Fixed maturity securities | U.S. corporate | Transportation | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 492 | $ 117 |
Less than 12 months, Gross unrealized losses | $ (24) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 67 | 21 |
12 months or more, Fair value | $ 73 | $ 97 |
12 months or more, Gross unrealized losses | $ (7) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 14 | 13 |
Fair value | $ 565 | $ 214 |
Gross unrealized losses | $ (31) | $ (3) |
Number of securities in a continuous loss position | Securities | 81 | 34 |
Fixed maturity securities | U.S. corporate | Other | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 68 | $ 12 |
Less than 12 months, Gross unrealized losses | $ (1) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 4 | 2 |
12 months or more, Fair value | $ 14 | $ 0 |
12 months or more, Gross unrealized losses | $ 0 | $ 0 |
12 months or more, Number of securities in a continuous loss position | Securities | 1 | 0 |
Fair value | $ 82 | $ 12 |
Gross unrealized losses | $ (1) | $ (1) |
Number of securities in a continuous loss position | Securities | 5 | 2 |
Fixed maturity securities | Non-U.S. corporate | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 4,146 | $ 1,323 |
Less than 12 months, Gross unrealized losses | $ (126) | $ (12) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 574 | 217 |
12 months or more, Fair value | $ 697 | $ 548 |
12 months or more, Gross unrealized losses | $ (44) | $ (21) |
12 months or more, Number of securities in a continuous loss position | Securities | 96 | 77 |
Fair value | $ 4,843 | $ 1,871 |
Gross unrealized losses | $ (170) | $ (33) |
Number of securities in a continuous loss position | Securities | 670 | 294 |
Fixed maturity securities | Non-U.S. corporate | Utilities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 359 | $ 113 |
Less than 12 months, Gross unrealized losses | $ (14) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 48 | 23 |
12 months or more, Fair value | $ 81 | $ 72 |
12 months or more, Gross unrealized losses | $ (8) | $ (3) |
12 months or more, Number of securities in a continuous loss position | Securities | 10 | 8 |
Fair value | $ 440 | $ 185 |
Gross unrealized losses | $ (22) | $ (4) |
Number of securities in a continuous loss position | Securities | 58 | 31 |
Fixed maturity securities | Non-U.S. corporate | Energy | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 346 | $ 118 |
Less than 12 months, Gross unrealized losses | $ (12) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 48 | 19 |
12 months or more, Fair value | $ 98 | $ 74 |
12 months or more, Gross unrealized losses | $ (6) | $ (3) |
12 months or more, Number of securities in a continuous loss position | Securities | 12 | 12 |
Fair value | $ 444 | $ 192 |
Gross unrealized losses | $ (18) | $ (5) |
Number of securities in a continuous loss position | Securities | 60 | 31 |
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 | $ 1,007 | $ 347 |
Less than 12 months, Gross unrealized losses | $ (28) | $ (3) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 143 | 56 |
12 months or more, Fair value | $ 150 | $ 117 |
12 months or more, Gross unrealized losses | $ (8) | $ (3) |
12 months or more, Number of securities in a continuous loss position | Securities | 25 | 19 |
Fair value | $ 1,157 | $ 464 |
Gross unrealized losses | $ (36) | $ (6) |
Number of securities in a continuous loss position | Securities | 168 | 75 |
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 | $ 323 | $ 69 |
Less than 12 months, Gross unrealized losses | $ (12) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 37 | 11 |
12 months or more, Fair value | $ 57 | $ 60 |
12 months or more, Gross unrealized losses | $ (6) | $ (3) |
12 months or more, Number of securities in a continuous loss position | Securities | 5 | 6 |
Fair value | $ 380 | $ 129 |
Gross unrealized losses | $ (18) | $ (4) |
Number of securities in a continuous loss position | Securities | 42 | 17 |
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 | $ 466 | $ 107 |
Less than 12 months, Gross unrealized losses | $ (13) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 65 | 18 |
12 months or more, Fair value | $ 23 | $ 30 |
12 months or more, Gross unrealized losses | $ (2) | $ (1) |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 6 |
Fair value | $ 489 | $ 137 |
Gross unrealized losses | $ (15) | $ (2) |
Number of securities in a continuous loss position | Securities | 69 | 24 |
Fixed maturity securities | Non-U.S. corporate | Industrial | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 280 | $ 52 |
Less than 12 months, Gross unrealized losses | $ (9) | $ 0 |
Less than 12 months, Number of securities in a continuous loss position | Securities | 41 | 9 |
12 months or more, Fair value | $ 34 | $ 38 |
12 months or more, Gross unrealized losses | $ (3) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 5 |
Fair value | $ 314 | $ 90 |
Gross unrealized losses | $ (12) | $ (2) |
Number of securities in a continuous loss position | Securities | 45 | 14 |
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 | $ 227 | $ 54 |
Less than 12 months, Gross unrealized losses | $ (6) | $ 0 |
Less than 12 months, Number of securities in a continuous loss position | Securities | 27 | 11 |
12 months or more, Fair value | $ 29 | $ 46 |
12 months or more, Gross unrealized losses | $ (1) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 4 | 3 |
Fair value | $ 256 | $ 100 |
Gross unrealized losses | $ (7) | $ (2) |
Number of securities in a continuous loss position | Securities | 31 | 14 |
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 283 | $ 131 |
Less than 12 months, Gross unrealized losses | $ (7) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 36 | 21 |
12 months or more, Fair value | $ 28 | $ 0 |
12 months or more, Gross unrealized losses | $ 0 | |
12 months or more, Number of securities in a continuous loss position | Securities | 7 | 0 |
Fair value | $ 311 | $ 131 |
Gross unrealized losses | $ (7) | $ (1) |
Number of securities in a continuous loss position | Securities | 43 | 21 |
Fixed maturity securities | Non-U.S. corporate | Transportation | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 206 | $ 47 |
Less than 12 months, Gross unrealized losses | $ (6) | $ (1) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 24 | 7 |
12 months or more, Fair value | $ 64 | $ 64 |
12 months or more, Gross unrealized losses | $ (5) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 8 | 8 |
Fair value | $ 270 | $ 111 |
Gross unrealized losses | $ (11) | $ (3) |
Number of securities in a continuous loss position | Securities | 32 | 15 |
Fixed maturity securities | Non-U.S. corporate | Other | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 649 | $ 285 |
Less than 12 months, Gross unrealized losses | $ (19) | $ (2) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 105 | 42 |
12 months or more, Fair value | $ 133 | $ 47 |
12 months or more, Gross unrealized losses | $ (5) | $ (2) |
12 months or more, Number of securities in a continuous loss position | Securities | 17 | 10 |
Fair value | $ 782 | $ 332 |
Gross unrealized losses | $ (24) | $ (4) |
Number of securities in a continuous loss position | Securities | 122 | 52 |
Fixed maturity securities | Corporate Debt Securities | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 months, Fair value | $ 13,619 | $ 3,194 |
Less than 12 months, Gross unrealized losses | $ (480) | $ (38) |
Less than 12 months, Number of securities in a continuous loss position | Securities | 1,896 | 513 |
12 months or more, Fair value | $ 1,912 | $ 1,895 |
12 months or more, Gross unrealized losses | $ (157) | $ (63) |
12 months or more, Number of securities in a continuous loss position | Securities | 263 | 267 |
Fair value | $ 15,531 | $ 5,089 |
Gross unrealized losses | $ (637) | $ (101) |
Number of securities in a continuous loss position | Securities | 2,159 | 780 |
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Amortized cost or cost | ||
Due one year or less | $ 1,692 | |
Due after one year through five years | 11,006 | |
Due after five years through ten years | 12,517 | |
Due after ten years | 22,578 | |
Subtotal | 47,793 | |
Amortized cost or cost, fixed maturity securities | 57,572 | $ 57,492 |
Fair value | ||
Due one year or less | 1,701 | |
Due after one year through five years | 11,149 | |
Due after five years through ten years | 12,601 | |
Due after ten years | 24,708 | |
Subtotal | 50,159 | |
Fair value, fixed maturity securities | 60,032 | $ 62,525 |
Residential mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 3,426 | |
Fair value | ||
Fixed maturity securities | 3,567 | |
Commercial mortgage-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 3,387 | |
Fair value | ||
Fixed maturity securities | 3,349 | |
Other asset-backed | ||
Amortized cost or cost | ||
Fixed maturity securities | 2,966 | |
Fair value | ||
Fixed maturity securities | $ 2,957 |
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 6,492 | $ 6,353 |
Unamortized balance of loan origination fees and costs | $ (3) | $ (3) |
% of total | 100.00% | 100.00% |
Allowance for losses | $ (9) | $ (9) |
Total | 6,480 | 6,341 |
Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 6,492 | 6,353 |
Unamortized balance of loan origination fees and costs | $ (3) | $ (3) |
% of total | 100.00% | 100.00% |
Allowance for losses | $ (9) | $ (9) |
Total | 6,480 | 6,341 |
South Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,669 | $ 1,625 |
% of total | 26.00% | 26.00% |
Pacific | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,652 | $ 1,622 |
% of total | 25.00% | 26.00% |
Middle Atlantic | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 926 | $ 927 |
% 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, recorded investment | $ 617 | $ 556 |
% of total | 10.00% | 9.00% |
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, recorded investment | $ 453 | $ 446 |
% 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, recorded investment | $ 399 | $ 394 |
% of total | 6.00% | 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, recorded investment | $ 360 | $ 336 |
% of total | 6.00% | 5.00% |
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, recorded investment | $ 214 | $ 208 |
% of total | 3.00% | 3.00% |
New England | Commercial Mortgage Loan | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 202 | $ 239 |
% of total | 3.00% | 4.00% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 2,375 | $ 2,239 |
% of total | 37.00% | 35.00% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,644 | $ 1,628 |
% of total | 25.00% | 26.00% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,482 | $ 1,510 |
% of total | 23.00% | 24.00% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 474 | $ 478 |
% of total | 7.00% | 8.00% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 237 | $ 223 |
% of total | 4.00% | 3.00% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 280 | $ 275 |
% of total | 4.00% | 4.00% |
Aging of Past Due Commercial Mortgage Loans by Property Type (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 6,492 | $ 6,353 |
% 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, recorded investment | $ 2,375 | $ 2,239 |
% of total | 37.00% | 35.00% |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,644 | $ 1,628 |
% of total | 25.00% | 26.00% |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,482 | $ 1,510 |
% of total | 23.00% | 24.00% |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 474 | $ 478 |
% of total | 7.00% | 8.00% |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 237 | $ 223 |
% of total | 4.00% | 3.00% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 280 | $ 275 |
% 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, recorded investment | $ 0 | $ 5 |
% 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, recorded investment | $ 0 | $ 5 |
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, recorded investment | 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, recorded investment | 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, recorded investment | 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, recorded investment | 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, recorded investment | 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, recorded investment | $ 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, recorded investment | $ 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, recorded investment | 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, recorded investment | 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, recorded investment | 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, recorded investment | 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, recorded investment | 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, recorded investment | $ 6 | $ 6 |
% 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, recorded investment | $ 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, recorded investment | 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, recorded investment | 6 | 6 |
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, recorded investment | 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, recorded investment | 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, recorded investment | 0 | 0 |
Total past due | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 6 | $ 11 |
% 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, recorded investment | $ 0 | $ 5 |
Total past due | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 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, recorded investment | 6 | 6 |
Total past due | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 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, recorded investment | 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, recorded investment | 0 | 0 |
Current | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 6,486 | $ 6,342 |
% 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, recorded investment | $ 2,375 | $ 2,234 |
Current | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 1,644 | 1,628 |
Current | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 1,476 | 1,504 |
Current | Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 474 | 478 |
Current | Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 237 | 223 |
Current | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 280 | $ 275 |
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 9 | ||||
Ending balance | $ 9 | 9 | |||
Ending balance | 6,492 | 6,492 | $ 6,353 | ||
Allowance for Credit Losses | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 9 | $ 11 | 9 | $ 12 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 0 | (1) | 0 | (2) | |
Ending balance | 9 | 10 | 9 | 10 | |
Ending allowance for individually impaired loans | 0 | 0 | 0 | 0 | |
Ending allowance for loans not individually impaired that were evaluated collectively for impairment | 9 | 10 | 9 | 10 | |
Commercial Mortgage Loans Recorded Investment | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Ending balance | 6,492 | 6,250 | 6,492 | 6,250 | |
Ending balance of individually impaired loans | 6 | 0 | 6 | 0 | |
Ending balance of loans not individually impaired that were evaluated collectively for impairment | $ 6,486 | $ 6,250 | $ 6,486 | $ 6,250 |
Loan-to-Value of Commercial Mortgage Loans by Property Type (Detail) $ in Millions |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 6,492 | $ 6,353 | |||
% of total | 100.00% | 100.00% | |||
Weighted-average debt service coverage ratio | 1.91 | 2.09 | |||
Retail | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 2,375 | $ 2,239 | |||
% of total | 37.00% | 35.00% | |||
Industrial | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 1,644 | $ 1,628 | |||
% of total | 25.00% | 26.00% | |||
Office | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 1,482 | $ 1,510 | |||
% of total | 23.00% | 24.00% | |||
Apartments | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 474 | $ 478 | |||
% of total | 7.00% | 8.00% | |||
Mixed Use | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 237 | $ 223 | |||
% of total | 4.00% | 3.00% | |||
Other | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 280 | $ 275 | |||
% 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, recorded investment | $ 2,313 | $ 2,618 | |||
% of total | 36.00% | 41.00% | |||
Weighted-average debt service coverage ratio | 2.30 | 2.65 | |||
0% - 50% | Retail | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 848 | $ 919 | |||
0% - 50% | Industrial | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 676 | 731 | |||
0% - 50% | Office | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 438 | 575 | |||
0% - 50% | Apartments | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 201 | 226 | |||
0% - 50% | Mixed Use | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 101 | 99 | |||
0% - 50% | Other | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 49 | 68 | |||
51% - 60% | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 1,525 | $ 1,437 | |||
% of total | 23.00% | 23.00% | |||
Weighted-average debt service coverage ratio | 1.85 | 1.85 | |||
51% - 60% | Retail | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 505 | $ 500 | |||
51% - 60% | Industrial | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 355 | 363 | |||
51% - 60% | Office | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 447 | 386 | |||
51% - 60% | Apartments | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 122 | 101 | |||
51% - 60% | Mixed Use | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 54 | 59 | |||
51% - 60% | Other | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 42 | 28 | |||
61% - 75% | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 2,641 | $ 2,276 | |||
% of total | 41.00% | 36.00% | |||
Weighted-average debt service coverage ratio | 1.61 | 1.62 | |||
61% - 75% | Retail | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 1,022 | $ 820 | |||
61% - 75% | Industrial | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 613 | 532 | |||
61% - 75% | Office | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 589 | 534 | |||
61% - 75% | Apartments | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 146 | 146 | |||
61% - 75% | Mixed Use | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 82 | 65 | |||
61% - 75% | Other | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 189 | 179 | |||
76% - 100% | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 13 | $ 20 | |||
% of total | 0.00% | 0.00% | |||
Weighted-average debt service coverage ratio | 1.07 | 0.62 | |||
76% - 100% | Retail | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | $ 0 | $ 0 | |||
76% - 100% | Industrial | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 0 | 2 | |||
76% - 100% | Office | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 8 | 13 | |||
76% - 100% | Apartments | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 5 | 5 | |||
76% - 100% | Mixed Use | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 0 | 0 | |||
76% - 100% | Other | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | 0 | 0 | |||
Greater than 100% | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | [1] | $ 0 | $ 2 | ||
% of total | [1] | 0.00% | 0.00% | ||
Weighted-average debt service coverage ratio | [1] | 0.00 | 1.04 | ||
Greater than 100% | Retail | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | [1] | $ 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, recorded investment | [1] | 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, recorded investment | [1] | 0 | 2 | ||
Greater than 100% | Apartments | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Commercial mortgage loans, recorded investment | [1] | 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, recorded investment | [1] | 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, recorded investment | [1] | $ 0 | $ 0 | ||
|
Loan-to-Value of Commercial Mortgage Loans by Property Type (Parenthetical) (Detail) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Jun. 30, 2018 |
|||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Commercial mortgage loans, recorded investment | $ 6,353 | $ 6,492 | ||
Greater than 100% | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Commercial mortgage loans, recorded investment | [1] | 2 | $ 0 | |
Greater than 100% | Loans in Good Standing | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Commercial mortgage loans, recorded investment | $ 2 | |||
Weighted-average loan-to-value | 102.00% | |||
|
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, 2018 |
Dec. 31, 2017 |
|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 6,492 | $ 6,353 |
% 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 | $ 6,492 | $ 6,353 |
% of total | 100.00% | 100.00% |
Weighted-average loan-to-value | 54.00% | 52.00% |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 2,375 | $ 2,239 |
% of total | 37.00% | 35.00% |
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 | $ 2,375 | $ 2,239 |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,644 | $ 1,628 |
% of total | 25.00% | 26.00% |
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 | $ 1,644 | $ 1,628 |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,482 | $ 1,510 |
% of total | 23.00% | 24.00% |
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 | $ 1,482 | $ 1,510 |
Apartments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 474 | $ 478 |
% of total | 7.00% | 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 | $ 474 | $ 478 |
Mixed Use | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 237 | $ 223 |
% of total | 4.00% | 3.00% |
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 | $ 237 | $ 223 |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 280 | $ 275 |
% 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 | $ 280 | $ 275 |
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 | $ 112 | $ 120 |
% of total | 2.00% | 2.00% |
Weighted-average loan-to-value | 54.00% | 55.00% |
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 | $ 41 | $ 43 |
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 | 19 | 23 |
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 | 34 | 51 |
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 | 12 | 0 |
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 | 5 | 2 |
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 | 1 | 1 |
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 | $ 521 | $ 527 |
% of total | 8.00% | 8.00% |
Weighted-average loan-to-value | 60.00% | 60.00% |
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 | $ 216 | $ 235 |
1.00 - 1.25 | Industrial | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | 66 | 61 |
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 | 70 | 61 |
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 | 18 | 17 |
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 | 4 | 4 |
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 | 147 | 149 |
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 | $ 932 | $ 749 |
% of total | 14.00% | 12.00% |
Weighted-average loan-to-value | 59.00% | 58.00% |
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 | $ 406 | $ 301 |
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 | 208 | 174 |
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 | 178 | 157 |
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 | 79 | 77 |
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 | 38 | 26 |
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 | 23 | 14 |
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 | $ 2,925 | $ 2,637 |
% of total | 45.00% | 42.00% |
Weighted-average loan-to-value | 59.00% | 58.00% |
1.51 - 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans, recorded investment | $ 1,137 | $ 1,020 |
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 | 751 | 700 |
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 | 678 | 569 |
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 | 186 | 191 |
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 | 86 | 86 |
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 | 87 | 71 |
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 | $ 2,002 | $ 2,320 |
% of total | 31.00% | 36.00% |
Weighted-average loan-to-value | 44.00% | 42.00% |
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 | $ 575 | $ 640 |
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 | 600 | 670 |
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 | 522 | 672 |
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 | 179 | 193 |
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 | 104 | 105 |
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 | $ 22 | $ 40 |
Schedule of Positions in Derivative Instruments (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | $ 242 | $ 290 | |||||||||||||
Derivative liabilities, fair value | 771 | 730 | |||||||||||||
Policyholder account balances | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 668 | 683 | |||||||||||||
Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 103 | 47 | |||||||||||||
Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 230 | 276 | |||||||||||||
Interest rate swaps | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 71 | 25 | |||||||||||||
Interest rate swaps | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 49 | 74 | |||||||||||||
Foreign currency swaps | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 9 | ||||||||||||||
Foreign currency swaps | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 3 | 12 | |||||||||||||
Interest rate caps and floors | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 1 | ||||||||||||||
Equity index options | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 70 | 80 | |||||||||||||
Equity return swaps | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 2 | ||||||||||||||
Equity return swaps | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 1 | ||||||||||||||
Other foreign currency contracts | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 23 | 20 | |||||||||||||
Other foreign currency contracts | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 106 | 110 | |||||||||||||
GMWB embedded derivatives | Policyholder account balances | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | [1] | 235 | 250 | ||||||||||||
GMWB embedded derivatives | Reinsurance recoverable | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | [2] | 12 | 14 | ||||||||||||
Fixed index annuity embedded derivatives | Policyholder account balances | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 420 | 419 | |||||||||||||
Indexed universal life embedded derivatives | Policyholder account balances | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 13 | 14 | |||||||||||||
Designated As Hedging Instrument | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 51 | 75 | |||||||||||||
Derivative liabilities, fair value | 72 | 25 | |||||||||||||
Designated As Hedging Instrument | Cash Flow Hedges | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 51 | 75 | |||||||||||||
Derivative liabilities, fair value | 72 | 25 | |||||||||||||
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 71 | 25 | |||||||||||||
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 49 | 74 | |||||||||||||
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 1 | ||||||||||||||
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 2 | 1 | |||||||||||||
Derivatives not designated as hedges | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 191 | 215 | |||||||||||||
Derivative liabilities, fair value | 699 | 705 | |||||||||||||
Derivatives not designated as hedges | Foreign currency swaps | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 8 | 0 | |||||||||||||
Derivatives not designated as hedges | Foreign currency swaps | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 1 | 11 | |||||||||||||
Derivatives not designated as hedges | Interest rate caps and floors | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 0 | 0 | |||||||||||||
Derivatives not designated as hedges | Interest rate caps and floors | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 1 | 0 | |||||||||||||
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 | 70 | 80 | |||||||||||||
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 | Equity return swaps | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 0 | 2 | |||||||||||||
Derivatives not designated as hedges | Equity return swaps | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 1 | 0 | |||||||||||||
Derivatives not designated as hedges | Other foreign currency contracts | Other liabilities | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | 23 | 20 | |||||||||||||
Derivatives not designated as hedges | Other foreign currency contracts | Other invested assets | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | 106 | 110 | |||||||||||||
Derivatives not designated as hedges | GMWB embedded derivatives | Policyholder account balances | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | [3] | 235 | 250 | ||||||||||||
Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | [4] | 12 | 14 | ||||||||||||
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative liabilities, fair value | [5] | 420 | 419 | ||||||||||||
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] | 13 | 14 | ||||||||||||
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Reinsurance recoverable | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative assets, fair value | $ 0 | $ 0 | |||||||||||||
|
Activity Associated with Derivative Instruments (Detail) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
Policies
| |
Derivative [Line Items] | |
Notional amount, beginning balance | $ 23,307 |
Additions | 6,713 |
Maturities/ terminations | (5,953) |
Notional amount, ending balance | 24,067 |
Designated As Hedging Instrument | |
Derivative [Line Items] | |
Notional amount, beginning balance | 11,177 |
Additions | 1,475 |
Maturities/ terminations | (1,672) |
Notional amount, ending balance | 10,980 |
Designated As Hedging Instrument | Cash Flow Hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 11,177 |
Additions | 1,475 |
Maturities/ terminations | (1,672) |
Notional amount, ending balance | 10,980 |
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 11,155 |
Additions | 1,436 |
Maturities/ terminations | (1,672) |
Notional amount, ending balance | 10,919 |
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 22 |
Additions | 39 |
Maturities/ terminations | 0 |
Notional amount, ending balance | 61 |
Derivatives not designated as hedges | |
Derivative [Line Items] | |
Notional amount, beginning balance | 12,130 |
Additions | 5,238 |
Maturities/ terminations | (4,281) |
Notional amount, ending balance | 13,087 |
Derivatives not designated as hedges | Interest rate swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 4,679 |
Additions | 0 |
Maturities/ terminations | (5) |
Notional amount, ending balance | 4,674 |
Derivatives not designated as hedges | Foreign currency swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 349 |
Additions | 128 |
Maturities/ terminations | (23) |
Notional amount, ending balance | 454 |
Derivatives not designated as hedges | Interest rate caps and floors | |
Derivative [Line Items] | |
Notional amount, beginning balance | 0 |
Additions | 805 |
Maturities/ terminations | 0 |
Notional amount, ending balance | 805 |
Derivatives not designated as hedges | Credit default swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 39 |
Additions | 0 |
Maturities/ terminations | (19) |
Notional amount, ending balance | 20 |
Derivatives not designated as hedges | Equity index options | |
Derivative [Line Items] | |
Notional amount, beginning balance | 2,420 |
Additions | 1,246 |
Maturities/ terminations | (927) |
Notional amount, ending balance | 2,739 |
Derivatives not designated as hedges | Financial futures | |
Derivative [Line Items] | |
Notional amount, beginning balance | 1,283 |
Additions | 2,660 |
Maturities/ terminations | (2,680) |
Notional amount, ending balance | 1,263 |
Derivatives not designated as hedges | Equity return swaps | |
Derivative [Line Items] | |
Notional amount, beginning balance | 96 |
Additions | 1 |
Maturities/ terminations | (78) |
Notional amount, ending balance | 19 |
Derivatives not designated as hedges | Other foreign currency contracts | |
Derivative [Line Items] | |
Notional amount, beginning balance | 3,264 |
Additions | 398 |
Maturities/ terminations | (549) |
Notional amount, ending balance | $ 3,113 |
Derivatives not designated as hedges | GMWB embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 30,450 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (1,343) |
Notional amount, ending balance | Policies | 29,107 |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 17,067 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (255) |
Notional amount, ending balance | Policies | 16,812 |
Derivatives not designated as hedges | Indexed universal life embedded derivatives | |
Derivative [Line Items] | |
Notional amount, beginning balance | Policies | 985 |
Additions | Policies | 0 |
Maturities/ terminations | Policies | (28) |
Notional amount, ending balance | Policies | 957 |
Schedule of Pre-Tax Income Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Gain (loss) recognized in OCI | $ (48) | $ 75 | $ (205) | $ 30 | |||
Gain (loss) reclassified into net income from OCI | 39 | 32 | 79 | 63 | |||
Gain (loss) recognized in net income | [1] | 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 | 1 | 5 | 2 | ||||
Gain (loss) recognized in net income | [1] | 0 | 0 | ||||
Interest Rate Swaps Hedging Assets | Net Investment Income | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Gain (loss) recognized in OCI | (54) | 82 | (227) | 33 | |||
Gain (loss) reclassified into net income from OCI | 39 | 31 | 74 | 61 | |||
Foreign currency swaps | Net Investment (Gains) Losses | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Gain (loss) recognized in net income | [1] | 0 | 0 | ||||
Foreign currency swaps | Net Investment Income | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Gain (loss) recognized in OCI | 1 | (1) | (1) | ||||
Gain (loss) reclassified into net income from OCI | 0 | 0 | 0 | ||||
Interest Rate Swaps Hedging Liabilities | Net Investment (Gains) Losses | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Gain (loss) recognized in net income | [1] | 0 | 0 | ||||
Interest Rate Swaps Hedging Liabilities | Interest Expense | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Gain (loss) recognized in OCI | 5 | (6) | 22 | (2) | |||
Gain (loss) reclassified into net income from OCI | $ 0 | $ 0 | $ 0 | $ 0 | |||
|
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Derivative Instruments [Abstract] | ||||
Derivatives qualifying as effective accounting hedges, beginning of period | $ 1,927 | $ 2,036 | $ 2,065 | $ 2,085 |
Cumulative effect of changes in accounting: | ||||
Stranded tax effects | 12 | |||
Changes to the hedge accounting model, net of deferred taxes | 2 | |||
Total cumulative effect of changes in accounting | 14 | |||
Current period increases (decreases) in fair value, net of deferred taxes | (39) | 48 | (165) | 19 |
Reclassification to net (income), net of deferred taxes | (25) | (20) | (51) | (40) |
Derivatives qualifying as effective accounting hedges, end of period | $ 1,863 | $ 2,064 | $ 1,863 | $ 2,064 |
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Changes to the hedge accounting model, deferred taxes | $ (1) | |||
Current period increases (decreases) in fair value, deferred taxes | $ 9 | $ (27) | 43 | $ (11) |
Reclassification to net (income), deferred taxes | $ 14 | $ 12 | $ 28 | $ 23 |
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
||||||
Derivative [Line Items] | |||||||||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax | $ 1,863 | $ 1,927 | $ 2,065 | $ 2,064 | $ 2,036 | $ 2,085 | |||||
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 | $ 104 | ||||||||||
Amount reclassified to net income in connection with forecasted transactions that were no longer considered probable of occurring | 5 | ||||||||||
Derivative assets | Subject to enforceable master netting arrangement | |||||||||||
Derivative [Line Items] | |||||||||||
Amount to claim from counterparties if the downgrade provisions had been triggered | [1] | 71 | 85 | ||||||||
Derivative liabilities | Subject to enforceable master netting arrangement | |||||||||||
Derivative [Line Items] | |||||||||||
Amounts required for disbursement to counterparties if the downgrade provisions had been triggered | [2] | $ 1 | $ 0 | ||||||||
|
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income 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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | $ (15) | $ 37 | $ (33) | $ 41 |
Interest rate swaps | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | (2) | (1) | (3) | 1 |
Credit default swaps related to securitization entities | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | 0 | 2 | 0 | 4 |
Equity index options | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | 8 | 13 | (7) | 26 |
Financial futures | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | (13) | 9 | (37) | (8) |
Equity return swaps | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | 1 | (6) | (4) | (14) |
Other foreign currency contracts | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | 1 | 31 | 9 | 26 |
Foreign currency swaps | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | (10) | 2 | (18) | 5 |
GMWB embedded derivatives | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | 13 | 1 | 27 | 34 |
Fixed index annuity embedded derivatives | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | (15) | (16) | (7) | (36) |
Indexed universal life embedded derivatives | Net Investment (Gains) Losses | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) recognized in net loss | $ 2 | $ 2 | $ 7 | $ 3 |
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Derivative [Line Items] | |||||||||
Gross amounts recognized, derivatives liabilities | $ 771 | $ 730 | |||||||
Gross amounts recognized, derivatives assets | 242 | 290 | |||||||
Subject to enforceable master netting arrangement | |||||||||
Derivative [Line Items] | |||||||||
Gross amounts recognized, derivatives assets | 130 | 231 | |||||||
Gross amounts offset in the balance sheet, derivatives assets | 0 | 0 | |||||||
Net amounts presented in the balance sheet, derivatives assets | 130 | 231 | |||||||
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets | [1] | 0 | 0 | ||||||
Collateral received | (125) | (170) | |||||||
Collateral pledged | 427 | 288 | |||||||
Over collateralization, derivatives assets | (362) | (264) | |||||||
Net amount, derivatives assets | 70 | 85 | |||||||
Subject to enforceable master netting arrangement | Derivative assets | |||||||||
Derivative [Line Items] | |||||||||
Gross amounts recognized, net derivatives | [2] | 234 | 278 | ||||||
Gross amounts offset in the balance sheet, net derivatives | [2] | 0 | 0 | ||||||
Net amounts presented in the balance sheet, net derivatives | [2] | 234 | 278 | ||||||
Gross amounts not offset in the balance sheet, financial instruments, net derivatives | [1],[2] | (39) | (23) | ||||||
Collateral received | [2] | (125) | (170) | ||||||
Collateral pledged | [2] | 0 | 0 | ||||||
Over collateralization, derivatives assets | [2] | 1 | 0 | ||||||
Net amount | [2] | 71 | 85 | ||||||
Subject to enforceable master netting arrangement | Derivative liabilities | |||||||||
Derivative [Line Items] | |||||||||
Gross amounts recognized, derivatives liabilities | [3] | 104 | 47 | ||||||
Gross amounts offset in the balance sheet, derivatives liabilities | [3] | 0 | 0 | ||||||
Net amounts presented in the balance sheet, derivatives liabilities | [3] | 104 | 47 | ||||||
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities | [1],[3] | (39) | (23) | ||||||
Collateral pledged | [3] | 0 | 0 | ||||||
Collateral pledged | [3] | (427) | (288) | ||||||
Over collateralization, derivatives liabilities | [3] | 363 | 264 | ||||||
Net amount, derivatives liabilities | [3] | $ 1 | $ 0 | ||||||
|
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Parenthetical) (Detail) - Subject to enforceable master netting arrangement - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivative [Line Items] | ||
Net amounts presented in the balance sheet, accruals on derivative assets | $ 130 | $ 231 |
Other assets | Derivative assets | ||
Derivative [Line Items] | ||
Net amounts presented in the balance sheet, accruals on derivative assets | 4 | $ 2 |
Other liabilities | Derivative liabilities | ||
Derivative [Line Items] | ||
Net amounts presented in the balance sheet, derivatives liabilities | $ 1 |
Derivative Instruments Schedule of Credit Default Swaps where we Sell Protection on Single Name Reference Entities and Fair Values (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivative [Line Items] | ||
Notional value | $ 24,067 | $ 23,307 |
Credit default swaps | Single Name Reference Entities | ||
Derivative [Line Items] | ||
Notional value | 20 | 39 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | Investment grade | Matures in less than one year | ||
Derivative [Line Items] | ||
Notional value | 20 | 39 |
Assets | 0 | 0 |
Liabilities | $ 0 | $ 0 |
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial mortgage loans | $ 6,480 | $ 6,341 | |||
Restricted commercial mortgage loans | 90 | 107 | |||
Other invested assets | 1,650 | 1,813 | |||
Long-term borrowings | 4,047 | 4,224 | |||
Non-recourse funding obligations | 310 | 310 | |||
Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial mortgage loans | 0 | 0 | |||
Restricted commercial mortgage loans | 0 | 0 | |||
Other invested assets | 0 | 0 | |||
Long-term borrowings | 0 | 0 | |||
Non-recourse funding obligations | 0 | 0 | |||
Borrowings related to securitization entities | 0 | 0 | |||
Investment contracts | 0 | 0 | |||
Commitments to fund limited partnerships | 0 | 0 | |||
Commitments to fund bank loan investments | 0 | 0 | |||
Ordinary course of business lending commitments | 0 | 0 | |||
Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial mortgage loans | 0 | 0 | |||
Restricted commercial mortgage loans | 0 | 0 | |||
Other invested assets | 0 | 0 | |||
Long-term borrowings | 3,577 | 3,566 | |||
Non-recourse funding obligations | 0 | 0 | |||
Borrowings related to securitization entities | 28 | 41 | |||
Investment contracts | 0 | 5 | |||
Commitments to fund limited partnerships | 0 | 0 | |||
Commitments to fund bank loan investments | 0 | 0 | |||
Ordinary course of business lending commitments | 0 | 0 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial mortgage loans | 6,514 | 6,573 | |||
Restricted commercial mortgage loans | 96 | 116 | |||
Other invested assets | 151 | 299 | |||
Long-term borrowings | 150 | 159 | |||
Non-recourse funding obligations | 209 | 201 | |||
Borrowings related to securitization entities | 0 | 0 | |||
Investment contracts | 14,007 | 15,118 | |||
Commitments to fund limited partnerships | 0 | 0 | |||
Commitments to fund bank loan investments | 0 | 0 | |||
Ordinary course of business lending commitments | 0 | 0 | |||
Carrying value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial mortgage loans | 6,480 | 6,341 | |||
Restricted commercial mortgage loans | 90 | 107 | |||
Other invested assets | 151 | 277 | |||
Long-term borrowings | 4,047 | 4,224 | |||
Non-recourse funding obligations | 310 | 310 | |||
Borrowings related to securitization entities | 28 | 40 | |||
Investment contracts | 13,757 | 14,700 | |||
Commitments to fund limited partnerships | 0 | 0 | |||
Commitments to fund bank loan investments | 0 | 0 | |||
Ordinary course of business lending commitments | 0 | 0 | |||
Fair value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial mortgage loans | 6,514 | 6,573 | |||
Restricted commercial mortgage loans | 96 | 116 | |||
Other invested assets | 151 | 299 | |||
Long-term borrowings | 3,727 | 3,725 | |||
Non-recourse funding obligations | 209 | 201 | |||
Borrowings related to securitization entities | 28 | 41 | |||
Investment contracts | 14,007 | 15,123 | |||
Commitments to fund limited partnerships | 0 | 0 | |||
Commitments to fund bank loan investments | 0 | 0 | |||
Ordinary course of business lending commitments | 0 | 0 | |||
Notional amount | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial mortgage loans | [1] | 0 | 0 | ||
Restricted commercial mortgage loans | [1] | 0 | 0 | ||
Other invested assets | [1] | 0 | 0 | ||
Long-term borrowings | [1] | 0 | 0 | ||
Non-recourse funding obligations | [1] | 0 | 0 | ||
Borrowings related to securitization entities | [1] | 0 | 0 | ||
Investment contracts | [1] | 0 | 0 | ||
Commitments to fund limited partnerships | 402 | 317 | |||
Commitments to fund bank loan investments | 30 | 18 | |||
Ordinary course of business lending commitments | $ 119 | $ 168 | |||
|
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 60,032 | $ 62,525 |
GMWB non-performance risk impact | $ 50 | $ 63 |
Period end valuation | 0 | 0 |
Fixed maturity securities | Non-U.S. government | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 2,380 | $ 2,233 |
Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 27,569 | 28,636 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 12,002 | 12,611 |
Level 2 | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 56,419 | 58,575 |
Level 2 | Fixed maturity securities | Non-U.S. government | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 2,380 | 2,233 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 25,638 | 26,484 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 10,616 | 11,195 |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | ||
Fair Value of Financial Instruments [Line Items] | ||
Percentage of available for sale debt securities | 91.00% | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | Non-U.S. government | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 2,364 | |
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 24,571 | |
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 | 10,049 | |
Level 2 | Fixed maturity securities | Internal models | Non-U.S. government | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 16 | |
Level 2 | Fixed maturity securities | Internal models | U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 1,067 | |
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 567 | |
Level 3 | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 3,613 | 3,950 |
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 | 1,931 | 2,152 |
Level 3 | Fixed maturity securities | Non-U.S. corporate | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 1,386 | $ 1,416 |
Level 3 | Fixed maturity securities | Internal models | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | 3,201 | |
Level 3 | Fixed maturity securities | Broker Quotes | ||
Fair Value of Financial Instruments [Line Items] | ||
Available-for-sale debt securities | $ 412 |
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, 2018 |
Dec. 31, 2017 |
|
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | $ 60,032 | $ 62,525 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 5,353 | 5,548 |
Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,855 | 2,926 |
Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,380 | 2,233 |
Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 27,569 | 28,636 |
Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 12,002 | 12,611 |
Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,567 | 4,057 |
Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,349 | 3,446 |
Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,957 | 3,068 |
Level 2 | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 56,419 | 58,575 |
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 | 5,353 | 5,547 |
Level 2 | Fixed maturity securities | State and Political Subdivisions | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,803 | 2,889 |
Level 2 | Fixed maturity securities | Non-U.S. government | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,380 | 2,233 |
Level 2 | Fixed maturity securities | U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 25,638 | 26,484 |
Level 2 | Fixed maturity securities | Non-U.S. corporate | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 10,616 | 11,195 |
Level 2 | Fixed maturity securities | Residential mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,533 | 3,980 |
Level 2 | Fixed maturity securities | Commercial mortgage-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 3,305 | 3,416 |
Level 2 | Fixed maturity securities | Other asset-backed | ||
Fair value measurements Significant unobservable inputs [Line Items] | ||
Available-for-sale debt securities | 2,791 | $ 2,831 |
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 | $ 5,353 | |
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 | $ 2,803 | |
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 | $ 2,364 | |
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 | $ 24,571 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, internal models, OAS-basedmodels | |
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 | $ 10,049 | |
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 | $ 3,533 | |
Primary methodologies | OAS-based models, To Be Announced pricing 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 | $ 3,305 | |
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 | $ 2,791 | |
Primary methodologies | Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers, internal models | |
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 |
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | $ 60,032 | $ 62,525 | |||||
Available-for-sale equity securities | 758 | 820 | |||||
Derivative assets, fair value | 242 | 290 | |||||
Limited partnerships | 248 | ||||||
Total other invested assets | 1,650 | 1,813 | |||||
Separate account assets | 6,750 | 7,230 | |||||
Total assets | 68,949 | 72,035 | |||||
Net Asset Value | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | [1] | 0 | |||||
Available-for-sale equity securities | [1] | 0 | |||||
Limited partnerships | [1] | 248 | |||||
Separate account assets | [1] | 0 | |||||
Total assets | [1] | 248 | |||||
Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 230 | 276 | |||||
Securities lending collateral | 211 | 268 | |||||
Short-term investments | 708 | 902 | |||||
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 | |||||
Securities lending collateral | [1] | 0 | |||||
Short-term investments | [1] | 0 | |||||
Interest rate swaps | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 49 | 74 | |||||
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 | |||||
Interest rate caps and floors | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 1 | ||||||
Interest rate caps and floors | 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 | |||||
Foreign currency swaps | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 3 | 12 | |||||
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 | |||||
Equity index options | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 70 | 80 | |||||
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 | |||||
Other foreign currency contracts | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 106 | 110 | |||||
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 | |||||
GMWB embedded derivatives | Reinsurance recoverable | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | [2] | 12 | 14 | ||||
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 | |||||
Equity return swaps | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 1 | ||||||
Equity return 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 | |||||
Fair value | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total other invested assets | 151 | 299 | |||||
Fair value | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total other invested assets | 1,397 | 1,446 | |||||
Fair value | Other invested assets | Net Asset Value | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total other invested assets | [1] | 248 | |||||
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 | 5,353 | 5,548 | |||||
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 | |||||
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 | 2,855 | 2,926 | |||||
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 | |||||
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 | 2,380 | 2,233 | |||||
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 | |||||
Fixed maturity securities | U.S. corporate | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | 27,569 | 28,636 | |||||
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 | |||||
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 | 4,879 | 4,998 | |||||
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 | |||||
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 | 2,270 | 2,458 | |||||
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 | |||||
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 | 6,275 | 6,528 | |||||
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 | |||||
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 | 4,541 | 4,831 | |||||
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 | |||||
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 | 2,781 | 2,845 | |||||
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 | |||||
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 | 1,283 | 1,346 | |||||
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 | |||||
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 | 2,361 | 2,355 | |||||
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 | |||||
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 | 1,573 | 1,605 | |||||
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 | |||||
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 | 1,252 | 1,291 | |||||
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 | |||||
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 | 354 | 379 | |||||
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 | |||||
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 | 12,002 | 12,611 | |||||
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 | |||||
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 | 962 | 1,017 | |||||
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 | |||||
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 | 1,399 | 1,490 | |||||
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 | |||||
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 | 2,537 | 2,735 | |||||
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 | |||||
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 | 702 | 712 | |||||
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 | |||||
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 | 1,007 | 982 | |||||
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 | |||||
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 | 977 | 1,044 | |||||
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 | |||||
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 | 611 | 645 | |||||
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 | |||||
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 | 522 | 540 | |||||
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 | |||||
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 | 727 | 721 | |||||
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 | |||||
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 | 2,558 | 2,725 | |||||
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 | |||||
Fixed maturity securities | Residential mortgage-backed | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | 3,567 | 4,057 | |||||
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 | |||||
Fixed maturity securities | Commercial mortgage-backed | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | 3,349 | 3,446 | |||||
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 | |||||
Fixed maturity securities | Other asset-backed | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | 2,957 | 3,068 | |||||
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 | |||||
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 | 643 | 696 | |||||
Limited partnerships | 0 | ||||||
Total other invested assets | 0 | 0 | |||||
Separate account assets | 6,750 | 7,230 | |||||
Total assets | 7,394 | 8,033 | |||||
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 | 1 | 107 | |||||
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 | Interest rate caps and floors | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 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 | Equity return swaps | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 0 | ||||||
Level 1 | Fair value | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total other invested assets | 1 | 107 | |||||
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 | 56,419 | 58,575 | |||||
Available-for-sale equity securities | 69 | 80 | |||||
Limited partnerships | 0 | ||||||
Total other invested assets | 0 | 0 | |||||
Separate account assets | 0 | 0 | |||||
Total assets | 57,566 | 59,914 | |||||
Level 2 | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 160 | 196 | |||||
Securities lending collateral | 211 | 268 | |||||
Short-term investments | 707 | 795 | |||||
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 | 49 | 74 | |||||
Level 2 | Interest rate caps and floors | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 1 | ||||||
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 | 3 | 12 | |||||
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 | 106 | 110 | |||||
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 | Equity return swaps | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 1 | ||||||
Level 2 | Fair value | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total other invested assets | 1,078 | 1,259 | |||||
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 | 5,353 | 5,547 | |||||
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 | 2,803 | 2,889 | |||||
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 | 2,380 | 2,233 | |||||
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 | 25,638 | 26,484 | |||||
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 | 4,257 | 4,424 | |||||
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 | 2,132 | 2,311 | |||||
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 | 5,817 | 5,902 | |||||
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 | 4,462 | 4,750 | |||||
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 | 2,769 | 2,772 | |||||
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 | 1,243 | 1,307 | |||||
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 | 2,242 | 2,234 | |||||
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 | 1,319 | 1,343 | |||||
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 | 1,196 | 1,231 | |||||
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 | 201 | 210 | |||||
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 | 10,616 | 11,195 | |||||
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 | 629 | 674 | |||||
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 | 1,224 | 1,314 | |||||
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 | 2,387 | 2,574 | |||||
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 | 594 | 588 | |||||
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 | 991 | 953 | |||||
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 | 872 | 928 | |||||
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 | 445 | 454 | |||||
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 | 474 | 486 | |||||
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 | 524 | 551 | |||||
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 | 2,476 | 2,673 | |||||
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 | 3,533 | 3,980 | |||||
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 | 3,305 | 3,416 | |||||
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 | 2,791 | 2,831 | |||||
Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | 3,613 | 3,950 | |||||
Available-for-sale equity securities | 46 | 44 | |||||
Limited partnerships | 0 | ||||||
Total other invested assets | 151 | 299 | |||||
Separate account assets | 0 | 0 | |||||
Total assets | 3,741 | 4,088 | |||||
Level 3 | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 70 | 80 | |||||
Securities lending collateral | 0 | 0 | |||||
Short-term investments | 0 | 0 | |||||
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 | Interest rate caps and floors | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 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 | 70 | 80 | |||||
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] | 12 | 14 | ||||
Level 3 | Equity return swaps | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, fair value | 0 | ||||||
Level 3 | Fair value | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total other invested assets | 70 | 80 | |||||
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 | 1 | |||||
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 | 52 | 37 | |||||
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 | 1,931 | 2,152 | |||||
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 | 622 | 574 | |||||
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 | 138 | 147 | |||||
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 | 458 | 626 | |||||
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 | 79 | 81 | |||||
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 | 12 | 73 | |||||
Level 3 | Fixed maturity securities | U.S. corporate | Industrial | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale debt securities | 40 | 39 | |||||
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 | 119 | 121 | |||||
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 | 254 | 262 | |||||
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 | 56 | 60 | |||||
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 | 153 | 169 | |||||
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 | 1,386 | 1,416 | |||||
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 | 333 | 343 | |||||
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 | 175 | 176 | |||||
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 | 150 | 161 | |||||
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 | 108 | 124 | |||||
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 | 16 | 29 | |||||
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 | 105 | 116 | |||||
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 | 166 | 191 | |||||
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 | 48 | 54 | |||||
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 | 203 | 170 | |||||
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 | 82 | 52 | |||||
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 | 34 | 77 | |||||
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 | 44 | 30 | |||||
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 | $ 166 | $ 237 | |||||
|
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | $ 3,810 | $ 4,400 | $ 4,088 | $ 4,570 | |||||
Total realized and unrealized gains (losses), Included in net income | 8 | 9 | (6) | 26 | |||||
Total realized and unrealized gains (losses), Included in OCI | (62) | 102 | (187) | 147 | |||||
Purchases | 194 | 124 | 425 | 280 | |||||
Sales | (26) | (51) | (29) | (203) | |||||
Issuances | 0 | 0 | 1 | 1 | |||||
Settlements | (210) | (58) | (412) | (169) | |||||
Transfer into Level 3 | [1] | 115 | 104 | 136 | 119 | ||||
Transfer out of Level 3 | [1] | (88) | (169) | (275) | (310) | ||||
Ending balance | 3,741 | 4,461 | 3,741 | 4,461 | |||||
Total gains (losses) included in net income attributable to assets still held | 9 | 6 | (2) | 7 | |||||
Other invested assets | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 60 | 78 | 80 | 75 | |||||
Total realized and unrealized gains (losses), Included in net income | 8 | 12 | (7) | 23 | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |||||
Purchases | 15 | 9 | 29 | 21 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (13) | (18) | (32) | (38) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 70 | 81 | 70 | 81 | |||||
Total gains (losses) included in net income attributable to assets still held | 8 | 0 | (4) | (3) | |||||
Other invested assets | Derivative assets | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 60 | 78 | 80 | 75 | |||||
Total realized and unrealized gains (losses), Included in net income | 8 | 12 | (7) | 23 | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |||||
Purchases | 15 | 9 | 29 | 21 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (13) | (18) | (32) | (38) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 70 | 81 | 70 | 81 | |||||
Total gains (losses) included in net income attributable to assets still held | 8 | 0 | (4) | (3) | |||||
Other invested assets | Derivative assets | Equity index options | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 60 | 77 | 80 | 72 | |||||
Total realized and unrealized gains (losses), Included in net income | 8 | 13 | (7) | 26 | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | |||||
Purchases | 15 | 9 | 29 | 21 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (13) | (18) | (32) | (38) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 70 | 81 | 70 | 81 | |||||
Total gains (losses) included in net income attributable to assets still held | 8 | 0 | (4) | 0 | |||||
Other invested assets | Derivative assets | Other foreign currency contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 1 | 3 | |||||||
Total realized and unrealized gains (losses), Included in net income | (1) | (3) | |||||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | |||||||
Purchases | 0 | 0 | |||||||
Sales | 0 | 0 | |||||||
Issuances | 0 | 0 | |||||||
Settlements | 0 | 0 | |||||||
Transfer into Level 3 | [1] | 0 | 0 | ||||||
Transfer out of Level 3 | [1] | 0 | 0 | ||||||
Ending balance | 0 | 0 | |||||||
Total gains (losses) included in net income attributable to assets still held | 0 | (3) | |||||||
Restricted other invested assets related to securitization entities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 131 | ||||||||
Total realized and unrealized gains (losses), Included in net income | 0 | ||||||||
Total realized and unrealized gains (losses), Included in OCI | 0 | ||||||||
Purchases | 0 | ||||||||
Sales | (131) | ||||||||
Issuances | 0 | ||||||||
Settlements | 0 | ||||||||
Transfer into Level 3 | [1] | 0 | |||||||
Transfer out of Level 3 | [1] | 0 | |||||||
Ending balance | 0 | 0 | |||||||
Total gains (losses) included in net income attributable to assets still held | 0 | ||||||||
Reinsurance recoverable | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | [2] | 13 | 15 | 14 | 16 | ||||
Total realized and unrealized gains (losses), Included in net income | [2] | (1) | 0 | (3) | (2) | ||||
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] | 12 | 15 | 12 | 15 | ||||
Total gains (losses) included in net income attributable to assets still held | [2] | (1) | 0 | (3) | (2) | ||||
Fixed maturity securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 3,692 | 4,260 | 3,950 | 4,301 | |||||
Total realized and unrealized gains (losses), Included in net income | 1 | (3) | 4 | 5 | |||||
Total realized and unrealized gains (losses), Included in OCI | (62) | 102 | (187) | 147 | |||||
Purchases | 178 | 114 | 391 | 258 | |||||
Sales | (26) | (51) | (26) | (72) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (197) | (40) | (380) | (131) | |||||
Transfer into Level 3 | [1] | 115 | 104 | 136 | 119 | ||||
Transfer out of Level 3 | [1] | (88) | (169) | (275) | (310) | ||||
Ending balance | 3,613 | 4,317 | 3,613 | 4,317 | |||||
Total gains (losses) included in net income attributable to assets still held | 2 | 6 | 5 | 12 | |||||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 1 | 1 | 2 | ||||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | ||||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | ||||||
Purchases | 0 | 0 | 0 | ||||||
Sales | 0 | 0 | 0 | ||||||
Issuances | 0 | 0 | 0 | ||||||
Settlements | 0 | (1) | (1) | ||||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | |||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | |||||
Ending balance | 0 | 1 | 0 | 1 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | ||||||
Fixed maturity securities | State and Political Subdivisions | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 53 | 37 | 37 | 37 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 1 | 1 | |||||
Total realized and unrealized gains (losses), Included in OCI | (1) | 0 | (4) | (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 | 18 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 52 | 37 | 52 | 37 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 1 | 1 | |||||
Fixed maturity securities | U.S. corporate | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 2,000 | 2,441 | 2,152 | 2,487 | |||||
Total realized and unrealized gains (losses), Included in net income | (1) | 4 | 0 | 9 | |||||
Total realized and unrealized gains (losses), Included in OCI | (48) | 72 | (124) | 102 | |||||
Purchases | 101 | 71 | 162 | 126 | |||||
Sales | (25) | (7) | (25) | (27) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (100) | (15) | (223) | (49) | |||||
Transfer into Level 3 | [1] | 25 | 68 | 25 | 68 | ||||
Transfer out of Level 3 | [1] | (21) | (74) | (36) | (156) | ||||
Ending balance | 1,931 | 2,560 | 1,931 | 2,560 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 5 | 1 | 9 | |||||
Fixed maturity securities | U.S. corporate | Utilities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 553 | 578 | 574 | 576 | |||||
Total realized and unrealized gains (losses), Included in net income | (1) | 0 | (1) | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | (7) | 13 | (25) | 20 | |||||
Purchases | 66 | 30 | 69 | 44 | |||||
Sales | (12) | 0 | (12) | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (2) | 0 | (4) | (2) | |||||
Transfer into Level 3 | [1] | 25 | 30 | 25 | 30 | ||||
Transfer out of Level 3 | [1] | 0 | (13) | (4) | (30) | ||||
Ending balance | 622 | 638 | 622 | 638 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | U.S. corporate | Energy | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 146 | 162 | 147 | 210 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | (1) | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 4 | (5) | 6 | |||||
Purchases | 0 | 0 | 22 | 0 | |||||
Sales | 0 | 0 | 0 | (10) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (1) | (7) | (19) | (30) | |||||
Transfer into Level 3 | [1] | 0 | 1 | 0 | 1 | ||||
Transfer out of Level 3 | [1] | (7) | 0 | (7) | (16) | ||||
Ending balance | 138 | 160 | 138 | 160 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | (1) | |||||
Fixed maturity securities | U.S. corporate | Finance and insurance | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 580 | 818 | 626 | 786 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 4 | 1 | 8 | |||||
Total realized and unrealized gains (losses), Included in OCI | (41) | 39 | (67) | 51 | |||||
Purchases | 0 | 24 | 26 | 53 | |||||
Sales | 0 | (7) | 0 | (17) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (74) | (3) | (110) | (6) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | (7) | (14) | (18) | (14) | ||||
Ending balance | 458 | 861 | 458 | 861 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 4 | 1 | 8 | |||||
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 79 | 122 | 81 | 121 | |||||
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 | (2) | 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 | 79 | 122 | 79 | 122 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | U.S. corporate | Technology and communications | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 25 | 59 | 73 | 54 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 1 | |||||
Total realized and unrealized gains (losses), Included in OCI | 1 | 5 | (5) | 6 | |||||
Purchases | 4 | 4 | 4 | 14 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (18) | 0 | (60) | 0 | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | (10) | 0 | (17) | ||||
Ending balance | 12 | 58 | 12 | 58 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 1 | |||||
Fixed maturity securities | U.S. corporate | Industrial | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 39 | 47 | 39 | 48 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | 1 | 1 | 1 | 0 | |||||
Purchases | 0 | 13 | 0 | 13 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | 0 | 0 | 0 | 0 | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 40 | 61 | 40 | 61 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | U.S. corporate | Capital goods | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 103 | 153 | 121 | 152 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | (1) | 2 | (9) | 3 | |||||
Purchases | 24 | 0 | 24 | 0 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | 0 | 0 | (10) | 0 | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | (7) | (37) | (7) | (37) | ||||
Ending balance | 119 | 118 | 119 | 118 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | U.S. corporate | Consumer-cyclical | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 252 | 263 | 262 | 258 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | (1) | 4 | (10) | 9 | |||||
Purchases | 7 | 0 | 17 | 2 | |||||
Sales | (3) | 0 | (3) | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (1) | (1) | (12) | (3) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 254 | 266 | 254 | 266 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | U.S. corporate | Transportation | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 57 | 97 | 60 | 139 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 1 | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 4 | (1) | 5 | |||||
Purchases | 0 | 0 | 0 | 0 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (1) | (1) | (3) | (3) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | (42) | ||||
Ending balance | 56 | 100 | 56 | 100 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 1 | 0 | 1 | |||||
Fixed maturity securities | U.S. corporate | Other | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 166 | 142 | 169 | 143 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | (1) | 1 | |||||
Purchases | 0 | 0 | 0 | 0 | |||||
Sales | (10) | 0 | (10) | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (3) | (3) | (5) | (5) | |||||
Transfer into Level 3 | [1] | 0 | 37 | 0 | 37 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 153 | 176 | 153 | 176 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 1,427 | 1,501 | 1,416 | 1,533 | |||||
Total realized and unrealized gains (losses), Included in net income | 2 | 1 | 3 | 3 | |||||
Total realized and unrealized gains (losses), Included in OCI | (13) | 17 | (54) | 29 | |||||
Purchases | 26 | 25 | 104 | 55 | |||||
Sales | (1) | 0 | (1) | (1) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (72) | (20) | (99) | (73) | |||||
Transfer into Level 3 | [1] | 32 | 1 | 32 | 11 | ||||
Transfer out of Level 3 | [1] | (15) | (81) | (15) | (113) | ||||
Ending balance | 1,386 | 1,444 | 1,386 | 1,444 | |||||
Total gains (losses) included in net income attributable to assets still held | 2 | 1 | 3 | 2 | |||||
Fixed maturity securities | Non-U.S. corporate | Utilities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 336 | 386 | 343 | 386 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | (4) | 3 | (13) | 5 | |||||
Purchases | 0 | 0 | 22 | 30 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | 0 | 0 | (20) | 0 | |||||
Transfer into Level 3 | [1] | 15 | 0 | 15 | 0 | ||||
Transfer out of Level 3 | [1] | (14) | (30) | (14) | (62) | ||||
Ending balance | 333 | 359 | 333 | 359 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Energy | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 195 | 206 | 176 | 206 | |||||
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 | (6) | 5 | |||||
Purchases | 0 | 0 | 23 | 0 | |||||
Sales | 0 | 0 | 0 | (1) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (18) | 0 | (18) | (1) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | (32) | 0 | (32) | ||||
Ending balance | 175 | 177 | 175 | 177 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 153 | 168 | 161 | 182 | |||||
Total realized and unrealized gains (losses), Included in net income | 1 | 1 | 2 | 3 | |||||
Total realized and unrealized gains (losses), Included in OCI | (3) | 4 | (11) | 8 | |||||
Purchases | 1 | 4 | 1 | 4 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (1) | (5) | (2) | (25) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | (1) | 0 | (1) | 0 | ||||
Ending balance | 150 | 172 | 150 | 172 | |||||
Total gains (losses) included in net income attributable to assets still held | 1 | 1 | 2 | 2 | |||||
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 120 | 129 | 124 | 139 | |||||
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 | (4) | 2 | |||||
Purchases | 0 | 0 | 0 | 0 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (11) | (1) | (12) | (12) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 108 | 129 | 108 | 129 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Technology and communications | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 28 | 48 | 29 | 67 | |||||
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 | 0 | |||||
Purchases | 0 | 0 | 0 | 0 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (13) | 0 | (13) | (19) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 16 | 48 | 16 | 48 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Industrial | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 108 | 110 | 116 | 109 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | (1) | 2 | (4) | 3 | |||||
Purchases | 3 | 0 | 3 | 0 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (5) | 0 | (10) | 0 | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 105 | 112 | 105 | 112 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Capital goods | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 186 | 170 | 191 | 169 | |||||
Total realized and unrealized gains (losses), Included in net income | 1 | 0 | 1 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 1 | (5) | 2 | |||||
Purchases | 0 | 0 | 0 | 0 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (21) | (15) | (21) | (15) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | (7) | 0 | (7) | ||||
Ending balance | 166 | 149 | 166 | 149 | |||||
Total gains (losses) included in net income attributable to assets still held | 1 | 0 | 1 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 52 | 67 | 54 | 69 | |||||
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 | (2) | 0 | |||||
Purchases | 0 | 0 | 0 | 0 | |||||
Sales | (1) | 0 | (1) | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (3) | 0 | (3) | (2) | |||||
Transfer into Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | [1] | 0 | 0 | 0 | 0 | ||||
Ending balance | 48 | 67 | 48 | 67 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Transportation | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 166 | 193 | 170 | 181 | |||||
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 | (6) | 3 | |||||
Purchases | 22 | 6 | 22 | 6 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | 0 | 0 | 0 | 0 | |||||
Transfer into Level 3 | [1] | 17 | 1 | 17 | 11 | ||||
Transfer out of Level 3 | [1] | 0 | (11) | 0 | (11) | ||||
Ending balance | 203 | 190 | 203 | 190 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Non-U.S. corporate | Other | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 83 | 24 | 52 | 25 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | |||||
Total realized and unrealized gains (losses), Included in OCI | (1) | 2 | (3) | 1 | |||||
Purchases | 0 | 15 | 33 | 15 | |||||
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 | 82 | 41 | 82 | 41 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Residential mortgage-backed | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 34 | 46 | 77 | 43 | |||||
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 | 17 | 0 | 29 | 4 | |||||
Sales | 0 | 0 | 0 | 0 | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (1) | 0 | (1) | (1) | |||||
Transfer into Level 3 | [1] | 0 | 26 | 0 | 26 | ||||
Transfer out of Level 3 | [1] | (17) | 0 | (71) | 0 | ||||
Ending balance | 34 | 73 | 34 | 73 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Commercial mortgage-backed | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 6 | 59 | 30 | 54 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | (1) | 0 | (1) | |||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 2 | (2) | 6 | |||||
Purchases | 28 | 8 | 35 | 9 | |||||
Sales | 0 | (9) | 0 | (9) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | 0 | 0 | 0 | 0 | |||||
Transfer into Level 3 | [1] | 13 | 0 | 13 | 0 | ||||
Transfer out of Level 3 | [1] | (3) | (7) | (32) | (7) | ||||
Ending balance | 44 | 52 | 44 | 52 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Fixed maturity securities | Other asset-backed | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 172 | 175 | 237 | 145 | |||||
Total realized and unrealized gains (losses), Included in net income | 0 | (7) | 0 | (7) | |||||
Total realized and unrealized gains (losses), Included in OCI | (1) | 10 | (3) | 10 | |||||
Purchases | 6 | 10 | 61 | 64 | |||||
Sales | 0 | (35) | 0 | (35) | |||||
Issuances | 0 | 0 | 0 | 0 | |||||
Settlements | (24) | (5) | (56) | (7) | |||||
Transfer into Level 3 | [1] | 45 | 9 | 48 | 14 | ||||
Transfer out of Level 3 | [1] | (32) | (7) | (121) | (34) | ||||
Ending balance | 166 | 150 | 166 | 150 | |||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | |||||
Equity Securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning balance | 45 | 47 | 44 | 47 | |||||
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 | 1 | 1 | 5 | 1 | |||||
Sales | 0 | 0 | (3) | 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 | 46 | 48 | 46 | 48 | |||||
Total gains (losses) included in net income attributable to assets still held | $ 0 | $ 0 | $ 0 | $ 0 | |||||
|
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | $ 8 | $ 9 | $ (6) | $ 26 |
Net gains (losses) included in net income attributable to assets still held, assets | 9 | 6 | (2) | 7 |
Net Investment Income | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | 2 | 5 | 5 | 14 |
Net gains (losses) included in net income attributable to assets still held, assets | 2 | 6 | 5 | 13 |
Net Investment (Gains) Losses | ||||
Fair value of financial instruments [Abstract] | ||||
Total realized and unrealized gains (losses) included in net income, assets | 6 | 4 | (11) | 12 |
Net gains (losses) included in net income attributable to assets still held, assets | $ 7 | $ 0 | $ (7) | $ (6) |
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative liabilities, fair value | $ 771 | $ 730 | |||
Fixed maturity securities available-for-sale, at fair value | 60,032 | 62,525 | |||
Derivative assets, fair value | 242 | 290 | |||
Policyholder account balances | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative liabilities, fair value | 668 | 683 | |||
Policyholder account balances | GMWB embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative liabilities, fair value | [1] | 235 | 250 | ||
Policyholder account balances | Fixed index annuity embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative liabilities, fair value | 420 | 419 | |||
Policyholder account balances | Indexed universal life embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative liabilities, fair value | 13 | 14 | |||
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 | $ 3,613 | 3,950 | |||
Level 3 | Other invested assets | Equity index options | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Valuation technique | Discounted cash flows | ||||
Derivative assets, fair value | $ 70 | ||||
Fair value input, equity index volatility, lower limit | 6.00% | ||||
Fair value input, equity index volatility, upper limit | 28.00% | ||||
Fair value input, equity index volatility, weighted-average | 18.00% | ||||
Level 3 | Policyholder account balances | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative liabilities, fair value | $ 668 | 683 | |||
Level 3 | Policyholder account balances | GMWB embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Valuation technique | [1] | Stochastic cash flow model | |||
Derivative liabilities, fair value | [1] | $ 235 | 250 | ||
Fair value, withdrawal utilization rate, lower limit | [1] | 42.00% | |||
Fair value, withdrawal utilization rate, upper limit | [1] | 86.00% | |||
Fair value, lapse rate, lower limit | [1] | 2.00% | |||
Fair value, lapse rate, upper limit | [1] | 9.00% | |||
Fair value input, credit spreads, lower limit | [1] | 0.28% | |||
Fair value input, credit spreads, upper limit | [1] | 0.83% | |||
Fair value input, equity index volatility, lower limit | [1] | 15.00% | |||
Fair value input, equity index volatility, upper limit | [1] | 24.00% | |||
Fair value, withdrawal utilization rate, weighted-average | [1] | 67.00% | |||
Fair value, lapse rate, weighted-average | [1] | 4.00% | |||
Fair value input, credit spreads, weighted-average | [1] | 0.69% | |||
Fair value input, equity index volatility, weighted-average | [1] | 21.00% | |||
Level 3 | Policyholder account balances | Fixed index annuity embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Valuation technique | Option budget method | ||||
Derivative liabilities, fair value | $ 420 | 419 | |||
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% | ||||
Level 3 | Policyholder account balances | Indexed universal life embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Valuation technique | Option budget method | ||||
Derivative liabilities, fair value | $ 13 | $ 14 | |||
Fair value, expected future interest credited, lower limit | 3.00% | ||||
Fair value, expected future interest credited, upper limit | 9.00% | ||||
Fair value, expected future interest credited, weighted-average | 6.00% | ||||
Internal Models | Level 3 | U.S. corporate | |||||
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 | $ 1,836 | ||||
Fair value input, credit spreads, lower limit | 0.59% | ||||
Fair value input, credit spreads, upper limit | 2.90% | ||||
Fair value input, credit spreads, weighted-average | 1.36% | ||||
Internal Models | Level 3 | U.S. corporate | Utilities | |||||
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 | $ 616 | ||||
Fair value input, credit spreads, lower limit | 0.67% | ||||
Fair value input, credit spreads, upper limit | 2.62% | ||||
Fair value input, credit spreads, weighted-average | 1.38% | ||||
Internal Models | Level 3 | U.S. corporate | Energy | |||||
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 | $ 116 | ||||
Fair value input, credit spreads, lower limit | 0.80% | ||||
Fair value input, credit spreads, upper limit | 2.78% | ||||
Fair value input, credit spreads, weighted-average | 1.48% | ||||
Internal Models | Level 3 | U.S. corporate | Finance and insurance | |||||
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 | $ 439 | ||||
Fair value input, credit spreads, lower limit | 0.83% | ||||
Fair value input, credit spreads, upper limit | 2.90% | ||||
Fair value input, credit spreads, weighted-average | 1.57% | ||||
Internal Models | Level 3 | U.S. corporate | Consumer-non-cyclical | |||||
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 | $ 79 | ||||
Fair value input, credit spreads, lower limit | 0.90% | ||||
Fair value input, credit spreads, upper limit | 1.72% | ||||
Fair value input, credit spreads, weighted-average | 1.22% | ||||
Internal Models | Level 3 | U.S. corporate | Technology and communications | |||||
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 | $ 12 | ||||
Fair value input, credit spreads, lower limit | 0.63% | ||||
Fair value input, credit spreads, upper limit | 1.59% | ||||
Fair value input, credit spreads, weighted-average | 0.94% | ||||
Internal Models | Level 3 | U.S. corporate | Industrial | |||||
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 | $ 40 | ||||
Fair value input, credit spreads, lower limit | 1.09% | ||||
Fair value input, credit spreads, upper limit | 2.02% | ||||
Internal Models | Level 3 | U.S. corporate | Capital goods | |||||
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 | $ 119 | ||||
Fair value input, credit spreads, lower limit | 0.93% | ||||
Fair value input, credit spreads, upper limit | 2.41% | ||||
Fair value input, credit spreads, weighted-average | 1.36% | ||||
Internal Models | Level 3 | U.S. corporate | Consumer-cyclical | |||||
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 | $ 213 | ||||
Fair value input, credit spreads, lower limit | 0.74% | ||||
Fair value input, credit spreads, upper limit | 2.10% | ||||
Fair value input, credit spreads, weighted-average | 1.35% | ||||
Internal Models | Level 3 | U.S. corporate | Transportation | |||||
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 | $ 50 | ||||
Fair value input, credit spreads, lower limit | 0.59% | ||||
Fair value input, credit spreads, upper limit | 1.17% | ||||
Fair value input, credit spreads, weighted-average | 0.87% | ||||
Internal Models | Level 3 | U.S. corporate | Other | |||||
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 | $ 152 | ||||
Fair value input, credit spreads, lower limit | 0.74% | ||||
Fair value input, credit spreads, upper limit | 1.24% | ||||
Fair value input, credit spreads, weighted-average | 0.85% | ||||
Internal Models | Level 3 | Non-U.S. corporate | |||||
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 | $ 1,314 | ||||
Fair value input, credit spreads, lower limit | 0.61% | ||||
Fair value input, credit spreads, upper limit | 2.54% | ||||
Fair value input, credit spreads, weighted-average | 1.36% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Utilities | |||||
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 | $ 333 | ||||
Fair value input, credit spreads, lower limit | 0.83% | ||||
Fair value input, credit spreads, upper limit | 1.79% | ||||
Fair value input, credit spreads, weighted-average | 1.28% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Energy | |||||
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 | $ 134 | ||||
Fair value input, credit spreads, lower limit | 0.93% | ||||
Fair value input, credit spreads, upper limit | 2.54% | ||||
Fair value input, credit spreads, weighted-average | 1.27% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Finance and insurance | |||||
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 | $ 143 | ||||
Fair value input, credit spreads, lower limit | 0.74% | ||||
Fair value input, credit spreads, upper limit | 2.35% | ||||
Fair value input, credit spreads, weighted-average | 1.37% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Consumer-non-cyclical | |||||
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 | $ 108 | ||||
Fair value input, credit spreads, lower limit | 0.61% | ||||
Fair value input, credit spreads, upper limit | 2.02% | ||||
Fair value input, credit spreads, weighted-average | 1.28% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Technology and communications | |||||
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 | $ 15 | ||||
Fair value input, credit spreads, lower limit | 1.44% | ||||
Fair value input, credit spreads, upper limit | 1.64% | ||||
Fair value input, credit spreads, weighted-average | 1.55% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Industrial | |||||
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 | $ 105 | ||||
Fair value input, credit spreads, lower limit | 1.07% | ||||
Fair value input, credit spreads, upper limit | 2.41% | ||||
Fair value input, credit spreads, weighted-average | 1.50% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Capital goods | |||||
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 | $ 166 | ||||
Fair value input, credit spreads, lower limit | 0.93% | ||||
Fair value input, credit spreads, upper limit | 2.48% | ||||
Fair value input, credit spreads, weighted-average | 1.52% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Consumer-cyclical | |||||
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 | $ 44 | ||||
Fair value input, credit spreads, lower limit | 0.84% | ||||
Fair value input, credit spreads, upper limit | 1.72% | ||||
Fair value input, credit spreads, weighted-average | 1.02% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Transportation | |||||
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 | $ 184 | ||||
Fair value input, credit spreads, lower limit | 0.80% | ||||
Fair value input, credit spreads, upper limit | 2.41% | ||||
Fair value input, credit spreads, weighted-average | 1.35% | ||||
Internal Models | Level 3 | Non-U.S. corporate | Other | |||||
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 | $ 82 | ||||
Fair value input, credit spreads, lower limit | 1.08% | ||||
Fair value input, credit spreads, upper limit | 2.48% | ||||
Fair value input, credit spreads, weighted-average | 1.61% | ||||
|
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | $ 771 | $ 730 | |||
Total liabilities | 771 | 730 | |||
Other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 103 | 47 | |||
Other liabilities | Interest rate swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 71 | 25 | |||
Other liabilities | Foreign currency swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 9 | ||||
Other liabilities | Other foreign currency contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 23 | 20 | |||
Other liabilities | Equity return swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 2 | ||||
Policyholder account balances | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 668 | 683 | |||
Policyholder account balances | GMWB embedded derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | [1] | 235 | 250 | ||
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 | 420 | 419 | |||
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 | 13 | 14 | |||
Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total liabilities | 0 | 0 | |||
Level 1 | Other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 0 | 0 | |||
Level 1 | Other liabilities | Interest rate swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 0 | 0 | |||
Level 1 | Other liabilities | Foreign currency 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 | Other liabilities | Equity return swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 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 | 103 | 47 | |||
Level 2 | Other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 103 | 47 | |||
Level 2 | Other liabilities | Interest rate swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 71 | 25 | |||
Level 2 | Other liabilities | Foreign currency swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 9 | ||||
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 | 23 | 20 | |||
Level 2 | Other liabilities | Equity return swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 2 | ||||
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 | 668 | 683 | |||
Level 3 | Other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 0 | 0 | |||
Level 3 | Other liabilities | Interest rate swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 0 | 0 | |||
Level 3 | Other liabilities | Foreign currency 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 | Other liabilities | Equity return swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 0 | ||||
Level 3 | Policyholder account balances | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities, fair value | 668 | 683 | |||
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] | 235 | 250 | ||
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 | 420 | 419 | |||
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 | $ 13 | $ 14 | |||
|
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning balance | $ 663 | $ 661 | $ 683 | $ 670 | |||
Total realized and unrealized (gains) losses included in net (income) | (1) | 13 | (30) | (2) | |||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | |||
Purchases | 0 | 0 | 0 | 0 | |||
Sales | 0 | 0 | 0 | 0 | |||
Issuances | 9 | 10 | 21 | 19 | |||
Settlements | (3) | (2) | (6) | (5) | |||
Transfer into Level 3 | 0 | 0 | 0 | 0 | |||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | |||
Ending balance | 668 | 682 | 668 | 682 | |||
Total (gains) losses included in net (income) attributable to liabilities still held | (1) | 12 | (26) | 1 | |||
Policyholder account balances | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning balance | 663 | 648 | 683 | 658 | |||
Total realized and unrealized (gains) losses included in net (income) | (1) | 13 | (30) | (3) | |||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | |||
Purchases | 0 | 0 | 0 | 0 | |||
Sales | 0 | 0 | 0 | 0 | |||
Issuances | 9 | 10 | 21 | 19 | |||
Settlements | (3) | (1) | (6) | (4) | |||
Transfer into Level 3 | 0 | 0 | 0 | 0 | |||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | |||
Ending balance | 668 | 670 | 668 | 670 | |||
Total (gains) losses included in net (income) attributable to liabilities still held | (1) | 12 | (26) | 0 | |||
Policyholder account balances | GMWB embedded derivatives | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning balance | [1] | 242 | 275 | 250 | 303 | ||
Total realized and unrealized (gains) losses included in net (income) | [1] | (14) | (1) | (30) | (36) | ||
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] | 7 | 7 | 15 | 14 | ||
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] | 235 | 281 | 235 | 281 | ||
Total (gains) losses included in net (income) attributable to liabilities still held | [1] | (14) | (2) | (26) | (33) | ||
Policyholder account balances | Fixed index annuity embedded derivatives | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning balance | 408 | 361 | 419 | 344 | |||
Total realized and unrealized (gains) losses included in net (income) | 15 | 16 | 7 | 36 | |||
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 | (3) | (1) | (6) | (4) | |||
Transfer into Level 3 | 0 | 0 | 0 | 0 | |||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | |||
Ending balance | 420 | 376 | 420 | 376 | |||
Total (gains) losses included in net (income) attributable to liabilities still held | 15 | 16 | 7 | 36 | |||
Policyholder account balances | Indexed universal life embedded derivatives | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning balance | 13 | 12 | 14 | 11 | |||
Total realized and unrealized (gains) losses included in net (income) | (2) | (2) | (7) | (3) | |||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | |||
Purchases | 0 | 0 | 0 | 0 | |||
Sales | 0 | 0 | 0 | 0 | |||
Issuances | 2 | 3 | 6 | 5 | |||
Settlements | 0 | 0 | 0 | 0 | |||
Transfer into Level 3 | 0 | 0 | 0 | 0 | |||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | |||
Ending balance | 13 | 13 | 13 | 13 | |||
Total (gains) losses included in net (income) attributable to liabilities still held | $ (2) | (2) | $ (7) | (3) | |||
Borrowings related to securitization entities | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning balance | 13 | 12 | |||||
Total realized and unrealized (gains) losses included in net (income) | 0 | 1 | |||||
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 | 0 | 0 | |||||
Transfer out of Level 3 | 0 | 0 | |||||
Ending balance | 12 | 12 | |||||
Total (gains) losses included in net (income) attributable to liabilities still held | $ 0 | $ 1 | |||||
|
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, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total realized and unrealized (gains) losses included in net (income) loss, liabilities | $ (1) | $ 13 | $ (30) | $ (2) |
Total (gains) losses included in net (income) loss attributable to liabilities still held, liabilities | (1) | 12 | (26) | 1 |
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 | (1) | 13 | (30) | (2) |
Total (gains) losses included in net (income) loss attributable to liabilities still held, liabilities | $ (1) | $ 12 | $ (26) | $ 1 |
Changes in Liability for Policy and Contract Claims (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Beginning balance | $ 9,594 | $ 9,256 |
Less reinsurance recoverables | (2,419) | (2,409) |
Net beginning balance | 7,175 | 6,847 |
Current year | 1,946 | 1,804 |
Prior years | (244) | (244) |
Total incurred | 1,702 | 1,560 |
Current year | (434) | (450) |
Prior years | (1,266) | (1,224) |
Total paid | (1,700) | (1,674) |
Interest on liability for policy and contract claims | 163 | 147 |
Foreign currency translation | (16) | 18 |
Net ending balance | 7,324 | 6,898 |
Add reinsurance recoverables | 2,341 | 2,341 |
Ending balance | $ 9,665 | $ 9,239 |
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred related to insured events of prior year | $ 244 | $ 244 | |
Long-term Care Insurance | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred related to insured events of prior year | $ 244 | $ 244 | |
U.S. Mortgage Insurance | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Favorable reserve adjustment | $ 26 |
Borrowings - Long Term Borrowings (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||
Total | $ 4,047 | $ 4,224 | |||||||
Genworth Holdings | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 3,624 | 3,773 | |||||||
Bond consent fees | (30) | (33) | |||||||
Deferred borrowing charges | (23) | (16) | |||||||
Total | [1] | 3,571 | 3,724 | ||||||
Genworth Holdings | Floating Rate Senior Secured Term Loan Facility, Due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 448 | 0 | |||||||
Genworth Holdings | 6.52% Senior Notes, Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 0 | 597 | |||||||
Genworth Holdings | 7.70% Senior Notes, Due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 397 | 397 | |||||||
Genworth Holdings | 7.20% Senior Notes, Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 381 | 381 | |||||||
Genworth Holdings | 7.625% Senior Notes, Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 704 | 704 | |||||||
Genworth Holdings | 4.90% Senior Notes, Due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 399 | 399 | |||||||
Genworth Holdings | 4.80% Senior Notes, Due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 400 | 400 | |||||||
Genworth Holdings | 6.50% Senior Notes, Due 2034 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 297 | 297 | |||||||
Genworth Holdings | 6.15% Fixed-to-Floating Rate Junior Subordinated Notes, Due 2066 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 598 | 598 | |||||||
Genworth Canada | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 331 | 347 | |||||||
Deferred borrowing charges | (1) | (1) | |||||||
Total | [2] | 330 | 346 | ||||||
Genworth Canada | 5.68% Senior Notes, Due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 209 | 219 | |||||||
Genworth Canada | 4.24% Senior Notes, due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | 122 | 128 | |||||||
Genworth Financial Mortgage Insurance Pty Limited | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred borrowing charges | (2) | (2) | |||||||
Total | [3] | 146 | 154 | ||||||
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Notes, Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term borrowings | $ 148 | $ 156 | |||||||
|
Borrowings - Long Term Borrowings (Parenthetical) (Detail) |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
May 22, 2018 |
|
Floating Rate Senior Secured Term Loan Facility, Due 2023 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity year | 2023 | 2023 | |
6.52% Senior Notes, Due 2018 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.52% | 6.52% | 6.52% |
Debt instrument, maturity year | 2018 | 2018 | |
7.70% Senior Notes, Due 2020 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 7.70% | 7.70% | |
Debt instrument, maturity year | 2020 | 2020 | |
7.20% Senior Notes, Due 2021 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 7.20% | 7.20% | |
Debt instrument, maturity year | 2021 | 2021 | |
7.625% Senior Notes, Due 2021 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 7.625% | 7.625% | |
Debt instrument, maturity year | 2021 | 2021 | |
4.90% Senior Notes, Due 2023 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.90% | 4.90% | |
Debt instrument, maturity year | 2023 | 2023 | |
4.80% Senior Notes, Due 2024 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.80% | 4.80% | |
Debt instrument, maturity year | 2024 | 2024 | |
6.50% Senior Notes, Due 2034 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.50% | 6.50% | |
Debt instrument, maturity year | 2034 | 2034 | |
6.15% Fixed-to-Floating Rate Junior Subordinated Notes, Due 2066 | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.15% | 6.15% | |
Debt instrument, maturity year | 2066 | 2066 | |
5.68% Senior Notes, Due 2020 | Genworth Canada | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.68% | 5.68% | |
Debt instrument, maturity year | 2020 | 2020 | |
4.24% Senior Notes, due 2024 | Genworth Canada | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.24% | 4.24% | |
Debt instrument, maturity year | 2024 | 2024 | |
Floating Rate Junior Notes, Due 2025 | Genworth Financial Mortgage Insurance Pty Limited | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity year | 2025 | 2025 | |
Fixed Rate Senior Notes | Genworth Holdings | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption description | 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. | ||
Fixed Rate Senior Notes | Genworth Holdings | Minimum | |||
Debt Instrument [Line Items] | |||
Senior notes redemption option | 100.00% |
Borrowings - Additional Information (Detail) - USD ($) |
6 Months Ended | ||||
---|---|---|---|---|---|
May 22, 2018 |
Mar. 07, 2018 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | |||||
Net proceeds of from senior secured term loan facility | $ 441,000,000 | $ 0 | |||
Genworth Holdings | |||||
Debt Instrument [Line Items] | |||||
Borrowing costs that were deferred | $ 23,000,000 | $ 16,000,000 | |||
Genworth Holdings | Senior Secured Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Facility, maximum borrowing capacity | $ 450,000,000 | ||||
Line of credit maturity date | Mar. 07, 2023 | ||||
Discount rate | 0.50% | ||||
Payments under agreement, due date | Jun. 30, 2018 | ||||
Quarterly equal payable of original principal, percentage | 0.25% | ||||
Term loan variable interest rate, description | The Term Loan will bear interest at either an adjusted London Interbank Offered Rate ("LIBOR") no lower than 1.0% plus a margin of 4.5% per annum or an alternate base rate plus a margin of 3.5% per annum. | ||||
Interest rate on the Term Loan | 6.50% | ||||
Borrowing costs that were deferred | $ 7,000,000 | ||||
Genworth Holdings | LIBOR | Senior Secured Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Adjusted London Interbank Offered Rate ("LIBOR") | 1.00% | ||||
Term loan variable interest rate | 4.50% | ||||
Genworth Holdings | Base Rate [Member] | Senior Secured Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Term loan variable interest rate | 3.50% | ||||
Genworth Holdings | 6.52% Senior Notes, Due 2018 | |||||
Debt Instrument [Line Items] | |||||
Redeemed principal amount of senior notes | $ 597,000,000 | ||||
Adjusted London Interbank Offered Rate ("LIBOR") | 6.52% | 6.52% | 6.52% | ||
Debt instrument maturity month and year | 2018-05 | ||||
Repayment of senior notes | $ 616,000,000 | ||||
Net proceeds of from senior secured term loan facility | 441,000,000 | ||||
Cash on hand | $ 175,000,000 | ||||
Genworth Financial International Holdings | Genworth Canada | |||||
Debt Instrument [Line Items] | |||||
Ownership percentage | 40.50% |
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Income Tax Examination [Line Items] | |||||
Statutory U.S. federal income tax rate | 21.00% | 35.00% | 21.00% | 35.00% | 35.00% |
TCJA, impact from change in tax rate | 5.40% | 0.00% | 3.30% | 0.00% | |
Swaps terminated prior to the TCJA | 3.90% | 0.00% | 3.20% | 0.00% | |
Effect of foreign operations | 3.40% | (2.00%) | 3.20% | (1.00%) | |
Valuation allowance | (2.00%) | 0.00% | (1.30%) | 0.00% | |
Provision to return adjustments | (1.60%) | 0.00% | (0.70%) | 0.00% | |
Other, net | 0.70% | (0.50%) | 0.90% | (0.40%) | |
Effective rate | 30.80% | 32.50% | 29.60% | 33.60% |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Income Taxes [Line Items] | |||||
U.S. corporate federal tax rate | 21.00% | 35.00% | 21.00% | 35.00% | 35.00% |
SAB 118 Disclosures | |||||
Income Taxes [Line Items] | |||||
Tax effect related to revaluation of deferred tax assets and liabilities on foreign subsidiaries | $ 19 | ||||
TCJA, impact from change in tax rate | $ 154 | ||||
2017 Tax Act, income tax provision due to one-time transition tax related to foreign earnings | 63 | ||||
2017 Tax Act, income tax provision due to one-time transition tax related to insurance policyholders reserves | $ 40 | $ 134 |
Segment Information - Additional Information (Detail) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
Segment
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | ||||||
Number of operating segments | Segment | 5 | |||||
Corporate federal income tax rate | 21.00% | 35.00% | 21.00% | 35.00% | 35.00% | |
Assumed tax rate on adjustments to net operating income | 21.00% | 35.00% | ||||
Expenses related to restructuring | $ | $ 0 | $ 0 | $ 1 | $ 0 | $ 1 |
Summary of Revenues for Segments and Corporate and Other Activities (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,159 | $ 2,223 | $ 4,274 | $ 4,394 |
Segment, Continuing Operations | U.S. Mortgage Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 208 | 189 | 408 | 376 |
Segment, Continuing Operations | Canada Mortgage Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 150 | 204 | 308 | 373 |
Segment, Continuing Operations | Australia Mortgage Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 136 | 97 | 243 | 219 |
Segment, Continuing Operations | Long-term Care Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,035 | 1,036 | 2,055 | 2,030 |
Segment, Continuing Operations | Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 367 | 411 | 746 | 828 |
Segment, Continuing Operations | Fixed Annuities | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 176 | 210 | 358 | 415 |
Segment, Continuing Operations | U.S. Life Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,578 | 1,657 | 3,159 | 3,273 |
Segment, Continuing Operations | Runoff | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 80 | 89 | 148 | 176 |
Segment, Continuing Operations | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 7 | $ (13) | $ 8 | $ (23) |
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, 2018 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Segment Reporting Information [Line Items] | |||||||
Net income available to Genworth Financial, Inc.'s common stockholders | $ 190 | $ 202 | $ 302 | $ 357 | |||
Add: net income attributable to noncontrolling interests | 59 | 69 | 112 | 130 | |||
Net income | 249 | 271 | 414 | 487 | |||
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |||
Income from continuing operations | 249 | 271 | 414 | 487 | |||
Less: income from continuing operations attributable to noncontrolling interests | 59 | 69 | 112 | 130 | |||
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 190 | 202 | 302 | 357 | |||
Net investment (gains) losses, net | [1] | 12 | (79) | 29 | (99) | ||
Expenses related to restructuring | 0 | 0 | $ 1 | 0 | 1 | ||
Taxes on adjustments | (2) | 28 | (6) | 35 | |||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 200 | 151 | 325 | 294 | |||
Segment, Continuing Operations | U.S. Mortgage Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 137 | 91 | 248 | 164 | |||
Segment, Continuing Operations | Canada Mortgage Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 46 | 41 | 95 | 77 | |||
Segment, Continuing Operations | Australia Mortgage Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 22 | 12 | 41 | 25 | |||
Segment, Continuing Operations | Long-term Care Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 22 | 33 | (10) | 47 | |||
Segment, Continuing Operations | Life Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 4 | (1) | 3 | 15 | |||
Segment, Continuing Operations | Fixed Annuities | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 31 | 7 | 59 | 30 | |||
Segment, Continuing Operations | U.S. Life Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 57 | 39 | 52 | 92 | |||
Segment, Continuing Operations | Runoff | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | 13 | 11 | 23 | 25 | |||
Segment, Continuing Operations | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted operating income (loss) available to Genworth Financial, Inc.'s common stockholders | $ (75) | $ (43) | $ (134) | $ (89) | |||
|
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Parenthetical) (Detail) - Net Investment (Gains) Losses - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Adjustment for DAC and other intangibles and certain benefit reserves | $ (1) | $ 0 | $ (4) | $ 0 |
Adjustment for portion attributable to noncontrolling interests | $ (1) | $ 22 | $ (12) | $ 36 |
Summary of Total Assets for Segments and Corporate and Other Activities (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 102,477 | $ 105,297 |
Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 102,477 | 105,297 |
Segment, Continuing Operations | U.S. Mortgage Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,393 | 3,273 |
Segment, Continuing Operations | Canada Mortgage Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,255 | 5,534 |
Segment, Continuing Operations | Australia Mortgage Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,696 | 2,973 |
Segment, Continuing Operations | U.S. Life Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 79,925 | 81,295 |
Segment, Continuing Operations | Runoff | ||
Segment Reporting Information [Line Items] | ||
Total assets | 10,472 | 10,907 |
Segment, Continuing Operations | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 736 | $ 1,315 |
Commitments and Contingencies - Additional Information (Detail) £ in Millions, $ in Millions |
1 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
GBP (£)
Company
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Commitments and Contingencies Disclosure [Line Items] | |||
Indemnity limit | £ | £ 28 | ||
Number of insurance company sold | Company | 2 | ||
Commitment to fund limited partnership investments | $ 402 | ||
Commitment to fund U.S. commercial mortgage loan investments | 90 | ||
Commitment to fund private placement investments | 29 | ||
Notional amount | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitment to fund bank loan investments | $ 30 | $ 18 |
Component of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning balance | $ 3,027 | ||||||||
Cumulative effect of changes in accounting | 131 | ||||||||
OCI before reclassifications | $ (330) | $ 77 | (891) | $ 174 | |||||
Amounts reclassified from (to) OCI | (19) | (60) | (38) | (98) | |||||
Total other comprehensive income (loss) | (349) | 17 | (929) | 76 | |||||
Balances before nonnontrolling interests | 2,278 | 3,113 | 2,229 | 3,170 | |||||
Less: change in OCI attributable to noncontrolling interests | (49) | 18 | (98) | 75 | |||||
Ending balance | 2,327 | 2,327 | |||||||
Net unrealized investment (gains) losses | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning balance | [1] | 917 | 1,243 | 1,085 | 1,262 | ||||
Cumulative effect of changes in accounting | [1] | 164 | |||||||
OCI before reclassifications | [1] | (193) | (32) | (541) | (25) | ||||
Amounts reclassified from (to) OCI | [1] | 6 | (40) | 13 | (58) | ||||
Total other comprehensive income (loss) | [1] | (187) | (72) | (528) | (83) | ||||
Balances before nonnontrolling interests | [1] | 730 | 1,171 | 721 | 1,179 | ||||
Less: change in OCI attributable to noncontrolling interests | [1] | (6) | (9) | (15) | (1) | ||||
Ending balance | [1] | 736 | 1,180 | 736 | 1,180 | ||||
Derivatives qualifying as hedges | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning balance | [2] | 1,927 | 2,036 | 2,065 | 2,085 | ||||
Cumulative effect of changes in accounting | [2] | 14 | |||||||
OCI before reclassifications | [2] | (39) | 48 | (165) | 19 | ||||
Amounts reclassified from (to) OCI | [2] | (25) | (20) | (51) | (40) | ||||
Total other comprehensive income (loss) | [2] | (64) | 28 | (216) | (21) | ||||
Balances before nonnontrolling interests | [2] | 1,863 | 2,064 | 1,863 | 2,064 | ||||
Less: change in OCI attributable to noncontrolling interests | [2] | 0 | 0 | 0 | 0 | ||||
Ending balance | [2] | 1,863 | 2,064 | 1,863 | 2,064 | ||||
Foreign currency translation and other adjustments | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning balance | (217) | (183) | (123) | (253) | |||||
Cumulative effect of changes in accounting | (47) | ||||||||
OCI before reclassifications | (98) | 61 | (185) | 180 | |||||
Amounts reclassified from (to) OCI | 0 | 0 | 0 | 0 | |||||
Total other comprehensive income (loss) | (98) | 61 | (185) | 180 | |||||
Balances before nonnontrolling interests | (315) | (122) | (355) | (73) | |||||
Less: change in OCI attributable to noncontrolling interests | (43) | 27 | (83) | 76 | |||||
Ending balance | (272) | (149) | (272) | (149) | |||||
Accumulated other comprehensive income (loss) | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning balance | 2,627 | 3,096 | 3,027 | 3,094 | |||||
Total other comprehensive income (loss) | (831) | 1 | |||||||
Ending balance | $ 2,327 | $ 3,095 | $ 2,327 | $ 3,095 | |||||
|
Changes In Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrecognized postretirement benefit obligation, current period OCI | $ (14) | $ (5) |
Unrecognized postretirement benefit obligation, current period OCI, tax | 5 | 1 |
Foreign currency translation and other adjustments, current period OCI, tax | $ (46) | $ 23 |
Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment income | $ (828) | $ (801) | $ (1,632) | $ (1,591) | ||
Net investment (gains) losses | 14 | (101) | 45 | (135) | ||
(Provision) benefit for income taxes | (111) | (130) | (174) | (246) | ||
(Income) loss from continuing operations | (249) | (271) | (414) | (487) | ||
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] | 8 | (61) | 16 | (89) | |
(Provision) benefit for income taxes | (2) | 21 | (3) | 31 | ||
(Income) loss from continuing operations | 6 | (40) | 13 | (58) | ||
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
(Provision) benefit for income taxes | 14 | 12 | 28 | 23 | ||
(Income) loss from continuing operations | (25) | (20) | (51) | (40) | ||
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 | (39) | (31) | (74) | (61) | ||
Net investment (gains) losses | 0 | (1) | (5) | (2) | ||
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Inflation indexed swaps | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net investment income | $ 0 | $ 0 | $ 0 | $ 0 | ||
|
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Assets | ||||
Fixed maturity securities available-for-sale, at fair value | $ 60,032 | $ 62,525 | ||
Equity securities, at fair value | 758 | 820 | ||
Commercial mortgage loans | 6,480 | 6,341 | ||
Restricted commercial mortgage loans related to securitization entities | 90 | 107 | ||
Policy loans | 1,872 | 1,786 | ||
Other invested assets | 1,650 | 1,813 | ||
Investments in subsidiaries | 0 | 0 | ||
Total investments | 70,882 | 73,392 | ||
Cash, cash equivalents and restricted cash | 2,243 | 2,875 | $ 2,853 | $ 2,784 |
Accrued investment income | 602 | 644 | ||
Deferred acquisition costs | 3,086 | 2,329 | ||
Intangible assets and goodwill | 354 | 301 | ||
Reinsurance recoverable | 17,385 | 17,569 | ||
Other assets | 574 | 453 | ||
Intercompany notes receivable | 0 | 0 | ||
Deferred tax assets | 601 | 504 | ||
Separate account assets | 6,750 | 7,230 | ||
Total assets | 102,477 | 105,297 | ||
Liabilities and equity | ||||
Future policy benefits | 37,913 | 38,472 | ||
Policyholder account balances | 23,366 | 24,195 | ||
Liability for policy and contract claims | 9,665 | 9,594 | 9,239 | 9,256 |
Unearned premiums | 3,669 | 3,967 | ||
Other liabilities | 1,965 | 1,910 | ||
Intercompany notes payable | 0 | 0 | ||
Borrowings related to securitization entities | 28 | 40 | ||
Non-recourse funding obligations | 310 | 310 | ||
Long-term borrowings | 4,047 | 4,224 | ||
Deferred tax liability | 23 | 27 | ||
Separate account liabilities | 6,750 | 7,230 | ||
Total liabilities | 87,736 | 89,969 | ||
Equity: | ||||
Common stock | 1 | 1 | ||
Additional paid-incapital | 11,981 | 11,977 | ||
Accumulated other comprehensive income (loss) | 2,327 | 3,027 | ||
Retained earnings | 1,301 | 1,113 | ||
Treasury stock, at cost | (2,700) | (2,700) | ||
Total Genworth Financial, Inc.'s stockholders' equity | 12,910 | 13,418 | ||
Noncontrolling interests | 1,831 | 1,910 | ||
Total equity | 14,741 | 15,328 | 14,996 | 14,467 |
Total liabilities and equity | 102,477 | 105,297 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Assets | ||||
Fixed maturity securities available-for-sale, at fair value | 0 | 0 | ||
Equity securities, at fair value | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans related to securitization entities | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Other invested assets | 0 | 0 | ||
Investments in subsidiaries | 13,052 | 13,561 | ||
Total investments | 13,052 | 13,561 | ||
Cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 |
Accrued investment income | 0 | 0 | ||
Deferred acquisition costs | 0 | 0 | ||
Intangible assets and goodwill | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Other assets | 5 | 3 | ||
Intercompany notes receivable | 0 | 0 | ||
Deferred tax assets | (15) | 27 | ||
Separate account assets | 0 | 0 | ||
Total assets | 13,042 | 13,591 | ||
Liabilities and equity | ||||
Future policy benefits | 0 | 0 | ||
Policyholder account balances | 0 | 0 | ||
Liability for policy and contract claims | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Other liabilities | 7 | 41 | ||
Intercompany notes payable | 125 | 132 | ||
Borrowings related to securitization entities | 0 | 0 | ||
Non-recourse funding obligations | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liability | 0 | 0 | ||
Separate account liabilities | 0 | 0 | ||
Total liabilities | 132 | 173 | ||
Equity: | ||||
Common stock | 1 | 1 | ||
Additional paid-incapital | 11,981 | 11,977 | ||
Accumulated other comprehensive income (loss) | 2,327 | 3,027 | ||
Retained earnings | 1,301 | 1,113 | ||
Treasury stock, at cost | (2,700) | (2,700) | ||
Total Genworth Financial, Inc.'s stockholders' equity | 12,910 | 13,418 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 12,910 | 13,418 | ||
Total liabilities and equity | 13,042 | 13,591 | ||
Reportable Legal Entities | Issuer | ||||
Assets | ||||
Fixed maturity securities available-for-sale, at fair value | 0 | 0 | ||
Equity securities, at fair value | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans related to securitization entities | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Other invested assets | 78 | 75 | ||
Investments in subsidiaries | 12,180 | 12,867 | ||
Total investments | 12,258 | 12,942 | ||
Cash, cash equivalents and restricted cash | 547 | 795 | 758 | 998 |
Accrued investment income | 0 | 0 | ||
Deferred acquisition costs | 0 | 0 | ||
Intangible assets and goodwill | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Other assets | 50 | 54 | ||
Intercompany notes receivable | 165 | 155 | ||
Deferred tax assets | 918 | 0 | ||
Separate account assets | 0 | 0 | ||
Total assets | 13,938 | 13,946 | ||
Liabilities and equity | ||||
Future policy benefits | 0 | 0 | ||
Policyholder account balances | 0 | 0 | ||
Liability for policy and contract claims | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Other liabilities | 167 | 119 | ||
Intercompany notes payable | 200 | 259 | ||
Borrowings related to securitization entities | 0 | 0 | ||
Non-recourse funding obligations | 0 | 0 | ||
Long-term borrowings | 3,571 | 3,724 | ||
Deferred tax liability | 0 | (807) | ||
Separate account liabilities | 0 | 0 | ||
Total liabilities | 3,938 | 3,295 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-incapital | 9,095 | 9,096 | ||
Accumulated other comprehensive income (loss) | 2,414 | 3,037 | ||
Retained earnings | (1,509) | (1,482) | ||
Treasury stock, at cost | 0 | 0 | ||
Total Genworth Financial, Inc.'s stockholders' equity | 10,000 | 10,651 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 10,000 | 10,651 | ||
Total liabilities and equity | 13,938 | 13,946 | ||
Reportable Legal Entities | All Other Subsidiaries | ||||
Assets | ||||
Fixed maturity securities available-for-sale, at fair value | 60,232 | 62,725 | ||
Equity securities, at fair value | 758 | 820 | ||
Commercial mortgage loans | 6,480 | 6,341 | ||
Restricted commercial mortgage loans related to securitization entities | 90 | 107 | ||
Policy loans | 1,872 | 1,786 | ||
Other invested assets | 1,584 | 1,742 | ||
Investments in subsidiaries | 0 | 0 | ||
Total investments | 71,016 | 73,521 | ||
Cash, cash equivalents and restricted cash | 1,696 | 2,080 | 2,095 | 1,786 |
Accrued investment income | 606 | 647 | ||
Deferred acquisition costs | 3,086 | 2,329 | ||
Intangible assets and goodwill | 354 | 301 | ||
Reinsurance recoverable | 17,385 | 17,569 | ||
Other assets | 519 | 397 | ||
Intercompany notes receivable | 1 | 59 | ||
Deferred tax assets | (302) | 477 | ||
Separate account assets | 6,750 | 7,230 | ||
Total assets | 101,111 | 104,610 | ||
Liabilities and equity | ||||
Future policy benefits | 37,913 | 38,472 | ||
Policyholder account balances | 23,366 | 24,195 | ||
Liability for policy and contract claims | 9,665 | 9,594 | ||
Unearned premiums | 3,669 | 3,967 | ||
Other liabilities | 1,808 | 1,759 | ||
Intercompany notes payable | 41 | 23 | ||
Borrowings related to securitization entities | 28 | 40 | ||
Non-recourse funding obligations | 310 | 310 | ||
Long-term borrowings | 476 | 500 | ||
Deferred tax liability | 23 | 834 | ||
Separate account liabilities | 6,750 | 7,230 | ||
Total liabilities | 84,049 | 86,924 | ||
Equity: | ||||
Common stock | 3 | 3 | ||
Additional paid-incapital | 18,420 | 18,420 | ||
Accumulated other comprehensive income (loss) | 2,338 | 3,051 | ||
Retained earnings | (5,830) | (5,998) | ||
Treasury stock, at cost | 0 | 0 | ||
Total Genworth Financial, Inc.'s stockholders' equity | 14,931 | 15,476 | ||
Noncontrolling interests | 2,131 | 2,210 | ||
Total equity | 17,062 | 17,686 | ||
Total liabilities and equity | 101,111 | 104,610 | ||
Eliminations | ||||
Assets | ||||
Fixed maturity securities available-for-sale, at fair value | (200) | (200) | ||
Equity securities, at fair value | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans related to securitization entities | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Other invested assets | (12) | (4) | ||
Investments in subsidiaries | (25,232) | (26,428) | ||
Total investments | (25,444) | (26,632) | ||
Cash, cash equivalents and restricted cash | 0 | 0 | $ 0 | $ 0 |
Accrued investment income | (4) | (3) | ||
Deferred acquisition costs | 0 | 0 | ||
Intangible assets and goodwill | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Other assets | 0 | (1) | ||
Intercompany notes receivable | (166) | (214) | ||
Deferred tax assets | 0 | 0 | ||
Separate account assets | 0 | 0 | ||
Total assets | (25,614) | (26,850) | ||
Liabilities and equity | ||||
Future policy benefits | 0 | 0 | ||
Policyholder account balances | 0 | 0 | ||
Liability for policy and contract claims | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Other liabilities | (17) | (9) | ||
Intercompany notes payable | (366) | (414) | ||
Borrowings related to securitization entities | 0 | 0 | ||
Non-recourse funding obligations | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liability | 0 | 0 | ||
Separate account liabilities | 0 | 0 | ||
Total liabilities | (383) | (423) | ||
Equity: | ||||
Common stock | (3) | (3) | ||
Additional paid-incapital | (27,515) | (27,516) | ||
Accumulated other comprehensive income (loss) | (4,752) | (6,088) | ||
Retained earnings | 7,339 | 7,480 | ||
Treasury stock, at cost | 0 | 0 | ||
Total Genworth Financial, Inc.'s stockholders' equity | (24,931) | (26,127) | ||
Noncontrolling interests | (300) | (300) | ||
Total equity | (25,231) | (26,427) | ||
Total liabilities and equity | $ (25,614) | $ (26,850) |
Condensed Consolidating Income Statement (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenues: | ||||
Premiums | $ 1,136 | $ 1,111 | $ 2,276 | $ 2,247 |
Net investment income | 828 | 801 | 1,632 | 1,591 |
Net investment gains (losses) | (14) | 101 | (45) | 135 |
Total revenues | 2,159 | 2,223 | 4,274 | 4,394 |
Benefits and expenses: | ||||
Benefits and other changes in policy reserves | 1,205 | 1,206 | 2,516 | 2,452 |
Interest credited | 152 | 163 | 308 | 330 |
Acquisition and operating expenses, net of deferrals | 253 | 240 | 493 | 510 |
Amortization of deferred acquisition costs and intangibles | 112 | 139 | 216 | 233 |
Interest expense | 77 | 74 | 153 | 136 |
Total benefits and expenses | 1,799 | 1,822 | 3,686 | 3,661 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | 360 | 401 | 588 | 733 |
Provision (benefit) for income taxes | 111 | 130 | 174 | 246 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Income from continuing operations | 249 | 271 | 414 | 487 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 249 | 271 | 414 | 487 |
Less: net income attributable to noncontrolling interests | 59 | 69 | 112 | 130 |
Net income available to Genworth Financial, Inc.'s common stockholders | 190 | 202 | 302 | 357 |
Policy fees and other income | ||||
Revenues: | ||||
Revenue from contract with customer including assessed tax | 209 | 210 | 411 | 421 |
Reportable Legal Entities | Parent Guarantor | ||||
Revenues: | ||||
Premiums | 0 | 0 | 0 | 0 |
Net investment income | 0 | (1) | (1) | (2) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 0 | (1) | (1) | (2) |
Benefits and expenses: | ||||
Benefits and other changes in policy reserves | 0 | 0 | 0 | 0 |
Interest credited | 0 | 0 | 0 | 0 |
Acquisition and operating expenses, net of deferrals | 7 | 15 | 14 | 28 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 | 0 | 0 |
Interest expense | 1 | 0 | 1 | 0 |
Total benefits and expenses | 8 | 15 | 15 | 28 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (8) | (16) | (16) | (30) |
Provision (benefit) for income taxes | 32 | (7) | 38 | (4) |
Equity in income of subsidiaries | 230 | 211 | 356 | 383 |
Income from continuing operations | 190 | 202 | 302 | 357 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 190 | 202 | 302 | 357 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Genworth Financial, Inc.'s common stockholders | 190 | 202 | 302 | 357 |
Reportable Legal Entities | Issuer | ||||
Revenues: | ||||
Premiums | 0 | 0 | 0 | 0 |
Net investment income | 4 | 2 | 7 | 3 |
Net investment gains (losses) | (8) | (5) | (2) | (8) |
Total revenues | (3) | (4) | 6 | (6) |
Benefits and expenses: | ||||
Benefits and other changes in policy reserves | 0 | 0 | 0 | 0 |
Interest credited | 0 | 0 | 0 | 0 |
Acquisition and operating expenses, net of deferrals | 0 | 0 | 0 | 0 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 | 0 | 0 |
Interest expense | 70 | 66 | 138 | 121 |
Total benefits and expenses | 70 | 66 | 138 | 121 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (73) | (70) | (132) | (127) |
Provision (benefit) for income taxes | (14) | (24) | (31) | (44) |
Equity in income of subsidiaries | 151 | 145 | 196 | 268 |
Income from continuing operations | 92 | 99 | 95 | 185 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 92 | 99 | 95 | 185 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Genworth Financial, Inc.'s common stockholders | 92 | 99 | 95 | 185 |
Reportable Legal Entities | All Other Subsidiaries | ||||
Revenues: | ||||
Premiums | 1,136 | 1,111 | 2,276 | 2,247 |
Net investment income | 828 | 803 | 1,633 | 1,597 |
Net investment gains (losses) | (6) | 106 | (43) | 143 |
Total revenues | 2,167 | 2,231 | 4,278 | 4,409 |
Benefits and expenses: | ||||
Benefits and other changes in policy reserves | 1,205 | 1,206 | 2,516 | 2,452 |
Interest credited | 152 | 163 | 308 | 330 |
Acquisition and operating expenses, net of deferrals | 246 | 225 | 479 | 482 |
Amortization of deferred acquisition costs and intangibles | 112 | 139 | 216 | 233 |
Interest expense | 11 | 11 | 23 | 22 |
Total benefits and expenses | 1,726 | 1,744 | 3,542 | 3,519 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | 441 | 487 | 736 | 890 |
Provision (benefit) for income taxes | 93 | 161 | 167 | 294 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Income from continuing operations | 348 | 326 | 569 | 596 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 348 | 326 | 569 | 596 |
Less: net income attributable to noncontrolling interests | 59 | 69 | 112 | 130 |
Net income available to Genworth Financial, Inc.'s common stockholders | 289 | 257 | 457 | 466 |
Reportable Legal Entities | Policy fees and other income | Parent Guarantor | ||||
Revenues: | ||||
Revenue from contract with customer including assessed tax | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Policy fees and other income | Issuer | ||||
Revenues: | ||||
Revenue from contract with customer including assessed tax | 1 | (1) | 1 | (1) |
Reportable Legal Entities | Policy fees and other income | All Other Subsidiaries | ||||
Revenues: | ||||
Revenue from contract with customer including assessed tax | 209 | 211 | 412 | 422 |
Eliminations | ||||
Revenues: | ||||
Premiums | 0 | 0 | 0 | 0 |
Net investment income | (4) | (3) | (7) | (7) |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | (5) | (3) | (9) | (7) |
Benefits and expenses: | ||||
Benefits and other changes in policy reserves | 0 | 0 | 0 | 0 |
Interest credited | 0 | 0 | 0 | 0 |
Acquisition and operating expenses, net of deferrals | 0 | 0 | 0 | 0 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 | 0 | 0 |
Interest expense | (5) | (3) | (9) | (7) |
Total benefits and expenses | (5) | (3) | (9) | (7) |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Equity in income of subsidiaries | (381) | (356) | (552) | (651) |
Income from continuing operations | (381) | (356) | (552) | (651) |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | (381) | (356) | (552) | (651) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income available to Genworth Financial, Inc.'s common stockholders | (381) | (356) | (552) | (651) |
Eliminations | Policy fees and other income | ||||
Revenues: | ||||
Revenue from contract with customer including assessed tax | $ (1) | $ 0 | $ (2) | $ 0 |
Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | $ 249 | $ 271 | $ 414 | $ 487 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (185) | (72) | (526) | (84) |
Net unrealized gains (losses) on other-than-temporarily impaired securities | (2) | 0 | (2) | 1 |
Derivatives qualifying as hedges | (64) | 28 | (216) | (21) |
Foreign currency translation and other adjustments | (98) | 61 | (185) | 180 |
Total other comprehensive income (loss) | (349) | 17 | (929) | 76 |
Total comprehensive income (loss) | (100) | 288 | (515) | 563 |
Less: comprehensive income attributable to noncontrolling interests | 10 | 87 | 14 | 205 |
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | (110) | 201 | (529) | 358 |
Reportable Legal Entities | Parent Guarantor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 190 | 202 | 302 | 357 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (179) | (63) | (511) | (83) |
Net unrealized gains (losses) on other-than-temporarily impaired securities | (2) | (2) | 1 | |
Derivatives qualifying as hedges | (64) | 28 | (216) | (21) |
Foreign currency translation and other adjustments | (55) | 34 | (102) | 104 |
Total other comprehensive income (loss) | (300) | (1) | (831) | 1 |
Total comprehensive income (loss) | (110) | 201 | (529) | 358 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | (110) | 201 | (529) | 358 |
Reportable Legal Entities | Issuer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 92 | 99 | 95 | 185 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (167) | (70) | (462) | (101) |
Net unrealized gains (losses) on other-than-temporarily impaired securities | (1) | (1) | 1 | |
Derivatives qualifying as hedges | (64) | 28 | (217) | (21) |
Foreign currency translation and other adjustments | (46) | 29 | (82) | 97 |
Total other comprehensive income (loss) | (278) | (13) | (762) | (24) |
Total comprehensive income (loss) | (186) | 86 | (667) | 161 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | (186) | 86 | (667) | 161 |
Reportable Legal Entities | All Other Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 348 | 326 | 569 | 596 |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (185) | (71) | (526) | (84) |
Net unrealized gains (losses) on other-than-temporarily impaired securities | (2) | (2) | 1 | |
Derivatives qualifying as hedges | (68) | 32 | (233) | (20) |
Foreign currency translation and other adjustments | (97) | 61 | (185) | 180 |
Total other comprehensive income (loss) | (352) | 22 | (946) | 77 |
Total comprehensive income (loss) | (4) | 348 | (377) | 673 |
Less: comprehensive income attributable to noncontrolling interests | 10 | 87 | 14 | 205 |
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | (14) | 261 | (391) | 468 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | (381) | (356) | (552) | (651) |
Other comprehensive income (loss), net of taxes: | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 346 | 132 | 973 | 184 |
Net unrealized gains (losses) on other-than-temporarily impaired securities | 3 | 3 | (2) | |
Derivatives qualifying as hedges | 132 | (60) | 450 | 41 |
Foreign currency translation and other adjustments | 100 | (63) | 184 | (201) |
Total other comprehensive income (loss) | 581 | 9 | 1,610 | 22 |
Total comprehensive income (loss) | 200 | (347) | 1,058 | (629) |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | $ 200 | $ (347) | $ 1,058 | $ (629) |
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Cash flows from (used by) operating activities: | ||||
Net income | $ 249 | $ 271 | $ 414 | $ 487 |
Adjustments to reconcile net income to net cash from (used by) operating activities: | ||||
Equity in income from subsidiaries | 0 | 0 | 0 | 0 |
Dividends from subsidiaries | 0 | 0 | ||
Amortization of fixed maturity securities discounts and premiums | (62) | (76) | ||
Net investment (gains) losses | 14 | (101) | 45 | (135) |
Charges assessed to policyholders | (359) | (365) | ||
Acquisition costs deferred | (40) | (44) | ||
Amortization of deferred acquisition costs and intangibles | 216 | 233 | ||
Deferred income taxes | 83 | 166 | ||
Trading securities, limited partnerships and derivative instruments | (195) | 431 | ||
Stock-based compensation expense | 16 | 18 | ||
Change in certain assets and liabilities: | ||||
Accrued investment income and other assets | (89) | (23) | ||
Insurance reserves | 691 | 806 | ||
Current tax liabilities | (37) | (32) | ||
Other liabilities, policy and contract claims and other policy-related balances | (122) | (158) | ||
Net cash from (used by) operating activities | 561 | 1,308 | ||
Cash flows used by investing activities: | ||||
Fixed maturity securities | 1,979 | 2,358 | ||
Commercial mortgage loans | 350 | 307 | ||
Restricted commercial mortgage loans related to securitization entities | 16 | 11 | ||
Proceeds from sales of investments: | ||||
Fixed maturity and equity securities | 1,920 | 2,587 | ||
Purchases and originations of investments: | ||||
Fixed maturity and equity securities | (4,082) | (4,733) | ||
Commercial mortgage loans | (489) | (431) | ||
Other invested assets, net | 93 | (638) | ||
Policy loans, net | 15 | 21 | ||
Intercompany notes receivable | 0 | 0 | ||
Capital contributions to subsidiaries | 0 | 0 | ||
Payments for business purchased, net of cash acquired | 0 | (5) | ||
Net cash used by investing activities | (198) | (523) | ||
Cash flows from (used by) financing activities: | ||||
Deposits to universal life and investment contracts | 503 | 429 | ||
Withdrawals from universal life and investment contracts | (1,177) | (1,091) | ||
Proceeds from the issuance of long-term debt | 441 | 0 | ||
Repayment and repurchase of long-term debt | (597) | 0 | ||
Repayment of borrowings related to securitization entities | (12) | (12) | ||
Repurchase of subsidiary shares | (49) | 0 | ||
Dividends paid to noncontrolling interests | (50) | (52) | ||
Intercompany notes payable | 0 | 0 | ||
Other, net | (2) | (29) | ||
Net cash from (used by) financing activities | (943) | (755) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (52) | 39 | ||
Net change in cash, cash equivalents and restricted cash | (632) | 69 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,875 | 2,784 | ||
Cash, cash equivalents and restricted cash at end of period | 2,243 | 2,853 | 2,243 | 2,853 |
Reportable Legal Entities | Parent Guarantor | ||||
Cash flows from (used by) operating activities: | ||||
Net income | 190 | 202 | 302 | 357 |
Adjustments to reconcile net income to net cash from (used by) operating activities: | ||||
Equity in income from subsidiaries | (230) | (211) | (356) | (383) |
Dividends from subsidiaries | 50 | 0 | ||
Amortization of fixed maturity securities discounts and premiums | 0 | 0 | ||
Net investment (gains) losses | 0 | 0 | 0 | 0 |
Charges assessed to policyholders | 0 | 0 | ||
Acquisition costs deferred | 0 | 0 | ||
Amortization of deferred acquisition costs and intangibles | 0 | 0 | ||
Deferred income taxes | 42 | 6 | ||
Trading securities, limited partnerships and derivative instruments | 0 | 0 | ||
Stock-based compensation expense | 15 | 14 | ||
Change in certain assets and liabilities: | ||||
Accrued investment income and other assets | (1) | (6) | ||
Insurance reserves | 0 | 0 | ||
Current tax liabilities | (27) | (4) | ||
Other liabilities, policy and contract claims and other policy-related balances | (15) | (9) | ||
Net cash from (used by) operating activities | 10 | (25) | ||
Cash flows used by investing activities: | ||||
Fixed maturity securities | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans related to securitization entities | 0 | 0 | ||
Proceeds from sales of investments: | ||||
Fixed maturity and equity securities | 0 | 0 | ||
Purchases and originations of investments: | ||||
Fixed maturity and equity securities | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Other invested assets, net | 0 | 0 | ||
Policy loans, net | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Capital contributions to subsidiaries | (1) | (7) | ||
Payments for business purchased, net of cash acquired | (7) | |||
Net cash used by investing activities | (1) | (14) | ||
Cash flows from (used by) financing activities: | ||||
Deposits to universal life and investment contracts | 0 | 0 | ||
Withdrawals from universal life and investment contracts | 0 | 0 | ||
Proceeds from the issuance of long-term debt | 0 | |||
Repayment and repurchase of long-term debt | 0 | |||
Repayment of borrowings related to securitization entities | 0 | 0 | ||
Repurchase of subsidiary shares | 0 | |||
Dividends paid to noncontrolling interests | 0 | 0 | ||
Intercompany notes payable | (7) | 40 | ||
Other, net | (2) | (1) | ||
Net cash from (used by) financing activities | (9) | 39 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | ||
Net change in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | ||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Issuer | ||||
Cash flows from (used by) operating activities: | ||||
Net income | 92 | 99 | 95 | 185 |
Adjustments to reconcile net income to net cash from (used by) operating activities: | ||||
Equity in income from subsidiaries | (151) | (145) | (196) | (268) |
Dividends from subsidiaries | 91 | 64 | ||
Amortization of fixed maturity securities discounts and premiums | 3 | 3 | ||
Net investment (gains) losses | 8 | 5 | 2 | 8 |
Charges assessed to policyholders | 0 | 0 | ||
Acquisition costs deferred | 0 | 0 | ||
Amortization of deferred acquisition costs and intangibles | 0 | 0 | ||
Deferred income taxes | (117) | (14) | ||
Trading securities, limited partnerships and derivative instruments | 22 | 1 | ||
Stock-based compensation expense | 0 | 0 | ||
Change in certain assets and liabilities: | ||||
Accrued investment income and other assets | 59 | (30) | ||
Insurance reserves | 0 | 0 | ||
Current tax liabilities | 87 | (88) | ||
Other liabilities, policy and contract claims and other policy-related balances | (50) | 64 | ||
Net cash from (used by) operating activities | (4) | (75) | ||
Cash flows used by investing activities: | ||||
Fixed maturity securities | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans related to securitization entities | 0 | 0 | ||
Proceeds from sales of investments: | ||||
Fixed maturity and equity securities | 0 | 0 | ||
Purchases and originations of investments: | ||||
Fixed maturity and equity securities | 0 | (46) | ||
Commercial mortgage loans | 0 | 0 | ||
Other invested assets, net | 0 | 0 | ||
Policy loans, net | 0 | 0 | ||
Intercompany notes receivable | (10) | (51) | ||
Capital contributions to subsidiaries | 0 | 0 | ||
Payments for business purchased, net of cash acquired | 0 | |||
Net cash used by investing activities | (10) | (97) | ||
Cash flows from (used by) financing activities: | ||||
Deposits to universal life and investment contracts | 0 | 0 | ||
Withdrawals from universal life and investment contracts | 0 | 0 | ||
Proceeds from the issuance of long-term debt | 441 | |||
Repayment and repurchase of long-term debt | (597) | |||
Repayment of borrowings related to securitization entities | 0 | 0 | ||
Repurchase of subsidiary shares | 0 | |||
Dividends paid to noncontrolling interests | 0 | 0 | ||
Intercompany notes payable | (59) | (47) | ||
Other, net | (19) | (21) | ||
Net cash from (used by) financing activities | (234) | (68) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | ||
Net change in cash, cash equivalents and restricted cash | (248) | (240) | ||
Cash, cash equivalents and restricted cash at beginning of period | 795 | 998 | ||
Cash, cash equivalents and restricted cash at end of period | 547 | 758 | 547 | 758 |
Reportable Legal Entities | All Other Subsidiaries | ||||
Cash flows from (used by) operating activities: | ||||
Net income | 348 | 326 | 569 | 596 |
Adjustments to reconcile net income to net cash from (used by) operating activities: | ||||
Equity in income from subsidiaries | 0 | 0 | 0 | 0 |
Dividends from subsidiaries | (141) | (64) | ||
Amortization of fixed maturity securities discounts and premiums | (65) | (79) | ||
Net investment (gains) losses | 6 | (106) | 43 | (143) |
Charges assessed to policyholders | (359) | (365) | ||
Acquisition costs deferred | (40) | (44) | ||
Amortization of deferred acquisition costs and intangibles | 216 | 233 | ||
Deferred income taxes | 158 | 174 | ||
Trading securities, limited partnerships and derivative instruments | (217) | 430 | ||
Stock-based compensation expense | 1 | 4 | ||
Change in certain assets and liabilities: | ||||
Accrued investment income and other assets | (147) | 12 | ||
Insurance reserves | 691 | 806 | ||
Current tax liabilities | (97) | 60 | ||
Other liabilities, policy and contract claims and other policy-related balances | (49) | (210) | ||
Net cash from (used by) operating activities | 563 | 1,410 | ||
Cash flows used by investing activities: | ||||
Fixed maturity securities | 1,979 | 2,358 | ||
Commercial mortgage loans | 350 | 307 | ||
Restricted commercial mortgage loans related to securitization entities | 16 | 11 | ||
Proceeds from sales of investments: | ||||
Fixed maturity and equity securities | 1,920 | 2,587 | ||
Purchases and originations of investments: | ||||
Fixed maturity and equity securities | (4,082) | (4,687) | ||
Commercial mortgage loans | (489) | (431) | ||
Other invested assets, net | 85 | (640) | ||
Policy loans, net | 15 | 21 | ||
Intercompany notes receivable | 58 | 47 | ||
Capital contributions to subsidiaries | 1 | 7 | ||
Payments for business purchased, net of cash acquired | 2 | |||
Net cash used by investing activities | (147) | (418) | ||
Cash flows from (used by) financing activities: | ||||
Deposits to universal life and investment contracts | 503 | 429 | ||
Withdrawals from universal life and investment contracts | (1,177) | (1,091) | ||
Proceeds from the issuance of long-term debt | 0 | |||
Repayment and repurchase of long-term debt | 0 | |||
Repayment of borrowings related to securitization entities | (12) | (12) | ||
Repurchase of subsidiary shares | (49) | |||
Dividends paid to noncontrolling interests | (50) | (52) | ||
Intercompany notes payable | 18 | 11 | ||
Other, net | 19 | (7) | ||
Net cash from (used by) financing activities | (748) | (722) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (52) | 39 | ||
Net change in cash, cash equivalents and restricted cash | (384) | 309 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,080 | 1,786 | ||
Cash, cash equivalents and restricted cash at end of period | 1,696 | 2,095 | 1,696 | 2,095 |
Eliminations | ||||
Cash flows from (used by) operating activities: | ||||
Net income | (381) | (356) | (552) | (651) |
Adjustments to reconcile net income to net cash from (used by) operating activities: | ||||
Equity in income from subsidiaries | 381 | 356 | 552 | 651 |
Dividends from subsidiaries | 0 | 0 | ||
Amortization of fixed maturity securities discounts and premiums | 0 | 0 | ||
Net investment (gains) losses | 0 | 0 | 0 | 0 |
Charges assessed to policyholders | 0 | 0 | ||
Acquisition costs deferred | 0 | 0 | ||
Amortization of deferred acquisition costs and intangibles | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Trading securities, limited partnerships and derivative instruments | 0 | 0 | ||
Stock-based compensation expense | 0 | 0 | ||
Change in certain assets and liabilities: | ||||
Accrued investment income and other assets | 0 | 1 | ||
Insurance reserves | 0 | 0 | ||
Current tax liabilities | 0 | 0 | ||
Other liabilities, policy and contract claims and other policy-related balances | (8) | (3) | ||
Net cash from (used by) operating activities | (8) | (2) | ||
Cash flows used by investing activities: | ||||
Fixed maturity securities | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans related to securitization entities | 0 | 0 | ||
Proceeds from sales of investments: | ||||
Fixed maturity and equity securities | 0 | 0 | ||
Purchases and originations of investments: | ||||
Fixed maturity and equity securities | 0 | 0 | ||
Commercial mortgage loans | 0 | 0 | ||
Other invested assets, net | 8 | 2 | ||
Policy loans, net | 0 | 0 | ||
Intercompany notes receivable | (48) | 4 | ||
Capital contributions to subsidiaries | 0 | 0 | ||
Payments for business purchased, net of cash acquired | 0 | |||
Net cash used by investing activities | (40) | 6 | ||
Cash flows from (used by) financing activities: | ||||
Deposits to universal life and investment contracts | 0 | 0 | ||
Withdrawals from universal life and investment contracts | 0 | 0 | ||
Proceeds from the issuance of long-term debt | 0 | |||
Repayment and repurchase of long-term debt | 0 | |||
Repayment of borrowings related to securitization entities | 0 | 0 | ||
Repurchase of subsidiary shares | 0 | |||
Dividends paid to noncontrolling interests | 0 | 0 | ||
Intercompany notes payable | 48 | (4) | ||
Other, net | 0 | 0 | ||
Net cash from (used by) financing activities | 48 | (4) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | ||
Net change in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | ||
Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||
Amount of dividend our subsidiaries could pay in 2018 without obtaining regulatory approval | $ 500 | |
Genworth Financial's Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Restricted net assets | $ 12,600 | |
Genworth Holdings' Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Restricted net assets | $ 11,900 |