GENWORTH FINANCIAL INC, 10-Q filed on 5/5/2022
Quarterly Report
v3.22.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2022
Apr. 26, 2022
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001276520  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2022  
Entity Registrant Name GENWORTH FINANCIAL, INC.  
Entity File Number 001-32195  
Entity Tax Identification Number 80-0873306  
Entity Incorporation, State or Country Code DE  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Address, Address Line One 6620 West Broad Street  
Entity Address, State or Province VA  
Entity Address, City or Town Richmond  
Entity Address, Postal Zip Code 23230  
Entity Interactive Data Current Yes  
City Area Code 804  
Local Phone Number 281-6000  
Trading Symbol GNW  
Security Exchange Name NYSE  
Title of 12(b) Security Class A Common Stock, par value $.001 per share  
Entity Common Stock, Shares Outstanding   510,505,341
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Assets    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $52,280 and $52,611 and allowance for credit losses of $— as of March 31, 2022 and December 31, 2021) $ 55,027 $ 60,480
Equity securities, at fair value 230 198
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $4 as of March 31, 2022 and December 31, 2021) 6,938 6,856
Less: Allowance for credit losses (25) (26)
Commercial mortgage loans, net 6,913 6,830
Policy loans 2,028 2,050
Limited partnerships 2,007 1,900
Other invested assets 671 820
Total investments 66,876 72,278
Cash, cash equivalents and restricted cash 1,291 1,571
Accrued investment income 696 647
Deferred acquisition costs 1,310 1,146
Intangible assets 159 143
Reinsurance recoverable 16,821 16,868
Less: Allowance for credit losses (57) (55)
Reinsurance recoverable, net 16,764 16,813
Other assets 440 388
Deferred tax asset 421 119
Separate account assets 5,530 6,066
Total assets 93,487 99,171
Liabilities and equity    
Future policy benefits 38,897 41,528
Policyholder account balances 18,197 19,354
Liability for policy and contract claims 11,833 11,841
Unearned premiums 639 672
Other liabilities 1,416 1,511
Long-term borrowings 1,819 1,899
Separate account liabilities 5,530 6,066
Liabilities related to discontinued operations 4 34
Total liabilities 78,335 82,905
Commitments and contingencies
Equity:    
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 598 million and 596 million shares issued as of March 31, 2022 and December 31, 2021, respectively; 510 million and 508 million shares outstanding as of March 31, 2022 and December 31, 2021, respectively 1 1
Additional paid-in capital 11,857 11,858
Accumulated other comprehensive income (loss) 2,610 3,861
Retained earnings 2,639 2,490
Treasury stock, at cost (88 million shares as of March 31, 2022 and December 31, 2021) (2,700) (2,700)
Total Genworth Financial, Inc.'s stockholders' equity 14,407 15,510
Noncontrolling interests 745 756
Total equity 15,152 16,266
Total liabilities and equity $ 93,487 $ 99,171
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Debt securities amortized costs $ 52,280 $ 52,611
Debt securities allowance for credit losses 0 0
Unamortized balance of loan origination fees $ 4 $ 4
Class A common stock, par value $ 0.001 $ 0.001
Class A common stock, shares authorized 1,500,000,000 1,500,000,000
Class A common stock, shares issued 598,000,000 596,000,000
Class A common stock, shares outstanding 510,000,000 508,000,000
Treasury stock, shares 88,000,000 88,000,000
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues:    
Premiums $ 931 $ 968
Net investment income 764 801
Net investment gains (losses) 28 33
Policy fees and other income 169 183
Total revenues 1,892 1,985
Benefits and expenses:    
Benefits and other changes in policy reserves 1,139 1,218
Interest credited 125 131
Acquisition and operating expenses, net of deferrals 271 275
Amortization of deferred acquisition costs and intangibles 92 77
Interest expense 26 51
Total benefits and expenses 1,653 1,752
Income from continuing operations before income taxes 239 233
Provision for income taxes 58 59
Income from continuing operations 181 174
Income (loss) from discontinued operations, net of taxes (2) 21
Net income 179 195
Less: net income from continuing operations attributable to noncontrolling interests 30 0
Less: net income from discontinued operations attributable to noncontrolling interests 0 8
Net income available to Genworth Financial, Inc.'s common stockholders 149 187
Net income available to Genworth Financial, Inc.'s common stockholders:    
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders 151 174
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders (2) 13
Net income available to Genworth Financial, Inc.'s common stockholders $ 149 $ 187
Income from continuing operations available to Genworth Financial, Inc.‘s common stockholders per share:    
Basic $ 0.30 $ 0.35
Diluted 0.29 0.34
Net income available to Genworth Financial, Inc.'s common stockholders per share:    
Basic [1] 0.29 0.37
Diluted [1] $ 0.29 $ 0.37
Weighted-average common shares outstanding:    
Basic 508.3 506.0
Diluted 517.4 513.8
[1] May not total due to whole number calculation.
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net income $ 179 $ 195
Other comprehensive income (loss), net of taxes:    
Net unrealized gains (losses) on securities without an allowance for credit losses (1,051) (322)
Net unrealized gains (losses) on securities with an allowance for credit losses 0 2
Derivatives qualifying as hedges (236) (419)
Foreign currency translation and other adjustments (5) 136
Total other comprehensive income (loss) (1,292) (603)
Total comprehensive loss (1,113) (408)
Less: comprehensive income (loss) attributable to noncontrolling interests (11) 155
Total comprehensive loss available to Genworth Financial, Inc.'s common stockholders $ (1,102) $ (563)
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings
Treasury stock, at cost
Total Genworth Financial, Inc.‘s stockholders' equity
Noncontrolling interests
Balances, beginning at Dec. 31, 2020 $ 15,820 $ 1 $ 12,008 $ 4,425 $ 1,584 $ (2,700) $ 15,318 $ 502
Sale of business that included noncontrolling interests (657) 0 0 0 0 0 0 (657)
Comprehensive income (loss):                
Net income 195 0 0 0 187 0 187 8
Other comprehensive income (loss), net of taxes (603) 0 0 (750) 0 0 (750) 147
Total comprehensive loss (408)           (563) 155
Stock-based compensation expense and exercises and other 3 0 3 0 0 0 3 0
Balances, ending at Mar. 31, 2021 14,758 1 12,011 3,675 1,771 (2,700) 14,758 0
Balances, beginning at Dec. 31, 2021 16,266 1 11,858 3,861 2,490 (2,700) 15,510 756
Comprehensive income (loss):                
Net income 179 0 0 0 149 0 149 30
Other comprehensive income (loss), net of taxes (1,292) 0 0 (1,251) 0 0 (1,251) (41)
Total comprehensive loss (1,113)           (1,102) (11)
Stock-based compensation expense and exercises and other (1) 0 (1) 0 0 0 (1) 0
Balances, ending at Mar. 31, 2022 $ 15,152 $ 1 $ 11,857 $ 2,610 $ 2,639 $ (2,700) $ 14,407 $ 745
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from (used by) operating activities:    
Net income $ 179 $ 195
Less (income) loss from discontinued operations, net of taxes 2 (21)
Adjustments to reconcile net income to net cash used by operating activities:    
Amortization of fixed maturity securities discounts and premiums (34) (32)
Net investment (gains) losses (28) (33)
Charges assessed to policyholders (150) (159)
Acquisition costs deferred (2) (2)
Amortization of deferred acquisition costs and intangibles 92 77
Deferred income taxes 57 59
Derivative instruments, limited partnerships and other (105) (113)
Stock-based compensation expense 10 11
Change in certain assets and liabilities:    
Accrued investment income and other assets (43) (58)
Insurance reserves 249 326
Current tax liabilities 0 (4)
Other liabilities, policy and contract claims and other policy-related balances (289) (319)
Cash used by operating activities — discontinued operations (30) (174)
Net cash used by operating activities (92) (247)
Cash flows from (used by) investing activities:    
Fixed maturity securities 730 1,031
Commercial mortgage loans 115 129
Limited partnerships and other invested assets 51 44
Proceeds from sales of investments:    
Fixed maturity and equity securities 581 777
Purchases and originations of investments:    
Fixed maturity and equity securities (969) (1,647)
Commercial mortgage loans (197) (142)
Limited partnerships and other invested assets (137) (91)
Short-term investments, net (50) 28
Policy loans, net 14 3
Proceeds from sale of business, net of cash transferred 0 270
Cash used by investing activities — discontinued operations 0 (67)
Net cash from investing activities 138 335
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 159 176
Withdrawals from universal life and investment contracts (418) (578)
Repayment and repurchase of long-term debt (82) (470)
Other, net 15 92
Net cash used by financing activities (326) (780)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $— and $(1) related to discontinued operations) 0 0
Net change in cash, cash equivalents and restricted cash (280) (692)
Cash, cash equivalents and restricted cash at beginning of period 1,571 2,656
Cash, cash equivalents and restricted cash at end of period 1,291 1,964
Less cash, cash equivalents and restricted cash of discontinued operations at end of period 0 0
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 1,291 $ 1,964
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Cash Flows [Abstract]    
Discontinued operations exchange rate effect $ 0 $ (1)
v3.22.1
Formation of Genworth and Basis of Presentation
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Formation of Genworth and Basis of Presentation
(1) Formation of Genworth and Basis of Presentation
Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware in 2003 in preparation for an initial public offering (“IPO”) of its 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.
The accompanying unaudited condensed financial statements include on a consolidated basis the accounts of Genworth Financial and its affiliate companies in which it holds a majority voting interest or power to direct activities of certain variable interest entities (“VIE”), which on a consolidated basis is referred to as “Genworth,” the “Company,” “we,” “us” or “our” unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation. References to “Genworth Financial” refer solely to Genworth Financial, Inc., and not to any of its consolidated subsidiaries.
We operate our business through the following three operating segments:
 
  •  
Enact.
Our Enact segment predominantly includes Enact Holdings, Inc., (“Enact Holdings”) and its mortgage insurance subsidiaries. Through Enact Holdings, we offer mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans at specified coverage percentages (“primary mortgage insurance”). Enact Holdings also selectively enters into insurance transactions with lenders and investors, under which it insures a portfolio of loans at or after origination (“pool mortgage insurance”).
 
  •  
U.S. Life Insurance.
Through our principal U.S. life insurance subsidiaries, we offer long-term care insurance products as well as service traditional life insurance and fixed annuity products in the United States.
 
  •  
Runoff.
The Runoff segment includes the results of products which have not been actively sold since 2011, but we continue to service our existing blocks of business. These products primarily include variable annuity, variable life insurance and corporate-owned life insurance, as well as funding agreements.
In addition to our three 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 reported outside of our operating segments, including certain 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 2021 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation.
The impact of the ongoing coronavirus pandemic (“COVID-19”) is very difficult to predict. Its related outcomes and impact on our business and the capital markets, and our ability to raise capital will depend on economic impacts from social, global and political influences as a result of the pandemic, and the shape of the economic recovery, among other factors and uncertainties.
v3.22.1
Accounting Changes
 3 Months Ended
Mar. 31, 2022
Disclosue of Accounting Changes [Abstract]  
Accounting Changes
(2) Accounting Changes
In March 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to troubled debt restructurings and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. The guidance is currently effective for us on January 1, 2023 using the prospective method, with an option to use the modified retrospective method for the recognition and measurement of troubled debt restructurings. We are permitted to early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on financial instruments on January 1, 2020. We do not expect any significant impact from this guidance on our consolidated financial statements and disclosures.
In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts and expands disclosure requirements, which impacts deferred acquisition costs (“DAC”) and liabilities in our U.S. life insurance companies. In accordance with the guidance, the more significant changes include:
 
 
•
 
assumptions will no longer be locked-in at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits (except the discount rate) will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes will be recorded in net income (loss) using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions;
 
 
•
 
the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a single-A rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss);
 
 
•
 
the provision for adverse deviation and the premium deficiency test will be eliminated;
 
 
•
 
market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss);
 
 
•
 
the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and
 
 
•
 
disclosures will be greatly expanded to include significant assumptions and product liability rollforwards.
 
T
his guidance is effective for us on January 1, 2023 using the modified
retrospective
method (with transition adjustments as of January 1, 2021) for all topics except for market risk benefits, which is required to be applied using the retrospective method, with early adoption permitted, which we do not intend to elect. We are currently in the process of obtaining necessary data, modifying systems, identifying and developing key inputs and assumptions and establishing policies, systems and internal controls necessary to implement this new accounting guidance. Given the nature and extent of the changes, this guidance is expected to have a significant impact on our consolidated financial statements and significantly reduce our equity at transition primarily due to the change in the discount rate used to determine our liability for future policy benefits.
v3.22.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share
(3) Earnings Per Share
Basic and diluted earnings per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
 
    
Three months ended
  
    
March 31,
  
(Amounts in millions, except per share amounts)
   
    2022    
    
    2021    
  
Weighted-average shares used in basic earnings per share calculations
      508.3       506.0  
Potentially dilutive securities:
                 
Stock options, restricted stock units and other equity-based compensation

      9.1       7.8  
    
 
 
    
 
 
  
Weighted-average shares used in diluted earnings per share calculations
      517.4       513.8  
    
 
 
    
 
 
  
Income from continuing operations:
                 
Income from continuing operations
    $ 181     $ 174  
Less: net income from continuing operations attributable to noncontrolling interests
      30       —    
    
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
    $ 151     $ 174  
    
 
 
    
 
 
  
Basic per share
    $ 0.30     $ 0.35  
    
 
 
    
 
 
  
Diluted per share
    $ 0.29     $ 0.34  
    
 
 
    
 
 
  
Income (loss) from discontinued operations:
                 
Income (loss) from discontinued operations, net of taxes
    $ (2 )    $ 21  
Less: net income (loss) from discontinued operations attributable to noncontrolling interests
      —         8  
    
 
 
    
 
 
  
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ (2 )    $ 13  
    
 
 
    
 
 
  
Basic per share
    $ —       $ 0.02  
    
 
 
    
 
 
  
Diluted per share
    $ —       $ 0.02  
    
 
 
    
 
 
  
Net income:
                 
Income from continuing operations
    $ 181     $ 174  
Income (loss) from discontinued operations, net of taxes
      (2 )      21  
    
 
 
    
 
 
  
Net income
      179       195  
Less: net income attributable to noncontrolling interests
      30       8  
    
 
 
    
 
 
  
Net income available to Genworth Financial, Inc.’s common stockholders
    $ 149     $ 187  
    
 
 
    
 
 
  
Basic per share
(1)
    $ 0.29     $ 0.37  
    
 
 
    
 
 
  
Diluted per share
(1)
    $ 0.29     $ 0.37  
    
 
 
    
 
 
  
 
(1)
 
May not total due to whole number calculation.
 
v3.22.1
Investments
 3 Months Ended
Mar. 31, 2022
Investments
(4) Investments
(a) Net Investment Income
Sources of net investment income were as follows for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
     
    2021    
  
Fixed maturity securities—taxable
    $ 580      $ 599  
Fixed maturity securities—non-taxable
      1        2  
Equity securities
      2        3  
Commercial mortgage loans
      81        78  
Policy loans
      50        50  
Limited partnerships
      7        31  
Other invested assets
      63        58  
    
 
 
     
 
 
  
Gross investment income before expenses and fees
      784        821  
Expenses and fees
      (20 )       (20 ) 
    
 
 
     
 
 
  
Net investment income
    $ 764      $ 801  
    
 
 
     
 
 
  
(b) Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
    
    2021    
  
Realized investment gains (losses):
                 
Available-for-sale fixed maturity securities:
                 
Realized gains
    $ 10     $ 7  
Realized losses
      (18 )      (3 ) 
    
 
 
    
 
 
  
Net realized gains (losses) on available-for-sale fixed maturity securities
      (8 )      4  
Net realized gains (losses) on equity securities sold
      —         (5 ) 
Net realized gains (losses) on limited partnerships
      —         3  
    
 
 
    
 
 
  
Total net realized investment gains (losses)
      (8 )      2  
    
 
 
    
 
 
  
Net change in allowance for credit losses on available-for-sale fixed maturity securities
      —         (2 ) 
Write-down of available-for-sale fixed maturity securities
(1)
      (2 )      (1 ) 
Net unrealized gains (losses) on equity securities still held
      (6 )      (8 ) 
Net unrealized gains (losses) on limited partnerships
      35       34  
Commercial mortgage loans
      1       (1 ) 
Derivative instruments
(2)
      4       8  
Other
      4       1  
    
 
 
    
 
 
  
Net investment gains (losses)
    $ 28     $ 33  
    
 
 
    
 
 
  
 
(1)
 
Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2)
 
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
 
See Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for a discussion of our policy for evaluating and measuring the allowance for credit losses related to our available-for-sale fixed maturity securities. There was no allowance for credit losses related to our available-for-sale fixed maturity investments as of and for the three months ended March 31, 2022. The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the three months ended March 31, 2021:
 
(Amounts in millions)
  
Beginning
balance
    
Increase
from
securities
without
allowance in
previous
periods
    
Increase
(decrease)
from securities
with allowance
in previous
periods
    
Securities
sold
    
Decrease
due to
change in
intent or
requirement
to sell
    
Write-offs
    
Recoveries
    
Ending
balance
  
Fixed maturity securities:
                                                                
Non-U.S. corporate
   $ 1     $ —       $ 2     $ —       $ —       $ —       $ —       $ 3  
Commercial mortgage-backed
     3       —         —         —         —         (3 )      —         —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 4     $ —       $ 2     $ —       $ —       $ (3 )    $ —       $ 3  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(c) Unrealized Investment Gains and Losses
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
 
(Amounts in millions)
   
March 31,
2022
    
December 31,
2021
  
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
    $ 2,747     $ 7,869  
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
      —         —    
Adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances
      (1,700 )      (5,487 ) 
Income taxes, net
      (223 )      (507 ) 
    
 
 
    
 
 
  
Net unrealized investment gains (losses)
      824       1,875  
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
      (26 )      15  
    
 
 
    
 
 
  
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
    $ 850     $ 1,860  
    
 
 
    
 
 
  
 
(1)
 
Excludes foreign exchange.
 
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the three months ended March 31:
 
(Amounts in millions)
   
2022
    
2021
  
Beginning balance
    $ 1,860     $ 2,214  
Unrealized gains (losses) arising during the period:
                 
Unrealized gains (losses) on fixed maturity securities
      (5,130 )      (3,383 ) 
Adjustment to DAC
      237       (174 ) 
Adjustment to present value of future profits
      1       1  
Adjustment to sales inducements
      22       3  
Adjustment to benefit reserves and policyholder contract balances
      3,527       3,145  
Provision for income taxes
      286       92  
    
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
      (1,057 )      (316 ) 
Reclassification adjustments to net investment (gains) losses, net of taxes of $(2) and $1
      6       (4 ) 
    
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
      (1,051 )      (320 ) 
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
      (41 )      (25 ) 
    
 
 
    
 
 
  
Ending balance
    $ 850     $ 1,919  
    
 
 
    
 
 
  
Amounts reclassified out of accumulated other comprehensive income (loss) to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.
 
(d) Fixed Maturity Securities
As of March 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
   
Amortized
cost or
cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
    
Allowance
for credit
losses
     
Fair
value
  
Fixed maturity securities:
                                            
U.S. government, agencies and government-sponsored enterprises
    $ 3,356      $ 744      $ (3 )    $ —        $ 4,097  
State and political subdivisions
      3,009        206        (81 )      —          3,134  
Non-U.S. government
      778        48        (42 )      —          784  
U.S. corporate:
                                            
Utilities
      4,345        355        (66 )      —          4,634  
Energy
      2,572        175        (48 )      —          2,699  
Finance and insurance
      8,026        406        (203 )      —          8,229  
Consumer—non-cyclical
      5,070        488        (70 )      —          5,488  
Technology and communications
      3,371        213        (87 )      —          3,497  
Industrial
      1,301        73        (26 )      —          1,348  
Capital goods
      2,346        205        (39 )      —          2,512  
Consumer—cyclical
      1,725        86        (44 )      —          1,767  
Transportation
      1,133        124        (9 )      —          1,248  
Other
      381        24        (4 )      —          401  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total U.S. corporate
      30,270        2,149        (596 )      —          31,823  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Non-U.S. corporate:
                                            
Utilities
      874        19        (15 )      —          878  
Energy
      1,158        102        (19 )      —          1,241  
Finance and insurance
      2,129        132        (70 )      —          2,191  
Consumer—non-cyclical
      665        28        (22 )      —          671  
Technology and communications
      1,055        61        (17 )      —          1,099  
Industrial
      918        56        (21 )      —          953  
Capital goods
      610        25        (16 )      —          619  
Consumer—cyclical
      316        5        (9 )      —          312  
Transportation
      392        38        (7 )      —          423  
Other
      996        86        (16 )      —          1,066  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total non-U.S. corporate
      9,113        552        (212 )      —          9,453  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Residential mortgage-backed
      1,277        57        (14 )      —          1,320  
Commercial mortgage-backed
      2,369        36        (44 )      —          2,361  
Other asset-backed
      2,108        7        (60 )      —          2,055  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total available-for-sale fixed maturity securities
    $ 52,280      $ 3,799      $ (1,052 )    $ —        $ 55,027  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
 
As of December 31, 2021, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
   
Amortized
cost or
cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
    
Allowance
for credit
losses
     
Fair
value
  
Fixed maturity securities:
                                            
U.S. government, agencies and government-sponsored enterprises
    $ 3,368      $ 1,184      $ —       $ —        $ 4,552  
State and political subdivisions
      2,982        474        (6 )      —          3,450  
Non-U.S. government
      762        86        (13 )      —          835  
U.S. corporate:
                                            
Utilities
      4,330        783        (9 )      —          5,104  
Energy
      2,581        363        (10 )      —          2,934  
Finance and insurance
      8,003        1,012        (24 )      —          8,991  
Consumer—non-cyclical
      5,138        1,029        (8 )      —          6,159  
Technology and communications
      3,345        476        (13 )      —          3,808  
Industrial
      1,322        175        (3 )      —          1,494  
Capital goods
      2,334        415        (4 )      —          2,745  
Consumer—cyclical
      1,703        203        (7 )      —          1,899  
Transportation
      1,122        249        —         —          1,371  
Other
      379        41        (1 )      —          419  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total U.S. corporate
      30,257        4,746        (79 )      —          34,924  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Non-U.S. corporate:
                                            
Utilities
      867        63        (2 )      —          928  
Energy
      1,194        190        (1 )      —          1,383  
Finance and insurance
      2,171        270        (9 )      —          2,432  
Consumer—non-cyclical
      664        81        (2 )      —          743  
Technology and communications
      1,085        166        (1 )      —          1,250  
Industrial
      933        117        (3 )      —          1,047  
Capital goods
      640        66        (1 )      —          705  
Consumer—cyclical
      316        27        (2 )      —          341  
Transportation
      422        68        (1 )      —          489  
Other
      1,052        169        (4 )      —          1,217  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total non-U.S. corporate
      9,344        1,217        (26 )      —          10,535  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Residential mortgage-backed
      1,325        116        (1 )      —          1,440  
Commercial mortgage-backed
      2,435        152        (3 )      —          2,584  
Other asset-backed
      2,138        29        (7 )      —          2,160  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total available-for-sale fixed maturity securities
    $ 52,611      $ 8,004      $ (135 )    $ —        $ 60,480  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
 
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2022:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
  
Description of Securities
                                                                        
Fixed maturity securities:
                                                                        
U.S. government, agencies and government-sponsored enterprises
   $ 67     $ (2 )      17     $ 10     $ (1 )      3     $ 77     $ (3 )      20  
State and political subdivisions
     902       (78 )      157       25       (3 )      5       927       (81 )      162  
Non-U.S. government
     305       (27 )      46       80       (15 )      10       385       (42 )      56  
U.S. corporate
     8,109       (505 )      995       627       (91 )      65       8,736       (596 )      1,060  
Non-U.S. corporate
     2,672       (173 )      355       258       (39 )      31       2,930       (212 )      386  
Residential mortgage-backed
     304       (13 )      78       5       (1 )      5       309       (14 )      83  
Commercial mortgage-backed
     1,098       (40 )      160       43       (4 )      6       1,141       (44 )      166  
Other asset-backed
     1,500       (57 )      254       66       (3 )      15       1,566       (60 )      269  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 14,957     $ (895 )      2,062     $ 1,114     $ (157 )      140     $ 16,071     $ (1,052 )      2,202  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                                                                        
<20% Below cost
   $ 14,957     $ (895 )      2,062     $ 1,066     $ (142 )      134     $ 16,023     $ (1,037 )      2,196  
20%-50% Below cost
     —         —         —         48       (15 )      6       48       (15 )      6  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 14,957     $ (895 )      2,062     $ 1,114     $ (157 )      140     $ 16,071     $ (1,052 )      2,202  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 13,796     $ (823 )      1,896     $ 1,031     $ (140 )      129     $ 14,827     $ (963 )      2,025  
Below investment grade
     1,161       (72 )      166       83       (17 )      11       1,244       (89 )      177  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 14,957     $ (895 )      2,062     $ 1,114     $ (157 )      140     $ 16,071     $ (1,052 )      2,202  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of March 31, 2022:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number

of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number

of
securities
  
Description of Securities
 
                                                                
U.S. corporate:
                                                                        
Utilities
   $ 1,089     $ (56 )      142     $ 59     $ (10 )      13     $ 1,148     $ (66 )      155  
Energy
     740       (40 )      87       63       (8 )      7       803       (48 )      94  
Finance and insurance
     2,529       (173 )      293       203       (30 )      17       2,732       (203 )      310  
Consumer—non-cyclical
     916       (56 )      109       86       (14 )      7       1,002       (70 )      116  
Technology and communications
     1,094       (73 )      147       93       (14 )      8       1,187       (87 )      155  
Industrial
     361       (26 )      46       —         —         —         361       (26 )      46  
Capital goods
     553       (35 )      65       27       (4 )      4       580       (39 )      69  
Consumer—cyclical
     507       (34 )      65       78       (10 )      7       585       (44 )      72  
Transportation
     247       (9 )      32       —         —         —         247       (9 )      32  
Other
     73       (3 )      9       18       (1 )      2       91       (4 )      11  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     8,109       (505 )      995       627       (91 )      65       8,736       (596 )      1,060  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                        
Utilities
     272       (13 )      28       12       (2 )      1       284       (15 )      29  
Energy
     291       (18 )      27       4       (1 )      1       295       (19 )      28  
Finance and insurance
     685       (47 )      96       157       (23 )      16       842       (70 )      112  
Consumer—non-cyclical
     253       (21 )      32       6       (1 )      1       259       (22 )      33  
Technology and communications
     269       (17 )      41       —         —         —         269       (17 )      41  
Industrial
     274       (19 )      35       18       (2 )      2       292       (21 )      37  
Capital goods
     231       (16 )      30       —         —         —         231       (16 )      30  
Consumer—cyclical
     128       (7 )      25       20       (2 )      4       148       (9 )      29  
Transportation
     125       (7 )      19       —         —         —         125       (7 )      19  
Other
     144       (8 )      22       41       (8 )      6       185       (16 )      28  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     2,672       (173 )      355       258       (39 )      31       2,930       (212 )      386  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 10,781     $ (678 )      1,350     $ 885     $ (130 )      96     $ 11,666     $ (808 )      1,446  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the tables above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the decline in fair value was largely due to increasing interest rates and widening credit spreads and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2021:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
  
Description of Securities
 
                                                                
Fixed maturity securities:
                                                                        
State and political subdivisions
   $ 339     $ (6 )      67     $ —       $ —         —       $ 339     $ (6 )      67  
Non-U.S. government
     173       (9 )      28       19       (4 )      1       192       (13 )      29  
U.S. corporate
     2,593       (64 )      266       196       (15 )      22       2,789       (79 )      288  
Non-U.S. corporate
     912       (21 )      124       62       (5 )      8       974       (26 )      132  
Residential mortgage-backed
     97       (1 )      22       —         —         —         97       (1 )      22  
Commercial mortgage-backed
     113       (2 )      17       31       (1 )      4       144       (3 )      21  
Other asset-backed
     764       (7 )      111       —         —         —         764       (7 )      111  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,991     $ (110 )      635     $ 308     $ (25 )      35     $ 5,299     $ (135 )      670  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                                                                        
<20% Below cost
   $ 4,991     $ (110 )      635     $ 297     $ (20 )      33     $ 5,288     $ (130 )      668  
20%-50% Below cost
     —         —         —         11       (5 )      2       11       (5 )      2  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,991     $ (110 )      635     $ 308     $ (25 )      35     $ 5,299     $ (135 )      670  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 4,644     $ (101 )      587     $ 241     $ (12 )      25     $ 4,885     $ (113 )      612  
Below investment grade
     347       (9 )      48       67       (13 )      10       414       (22 )      58  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,991     $ (110 )      635     $ 308     $ (25 )      35     $ 5,299     $ (135 )      670  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2021:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number of
securities
  
Description of Securities
                                                                        
U.S. corporate:
                                                                        
Utilities
   $ 211     $ (7 )      32     $ 29     $ (2 )      7     $ 240     $ (9 )      39  
Energy
     166       (3 )      18       25       (7 )      4       191       (10 )      22  
Finance and insurance
     960       (22 )      89       62       (2 )      3       1,022       (24 )      92  
Consumer—non-cyclical
     296       (7 )      30       14       (1 )      2       310       (8 )      32  
Technology and communications
     378       (12 )      37       29       (1 )      2       407       (13 )      39  
Industrial
     143       (3 )      18       —         —         —         143       (3 )      18  
Capital goods
     171       (3 )      16       18       (1 )      2       189       (4 )      18  
Consumer—cyclical
     268       (7 )      26       —         —         —         268       (7 )      26  
Other
     —         —         —         19       (1 )      2       19       (1 )      2  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     2,593       (64 )      266       196       (15 )      22       2,789       (79 )      288  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                        
Utilities
     69       (2 )      9       —         —         —         69       (2 )      9  
Energy
     64       (1 )      10       —         —         —         64       (1 )      10  
Finance and insurance
     366       (8 )      43       18       (1 )      2       384       (9 )      45  
Consumer—non-cyclical
     67       (1 )      12       6       (1 )      1       73       (2 )      13  
Technology and communications
     48       (1 )      8       —         —         —         48       (1 )      8  
Industrial
     122       (3 )      14       —         —         —         122       (3 )      14  
Capital goods
     78       (1 )      8       —         —         —         78       (1 )      8  
Consumer—cyclical
     22       (1 )      8       15       (1 )      3       37       (2 )      11  
Transportation
     37       (1 )      7       —         —         —         37       (1 )      7  
Other
     39       (2 )      5       23       (2 )      2       62       (4 )      7  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     912       (21 )      124       62       (5 )      8       974       (26 )      132  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 3,505     $ (85 )      390     $ 258     $ (20 )      30     $ 3,763     $ (105 )      420  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The scheduled maturity distribution of fixed maturity securities as of March 31, 2022 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
 
(Amounts in millions)
   
Amortized
cost or
cost
     
Fair
value
  
Due one year or less
    $ 1,407      $ 1,420  
Due after one year through five years
      8,339        8,501  
Due after five years through ten years
      13,771        13,943  
Due after ten years
      23,009        25,427  
    
 
 
     
 
 
  
Subtotal
      46,526        49,291  
Residential mortgage-backed
      1,277        1,320  
Commercial mortgage-backed
      2,369        2,361  
Other asset-backed
      2,108        2,055  
    
 
 
     
 
 
  
Total
    $ 52,280      $ 55,027  
    
 
 
     
 
 
  
As of March 31, 2022, securities issued by finance and insurance, consumer—non-cyclical, utilities and technology and communications industry groups represented approximately 24%, 15%, 13% and 11%, 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 March 31, 2022, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity.
(e) Commercial Mortgage Loans
Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of principal payments, amortization and allowance for credit losses.
 
We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
 
    
March 31, 2022
    
December 31, 2021
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Property type:
                                   
Retail
    $ 2,837        41 %    $ 2,774        40 % 
Office
      1,527        22       1,526        22  
Industrial
      1,461        21       1,420        21  
Apartments
      577        8       585        9  
Mixed use
      327        5       330        5  
Other
      209        3       221        3  
    
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,938        100 %      6,856        100 % 
             
 
 
             
 
 
  
Allowance for credit losses
      (25 )               (26 )          
    
 
 
             
 
 
           
Total
    $ 6,913              $ 6,830           
    
 
 
             
 
 
           
 
    
March 31, 2022
    
December 31, 2021
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Geographic region:
                                   
South Atlantic
    $ 1,806        26 %    $ 1,770        26 % 
Pacific
      1,357        20       1,360        20  
Middle Atlantic
      964        14       964        14  
Mountain
      932        13       892        13  
West South Central
      493        7       483        7  
West North Central
      466        7       461        7  
East North Central
      464        7       465        7  
New England
      235        3       237        3  
East South Central
      221        3       224        3  
    
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,938        100 %      6,856        100 % 
             
 
 
             
 
 
  
Allowance for credit losses
      (25 )               (26 )          
    
 
 
             
 
 
           
Total
    $ 6,913              $ 6,830           
    
 
 
             
 
 
           
As of December 31, 2021, we had one commercial mortgage loan with an amortized cost of $22 million that was 31 to 60 days past due in the office property type. We wrote off $8 million of this commercial mortgage loan during the year ended December 31, 2021 and it was placed on non-accrual status as of December 31, 2021. The carrying value of this commercial mortgage loan was written down to the fair value of its collateral and this loan did not have an allowance for credit losses as of December 31, 2021. As of March 31, 2022, this commercial mortgage loan was more than 90 days past due with an amortized cost of $22 million and was on non-accrual status. As of March 31, 2022, we had no other commercial mortgage loans past due or on non-accrual status. For a discussion of our policy related to placing commercial mortgage loans on non-accrual status, see Note 2—Summary of Significant Accounting Policies included in the Notes to Consolidated Financial Statements in our 2021 Annual Report on Form 10-K.
During the three months ended March 31, 2022 and the year ended December 31, 2021, we did not have any modifications or extensions that were considered troubled debt restructurings.
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
     
    2021    
  
Allowance for credit losses:
                  
Beginning balance
    $ 26      $ 31  
Provision
      (1 )       1  
Write-offs
      —          —    
Recoveries
      —          —    
    
 
 
     
 
 
  
Ending balance
    $ 25      $ 32  
    
 
 
     
 
 
  
In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the debt-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average debt-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower debt-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is based on “normalized” annual income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio is not used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.
 
 
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of March 31, 2022:
 
(Amounts in millions)
   
2022
     
2021
     
2020
     
2019
     
2018
     
2017 and
prior
     
Total
  
Debt-to-value:
                                                               
0% - 50%
    $ —        $ 23      $ 72      $ 60      $ 161      $ 2,136      $ 2,452  
51% - 60%
      —          40        30        161        272        991        1,494  
61% - 75%
      197        884        420        505        438        526        2,970  
76% - 100%
      —          —          —          —          —          —          —    
Greater than 100%
      —          —          —          —          —          22        22  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 197      $ 947      $ 522      $ 726      $ 871      $ 3,675      $ 6,938  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt service coverage ratio:
                                                               
Less than 1.00
    $ —        $ —        $ 10      $ 19      $ 41      $ 150      $ 220  
1.00 - 1.25
      13        2        69        73        75        317        549  
1.26 - 1.50
      20        118        32        167        134        333        804  
1.51 - 2.00
      148        724        219        269        441        1,270        3,071  
Greater than 2.00
      16        103        192        198        180        1,605        2,294  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 197      $ 947      $ 522      $ 726      $ 871      $ 3,675      $ 6,938  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
 
    
March 31, 2022
  
(Amounts in millions)
   
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
                                                 
Retail
    $ 849     $ 594     $ 1,394     $ —       $ —       $ 2,837  
Office
      492       387       626       —         22       1,527  
Industrial
      738       233       490       —         —         1,461  
Apartments
      196       99       282       —         —         577  
Mixed use
      121       67       139       —         —         327  
Other
      56       114       39       —         —         209  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 2,452     $ 1,494     $ 2,970     $ —       $ 22     $ 6,938  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      35 %      22 %      43 %      —   %      —   %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
      2.35       1.84       1.62       —         —         1.92  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    
December 31, 2021
  
(Amounts in millions)
   
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
                                                 
Retail
    $ 853     $ 611     $ 1,310     $ —       $ —       $ 2,774  
Office
      505       395       604       —         22       1,526  
Industrial
      745       240       435       —         —         1,420  
Apartments
      200       102       283       —         —         585  
Mixed use
      120       70       140       —         —         330  
Other
      57       121       43       —         —         221  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 2,480     $ 1,539     $ 2,815     $ —       $ 22     $ 6,856  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      36 %      23 %      41 %      —   %      —   %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
      2.36       1.83       1.61       —         0.68       1.93  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
 
    
March 31, 2022
  
(Amounts in millions)
   
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater
than 2.00
    
Total
  
Property type:
                                                 
Retail
    $ 100     $ 157     $ 426     $ 1,441     $ 713     $ 2,837  
Office
      67       108       165       609       578       1,527  
Industrial
      8       77       80       629       667       1,461  
Apartments
      17       62       77       230       191       577  
Mixed use
      23       31       40       118       115       327  
Other
      5       114       16       44       30       209  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 220     $ 549     $ 804     $ 3,071     $ 2,294     $ 6,938  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      3 %      8 %      12 %      44 %      33 %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
      68 %      60 %      62 %      60 %      44 %      55 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
    
December 31, 2021
  
(Amounts in millions)
   
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater
than 2.00
    
Total
  
Property type:
                                                 
Retail
    $ 102     $ 166     $ 405     $ 1,375     $ 726     $ 2,774  
Office
      67       109       167       593       590       1,526  
Industrial
      9       64       82       599       666       1,420  
Apartments
      17       62       84       225       197       585  
Mixed use
      24       32       40       118       116       330  
Other
      4       126       13       48       30       221  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 223     $ 559     $ 791     $ 2,958     $ 2,325     $ 6,856  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      3 %      8 %      12 %      43 %      34 %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
      68 %      61 %      61 %      60 %      43 %      55 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(f) Limited Partnerships or Similar Entities
Investments in limited partnerships or similar entities are generally considered VIEs when the equity group lacks sufficient financial control. Generally, these investments are limited partner or non-managing member equity investments in a widely held fund that is sponsored and managed by a reputable asset manager. We are not the primary beneficiary of any VIE investment in a limited partnership or similar entity. As of March 31, 2022 and December 31, 2021, the total carrying value of these investments was $1,936 million and $1,829 million, respectively. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. We have not contributed, and do not plan to contribute, any additional financial or other support outside of what is contractually obligated.
v3.22.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2022
Derivative Instruments
(5) Derivative Instruments
Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce some of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include cash flow hedges.
 
 
The following table sets forth our positions in derivative instruments as of the dates indicated:
 
   
Derivative assets
    
Derivative liabilities
  
         
Fair value
          
Fair value
  
(Amounts in millions)
  
Balance
sheet classification
    
March 31,
2022
    
December 31,
2021
    
Balance sheet
classification
    
March 31,
2022
    
December 31,
2021
  
Derivatives designated as
                                                
hedges
                                                
Cash flow hedges:
                                                
Interest rate swaps
     Other invested assets     $ 162     $ 364       Other liabilities     $ 76     $ 26  
Foreign currency swaps
     Other invested assets       5       6       Other liabilities       1       —    
           
 
 
    
 
 
            
 
 
    
 
 
  
Total cash flow hedges
             167       370               77       26  
           
 
 
    
 
 
            
 
 
    
 
 
  
Total derivatives designated as hedges
             167       370               77       26  
           
 
 
    
 
 
            
 
 
    
 
 
  
Derivatives not designated as hedges
                                                
Equity index options
     Other invested assets       30       42       Other liabilities       —         —    
Financial futures
     Other invested assets       —         —         Other liabilities       —         —    
Other foreign currency contracts
     Other invested assets       —         2       Other liabilities       —         —    
GMWB embedded derivatives
     Reinsurance
recoverable
(1)
  
 		     17       19       Policyholder
account balances
 (2)
  
 		     243       271  
Fixed index annuity embedded derivatives
     Other assets       —         —         Policyholder
account balances
 (3)
  
 		     261       294  
Indexed universal life embedded derivatives
     Reinsurance
recoverable		  
 		     —         —         Policyholder
account balances
 (4)
  
 		     21       25  
           
 
 
    
 
 
            
 
 
    
 
 
  
Total derivatives not designated as hedges
             47       63               525       590  
           
 
 
    
 
 
            
 
 
    
 
 
  
Total derivatives
           $ 214     $ 433             $ 602     $ 616  
           
 
 
    
 
 
            
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities.
(2)
 
Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
(3)
 
Represents the embedded derivatives associated with our fixed index annuity liabilities.
(4)
 
Represents the embedded derivatives associated with our indexed universal life liabilities.
The fair value of derivative positions presented above was not offset by the respective collateral amounts received or provided under these agreements.
 
The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB embedded derivatives, fixed index annuity embedded derivatives and indexed universal life embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated:
 
(Notional in millions)
   
Measurement
     
December 31,
2021
     
Additions
     
Maturities/
terminations
    
March 31,
2022
  
Derivatives designated as hedges
                                            
Cash flow hedges:
                                            
Interest rate swaps
      Notional      $ 7,653      $ —        $ (58 )    $ 7,595  
Foreign currency swaps
      Notional        127        —          —         127  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total cash flow hedges
               7,780        —          (58 )      7,722  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives designated as hedges
               7,780        —          (58 )      7,722  
             
 
 
     
 
 
     
 
 
    
 
 
  
Derivatives not designated as hedges
                                            
Equity index options
      Notional        1,446        300        (368 )      1,378  
Financial futures
      Notional        946        994        (1,042 )      898  
Other foreign currency contracts
      Notional        83        —          (59 )      24  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives not designated as hedges
               2,475        1,294        (1,469 )      2,300  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives
             $ 10,255      $ 1,294      $ (1,527 )    $ 10,022  
             
 
 
     
 
 
     
 
 
    
 
 
  
           
(Number of policies)
   
Measurement
     
December 31,
2021
     
Additions
     
Maturities/
terminations
    
March 31,
2022
  
Derivatives not designated as hedges
                                            
GMWB embedded derivatives
      Policies        21,804        —          (477 )      21,327  
Fixed index annuity embedded derivatives
      Policies        9,344        —          (568 )      8,776  
Indexed universal life embedded derivatives
      Policies        806        —          (7 )      799  
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 other comprehensive income (loss) (“OCI”). We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; and (v) other instruments to hedge the cash flows of various forecasted transactions.
 
 
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2022:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net income
from OCI
    
Classification of gain
(loss) reclassified
into net income
    
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
  
Interest rate swaps hedging assets
   $ (250 )    $ 55       Net investment
income		  
 		   $ —        
Net investment
gains (losses)
  
 
Interest rate swaps hedging assets
     —         2       Net investment
gains (losses)		  
 		     —         Net investment
gains (losses)		  
 
Interest rate swaps hedging liabilities
     —         (1 )      Interest
expense		  
 		     —         Net investment
gains (losses)		  
 
Foreign currency swaps
     (2 )      1       Net investment
income		  
 		     —         Net investment
gains (losses)		  
 
   
 
 
    
 
 
            
 
 
          
Total
   $ (252 )    $ 57             $ —            
   
 
 
    
 
 
            
 
 
          
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2021:
 
(Amounts in millions)
  
Gain (loss)

recognized in OCI
    
Gain (loss)
reclassified into
net income
from OCI
    
Classification of gain
(loss) reclassified
into net income
  
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
   $ (529 )    $ 52     Net investment income   $ —       Net investment gains (losses)
Interest rate swaps hedging liabilities
     44       —       Interest expense     —       Net investment gains (losses)
Foreign currency swaps
     (2 )      —       Net investment income     —       Net investment gains (losses)
   
 
 
    
 
 
        
 
 
      
Total
   $ (487 )    $ 52         $ —        
   
 
 
    
 
 
        
 
 
      
The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
2022
    
2021
  
Derivatives qualifying as effective accounting hedges as of January 1
    $ 2,025     $ 2,211  
Current period increases (decreases) in fair value, net of deferred taxes of $53 and $102
      (199 )      (385 ) 
Reclassification to net (income), net of deferred taxes of $20 and $18
      (37 )      (34 ) 
    
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of March 31
    $ 1,789     $ 1,792  
    
 
 
    
 
 
  
 
The total of derivatives designated as cash flow hedges of $1,789 million, net of taxes, recorded in stockholders’ equity as of March 31, 2022 is expected to be reclassified to net income (loss) in the future, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $143 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2057. During the three months ended March 31, 2022 and 2021, we reclassified $3 million and $2 million, respectively, 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) equity index options, 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; and (iii) foreign currency options and forward contracts to mitigate currency risk associated with dividends, cash payments to AXA S.A. (“AXA”) reported as discontinued operations and/or other cash flows from certain foreign subsidiaries to our holding company. Additionally, we provide GMWBs on certain variable annuities that are required to be bifurcated as embedded derivatives. We also offer fixed index annuity and indexed universal life insurance products and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives.
The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated:
 
    
Three months ended
March 31,
    
Classification of gain (loss) recognized
in net income
(Amounts in millions)
   
    2022    
    
    2021    
  
Interest rate swaps
    $ —       $ 4     Net investment gains (losses)
Equity index options
      (6 )      3     Net investment gains (losses)
Financial futures
      (47 )      (110 )    Net investment gains (losses)
GMWB embedded derivatives
      32       105     Net investment gains (losses)
Fixed index annuity embedded derivatives
      12       (4 )    Net investment gains (losses)
Indexed universal life embedded derivatives
      11       10     Net investment gains (losses)
    
 
 
    
 
 
      
Total derivatives not designated as hedges
    $ 2     $ 8      
    
 
 
    
 
 
      
 
Derivative Counterparty Credit Risk
Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. The following table presents additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated:
 
    
March 31, 2022
    
December 31, 2021
  
(Amounts in millions)
   
Derivative
assets 
(1)
    
Derivative
liabilities 
(1)
    
Net
derivatives
    
Derivative
assets
(1)
    
Derivative
liabilities 
(1)
    
Net
derivatives
  
Amounts presented in the balance sheet:
                                                 
Gross amounts recognized
    $ 198     $ 77     $ 121     $ 414     $ 26     $ 388  
Gross amounts offset in the balance sheet
      —         —         —         —         —         —    
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amounts presented in the balance sheet
      198       77       121       414       26       388  
Gross amounts not offset in the balance sheet:
                                                 
Financial instruments
(2)
      (49 )      (49 )      —         (20 )      (20 )      —    
Collateral received
      (110 )      —         (110 )      (308 )      —         (308 ) 
Collateral pledged
      —         (567 )      567       —         (536 )      536  
Over collateralization
      13       539       (526 )      2       530       (528 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount
    $ 52     $ —       $ 52     $ 88     $ —       $ 88  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021.
(2)
 
Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.
 
v3.22.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2022
Fair Value of Financial Instruments
(6)
Fair Value of Financial Instruments
Recurring Fair Value Measurements
We have fixed maturity securities, equity securities, limited partnerships, derivatives, short-term investments, embedded derivatives, separate account assets and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument.
Fixed maturity, short-term investments and equity securities
The fair value of fixed maturity securities, short-term investments and equity securities are estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market
 
 
information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including mortgage-backed or asset-backed securities), an income approach may be used. In addition, a combination of the results from market and income approaches may be used to estimate fair value. These valuation techniques may change from period to period, based on the relevance and availability of market data.
Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.
In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services.
Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3.
Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements.
For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of March 31, 2022.
For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.
 
Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.
A summary of the inputs used for our fixed maturity securities, short-term investments and equity securities based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar.
Level 1 measurements
Equity securities.
The primary inputs to the valuation of exchange-traded equity securities include quoted prices for the identical instrument.
Separate account assets.
The fair value of separate account assets is based on the quoted prices of the underlying fund investments and, therefore, represents Level 1 pricing.
Level 2 measurements
Fixed maturity securities
 
  •  
Third-party pricing services:
In estimating the fair value of fixed maturity securities, 89% of our portfolio was priced using third-party pricing services as of March 31, 2022. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.
 
 
The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2022:
 
(Amounts in millions)
  
Fair value
    
Primary methodologies
  
Significant inputs
U.S. government, agencies
and government-sponsored
enterprises
     $4,097     Price quotes from trading desk, broker feeds   Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
       
State and political subdivisions
     $3,063     Multi-dimensional attribute-based modeling systems, third-party pricing vendors   Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
       
Non-U.S. government
     $783     Matrix pricing, spread priced to benchmark curves, price quotes from market makers   Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
       
U.S. corporate
     $27,876     Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models   Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
       
Non-U.S. corporate
     $7,414     Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers   Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
       
Residential mortgage-backed
     $1,287     OAS-based models, single factor binomial models, internally priced   Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
 
 
 
 
 
 
 
 
 
Commercial mortgage-backed
     $2,346     Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage- backed securities analytics model   Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
       
Other asset-backed
     $1,955     Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers   Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
 
  •  
Internal models:
A portion of our U.S. corporate and non-U.S. corporate securities are valued using internal models. The fair value of these fixed maturity securities was $1,678 million and $999 million, respectively, as of March 31, 2022. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.
Equity securities.
The primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active.
Short-term investments.
The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by pricing services.
Level 3 measurements
Fixed maturity securities
 
  •  
Broker quotes:
A portion of our state and political subdivisions, non-U.S. government, U.S. corporate, non-U.S. corporate, residential mortgage-backed, commercial mortgage-backed and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $269 million as of March 31, 2022.
 
  •  
Internal models:
A portion of our state and political subdivisions, U.S. corporate, non-U.S. corporate, residential mortgage-backed and other asset-backed securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $3,260 million as of March 31, 2022.
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.
Limited partnerships.
The fair value of limited partnerships classified as Level 3 is determined based on third-party valuation sources that utilize unobservable inputs, such as a reference to public market or private transactions, valuations for comparable companies or assets, discounted cash flows and/or recent transactions.
 
Net asset value
Limited partnerships.
Limited partnerships are valued based on comparable market transactions, discounted future cash flows, quoted market prices and/or estimates using the most recent data available for the underlying instrument. We utilize the net asset value (“NAV”) from the underlying fund statements as a practical expedient for fair value.
Derivatives
We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our non-performance risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we have not recorded any incremental adjustment for our non-performance risk or the non-performance risk of the derivative counterparty for our derivative assets or liabilities.
Interest rate swaps.
The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2.
Foreign currency swaps.
The valuation of foreign currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered observable inputs, and results in the derivative being classified as Level 2.
Equity index options.
We have equity index options associated with various equity indices. The valuation of equity index options is determined using an income approach. The primary inputs into the valuation represent forward interest rates, equity index volatility, equity index and time value component associated with the optionality in the derivative. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3. As of March 31, 2022, a significant increase (decrease) in the equity index volatility discussed above would have resulted in a significantly higher (lower) fair value measurement.
Financial futures.
The fair value of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the margins on these contracts on a daily basis.
Other foreign currency contracts.
We have certain foreign currency options classified as other foreign currency contracts. The valuation of foreign currency options is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, foreign currency exchange rates, forward interest rate, foreign currency exchange rate volatility and time value component associated with the optionality in the derivative, which are generally considered observable inputs and results in the derivative being classified as Level 2. We also have foreign currency forward contracts where the valuation is determined using
an income approach. The primary inputs into the valuation represent the forward foreign currency exchange rates, which are generally considered observable inputs and results in the derivative being classified as Level 2.
GMWB embedded derivatives
We are required to bifurcate an embedded derivative for certain features associated with annuity products and related reinsurance agreements where we provide a GMWB to the policyholder and are required to record the GMWB embedded derivative at fair value. The valuation of our GMWB embedded derivative is based on an income approach that incorporates inputs such as forward interest rates, equity index volatility, equity index and fund correlation, and policyholder assumptions such as utilization, lapse and mortality. We determine fair value using an internal model based on the various inputs noted above.
Non-performance risk is integrated into the discount rate used to value GMWB liabilities. Our discount rate used to determine fair value of our GMWB liabilities includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the GMWB liabilities. As of March 31, 2022 and December 31, 2021, the impact of non-performance risk resulted in a lower fair value of our GMWB liabilities of $42 million and $49 million, respectively.
We classify the GMWB valuation as Level 3 based on having significant unobservable inputs, with equity index volatility and non-performance risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the GMWB liabilities will increase. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the GMWB liability. Additionally, we consider lapse and utilization assumptions to be significant unobservable inputs. An increase in our lapse assumption would decrease the fair value of the GMWB liability, whereas an increase in our utilization rate would increase the fair value. As of March 31, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.

Fixed index annuity embedded derivatives
We have fixed indexed annuity products where interest is
credited
to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of March 31, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.

Indexed universal life embedded derivatives
We have indexed universal life insurance products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature.
The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. As of March 31, 2022, a significant change in the unobservable inputs discussed above would have resulted in a significantly lower or higher fair value measurement.
 

 
The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
    
March 31, 2022
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
     
NAV 
(1)
  
Assets
                                             
Investments:
                                             
Fixed maturity securities:
                                             
U.S. government, agencies and government-sponsored enterprises
    $ 4,097      $ —        $ 4,097      $ —        $ —    
State and political subdivisions
      3,134        —          3,063        71        —    
Non-U.S. government
      784        —          783        1        —    
U.S. corporate:
                                             
Utilities
      4,634        —          3,722        912        —    
Energy
      2,699        —          2,627        72        —    
Finance and insurance
      8,229        —          7,553        676        —    
Consumer—non-cyclical
      5,488        —          5,396        92        —    
Technology and communications
      3,497        —          3,469        28        —    
Industrial
      1,348        —          1,313        35        —    
Capital goods
      2,512        —          2,471        41        —    
Consumer—cyclical
      1,767        —          1,640        127        —    
Transportation
      1,248        —          1,184        64        —    
Other
      401        —          179        222        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. corporate
      31,823        —          29,554        2,269        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Non-U.S. corporate:
                                             
Utilities
      878        —          544        334        —    
Energy
      1,241        —          1,103        138        —    
Finance and insurance
      2,191        —          2,048        143        —    
Consumer—non-cyclical
      671        —          611        60        —    
Technology and communications
      1,099        —          1,072        27        —    
Industrial
      953        —          879        74        —    
Capital goods
      619        —          487        132        —    
Consumer—cyclical
      312        —          226        86        —    
Transportation
      423        —          401        22        —    
Other
      1,066        —          1,042        24        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total non-U.S. corporate
      9,453        —          8,413        1,040        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Residential mortgage-backed
      1,320        —          1,287        33        —    
Commercial mortgage-backed
      2,361        —          2,346        15        —    
Other asset-backed
      2,055        —          1,955        100        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturity securities
      55,027        —          51,498        3,529        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Equity securities
      230        137        57        36        —    
Limited partnerships
      1,558        —          —          26        1,532  
Other invested assets:
                                             
Derivative assets:
                                             
Interest rate swaps
      162        —          162        —          —    
Foreign currency swaps
      5        —          5        —          —    
Equity index options
      30        —          —          30        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative assets
      197        —          167        30        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Short-term investments
      76        —          76        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total other invested assets
      273        —          243        30        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance recoverable
(2)
      17        —          —          17        —    
Separate account assets
      5,530        5,530        —          —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
    $ 62,635      $ 5,667      $ 51,798      $ 3,638      $ 1,532  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
 
    
December 31, 2021
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
     
NAV
 (1)
  
Assets
                                             
Investments:
                                             
Fixed maturity securities:
                                             
U.S. government, agencies and government-sponsored enterprises
    $ 4,552      $ —        $ 4,552      $ —        $ —    
State and political subdivisions
      3,450        —          3,368        82        —    
Non-U.S. government
      835        —          833        2        —    
U.S. corporate:
                                             
Utilities
      5,104        —          4,154        950        —    
Energy
      2,934        —          2,858        76        —    
Finance and insurance
      8,991        —          8,306        685        —    
Consumer—non-cyclical
      6,159        —          6,055        104        —    
Technology and communications
      3,808        —          3,779        29        —    
Industrial
      1,494        —          1,457        37        —    
Capital goods
      2,745        —          2,700        45        —    
Consumer—cyclical
      1,899        —          1,762        137        —    
Transportation
      1,371        —          1,307        64        —    
Other
      419        —          165        254        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. corporate
      34,924        —          32,543        2,381        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Non-U.S. corporate:
                                             
Utilities
      928        —          583        345        —    
Energy
      1,383        —          1,238        145        —    
Finance and insurance
      2,432        —          2,272        160        —    
Consumer—non-cyclical
      743        —          680        63        —    
Technology and communications
      1,250        —          1,222        28        —    
Industrial
      1,047        —          954        93        —    
Capital goods
      705        —          532        173        —    
Consumer—cyclical
      341        —          265        76        —    
Transportation
      489        —          436        53        —    
Other
      1,217        —          1,191        26        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total non-U.S. corporate
      10,535        —          9,373        1,162        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Residential mortgage-backed
      1,440        —          1,413        27        —    
Commercial mortgage-backed
      2,584        —          2,568        16        —    
Other asset-backed
      2,160        —          2,022        138        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturity securities
      60,480        —          56,672        3,808        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Equity securities
      198        101        60        37        —    
Limited partnerships
      1,462        —          —          26        1,436  
Other invested assets:
                                             
Derivative assets:
                                             
Interest rate swaps
      364        —          364        —          —    
Foreign currency swaps
      6        —          6        —          —    
Equity index options
      42        —          —          42        —    
Other foreign currency contracts
      2        —          2        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative assets
      414        —          372        42        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Short-term investments
      26        —          26        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total other invested assets
      440        —          398        42        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance recoverable
(2)
      19        —          —          19        —    
Separate account assets
      6,066        6,066        —          —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
    $ 68,665      $ 6,167      $ 57,130      $ 3,932      $ 1,436  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
   
Beginning

balance

as of
January 1,
2022
    
Total realized and

unrealized gains

(losses)
                                        
Ending

balance

as of
March 31,
2022
    
Total gains
(losses)

attributable to

assets still held
  
(Amounts in millions)
  
Included
in net
income
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3 
(1)
    
Transfer
out of
Level 3 
(1
)
    
Included
in net
income
    
Included
in OCI
  
Fixed maturity securities:
                                                                                                
State and political subdivisions
   $ 82     $ 1     $ (12 )    $ —       $ —       $ —       $ —       $ —       $ —       $ 71     $ 1     $ (12 ) 
Non-U.S. government
     2       —         —         —         (1 )      —         —         —         —         1       —         —    
U.S. corporate:
                                                                                                
Utilities
     950       —         (73 )      35       —         —         —         —         —         912       —         (73 ) 
Energy
     76       —         (4 )      —         —         —         —         —         —         72       —         (4 ) 
Finance and insurance
     685       —         (56 )      66       —         —         (2 )      —         (17 )      676       —         (55 ) 
Consumer—non-cyclical
     104       —         (5 )      —         —         —         (7 )      —         —         92       —         (6 ) 
Technology and communications
     29       —         (1 )      —         —         —         —         —         —         28       —         (1 ) 
Industrial
     37       —         (2 )      —         —         —         —         —         —         35       —         (2 ) 
Capital goods
     45       —         (4 )      —         —         —         —         —         —         41       —         (3 ) 
Consumer—cyclical
     137       —         (8 )      —         —         —         (2 )      —         —         127       —         (8 ) 
Transportation
     64       —         (3 )      5       —         —         (2 )      —         —         64       —         (3 ) 
Other
     254       —         (11 )      —         —         —         (4 )      —         (17 )      222       —         (10 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,381       —         (167 )      106       —         —         (17 )      —         (34 )      2,269       —         (165 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                                                
Utilities
     345       —         (21 )      10       —         —         —         —         —         334       —         (21 ) 
Energy
     145       —         (7 )      —         —         —         —         —         —         138       —         (7 ) 
Finance and insurance
     160       1       (18 )      —         —         —         —         —         —         143       1       (18 ) 
Consumer—non-cyclical
     63       —         (3 )      —         —         —         —         —         —         60       —         (3 ) 
Technology and communications
     28       —         (1 )      —         —         —         —         —         —         27       —         (1 ) 
Industrial
     93       —         (6 )      —         —         —         —         —         (13 )      74       —         (4 ) 
Capital goods
     173       —         (8 )      —         —         —         (33 )      —         —         132       —         (8 ) 
Consumer—cyclical
     76       —         (7 )      —         —         —         —         17       —         86       —         (7 ) 
Transportation
     53       —         (2 )      —         —         —         (29 )      —         —         22       —         (2 ) 
Other
     26       —         (2 )      —         —         —         —         —         —         24       —         (2 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     1,162       1       (75 )      10       —         —         (62 )      17       (13 )      1,040       1       (73 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     27       —         (1 )      9       —         —         (1 )      4       (5 )      33       —         —    
Commercial mortgage-backed
     16       —         (1 )      —         —         —         —         —         —         15       —         (1 ) 
Other asset-backed
     138       —         (7 )      6       —         —         (3 )      —         (34 )      100       —         (5 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     3,808       2       (263 )      131       (1 )      —         (83 )      21       (86 )      3,529       2       (256 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     37       —         —         —         —         —         —         —         (1 )      36       —         —    
Limited partnerships
     26       —         —         —         —         —         —         —         —         26       —         —    
Other invested assets:
                                                                                                
Derivative assets:
                                                                                                
Equity index options
     42       (6 )      —         5       —         —         (11 )      —         —         30       (3 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     42       (6 )      —         5       —         —         (11 )      —         —         30       (3 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     42       (6 )      —         5       —         —         (11 )      —         —         30       (3 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable
(2)
     19       (2 )      —         —         —         —         —         —         —         17       (2 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 3,932     $ (6 )    $ (263 )    $ 136     $ (1 )    $ —       $ (94 )    $ 21     $ (87 )    $ 3,638     $ (3 )    $ (256 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
 
   
Beginning
balance

as of
January 1,
2021
    
Total realized and
unrealized gains
(losses)
                                        
Ending
balance

as of
March 31,
2021
    
Total gains
(losses)
attributable to
assets still held
  
(Amounts in millions)
  
Included
in net
income
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3 
(1)
    
Transfer
out of
Level 3 
(1)
    
Included
in net
income
    
Included
in OCI
  
Fixed maturity securities:
                                                                                                
State and political subdivisions
   $ 66     $ 1     $ 1     $ —       $ —       $ —       $ —       $ —       $ —       $ 68     $ 1     $ 1  
U.S. corporate:
                                                                                                
Utilities
     842       —         (30 )      8       —         —         (13 )      —         (14 )      793       —         (29 ) 
Energy
     128       —         (4 )      —         —         —         (2 )      —         —         122       —         (4 ) 
Finance and insurance
     607       —         (22 )      18       —         —         (17 )      17       (6 )      597       —         (22 ) 
Consumer—non-cyclical
     109       —         (3 )      —         —         —         —         —         —         106       —         (3 ) 
Technology and communications
     47       —         (2 )      12       —         —         —         4       (21 )      40       —         (2 ) 
Industrial
     40       —         —         —         —         —         (20 )      —         —         20       —         —    
Capital goods
     60       —         (2 )      —         —         —         —         —         —         58       —         (2 ) 
Consumer—cyclical
     150       —         (2 )      —         —         —         (1 )      —         —         147       —         (2 ) 
Transportation
     70       —         (1 )      —         —         —         (2 )      —         —         67       —         (1 ) 
Other
     219       —         (2 )      —         —         —         (3 )      6       (20 )      200       —         (1 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,272       —         (68 )      38       —         —         (58 )      27       (61 )      2,150       —         (66 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                                                
Utilities
     352       —         (7 )      30       —         —         —         —         —         375       —         (7 ) 
Energy
     245       —         (2 )      —         —         —         —         —         —         243       —         (2 ) 
Finance and insurance
     305       1       (16 )      —         —         —         —         —         —         290       1       (16 ) 
Consumer—non-cyclical
     67       —         (1 )      —         —         —         —         —         —         66       —         (1 ) 
Technology and communications
     28       —         —         —         —         —         —         —         —         28       —         —    
Industrial
     95       —         (2 )      —         —         —         —         —         —         93       —         (2 ) 
Capital goods
     178       —         (3 )      —         —         —         —         —         —         175       —         (3 ) 
Consumer—cyclical
     146       —         (2 )      16       —         —         —         —         (16 )      144       —         (2 ) 
Transportation
     109       —         (1 )      —         —         —         (19 )      —         (7 )      82       —         (1 ) 
Other
     83       —         (2 )      —         —         —         (1 )      —         —         80       —         (2 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     1,608       1       (36 )      46       —         —         (20 )      —         (23 )      1,576       1       (36 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     14       —         (1 )      —         —         —         —         —         —         13       —         —    
Commercial mortgage-backed
     20       —         (1 )      —         —         —         —         —         —         19       —         (2 ) 
Other asset-backed
     109       —         —         3       —         —         (4 )      2       (14 )      96       —         —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     4,089       2       (105 )      87       —         —         (82 )      29       (98 )      3,922       2       (103 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     51       —         —         —         (8 )      —         —         —         —         43       —         —    
Limited partnerships
     17       —         —         8       —         —         —         —         —         25       —         —    
Other invested assets:
                                                                                                
Derivative assets:
                                                                                                
Equity index options
     63       3       —         5       —         —         (18 )      —         —         53       2       —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     63       3       —         5       —         —         (18 )      —         —         53       2       —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     63       3       —         5       —         —         (18 )      —         —         53       2       —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable
(2)
     26       (8 )      —         —         —         —         —         —         —         18       (8 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,246     $ (3 )    $ (105 )    $ 100     $ (8 )    $ —       $ (100 )    $ 29     $ (98 )    $ 4,061     $ (4 )    $ (103 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
The following table presents the gains and losses included in net income 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 three months ended March 31:
 
(Amounts in millions)
   
2022
     
2021
  
Total realized and unrealized gains (losses) included in net income:
                  
Net investment income
    $ 2      $ 2  
Net investment gains (losses)
      (8 )       (5 ) 
    
 
 
     
 
 
  
Total
    $ (6 )     $ (3 ) 
    
 
 
     
 
 
  
     
Net gains (losses) included in net income attributable to assets still held:
                  
Net investment income
    $ 2      $ 2  
Net investment gains (losses)
      (5 )       (6 ) 
    
 
 
     
 
 
  
Total
    $ (3 )     $ (4 ) 
    
 
 
     
 
 
  
The amount presented for realized and unrealized gains (losses) included in net income for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities.
 
The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022:
 
(Amounts in millions)
  
Valuation technique
  
Fair value
 
  
Unobservable input
  
Range
  
Weighted-average 
(1)
Fixed maturity securities:
  
  
  
      
  
  
  
  
  
  
U.S. corporate:
  
  
  
      
  
  
  
  
  
  
Utilities
  
 Internal models
  
$
880
 
  
Credit spreads
  
49bps - 227bps
  
148bps
Energy
  
 Internal models
  
 
57
 
  
Credit spreads
  
108bps - 248bps
  
173bps
Finance and insurance
  
 Internal models
  
 
670
 
  
Credit spreads
  
54bps - 218bps
  
158bps
Consumer—non-cyclical
  
 Internal models
  
 
92
 
  
Credit spreads
  
54bps - 248bps
  
132bps
Technology and communications
  
 Internal models
  
 
27
 
  
Credit spreads
  
87bps - 162bps
  
133bps
Industrial
  
 Internal models
  
 
35
 
  
Credit spreads
  
98bps - 203bps
  
136bps
Capital goods
  
 Internal models
  
 
41
 
  
Credit spreads
  
67bps - 190bps
  
145bps
Consumer—cyclical
  
 Internal models
  
 
127
 
  
Credit spreads
  
85bps - 184bps
  
137bps
Transportation
  
 Internal models
  
 
53
 
  
Credit spreads
  
32bps - 156bps
  
103bps
Other
  
 Internal models
  
 
158
 
  
Credit spreads
  
90bps - 170bps
  
109bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Total U.S. corporate
  
 Internal models
  
$
2,140
 
  
Credit spreads
  
32bps - 248bps
  
146bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Non-U.S. corporate:
  
  
  
      
  
  
  
  
  
  
Utilities
  
 Internal models
  
$
333
 
  
Credit spreads
  
75bps - 218bps
  
129bps
Energy
  
 Internal models
  
 
129
 
  
Credit spreads
  
83bps - 203bps
  
138bps
Finance and insurance
  
 Internal models
  
 
143
 
  
Credit spreads
  
88bps - 150bps
  
135bps
Consumer—non-cyclical
  
 Internal models
  
 
58
 
  
Credit spreads
  
54bps - 154bps
  
103bps
Technology and communications
  
 Internal models
  
 
27
 
  
Credit spreads
  
83bps - 139bps
  
108bps
Industrial
  
 Internal models
  
 
74
 
  
Credit spreads
  
67bps - 182bps
  
113bps
Capital goods
  
 Internal models
  
 
132
 
  
Credit spreads
  
54bps - 236bps
  
137bps
Consumer—cyclical
  
 Internal models
  
 
57
 
  
Credit spreads
  
98bps - 203bps
  
137bps
Transportation
  
 Internal models
  
 
21
 
  
Credit spreads
  
126bps - 203bps
  
141bps
Other
  
 Internal models
  
 
24
 
  
Credit spreads
  
55bps - 130bps
  
106bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Total non-U.S. corporate
  
 Internal models
  
$
998
 
  
Credit spreads
  
54bps - 236bps
  
129bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Derivative assets:
  
  
  
      
  
  
  
  
  
  

Equity index options
  
Discounted cash flows
  
$
30
 
  
Equity index
volatility
  
6% - 56%
  
21%
 
(1)
 
Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
Certain classes of instruments classified as Level 3 are excluded above as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.
 
 
The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
    
March 31, 2022
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Liabilities
                                    
Policyholder account balances:
                                    
GMWB embedded derivatives
(1)
    $ 243      $ —        $ —        $ 243  
Fixed index annuity embedded derivatives
      261        —          —          261  
Indexed universal life embedded derivatives
      21        —          —          21  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total policyholder account balances
      525        —          —          525  
    
 
 
     
 
 
     
 
 
     
 
 
  
Derivative liabilities:
                                    
Interest rate swaps
      76        —          76        —    
Foreign currency swaps
      1        —          1        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative liabilities
      77        —          77        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
    $ 602      $ —        $ 77      $ 525  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
    
December 31, 2021
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Liabilities
                                    
Policyholder account balances:
                                    
GMWB embedded derivatives
(1)
    $ 271      $ —        $ —        $ 271  
Fixed index annuity embedded derivatives
      294        —          —          294  
Indexed universal life embedded derivatives
      25        —          —          25  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total policyholder account balances
      590        —          —          590  
    
 
 
     
 
 
     
 
 
     
 
 
  
Derivative liabilities:
                                    
Interest rate swaps
      26        —          26        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative liabilities
      26        —          26        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
    $ 616      $ —        $ 26      $ 590  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
   
Beginning
balance
as of
January 1,

2022
    
Total realized and
unrealized (gains)
losses
                                        
Ending
balance

as of
March 31,
2022
    
Total (gains) losses
attributable to
liabilities still held
  
(Amounts in millions)
  
Included
in net
(income)
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Included
in net
(income)
    
Included
in OCI
  
Policyholder account balances:
                                                                                                
GMWB embedded derivatives
(1)
   $ 271     $ (34 )    $ —       $ —       $ —       $ 6     $ —       $ —       $ —       $ 243     $ (30 )    $ —    
Fixed index annuity embedded derivatives
     294       (12 )      —         —         —         —         (20 )      —         (1 )      261       (12 )      —    
Indexed universal life embedded derivatives
     25       (11 )      —         —         —         7       —         —         —         21       (11 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     590       (57 )      —         —         —         13       (20 )      —         (1 )      525       (53 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 590     $ (57 )    $ —       $ —       $ —       $ 13     $ (20 )    $ —       $ (1 )    $ 525     $ (53 )    $ —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
   
Beginning
balance

as of
January 1,
2021
    
Total realized and
unrealized (gains)
losses
                                        
Ending
balance

as of
March 31,
2021
    
Total (gains) losses
attributable to
liabilities still held
  
(Amounts in millions)
  
Included
in net
(income)
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Included
in net
(income)
    
Included
in OCI
  
Policyholder account balances:
                                                                                                
GMWB embedded derivatives
(1)
   $ 379     $ (113 )    $ —       $ —       $ —       $ 6     $ —       $ —       $ —       $ 272     $ (107 )    $ —    
Fixed index annuity embedded derivatives
     399       4       —         —         —         —         (41 )      —         —         362       4       —    
Indexed universal life embedded derivatives
     26       (10 )      —         —         —         7       —         —         —         23       (10 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     804       (119 )      —         —         —         13       (41 )      —         —         657       (113 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 804     $ (119 )    $ —       $ —       $ —       $ 13     $ (41 )    $ —       $ —       $ 657     $ (113 )    $ —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
The following table presents the gains and losses included in net (income) 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 three months ended March 31:
 
(Amounts in millions)
   
2022
     
2021
  
Total realized and unrealized (gains) losses included in net (income):
                  
Net investment income
    $ —        $ —    
Net investment (gains) losses
      (57 )       (119 ) 
    
 
 
     
 
 
  
Total
    $ (57 )     $ (119 ) 
    
 
 
     
 
 
  
Total (gains) losses included in net (income) attributable to liabilities still held:
                  
Net investment income
    $ —        $ —    
Net investment (gains) losses
      (53 )       (113 ) 
    
 
 
     
 
 
  
Total
    $ (53 )     $ (113 ) 
    
 
 
     
 
 
  
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 March 31, 2022:
 
(Amounts in millions)
 
Valuation technique
 
 
Fair value
 
 
Unobservable input
 
 
Range
 
 
Weighted-average 
(1)
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
 
      
 
      
 
 
Withdrawal
utilization rate
 
 
 
 
61% - 89%
 
 
 
77%
 
 
 
      
 
      
 
 
Lapse rate
 
 
 
2% - 9%
 
 
 
4%
 
 
 
      
 
      
 
  
 Non-performance risk
(credit spreads)
  
 
 
 
23bps - 83bps
 
 
 
66bps
 
GMWB embedded derivatives
(2)
 
 
Stochastic cash flow model
 
 
 
 
$243
 
 
 
Equity index
volatility
 
 
 
 
18% - 27%
 
 
 
23%
 
Fixed index annuity embedded derivatives
 
 
Option budget method
 
 
 
 
$261
 
 
 
Expected future
interest credited
 
 
 
 
—% - 3%
 
 
 
1%
 
Indexed universal life embedded derivatives
 
 
Option budget method
 
 
 
 
$21
 
 
 
Expected future
interest credited
 
 
 
 
3% - 12%
 
 
 
5%
 
 
(1)
 
Unobservable inputs weighted by the policyholder account balances associated with the instrument.
(2)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
Assets and Liabilities Not Required to Be Carried at Fair Value
Assets and liabilities that are reflected in the accompanying unaudited condensed consolidated financial statements at fair value are not included in the following disclosure of fair value. Such items include cash, cash equivalents and restricted cash, short-term investments, investment securities, separate accounts, securities held as collateral and derivative instruments. Apart from certain of our borrowings and certain marketable securities, few of the instruments are actively traded and their fair values must often be determined using models. The fair value estimates are made at a specific point in time, based upon available market information and judgments about the financial instruments, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets.
 
 
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:
 
    
March 31, 2022
  
    
Notional

amount
    
Carrying

amount
     
Fair value
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                                                     
Commercial mortgage loans, net
              
(1)
 		   $ 6,913      $ 6,983      $ —        $ 22      $ 6,961  
Bank loan investments
              
(1)
 		     381        384        —          —          384  
Liabilities:
                                                     
Long-term borrowings
              
(1)
 		     1,819        1,587        —          1,587        —    
Investment contracts
              
(1)
 		     8,327        8,582        —          —          8,582  
Other firm commitments:
                                                     
Commitments to fund bank loan investments
      108       —          —          —          —          —    
Ordinary course of business lending commitments
      95       —          —          —          —          —    
 
(1)
 
These financial instruments do not have notional amounts.
 
    
December 31, 2021
  
    
Notional

amount
    
Carrying

amount
     
Fair value
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                                                     
Commercial mortgage loans, net
              
(1)
 		   $ 6,830      $ 7,224      $ —        $ —        $ 7,224  
Bank loan investments
              
(1)
 		     363        370        —          —          370  
Liabilities:
                                                     
Long-term borrowings
              
(1)
 		     1,899        1,767        —          1,767        —    
Investment contracts
              
(1)
 		     8,657        9,352        —          —          9,352  
Other firm commitments:
                                                     
Commitments to fund bank loan investments
      141       —          —          —          —          —    
Ordinary course of business lending commitments
      125       —          —          —          —          —    
 
(1)
 
These financial instruments do not have notional amounts.
Assets Measured Using Net Asset Value
Limited partnerships include partnership interests accounted for using NAV per share (or its equivalent) or fair value for those interests considered minor and partnership interests accounted for under the equity method of accounting for those interests exceeding the minor threshold. Our limited partnership interests accounted for using NAV per share (or its equivalent) are generally not redeemable by the investees and generally cannot be sold without approval of the general partner. We receive distributions of income and proceeds from the liquidation of the underlying assets of the investees, which usually takes place in years five to ten of the typical contractual life of ten to 12 years.
 
The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated:
 
    
March 31, 2022
     
December 31, 2021
  
(Amounts in millions)
   
Carrying

value
     
Commitments
to fund
     
Carrying
value
     
Commitments
to fund
  
Limited partnerships accounted for at NAV:
                                    
Private equity funds
(1)
    $ 1,405      $ 975      $ 1,312      $ 950  
Real estate funds
(2)
      72        117        67        101  
Infrastructure funds
(3)
      55        13        57        13  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total limited partnerships accounted for at NAV
      1,532        1,105        1,436        1,064  
    
 
 
     
 
 
     
 
 
     
 
 
  
Limited partnerships accounted for at fair value
      26        1        26        1  
Limited partnerships accounted for under equity method of accounting
      448        203        437        120  
Low-income housing tax credits
(4)
      1        —          1        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 2,007      $ 1,309      $ 1,900      $ 1,185  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.
(2)
 
This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.
(3)
 
This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.
(4)
 
Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.
 
v3.22.1
Liability for Policy and Contract Claims
 3 Months Ended
Mar. 31, 2022
Liability for Policy and Contract Claims
(7) Liability for Policy and Contract Claims
The following table sets forth changes in our liability for policy and contract claims as of the dates indicated:
 
    
As of or for the three
months ended
March 31,
  
(Amounts in millions)
   
2022
     
2021
  
Beginning balance
    $ 11,841      $ 11,486  
Less reinsurance recoverables
      (2,388 )       (2,431 ) 
    
 
 
     
 
 
  
Net beginning balance
      9,453        9,055  
    
 
 
     
 
 
  
Incurred related to insured events of:
                  
Current year
      1,094        1,054  
Prior years
      (293 )       (229 ) 
    
 
 
     
 
 
  
Total incurred
      801        825  
    
 
 
     
 
 
  
Paid related to insured events of:
                  
Current year
      (202 )       (197 ) 
Prior years
      (675 )       (725 ) 
    
 
 
     
 
 
  
Total paid
      (877 )       (922 ) 
    
 
 
     
 
 
  
Interest on liability for policy and contract claims
      103        101  
    
 
 
     
 
 
  
Net ending balance
      9,480        9,059  
Add reinsurance recoverables
      2,353        2,356  
    
 
 
     
 
 
  
Ending balance
    $ 11,833      $ 11,415  
    
 
 
     
 
 
  
The liability for policy and contract claims represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could be significant, and result in increases in reserves by an amount that could be material to our results of operations and financial condition and liquidity. In addition, loss reserves recorded on new delinquencies in our Enact segment have a high degree of estimation, particularly due to the level of uncertainty regarding whether borrowers in forbearance will ultimately cure or result in a claim payment.
For the three months ended March 31, 2022, the favorable development of $293 million related to insured events of prior years was primarily attributable to our long-term care insurance business largely related to favorable claim terminations mostly attributable to higher mortality, favorable development on prior year incurred but not reported claims and favorable experience on pending claims that did not become an active claim. COVID-19 significantly increased mortality on our most vulnerable claimants and temporarily decreased the number of new claims submitted. As of March 31, 2022 and December 31, 2021, the balance of incremental claim reserves recorded in connection with changes to claims incidence and mortality experience resulting from COVID-19 was $171 million and $209 million, respectively. During the first quarter of 2022, we reduced our incremental claim reserves associated with insured events of prior years by $38 million as the impacts of COVID-19 lessened.
The favorable development related to insured events of prior years was also attributable to our Enact segment, predominantly associated with a $50 million favorable reserve adjustment in the first quarter of 2022 primarily related to COVID-19 delinquencies in 2020 curing at levels above original reserve expectations.
v3.22.1
Borrowings
 3 Months Ended
Mar. 31, 2022
Borrowings
(8) Borrowings
The following table sets forth total long-term borrowings as of the dates indicated:
 
(Amounts in millions)
   
March 31,
2022
     
December 31,
2021
  
Genworth Holdings
(1)
                  
4.80% Senior Notes, due 2024
    $ 200      $ 282  
6.50% Senior Notes, due 2034
      298        298  
Floating Rate Junior Subordinated Notes, due 2066
      598        598  
    
 
 
     
 
 
  
Subtotal
      1,096        1,178  
Bond consent fees
      (11 )       (12 ) 
Deferred borrowing charges
      (7 )       (7 ) 
    
 
 
     
 
 
  
Total Genworth Holdings
      1,078        1,159  
    
 
 
     
 
 
  
Enact Holdings
                  
6.50% Senior Notes, due 2025
(2)
      750        750  
Deferred borrowing charges
      (9 )       (10 ) 
    
 
 
     
 
 
  
Total Enact Holdings
      741        740  
    
 
 
     
 
 
  
Total
    $ 1,819      $ 1,899  
    
 
 
     
 
 
  
 
(1)
 
Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
(2)
 
Senior notes issued by Enact Holdings, our majority-owned indirect subsidiary, who has the option to redeem the notes in whole or in part at any time prior to February 15, 2025, by paying a make-whole premium plus accrued and unpaid interest.
In the first quarter of 2022, Genworth Holdings repurchased $82 million principal amount of its 4.80% senior notes due in 2024 for a pre-tax loss of $3 million and paid accrued interest thereon.
v3.22.1
Income Taxes
 3 Months Ended
Mar. 31, 2022
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:
 
    
Three months ended March 31,
  
    
  2022  
    
  2021  
  
Statutory U.S. federal income tax rate
      21.0 %      21.0 % 
Increase in rate resulting from:
                 
Tax on income from terminated swaps
      2.8       4.1  
Other, net
      0.5       0.2  
    
 
 
    
 
 
  
Effective rate
      24.3 %      25.3 % 
    
 
 
    
 
 
  
The effective tax rate for the three months ended March 31, 2022 and 2021 was above the statutory U.S. federal income tax rate of 21% largely due to tax expense on forward starting swaps, which are tax effected at
35% when amortized into net investment income. The decrease in the effective tax rate for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was primarily attributable to lower tax expense on forward starting swaps in relation to pre-tax income in the current year.
v3.22.1
Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Information
(10) Segment Information
We have the following three operating business segments: Enact; U.S. Life Insurance (which includes our long-term care insurance, life insurance and fixed annuities businesses); and Runoff (which includes the results of non-strategic products which have not been actively sold since 2011). In addition to our three 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 reported outside of our operating segments, including certain international mortgage insurance businesses and discontinued operations.
We tax our businesses at the U.S. corporate federal income tax rate of 21%. Each segment is then adjusted to reflect the unique tax attributes of that segment, such as permanent differences between U.S. GAAP and tax law. The difference between the consolidated provision for income taxes and the sum of the provision for income taxes in each segment is reflected in Corporate and Other activities.
The annually-determined tax rates and adjustments to each segment’s provision for income taxes are estimates which are subject to review and could change from year to year.
We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income and assets. Our chief operating decision maker evaluates segment performance and allocates resources on the basis of “adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders.” We define adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as income (loss) from continuing operations excluding the after-tax effects of income (loss) from continuing operations attributable to noncontrolling interests, net investment gains (losses), gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions, restructuring costs and infrequent or unusual non-operating items. Initial 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 initial gains (losses) on reinsurance restructuring for certain blocks of business. We exclude net investment gains (losses) and infrequent or unusual non-operating items because we do not consider them to be related to the operating performance of our segments and Corporate and Other activities. A component of our net investment gains (losses) is the result of estimated future credit losses, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Gains (losses) on the sale of businesses, gains (losses) on the early extinguishment of debt, initial gains (losses) on insurance block transactions and restructuring costs are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders because, in our opinion, they are not indicative of overall operating trends. Infrequent or unusual non-operating items are also excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders if, in our opinion, they are not indicative of overall operating trends.
While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, we believe that adjusted operating
 
income (loss) available to Genworth Financial, Inc.’s common stockholders, and measures that are derived from or incorporate adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders have occurred in the past and could, and in some cases will, recur in the future. Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our definition of adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Genworth Financial, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate and are net of the portion attributable to noncontrolling interests. Net investment gains (losses) are also adjusted for DAC and other intangible amortization and certain benefit reserves.
We repurchased $82 million principal amount of Genworth Holdings’ senior notes due in February 2024 and $146 million principal amount of Genworth Holdings’ senior notes with 2021 maturity dates in the first quarters of 2022 and 2021, respectively, for a pre-tax loss of $3 million and $4 million, respectively. These transactions were excluded from adjusted operating income as they relate to losses on the early extinguishment of debt.
We recorded a pre-tax expense of $21 million in the first quarter of 2021 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:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
     
    2021    
  
Revenues:
                  
Enact segment
    $ 270      $ 288  
U.S. Life Insurance segment:
                  
Long-term care insurance
      1,109        1,140  
Life insurance
      339        348  
Fixed annuities
      116        132  
    
 
 
     
 
 
  
U.S. Life Insurance segment
      1,564        1,620  
    
 
 
     
 
 
  
Runoff segment
      66        76  
Corporate and Other activities
      (8 )       1  
    
 
 
     
 
 
  
Total revenues
    $ 1,892      $ 1,985  
    
 
 
     
 
 
  
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:
 
   
Three months ended
March 31,
  
(Amounts in millions)
  
    2022    
    
    2021    
  
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 149     $ 187  
Add: net income from continuing operations attributable to noncontrolling interests
     30       —    
Add: net income from discontinued operations attributable to noncontrolling interests
     —         8  
   
 
 
    
 
 
  
Net income
     179       195  
Less: income (loss) from discontinued operations, net of taxes
     (2 )      21  
   
 
 
    
 
 
  
Income from continuing operations
     181       174  
Less: net income from continuing operations attributable to noncontrolling interests
     30       —    
   
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
     151       174  
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
                
Net investment (gains) losses, net
     (28 )      (33 ) 
(Gains) losses on early extinguishment of debt
     3       4  
Expenses related to restructuring
     —         21  
Taxes on adjustments
     5       2  
   
 
 
    
 
 
  
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
   $ 131     $ 168  
   
 
 
    
 
 
  
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
  2022  
    
  2021  
  
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
                 
Enact segment
    $ 135     $ 126  
U.S. Life Insurance segment:
                 
Long-term care insurance
      59       95  
Life insurance
      (79 )      (63 ) 
Fixed annuities
      16       30  
    
 
 
    
 
 
  
U.S. Life Insurance segment
      (4 )      62  
    
 
 
    
 
 
  
Runoff segment
      9       12  
Corporate and Other activities
      (9 )      (32 ) 
    
 
 
    
 
 
  
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
    $ 131     $ 168  
    
 
 
    
 
 
  
The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated:
 
(Amounts in millions)
   
March 31,
2022
     
December 31,
2021
  
Assets:
                  
Enact segment
    $ 5,790      $ 5,850  
U.S. Life Insurance segment
      76,482        81,210  
Runoff segment
      8,960        9,460  
Corporate and Other activities
      2,255        2,651  
    
 
 
     
 
 
  
Total assets
    $ 93,487      $ 99,171  
    
 
 
     
 
 
  
v3.22.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2022
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 subsidiaries, 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 October 2016, Genworth Financial, certain members of its executive management team, including its former and present chief executive officer, and current and former members of its board of directors were named as defendants 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 former 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 was stayed pending the outcome of the proposed China Oceanwide transaction. On April 6, 2021, Genworth Financial terminated the proposed China Oceanwide transaction, thereby lifting the stay. We intend to vigorously defend this action.
In September 2018, Genworth Life and Annuity Insurance Company (“GLAIC”), our indirect wholly-owned subsidiary, was named as a defendant in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned
TVPX ARX INC., as Securities Intermediary for Consolidated Wealth Management, LTD. on behalf of itself and all others similarly situated v. Genworth Life and Annuity Insurance Company
. Plaintiff alleges unlawful and excessive cost of insurance charges were imposed on policyholders. The complaint asserts claims for breach of contract, alleging that Genworth improperly considered non-mortality factors when calculating cost of insurance rates and failed to decrease cost of insurance charges in light of improved expectations of future mortality, and seeks unspecified compensatory damages, costs, and equitable relief. On October 29, 2018, we filed a motion to enjoin the case in the Middle District of Georgia, and a motion to dismiss and motion to stay in the Eastern District of Virginia. We moved to enjoin the prosecution of the Eastern District of Virginia action on the basis that it involves claims released in a prior nationwide class action settlement (the “McBride settlement”) that was approved by the Middle District of Georgia. Plaintiff filed an amended complaint on November 13, 2018. On December 6, 2018, we moved the Middle District of Georgia for leave to file our counterclaim, which alleges that plaintiff breached the covenant not to sue contained in the prior settlement agreement by filing its current action. On March 15, 2019, the Middle District of Georgia granted our motion to enjoin and denied our motion for leave to file our counterclaim. As such, plaintiff is enjoined from pursuing its class action in the Eastern District of Virginia. On March 29, 2019, plaintiff filed a notice of appeal in the Middle District of Georgia, notifying the Court of its appeal to the United States Court of Appeals for the Eleventh Circuit from the order granting our motion to enjoin. On March 29, 2019, we filed our notice of cross-appeal in the Middle District of Georgia, notifying the Court of our cross-appeal to the Eleventh Circuit from the portion of the order denying our motion for leave to file our counterclaim. On April 8, 2019, the Eastern District of Virginia dismissed the case without prejudice, with leave for plaintiff to refile an amended complaint only if a final appellate Court decision vacates the injunction and reverses the Middle District of Georgia’s opinion. On May 21, 2019, plaintiff filed its appeal and memorandum in support in the Eleventh Circuit. We filed our response to plaintiff’s appeal memorandum on July 3, 2019. The Eleventh Circuit Court of Appeals heard oral argument on plaintiff’s appeal and our cross-appeal on April 21, 2020. On May 26, 2020, the Eleventh Circuit Court of Appeals vacated the Middle District of Georgia’s order enjoining Plaintiff’s class action and remanded the case back to the Middle District of Georgia for further factual development as to whether Genworth has altered how it calculates or charges cost of insurance since the McBride settlement. The Eleventh Circuit Court of Appeals did not reach a decision on Genworth’s counterclaim. On June 30, 2021, we filed in the Middle District of Georgia our renewed motion to enforce the class action settlement and release, and renewed our motion for leave to file a counterclaim. The briefing on both motions concluded in October 2021. On March 24, 2022, the Court denied our motions. On April 11, 2022, we filed an appeal of the Court’s denial to the United States Court of Appeals for the Eleventh Circuit. We intend to continue to vigorously defend this action.
In September 2018, Genworth Financial, Genworth Holdings, Genworth North America Corporation, Genworth Financial International Holdings, LLC (“GFIH”) and Genworth Life Insurance Company (“GLIC”) were named as defendants in a putative class action lawsuit pending in the Court of Chancery of the State of Delaware captioned
Richard F. Burkhart, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, Gerald Green,
individually and on behalf of all other persons similarly situated v. Genworth et al
. Plaintiffs allege that GLIC paid dividends to its parent and engaged in certain reinsurance transactions causing it to maintain inadequate capital capable of meeting its obligations to GLIC policyholders and agents. The complaint alleges causes of action for intentional fraudulent transfer and constructive fraudulent transfer, and seeks injunctive relief. We moved to dismiss this action in December 2018. On January 29, 2019, plaintiffs exercised their right to amend their complaint. On March 12, 2019, we moved to dismiss plaintiffs’ amended complaint. On April 26, 2019, plaintiffs filed a memorandum in opposition to our motion to dismiss, which we replied to on June 14, 2019. On August 7, 2019, plaintiffs filed a motion seeking to prevent proceeds that GFIH expected to receive from the then planned sale of its shares in Genworth MI Canada Inc. (“Genworth Canada”) from being transferred out of GFIH. On September 11, 2019, plaintiffs filed a renewed motion seeking the same relief as their August 7, 2019 motion with an exception that allowed GFIH to transfer $450 million of expected proceeds from the sale of Genworth Canada through a dividend to Genworth Holdings to allow the pay-off of a senior secured term loan facility dated March 7, 2018 among Genworth Holdings as the borrower, GFIH as the limited guarantor and the lending parties thereto. Oral arguments on our motion to dismiss and plaintiffs’ motion occurred on October 21, 2019, and plaintiffs’ motion was denied. On January 31, 2020, the Court granted in part our motion to dismiss, dismissing claims relating to $395 million in dividends GLIC paid to its parent from 2012 to 2014 (out of the $410 million in total dividends subject to plaintiffs’ claims). The Court denied the balance of the motion to dismiss leaving a claim relating to $15 million in dividends and unquantified claims relating to the 2016 termination of a reinsurance transaction. On March 27, 2020, we filed our answer to plaintiffs’ amended complaint. On May 26, 2021, the plaintiffs filed a second amended and supplemental class action complaint adding additional factual allegations and three new causes of action. On July 26, 2021, we moved to dismiss the three new causes of action and answered the balance of the second amended and supplemental class action complaint. Plaintiffs filed an opposition to our motion to dismiss on September 30, 2021. The Court heard oral arguments on the motion on December 7, 2021 and ordered each party to file supplemental submissions, which were filed on January 28, 2022. On January 27, 2022, plaintiffs filed a motion for a preliminary injunction seeking to enjoin GFIH from transferring any assets to any affiliate, including paying any dividends to Genworth Holdings and to enjoin Genworth Holdings and Genworth Financial from transferring or distributing any value to Genworth Financial’s shareholders. We intend to continue to vigorously defend this action.
On April 6, 2020, GLAIC was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Eastern District of Virginia, captioned
Brighton Trustees, LLC, on behalf of and as trustee for Diamond LS Trust; and Bank of Utah, solely as securities intermediary for Diamond LS Trust; on behalf of themselves and all others similarly situated v. Genworth Life and Annuity Insurance Company
. On May 13, 2020, GLAIC was also named as a defendant in a putative class action lawsuit filed in the United States District Court for the Eastern District of Virginia, captioned
Ronald L. Daubenmier, individually and on behalf of himself and all others similarly situated v. Genworth Life and Annuity Insurance Company
. On June 26, 2020, plaintiffs filed a consent motion to consolidate the two cases. On June 30, 2020, the United States District Court for the Eastern District of Virginia issued an order consolidating the Brighton Trustees and Daubenmier cases. On July 17, 2020, the Brighton Trustees and Daubenmier plaintiffs filed a consolidated complaint, alleging that GLAIC subjected policyholders to unlawful and excessive increases to cost of insurance charges. The consolidated complaint asserts claims for breach of contract and injunctive relief, and seeks damages in excess of $5 million. The parties participated in a mediation on November 18, 2021. The trial is scheduled to commence on July 8, 2022. On March 25, 2022, the parties reached an agreement in principle to settle the action for $25 million, subject to Court approval. We accrued $25 million for this litigation as of March 31, 2022. If the settlement is not approved, we intend to continue to vigorously defend this action.
In January 2021, GLIC and Genworth Life Insurance Company of New York (“GLICNY”) were named as defendants in a putative class action lawsuit pending in the United States District Court for the Eastern District of Virginia captioned
Judy Halcom, Hugh Penson, Harold Cherry, and Richard Landino, individually, and on behalf of all others similarly situated v. Genworth Life Insurance Company and Genworth Life Insurance Company of New York
. Plaintiffs seek to represent long-term care insurance policyholders, alleging that the defendants made misleading and inadequate disclosures regarding premium increases for long-term care insurance policies. The complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5 million. The trial is scheduled to commence on June 1, 2022. On June 18, 2021, following two days of mediation, the parties reached an agreement in principle to settle this matter on a nationwide basis and signed the settlement agreement on August 23, 2021. On August 31, 2021, the Court preliminarily approved the settlement. The final approval hearing occurred on February 9, 2022, and the parties are awaiting the Court’s decision on final approval of the proposed settlement. If the Court approves the settlement, we do not anticipate the result to have a material adverse impact on our results of operations or financial position. If the Court does not approve the final settlement, we intend to continue to vigorously defend this action.
In January 2021, GLAIC was named as a defendant in a putative class action lawsuit pending in the United States District Court for the District of Oregon captioned
Patsy H. McMillan, Individually and On Behalf Of All Others Similarly Situated, v. Genworth Life and Annuity Insurance Company
. Plaintiff seeks to represent life insurance policyholders, alleging that GLAIC impermissibly calculated cost of insurance rates to be higher than permitted by her policy. The complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5 million. We intend to continue to vigorously defend this action.
On August 11, 2021, GLIC and GLICNY received a request for pre-suit mediation related to a potential class action lawsuit that may be brought by five long-term care insurance policyholders, seeking to represent a nationwide class alleging that the defendants made misleading and inadequate disclosures regarding premium increases for long-term care insurance policies. The draft complaint asserts claims for breach of contract, conversion, and declaratory and injunctive relief, and seeks damages in excess of $5
million. Genworth participated in pre-suit mediation in November 2021 and January 2022. On January 15, 2022, the parties reached an agreement in principle to settle the dispute on a nationwide basis, subject to the negotiation and execution of a final settlement agreement, and Court approval thereof. On January 28, 2022, the complaint was filed in the United States District Court for the Eastern District of Virginia captioned
Fred Haney, Marsha Merrill, Sylvia Swanson, and Alan Wooten, individually, and on behalf of all others similarly situated v. Genworth Life Insurance Company and Genworth Life Insurance Company of New York
. The parties executed a settlement agreement consistent with the agreement in principle signed on January 15, 2022. On May 2, 2022, the Court preliminarily approved the settlement. The final approval hearing is scheduled for November 17, 2022. If the Court approves the settlement, we do not anticipate the result to have a material adverse impact on our results of operations or financial position. If the Court does not approve the final settlement, we intend to continue to vigorously defend this action.
At this time we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. Except as disclosed above, we are not able to provide an estimate or range of reasonably possible losses related to these matters. Therefore, we cannot ensure that the current investigations and proceedings will not have a material adverse effect on our business, financial condition or results of operations. In addition, it is possible that related investigations and proceedings may be commenced in the future, and we could become subject to additional unrelated investigations and lawsuits. Increased regulatory scrutiny and any resulting investigations or proceedings could result in new legal precedents and industry-wide regulations or practices that could adversely affect our business, financial condition and results of operations.
 
(b) Commitments
As of March 31, 2022, we were committed to fund $1,309 million in limited partnership investments, $75 million in U.S. commercial mortgage loan investments and $20 million in private placement investments. As of March 31, 2022, we were also committed to fund $108 million of bank loan investments which had not yet been drawn.
v3.22.1
Changes in Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2022
Changes In Accumulated Other Comprehensive Income (Loss)
(12) Changes in Accumulated Other Comprehensive Income (Loss)
The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
    
Derivatives
qualifying as
hedges
(2)
    
Foreign
currency
translation
and other
adjustments
    
Total
  
Balances as of January 1, 2022
   $ 1,860     $ 2,025     $ (24 )    $ 3,861  
OCI before reclassifications
     (1,057 )      (199 )      (5 )      (1,261 ) 
Amounts reclassified from (to) OCI
     6       (37 )      —         (31 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
     (1,051 )      (236 )      (5 )      (1,292 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2022 before noncontrolling interests
     809       1,789       (29 )      2,569  
   
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
     (41 )      —         —         (41 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2022
   $ 850     $ 1,789     $ (29 )    $ 2,610  
   
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
    
Derivatives
qualifying as
hedges
(2)
    
Foreign
currency
translation
and other
adjustments
    
Total
  
Balances as of January 1, 2021
   $ 2,214     $ 2,211     $ —       $ 4,425  
OCI before reclassifications
     (316 )      (385 )      136       (565 ) 
Amounts reclassified from (to) OCI
     (4 )      (34 )      —         (38 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
     (320 )      (419 )      136       (603 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2021 before noncontrolling interests
     1,894       1,792       136       3,822  
   
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
     (25 )      —         172       147  
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2021
   $ 1,919     $ 1,792     $ (36 )    $ 3,675  
   
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
The foreign currency translation and other adjustments balance in the charts above included $(4) million and $(15) million, respectively, net of taxes of $1 million and $4 million, respectively, related to a net unrecognized postretirement benefit obligation as of March 31, 2022 and 2021. The balance also included taxes of $(1) million related to foreign currency translation adjustments as of March 31, 2021.
The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented:
 
   
Amount reclassified from accumulated
other comprehensive income (loss)
    
Affected line item in the
consolidated statements
of income
   
Three months ended March 31,
  
(Amounts in millions)
  
2022
    
2021
  
Net unrealized investment (gains) losses:
                    
Unrealized (gains) losses on
investments
(1)
   $ 8     $ (5 )    Net investment (gains) losses
Income taxes
     (2 )      1     Provision for income taxes
   
 
 
    
 
 
      
Total
   $ 6     $ (4 )     
   
 
 
    
 
 
      
Derivatives qualifying as hedges:
                    
Interest rate swaps hedging assets
   $ (55 )    $ (52 )    Net investment income
Interest rate swaps hedging assets
     (2 )      —       Net investment (gains) losses
Interest rate swaps hedging liabilities
     1       —       Interest expense
Foreign currency swaps
     (1 )      —       Net investment income
Income taxes
     20       18     Provision for income taxes
   
 
 
    
 
 
      
Total
   $ (37 )    $ (34 )     
   
 
 
    
 
 
      
 
(1)
 
Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.22.1
Discontinued Operations
 3 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
(13) Discontinued Operations
On March 3, 2021, we completed a sale of our entire ownership interest of approximately 52% in Genworth Mortgage Insurance Australia Limited (“Genworth Australia”) through an underwriting agreement. We sold our approximately 214.3 million shares of Genworth Australia for AUD2.28 per share and received approximately AUD483 million ($370 million) in net cash proceeds.
A summary of operating results related to Genworth Australia reported as discontinued operations was as follows for the period indicated:
 
(Amounts in millions)
   
Three months
ended March 31,
2021
  
Revenues:
         
Premiums
    $ 51  
Net investment income
      4  
Net investment gains (losses)
      (5 ) 
    
 
 
  
Total revenues
      50  
    
 
 
  
Benefits and expenses:
         
Benefits and other changes in policy reserves
      11  
Acquisition and operating expenses, net of deferrals
      7  
Amortization of deferred acquisition costs and intangibles
      6  
Interest expense
      1  
    
 
 
  
Total benefits and expenses
      25  
    
 
 
  
Income before income taxes and loss on sale
(1)
      25  
Provision for income taxes
      7  
    
 
 
  
Income before loss on sale
      18  
Loss on sale, net of taxes
      (3 ) 
    
 
 
  
Income from discontinued operations, net of taxes
      15  
    
 
 
  
Less: net income from discontinued operations attributable to noncontrolling interests
      8  
    
 
 
  
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ 7  
    
 
 
  
 
(1)
 
The three months ended March 31, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million.
In addition, we recorded after-tax income (loss) of $(1) and $11 million for the three months ended March 31, 2022 and 2021, respectively, associated with refinements to our tax matters agreement liability.
Lifestyle protection insurance
On December 1, 2015, Genworth Financial, through its subsidiaries, completed the sale of its lifestyle protection insurance business to AXA. In 2017, AXA sued us for damages on an indemnity in the 2015 agreement related to alleged remediation it paid to customers who purchased payment protection insurance (“PPI”). On July 20, 2020, we reached a settlement agreement related to losses incurred from mis-selling complaints on policies sold from 1970 through 2004. As part of the settlement agreement, Genworth Holdings
agreed to make payments for certain PPI mis-selling claims, along with a significant portion of future claims to be invoiced by AXA. Under the settlement agreement, Genworth Holdings issued a secured promissory note to AXA, in which it agreed to make deferred cash payments in two installments in June 2022 and September 2022.
In connection with the Genworth Australia sale, Genworth Holdings made a mandatory principal payment to AXA of approximately £176 million ($245 million) in March 2021. The mandatory payment fully repaid the first installment obligation originally due in June 2022 and partially prepaid the September 2022 installment payment.
On September 21, 2021, Genworth Holdings used a portion of the net proceeds from the minority IPO of Enact Holdings to repay the remaining outstanding balance of the secured promissory note of approximately £215 million ($296 million). As of December 31, 2021, we accrued approximately £22 million ($30
million) of estimated future claims still in process of being invoiced. In February 2022, Genworth Holdings paid AXA
 $30
million, which constitutes the majority of the estimated remaining unprocessed claims. We have established our current best estimates for claims still being processed by AXA, as well as other expenses; however, there may be future adjustments to this estimate. If amounts are different from our estimate, it could result in an adjustment to our liability and an additional amount reflected in income (loss) from discontinued operations.
 
The following table presents the amounts owed to AXA under the settlement agreement reflected as liabilities related to discontinued operations in our condensed consolidated balance sheets as of the periods presented:
 
(Amounts in millions)
  
British Pounds
    
U.S. Dollar
  
   
March 31,
2022
    
December 31,
2021
    
March 31,
2022
    
December 31,
2021
  
Installment payments due to AXA:
                                
June 2022:
                                
Beginning balance
   £ —       £ 159     $ —       $ 217  
Prepayments
(1)
     —         (159 )      —         (217 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Ending balance
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
September 2022:
                                
Beginning balance
     —         187       —         256  
Amounts billed as future losses
     —         45       —         61  
Prepayments
(1)
     —         (232 )      —         (324 ) 
Foreign exchange and other
     —         —         —         7  
   
 
 
    
 
 
    
 
 
    
 
 
  
Ending balance
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Total amounts due under the promissory note
     —         —         —         —    
Future claims:
                                
Estimated beginning balance
     22       79       30       108  
Plus: Additional amounts invoiced
     1       —         1       —    
Change in estimated future claims
     —         (10 )      —         (14 ) 
Less: Amounts billed and included as mandatory prepayments
     —         (45 )      —         (61 ) 
Less: Amounts paid
     (22 )      (2 )      (30 )      (3 ) 
Foreign exchange and other
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Estimated future claims
     1       22       1       30  
   
 
 
    
 
 
    
 
 
    
 
 
  
Total amounts due to AXA under the
settlement
agreement
   £ 1     £ 22     $ 1     $ 30  
   
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
On March 3, 2021, we completed the sale of
Genworth
Australia and received net proceeds of approximately AUD483 million ($370 million). The sale of Genworth Australia resulted in a mandatory principal payment of approximately £176 million ($245 million) related to our outstanding secured promissory note issued to AXA, dated as of July 20, 2020, as amended by the parties in connection with the Genworth Australia sale. On September 21, 2021, we used a portion of the net proceeds from the minority IPO of Enact Holdings to repay the remaining outstanding balance of the secured promissory note of approximately £215 million ($296 million).
For the three months ended March 31, 2022 and 2021, we recorded an after-tax loss from discontinued operations of $1 million in each period, related to the settlement agreement with AXA. In the event AXA recovers amounts from third parties related to the mis-selling losses, including from the distributor responsible for the sale of the policies, we have certain rights to share in those recoveries to recoup payments for the underlying mis-selling losses. As of March 31, 2022, we have not recorded any amounts associated with recoveries from third parties.
In addition to the future claims still being processed under the settlement agreement, we also have an unrelated liability that is owed to AXA associated with a tax gross up on underwriting losses attributable to a product sold by a distributor in our former lifestyle protection insurance business. As of March 31, 2022 and
December 31, 2021, the balance of the liability was $3 million and $4 million,
respectively
, and is included as liabilities related to discontinued operations in our condensed consolidated balance sheets. For the three months ended March 31, 2021, we recorded an after-tax loss of $4 million associated with adjustments to an underwriting loss
liability
previously owed to AXA.
v3.22.1
Accounting Changes (Policies)
 3 Months Ended
Mar. 31, 2022
Disclosue of Accounting Changes [Abstract]  
Accounting Pronouncements Not Yet Adopted
In March 2022, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to troubled debt restructurings and the vintage disclosures included within the accounting guidance for credit losses on financial instruments. The guidance eliminates the recognition and measurement requirements for troubled debt restructurings and requires creditors to instead apply existing guidance related to loan refinancing and restructuring to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance also expands disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. The guidance is currently effective for us on January 1, 2023 using the prospective method, with an option to use the modified retrospective method for the recognition and measurement of troubled debt restructurings. We are permitted to early adopt this new accounting guidance as we adopted the accounting guidance related to credit losses on financial instruments on January 1, 2020. We do not expect any significant impact from this guidance on our consolidated financial statements and disclosures.
In August 2018, the FASB issued new accounting guidance that significantly changes the recognition and measurement of long-duration insurance contracts and expands disclosure requirements, which impacts deferred acquisition costs (“DAC”) and liabilities in our U.S. life insurance companies. In accordance with the guidance, the more significant changes include:
 
 
•
 
assumptions will no longer be locked-in at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits (except the discount rate) will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required. Changes will be recorded in net income (loss) using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions;
 
 
•
 
the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a single-A rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss);
 
 
•
 
the provision for adverse deviation and the premium deficiency test will be eliminated;
 
 
•
 
market risk benefits associated with deposit-type contracts will be measured at fair value with changes related to instrument-specific credit risk recorded in other comprehensive income (loss) and remaining changes recorded in net income (loss);
 
 
•
 
the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and
 
 
•
 
disclosures will be greatly expanded to include significant assumptions and product liability rollforwards.
 
T
his guidance is effective for us on January 1, 2023 using the modified
retrospective
method (with transition adjustments as of January 1, 2021) for all topics except for market risk benefits, which is required to be applied using the retrospective method, with early adoption permitted, which we do not intend to elect. We are currently in the process of obtaining necessary data, modifying systems, identifying and developing key inputs and assumptions and establishing policies, systems and internal controls necessary to implement this new accounting guidance. Given the nature and extent of the changes, this guidance is expected to have a significant impact on our consolidated financial statements and significantly reduce our equity at transition primarily due to the change in the discount rate used to determine our liability for future policy benefits.
v3.22.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share
Basic and diluted earnings per share are calculated by dividing each income (loss) category presented below by the weighted-average basic and diluted common shares outstanding for the periods indicated:
 
    
Three months ended
  
    
March 31,
  
(Amounts in millions, except per share amounts)
   
    2022    
    
    2021    
  
Weighted-average shares used in basic earnings per share calculations
      508.3       506.0  
Potentially dilutive securities:
                 
Stock options, restricted stock units and other equity-based compensation

      9.1       7.8  
    
 
 
    
 
 
  
Weighted-average shares used in diluted earnings per share calculations
      517.4       513.8  
    
 
 
    
 
 
  
Income from continuing operations:
                 
Income from continuing operations
    $ 181     $ 174  
Less: net income from continuing operations attributable to noncontrolling interests
      30       —    
    
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
    $ 151     $ 174  
    
 
 
    
 
 
  
Basic per share
    $ 0.30     $ 0.35  
    
 
 
    
 
 
  
Diluted per share
    $ 0.29     $ 0.34  
    
 
 
    
 
 
  
Income (loss) from discontinued operations:
                 
Income (loss) from discontinued operations, net of taxes
    $ (2 )    $ 21  
Less: net income (loss) from discontinued operations attributable to noncontrolling interests
      —         8  
    
 
 
    
 
 
  
Income (loss) from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ (2 )    $ 13  
    
 
 
    
 
 
  
Basic per share
    $ —       $ 0.02  
    
 
 
    
 
 
  
Diluted per share
    $ —       $ 0.02  
    
 
 
    
 
 
  
Net income:
                 
Income from continuing operations
    $ 181     $ 174  
Income (loss) from discontinued operations, net of taxes
      (2 )      21  
    
 
 
    
 
 
  
Net income
      179       195  
Less: net income attributable to noncontrolling interests
      30       8  
    
 
 
    
 
 
  
Net income available to Genworth Financial, Inc.’s common stockholders
    $ 149     $ 187  
    
 
 
    
 
 
  
Basic per share
(1)
    $ 0.29     $ 0.37  
    
 
 
    
 
 
  
Diluted per share
(1)
    $ 0.29     $ 0.37  
    
 
 
    
 
 
  
 
(1)
 
May not total due to whole number calculation.
 
v3.22.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Net Investment Income
Sources of net investment income were as follows for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
     
    2021    
  
Fixed maturity securities—taxable
    $ 580      $ 599  
Fixed maturity securities—non-taxable
      1        2  
Equity securities
      2        3  
Commercial mortgage loans
      81        78  
Policy loans
      50        50  
Limited partnerships
      7        31  
Other invested assets
      63        58  
    
 
 
     
 
 
  
Gross investment income before expenses and fees
      784        821  
Expenses and fees
      (20 )       (20 ) 
    
 
 
     
 
 
  
Net investment income
    $ 764      $ 801  
    
 
 
     
 
 
  
Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
    
    2021    
  
Realized investment gains (losses):
                 
Available-for-sale fixed maturity securities:
                 
Realized gains
    $ 10     $ 7  
Realized losses
      (18 )      (3 ) 
    
 
 
    
 
 
  
Net realized gains (losses) on available-for-sale fixed maturity securities
      (8 )      4  
Net realized gains (losses) on equity securities sold
      —         (5 ) 
Net realized gains (losses) on limited partnerships
      —         3  
    
 
 
    
 
 
  
Total net realized investment gains (losses)
      (8 )      2  
    
 
 
    
 
 
  
Net change in allowance for credit losses on available-for-sale fixed maturity securities
      —         (2 ) 
Write-down of available-for-sale fixed maturity securities
(1)
      (2 )      (1 ) 
Net unrealized gains (losses) on equity securities still held
      (6 )      (8 ) 
Net unrealized gains (losses) on limited partnerships
      35       34  
Commercial mortgage loans
      1       (1 ) 
Derivative instruments
(2)
      4       8  
Other
      4       1  
    
 
 
    
 
 
  
Net investment gains (losses)
    $ 28     $ 33  
    
 
 
    
 
 
  
 
(1)
 
Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
(2)
 
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
Allowance for credit losses related to fixed maturity securities The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the three months ended March 31, 2021:
(Amounts in millions)
  
Beginning
balance
    
Increase
from
securities
without
allowance in
previous
periods
    
Increase
(decrease)
from securities
with allowance
in previous
periods
    
Securities
sold
    
Decrease
due to
change in
intent or
requirement
to sell
    
Write-offs
    
Recoveries
    
Ending
balance
  
Fixed maturity securities:
                                                                
Non-U.S. corporate
   $ 1     $ —       $ 2     $ —       $ —       $ —       $ —       $ 3  
Commercial mortgage-backed
     3       —         —         —         —         (3 )      —         —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total available-for-sale fixed maturity securities
   $ 4     $ —       $ 2     $ —       $ —       $ (3 )    $ —       $ 3  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Unrealized Investment Gains and Losses
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:
 
(Amounts in millions)
   
March 31,
2022
    
December 31,
2021
  
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses
(1)
    $ 2,747     $ 7,869  
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses
(1)
      —         —    
Adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances
      (1,700 )      (5,487 ) 
Income taxes, net
      (223 )      (507 ) 
    
 
 
    
 
 
  
Net unrealized investment gains (losses)
      824       1,875  
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
      (26 )      15  
    
 
 
    
 
 
  
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
    $ 850     $ 1,860  
    
 
 
    
 
 
  
 
(1)
 
Excludes foreign exchange.
Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss)
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the three months ended March 31:
 
(Amounts in millions)
   
2022
    
2021
  
Beginning balance
    $ 1,860     $ 2,214  
Unrealized gains (losses) arising during the period:
                 
Unrealized gains (losses) on fixed maturity securities
      (5,130 )      (3,383 ) 
Adjustment to DAC
      237       (174 ) 
Adjustment to present value of future profits
      1       1  
Adjustment to sales inducements
      22       3  
Adjustment to benefit reserves and policyholder contract balances
      3,527       3,145  
Provision for income taxes
      286       92  
    
 
 
    
 
 
  
Change in unrealized gains (losses) on investment securities
      (1,057 )      (316 ) 
Reclassification adjustments to net investment (gains) losses, net of taxes of $(2) and $1
      6       (4 ) 
    
 
 
    
 
 
  
Change in net unrealized investment gains (losses)
      (1,051 )      (320 ) 
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests
      (41 )      (25 ) 
    
 
 
    
 
 
  
Ending balance
    $ 850     $ 1,919  
    
 
 
    
 
 
  
Fixed Maturity Securities
As of March 31, 2022, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
   
Amortized
cost or
cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
    
Allowance
for credit
losses
     
Fair
value
  
Fixed maturity securities:
                                            
U.S. government, agencies and government-sponsored enterprises
    $ 3,356      $ 744      $ (3 )    $ —        $ 4,097  
State and political subdivisions
      3,009        206        (81 )      —          3,134  
Non-U.S. government
      778        48        (42 )      —          784  
U.S. corporate:
                                            
Utilities
      4,345        355        (66 )      —          4,634  
Energy
      2,572        175        (48 )      —          2,699  
Finance and insurance
      8,026        406        (203 )      —          8,229  
Consumer—non-cyclical
      5,070        488        (70 )      —          5,488  
Technology and communications
      3,371        213        (87 )      —          3,497  
Industrial
      1,301        73        (26 )      —          1,348  
Capital goods
      2,346        205        (39 )      —          2,512  
Consumer—cyclical
      1,725        86        (44 )      —          1,767  
Transportation
      1,133        124        (9 )      —          1,248  
Other
      381        24        (4 )      —          401  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total U.S. corporate
      30,270        2,149        (596 )      —          31,823  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Non-U.S. corporate:
                                            
Utilities
      874        19        (15 )      —          878  
Energy
      1,158        102        (19 )      —          1,241  
Finance and insurance
      2,129        132        (70 )      —          2,191  
Consumer—non-cyclical
      665        28        (22 )      —          671  
Technology and communications
      1,055        61        (17 )      —          1,099  
Industrial
      918        56        (21 )      —          953  
Capital goods
      610        25        (16 )      —          619  
Consumer—cyclical
      316        5        (9 )      —          312  
Transportation
      392        38        (7 )      —          423  
Other
      996        86        (16 )      —          1,066  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total non-U.S. corporate
      9,113        552        (212 )      —          9,453  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Residential mortgage-backed
      1,277        57        (14 )      —          1,320  
Commercial mortgage-backed
      2,369        36        (44 )      —          2,361  
Other asset-backed
      2,108        7        (60 )      —          2,055  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total available-for-sale fixed maturity securities
    $ 52,280      $ 3,799      $ (1,052 )    $ —        $ 55,027  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
 
As of December 31, 2021, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:
 
(Amounts in millions)
   
Amortized
cost or
cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
    
Allowance
for credit
losses
     
Fair
value
  
Fixed maturity securities:
                                            
U.S. government, agencies and government-sponsored enterprises
    $ 3,368      $ 1,184      $ —       $ —        $ 4,552  
State and political subdivisions
      2,982        474        (6 )      —          3,450  
Non-U.S. government
      762        86        (13 )      —          835  
U.S. corporate:
                                            
Utilities
      4,330        783        (9 )      —          5,104  
Energy
      2,581        363        (10 )      —          2,934  
Finance and insurance
      8,003        1,012        (24 )      —          8,991  
Consumer—non-cyclical
      5,138        1,029        (8 )      —          6,159  
Technology and communications
      3,345        476        (13 )      —          3,808  
Industrial
      1,322        175        (3 )      —          1,494  
Capital goods
      2,334        415        (4 )      —          2,745  
Consumer—cyclical
      1,703        203        (7 )      —          1,899  
Transportation
      1,122        249        —         —          1,371  
Other
      379        41        (1 )      —          419  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total U.S. corporate
      30,257        4,746        (79 )      —          34,924  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Non-U.S. corporate:
                                            
Utilities
      867        63        (2 )      —          928  
Energy
      1,194        190        (1 )      —          1,383  
Finance and insurance
      2,171        270        (9 )      —          2,432  
Consumer—non-cyclical
      664        81        (2 )      —          743  
Technology and communications
      1,085        166        (1 )      —          1,250  
Industrial
      933        117        (3 )      —          1,047  
Capital goods
      640        66        (1 )      —          705  
Consumer—cyclical
      316        27        (2 )      —          341  
Transportation
      422        68        (1 )      —          489  
Other
      1,052        169        (4 )      —          1,217  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total non-U.S. corporate
      9,344        1,217        (26 )      —          10,535  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Residential mortgage-backed
      1,325        116        (1 )      —          1,440  
Commercial mortgage-backed
      2,435        152        (3 )      —          2,584  
Other asset-backed
      2,138        29        (7 )      —          2,160  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Total available-for-sale fixed maturity securities
    $ 52,611      $ 8,004      $ (135 )    $ —        $ 60,480  
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2022:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
  
Description of Securities
                                                                        
Fixed maturity securities:
                                                                        
U.S. government, agencies and government-sponsored enterprises
   $ 67     $ (2 )      17     $ 10     $ (1 )      3     $ 77     $ (3 )      20  
State and political subdivisions
     902       (78 )      157       25       (3 )      5       927       (81 )      162  
Non-U.S. government
     305       (27 )      46       80       (15 )      10       385       (42 )      56  
U.S. corporate
     8,109       (505 )      995       627       (91 )      65       8,736       (596 )      1,060  
Non-U.S. corporate
     2,672       (173 )      355       258       (39 )      31       2,930       (212 )      386  
Residential mortgage-backed
     304       (13 )      78       5       (1 )      5       309       (14 )      83  
Commercial mortgage-backed
     1,098       (40 )      160       43       (4 )      6       1,141       (44 )      166  
Other asset-backed
     1,500       (57 )      254       66       (3 )      15       1,566       (60 )      269  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 14,957     $ (895 )      2,062     $ 1,114     $ (157 )      140     $ 16,071     $ (1,052 )      2,202  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                                                                        
<20% Below cost
   $ 14,957     $ (895 )      2,062     $ 1,066     $ (142 )      134     $ 16,023     $ (1,037 )      2,196  
20%-50% Below cost
     —         —         —         48       (15 )      6       48       (15 )      6  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 14,957     $ (895 )      2,062     $ 1,114     $ (157 )      140     $ 16,071     $ (1,052 )      2,202  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 13,796     $ (823 )      1,896     $ 1,031     $ (140 )      129     $ 14,827     $ (963 )      2,025  
Below investment grade
     1,161       (72 )      166       83       (17 )      11       1,244       (89 )      177  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 14,957     $ (895 )      2,062     $ 1,114     $ (157 )      140     $ 16,071     $ (1,052 )      2,202  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of March 31, 2022:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number

of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number

of
securities
  
Description of Securities
 
                                                                
U.S. corporate:
                                                                        
Utilities
   $ 1,089     $ (56 )      142     $ 59     $ (10 )      13     $ 1,148     $ (66 )      155  
Energy
     740       (40 )      87       63       (8 )      7       803       (48 )      94  
Finance and insurance
     2,529       (173 )      293       203       (30 )      17       2,732       (203 )      310  
Consumer—non-cyclical
     916       (56 )      109       86       (14 )      7       1,002       (70 )      116  
Technology and communications
     1,094       (73 )      147       93       (14 )      8       1,187       (87 )      155  
Industrial
     361       (26 )      46       —         —         —         361       (26 )      46  
Capital goods
     553       (35 )      65       27       (4 )      4       580       (39 )      69  
Consumer—cyclical
     507       (34 )      65       78       (10 )      7       585       (44 )      72  
Transportation
     247       (9 )      32       —         —         —         247       (9 )      32  
Other
     73       (3 )      9       18       (1 )      2       91       (4 )      11  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     8,109       (505 )      995       627       (91 )      65       8,736       (596 )      1,060  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                        
Utilities
     272       (13 )      28       12       (2 )      1       284       (15 )      29  
Energy
     291       (18 )      27       4       (1 )      1       295       (19 )      28  
Finance and insurance
     685       (47 )      96       157       (23 )      16       842       (70 )      112  
Consumer—non-cyclical
     253       (21 )      32       6       (1 )      1       259       (22 )      33  
Technology and communications
     269       (17 )      41       —         —         —         269       (17 )      41  
Industrial
     274       (19 )      35       18       (2 )      2       292       (21 )      37  
Capital goods
     231       (16 )      30       —         —         —         231       (16 )      30  
Consumer—cyclical
     128       (7 )      25       20       (2 )      4       148       (9 )      29  
Transportation
     125       (7 )      19       —         —         —         125       (7 )      19  
Other
     144       (8 )      22       41       (8 )      6       185       (16 )      28  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     2,672       (173 )      355       258       (39 )      31       2,930       (212 )      386  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 10,781     $ (678 )      1,350     $ 885     $ (130 )      96     $ 11,666     $ (808 )      1,446  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2021:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number
of
securities
  
Description of Securities
 
                                                                
Fixed maturity securities:
                                                                        
State and political subdivisions
   $ 339     $ (6 )      67     $ —       $ —         —       $ 339     $ (6 )      67  
Non-U.S. government
     173       (9 )      28       19       (4 )      1       192       (13 )      29  
U.S. corporate
     2,593       (64 )      266       196       (15 )      22       2,789       (79 )      288  
Non-U.S. corporate
     912       (21 )      124       62       (5 )      8       974       (26 )      132  
Residential mortgage-backed
     97       (1 )      22       —         —         —         97       (1 )      22  
Commercial mortgage-backed
     113       (2 )      17       31       (1 )      4       144       (3 )      21  
Other asset-backed
     764       (7 )      111       —         —         —         764       (7 )      111  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,991     $ (110 )      635     $ 308     $ (25 )      35     $ 5,299     $ (135 )      670  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% Below cost:
                                                                        
<20% Below cost
   $ 4,991     $ (110 )      635     $ 297     $ (20 )      33     $ 5,288     $ (130 )      668  
20%-50% Below cost
     —         —         —         11       (5 )      2       11       (5 )      2  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,991     $ (110 )      635     $ 308     $ (25 )      35     $ 5,299     $ (135 )      670  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investment grade
   $ 4,644     $ (101 )      587     $ 241     $ (12 )      25     $ 4,885     $ (113 )      612  
Below investment grade
     347       (9 )      48       67       (13 )      10       414       (22 )      58  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for fixed maturity securities in an unrealized loss position
   $ 4,991     $ (110 )      635     $ 308     $ (25 )      35     $ 5,299     $ (135 )      670  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table presents the gross unrealized losses and fair values of our corporate securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2021:
 
   
Less than 12 months
    
12 months or more
    
Total
  
(Dollar amounts in millions)
  
Fair
value
    
Gross
unrealized
losses
    
Number of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number of
securities
    
Fair
value
    
Gross
unrealized
losses
    
Number of
securities
  
Description of Securities
                                                                        
U.S. corporate:
                                                                        
Utilities
   $ 211     $ (7 )      32     $ 29     $ (2 )      7     $ 240     $ (9 )      39  
Energy
     166       (3 )      18       25       (7 )      4       191       (10 )      22  
Finance and insurance
     960       (22 )      89       62       (2 )      3       1,022       (24 )      92  
Consumer—non-cyclical
     296       (7 )      30       14       (1 )      2       310       (8 )      32  
Technology and communications
     378       (12 )      37       29       (1 )      2       407       (13 )      39  
Industrial
     143       (3 )      18       —         —         —         143       (3 )      18  
Capital goods
     171       (3 )      16       18       (1 )      2       189       (4 )      18  
Consumer—cyclical
     268       (7 )      26       —         —         —         268       (7 )      26  
Other
     —         —         —         19       (1 )      2       19       (1 )      2  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, U.S. corporate securities
     2,593       (64 )      266       196       (15 )      22       2,789       (79 )      288  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                        
Utilities
     69       (2 )      9       —         —         —         69       (2 )      9  
Energy
     64       (1 )      10       —         —         —         64       (1 )      10  
Finance and insurance
     366       (8 )      43       18       (1 )      2       384       (9 )      45  
Consumer—non-cyclical
     67       (1 )      12       6       (1 )      1       73       (2 )      13  
Technology and communications
     48       (1 )      8       —         —         —         48       (1 )      8  
Industrial
     122       (3 )      14       —         —         —         122       (3 )      14  
Capital goods
     78       (1 )      8       —         —         —         78       (1 )      8  
Consumer—cyclical
     22       (1 )      8       15       (1 )      3       37       (2 )      11  
Transportation
     37       (1 )      7       —         —         —         37       (1 )      7  
Other
     39       (2 )      5       23       (2 )      2       62       (4 )      7  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal, non-U.S. corporate securities
     912       (21 )      124       62       (5 )      8       974       (26 )      132  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total for corporate securities in an unrealized loss position
   $ 3,505     $ (85 )      390     $ 258     $ (20 )      30     $ 3,763     $ (105 )      420  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Maturity Distribution of Fixed Maturity Securities
The scheduled maturity distribution of fixed maturity securities as of March 31, 2022 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
 
(Amounts in millions)
   
Amortized
cost or
cost
     
Fair
value
  
Due one year or less
    $ 1,407      $ 1,420  
Due after one year through five years
      8,339        8,501  
Due after five years through ten years
      13,771        13,943  
Due after ten years
      23,009        25,427  
    
 
 
     
 
 
  
Subtotal
      46,526        49,291  
Residential mortgage-backed
      1,277        1,320  
Commercial mortgage-backed
      2,369        2,361  
Other asset-backed
      2,108        2,055  
    
 
 
     
 
 
  
Total
    $ 52,280      $ 55,027  
    
 
 
     
 
 
  
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans
The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
     
    2021    
  
Allowance for credit losses:
                  
Beginning balance
    $ 26      $ 31  
Provision
      (1 )       1  
Write-offs
      —          —    
Recoveries
      —          —    
    
 
 
     
 
 
  
Ending balance
    $ 25      $ 32  
    
 
 
     
 
 
  
Commercial Mortgage Loans By Credit Quality Indicator
 
The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of March 31, 2022:
 
(Amounts in millions)
   
2022
     
2021
     
2020
     
2019
     
2018
     
2017 and
prior
     
Total
  
Debt-to-value:
                                                               
0% - 50%
    $ —        $ 23      $ 72      $ 60      $ 161      $ 2,136      $ 2,452  
51% - 60%
      —          40        30        161        272        991        1,494  
61% - 75%
      197        884        420        505        438        526        2,970  
76% - 100%
      —          —          —          —          —          —          —    
Greater than 100%
      —          —          —          —          —          22        22  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 197      $ 947      $ 522      $ 726      $ 871      $ 3,675      $ 6,938  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Debt service coverage ratio:
                                                               
Less than 1.00
    $ —        $ —        $ 10      $ 19      $ 41      $ 150      $ 220  
1.00 - 1.25
      13        2        69        73        75        317        549  
1.26 - 1.50
      20        118        32        167        134        333        804  
1.51 - 2.00
      148        724        219        269        441        1,270        3,071  
Greater than 2.00
      16        103        192        198        180        1,605        2,294  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total amortized cost
    $ 197      $ 947      $ 522      $ 726      $ 871      $ 3,675      $ 6,938  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Loan To Value Ratio  
Commercial Mortgage Loans By Credit Quality Indicator
The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:
 
    
March 31, 2022
  
(Amounts in millions)
   
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
                                                 
Retail
    $ 849     $ 594     $ 1,394     $ —       $ —       $ 2,837  
Office
      492       387       626       —         22       1,527  
Industrial
      738       233       490       —         —         1,461  
Apartments
      196       99       282       —         —         577  
Mixed use
      121       67       139       —         —         327  
Other
      56       114       39       —         —         209  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 2,452     $ 1,494     $ 2,970     $ —       $ 22     $ 6,938  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      35 %      22 %      43 %      —   %      —   %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
      2.35       1.84       1.62       —         —         1.92  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    
December 31, 2021
  
(Amounts in millions)
   
0% - 50%
    
51% - 60%
    
61% - 75%
    
76% - 100%
    
Greater
than 100%
    
Total
  
Property type:
                                                 
Retail
    $ 853     $ 611     $ 1,310     $ —       $ —       $ 2,774  
Office
      505       395       604       —         22       1,526  
Industrial
      745       240       435       —         —         1,420  
Apartments
      200       102       283       —         —         585  
Mixed use
      120       70       140       —         —         330  
Other
      57       121       43       —         —         221  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 2,480     $ 1,539     $ 2,815     $ —       $ 22     $ 6,856  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      36 %      23 %      41 %      —   %      —   %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt service coverage ratio
      2.36       1.83       1.61       —         0.68       1.93  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:
 
    
March 31, 2022
  
(Amounts in millions)
   
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater
than 2.00
    
Total
  
Property type:
                                                 
Retail
    $ 100     $ 157     $ 426     $ 1,441     $ 713     $ 2,837  
Office
      67       108       165       609       578       1,527  
Industrial
      8       77       80       629       667       1,461  
Apartments
      17       62       77       230       191       577  
Mixed use
      23       31       40       118       115       327  
Other
      5       114       16       44       30       209  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 220     $ 549     $ 804     $ 3,071     $ 2,294     $ 6,938  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      3 %      8 %      12 %      44 %      33 %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
      68 %      60 %      62 %      60 %      44 %      55 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
    
December 31, 2021
  
(Amounts in millions)
   
Less than 1.00
    
1.00 - 1.25
    
1.26 - 1.50
    
1.51 - 2.00
    
Greater
than 2.00
    
Total
  
Property type:
                                                 
Retail
    $ 102     $ 166     $ 405     $ 1,375     $ 726     $ 2,774  
Office
      67       109       167       593       590       1,526  
Industrial
      9       64       82       599       666       1,420  
Apartments
      17       62       84       225       197       585  
Mixed use
      24       32       40       118       116       330  
Other
      4       126       13       48       30       221  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total amortized cost
    $ 223     $ 559     $ 791     $ 2,958     $ 2,325     $ 6,856  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
% of total
      3 %      8 %      12 %      43 %      34 %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Weighted-average debt-to-value
      68 %      61 %      61 %      60 %      43 %      55 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other Geographic Area | Commercial Mortgage Loan  
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:
    
March 31, 2022
    
December 31, 2021
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Property type:
                                   
Retail
    $ 2,837        41 %    $ 2,774        40 % 
Office
      1,527        22       1,526        22  
Industrial
      1,461        21       1,420        21  
Apartments
      577        8       585        9  
Mixed use
      327        5       330        5  
Other
      209        3       221        3  
    
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,938        100 %      6,856        100 % 
             
 
 
             
 
 
  
Allowance for credit losses
      (25 )               (26 )          
    
 
 
             
 
 
           
Total
    $ 6,913              $ 6,830           
    
 
 
             
 
 
           
 
    
March 31, 2022
    
December 31, 2021
  
(Amounts in millions)
   
Carrying
value
     
% of
total
    
Carrying
value
     
% of
total
  
Geographic region:
                                   
South Atlantic
    $ 1,806        26 %    $ 1,770        26 % 
Pacific
      1,357        20       1,360        20  
Middle Atlantic
      964        14       964        14  
Mountain
      932        13       892        13  
West South Central
      493        7       483        7  
West North Central
      466        7       461        7  
East North Central
      464        7       465        7  
New England
      235        3       237        3  
East South Central
      221        3       224        3  
    
 
 
     
 
 
    
 
 
     
 
 
  
Subtotal
      6,938        100 %      6,856        100 % 
             
 
 
             
 
 
  
Allowance for credit losses
      (25 )               (26 )          
    
 
 
             
 
 
           
Total
    $ 6,913              $ 6,830           
    
 
 
             
 
 
           
v3.22.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Schedule Of Positions in Derivative Instruments
 
The following table sets forth our positions in derivative instruments as of the dates indicated:
 
   
Derivative assets
    
Derivative liabilities
  
         
Fair value
          
Fair value
  
(Amounts in millions)
  
Balance
sheet classification
    
March 31,
2022
    
December 31,
2021
    
Balance sheet
classification
    
March 31,
2022
    
December 31,
2021
  
Derivatives designated as
                                                
hedges
                                                
Cash flow hedges:
                                                
Interest rate swaps
     Other invested assets     $ 162     $ 364       Other liabilities     $ 76     $ 26  
Foreign currency swaps
     Other invested assets       5       6       Other liabilities       1       —    
           
 
 
    
 
 
            
 
 
    
 
 
  
Total cash flow hedges
             167       370               77       26  
           
 
 
    
 
 
            
 
 
    
 
 
  
Total derivatives designated as hedges
             167       370               77       26  
           
 
 
    
 
 
            
 
 
    
 
 
  
Derivatives not designated as hedges
                                                
Equity index options
     Other invested assets       30       42       Other liabilities       —         —    
Financial futures
     Other invested assets       —         —         Other liabilities       —         —    
Other foreign currency contracts
     Other invested assets       —         2       Other liabilities       —         —    
GMWB embedded derivatives
     Reinsurance
recoverable
(1)
  
 		     17       19       Policyholder
account balances
 (2)
  
 		     243       271  
Fixed index annuity embedded derivatives
     Other assets       —         —         Policyholder
account balances
 (3)
  
 		     261       294  
Indexed universal life embedded derivatives
     Reinsurance
recoverable		  
 		     —         —         Policyholder
account balances
 (4)
  
 		     21       25  
           
 
 
    
 
 
            
 
 
    
 
 
  
Total derivatives not designated as hedges
             47       63               525       590  
           
 
 
    
 
 
            
 
 
    
 
 
  
Total derivatives
           $ 214     $ 433             $ 602     $ 616  
           
 
 
    
 
 
            
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities.
(2)
 
Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
(3)
 
Represents the embedded derivatives associated with our fixed index annuity liabilities.
(4)
 
Represents the embedded derivatives associated with our indexed universal life liabilities.
Schedule of Notional Amounts Outstanding on Derivative Instruments The following tables represent activity associated with derivative instruments as of the dates indicated:
(Notional in millions)
   
Measurement
     
December 31,
2021
     
Additions
     
Maturities/
terminations
    
March 31,
2022
  
Derivatives designated as hedges
                                            
Cash flow hedges:
                                            
Interest rate swaps
      Notional      $ 7,653      $ —        $ (58 )    $ 7,595  
Foreign currency swaps
      Notional        127        —          —         127  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total cash flow hedges
               7,780        —          (58 )      7,722  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives designated as hedges
               7,780        —          (58 )      7,722  
             
 
 
     
 
 
     
 
 
    
 
 
  
Derivatives not designated as hedges
                                            
Equity index options
      Notional        1,446        300        (368 )      1,378  
Financial futures
      Notional        946        994        (1,042 )      898  
Other foreign currency contracts
      Notional        83        —          (59 )      24  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives not designated as hedges
               2,475        1,294        (1,469 )      2,300  
             
 
 
     
 
 
     
 
 
    
 
 
  
Total derivatives
             $ 10,255      $ 1,294      $ (1,527 )    $ 10,022  
             
 
 
     
 
 
     
 
 
    
 
 
  
           
(Number of policies)
   
Measurement
     
December 31,
2021
     
Additions
     
Maturities/
terminations
    
March 31,
2022
  
Derivatives not designated as hedges
                                            
GMWB embedded derivatives
      Policies        21,804        —          (477 )      21,327  
Fixed index annuity embedded derivatives
      Policies        9,344        —          (568 )      8,776  
Indexed universal life embedded derivatives
      Policies        806        —          (7 )      799  
Schedule of Pre-Tax Income (Loss) 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 March 31, 2022:
 
(Amounts in millions)
  
Gain (loss)
recognized in OCI
    
Gain (loss)
reclassified into
net income
from OCI
    
Classification of gain
(loss) reclassified
into net income
    
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
  
Interest rate swaps hedging assets
   $ (250 )    $ 55       Net investment
income		  
 		   $ —        
Net investment
gains (losses)
  
 
Interest rate swaps hedging assets
     —         2       Net investment
gains (losses)		  
 		     —         Net investment
gains (losses)		  
 
Interest rate swaps hedging liabilities
     —         (1 )      Interest
expense		  
 		     —         Net investment
gains (losses)		  
 
Foreign currency swaps
     (2 )      1       Net investment
income		  
 		     —         Net investment
gains (losses)		  
 
   
 
 
    
 
 
            
 
 
          
Total
   $ (252 )    $ 57             $ —            
   
 
 
    
 
 
            
 
 
          
The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2021:
 
(Amounts in millions)
  
Gain (loss)

recognized in OCI
    
Gain (loss)
reclassified into
net income
from OCI
    
Classification of gain
(loss) reclassified
into net income
  
Gain (loss)
recognized in
net income
    
Classification of gain
(loss) recognized in
net income
Interest rate swaps hedging assets
   $ (529 )    $ 52     Net investment income   $ —       Net investment gains (losses)
Interest rate swaps hedging liabilities
     44       —       Interest expense     —       Net investment gains (losses)
Foreign currency swaps
     (2 )      —       Net investment income     —       Net investment gains (losses)
   
 
 
    
 
 
        
 
 
      
Total
   $ (487 )    $ 52         $ —        
   
 
 
    
 
 
        
 
 
      
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedge
The following table provides a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
2022
    
2021
  
Derivatives qualifying as effective accounting hedges as of January 1
    $ 2,025     $ 2,211  
Current period increases (decreases) in fair value, net of deferred taxes of $53 and $102
      (199 )      (385 ) 
Reclassification to net (income), net of deferred taxes of $20 and $18
      (37 )      (34 ) 
    
 
 
    
 
 
  
Derivatives qualifying as effective accounting hedges as of March 31
    $ 1,789     $ 1,792  
    
 
 
    
 
 
  
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (loss) for Effects of Derivatives Not Designated as Hedges
The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated:
 
    
Three months ended
March 31,
    
Classification of gain (loss) recognized
in net income
(Amounts in millions)
   
    2022    
    
    2021    
  
Interest rate swaps
    $ —       $ 4     Net investment gains (losses)
Equity index options
      (6 )      3     Net investment gains (losses)
Financial futures
      (47 )      (110 )    Net investment gains (losses)
GMWB embedded derivatives
      32       105     Net investment gains (losses)
Fixed index annuity embedded derivatives
      12       (4 )    Net investment gains (losses)
Indexed universal life embedded derivatives
      11       10     Net investment gains (losses)
    
 
 
    
 
 
      
Total derivatives not designated as hedges
    $ 2     $ 8      
    
 
 
    
 
 
      
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:
    
March 31, 2022
    
December 31, 2021
  
(Amounts in millions)
   
Derivative
assets 
(1)
    
Derivative
liabilities 
(1)
    
Net
derivatives
    
Derivative
assets
(1)
    
Derivative
liabilities 
(1)
    
Net
derivatives
  
Amounts presented in the balance sheet:
                                                 
Gross amounts recognized
    $ 198     $ 77     $ 121     $ 414     $ 26     $ 388  
Gross amounts offset in the balance sheet
      —         —         —         —         —         —    
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amounts presented in the balance sheet
      198       77       121       414       26       388  
Gross amounts not offset in the balance sheet:
                                                 
Financial instruments
(2)
      (49 )      (49 )      —         (20 )      (20 )      —    
Collateral received
      (110 )      —         (110 )      (308 )      —         (308 ) 
Collateral pledged
      —         (567 )      567       —         (536 )      536  
Over collateralization
      13       539       (526 )      2       530       (528 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount
    $ 52     $ —       $ 52     $ 88     $ —       $ 88  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021.
(2)
 
Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.
 
v3.22.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2
The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2022:
 
(Amounts in millions)
  
Fair value
    
Primary methodologies
  
Significant inputs
U.S. government, agencies
and government-sponsored
enterprises
     $4,097     Price quotes from trading desk, broker feeds   Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
       
State and political subdivisions
     $3,063     Multi-dimensional attribute-based modeling systems, third-party pricing vendors   Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
       
Non-U.S. government
     $783     Matrix pricing, spread priced to benchmark curves, price quotes from market makers   Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
       
U.S. corporate
     $27,876     Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models   Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
       
Non-U.S. corporate
     $7,414     Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers   Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
       
Residential mortgage-backed
     $1,287     OAS-based models, single factor binomial models, internally priced   Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
 
 
 
 
 
 
 
 
 
Commercial mortgage-backed
     $2,346     Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage- backed securities analytics model   Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
       
Other asset-backed
     $1,955     Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers   Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
 
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:
 
    
March 31, 2022
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
     
NAV 
(1)
  
Assets
                                             
Investments:
                                             
Fixed maturity securities:
                                             
U.S. government, agencies and government-sponsored enterprises
    $ 4,097      $ —        $ 4,097      $ —        $ —    
State and political subdivisions
      3,134        —          3,063        71        —    
Non-U.S. government
      784        —          783        1        —    
U.S. corporate:
                                             
Utilities
      4,634        —          3,722        912        —    
Energy
      2,699        —          2,627        72        —    
Finance and insurance
      8,229        —          7,553        676        —    
Consumer—non-cyclical
      5,488        —          5,396        92        —    
Technology and communications
      3,497        —          3,469        28        —    
Industrial
      1,348        —          1,313        35        —    
Capital goods
      2,512        —          2,471        41        —    
Consumer—cyclical
      1,767        —          1,640        127        —    
Transportation
      1,248        —          1,184        64        —    
Other
      401        —          179        222        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. corporate
      31,823        —          29,554        2,269        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Non-U.S. corporate:
                                             
Utilities
      878        —          544        334        —    
Energy
      1,241        —          1,103        138        —    
Finance and insurance
      2,191        —          2,048        143        —    
Consumer—non-cyclical
      671        —          611        60        —    
Technology and communications
      1,099        —          1,072        27        —    
Industrial
      953        —          879        74        —    
Capital goods
      619        —          487        132        —    
Consumer—cyclical
      312        —          226        86        —    
Transportation
      423        —          401        22        —    
Other
      1,066        —          1,042        24        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total non-U.S. corporate
      9,453        —          8,413        1,040        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Residential mortgage-backed
      1,320        —          1,287        33        —    
Commercial mortgage-backed
      2,361        —          2,346        15        —    
Other asset-backed
      2,055        —          1,955        100        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturity securities
      55,027        —          51,498        3,529        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Equity securities
      230        137        57        36        —    
Limited partnerships
      1,558        —          —          26        1,532  
Other invested assets:
                                             
Derivative assets:
                                             
Interest rate swaps
      162        —          162        —          —    
Foreign currency swaps
      5        —          5        —          —    
Equity index options
      30        —          —          30        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative assets
      197        —          167        30        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Short-term investments
      76        —          76        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total other invested assets
      273        —          243        30        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance recoverable
(2)
      17        —          —          17        —    
Separate account assets
      5,530        5,530        —          —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
    $ 62,635      $ 5,667      $ 51,798      $ 3,638      $ 1,532  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
    
December 31, 2021
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
     
NAV
 (1)
  
Assets
                                             
Investments:
                                             
Fixed maturity securities:
                                             
U.S. government, agencies and government-sponsored enterprises
    $ 4,552      $ —        $ 4,552      $ —        $ —    
State and political subdivisions
      3,450        —          3,368        82        —    
Non-U.S. government
      835        —          833        2        —    
U.S. corporate:
                                             
Utilities
      5,104        —          4,154        950        —    
Energy
      2,934        —          2,858        76        —    
Finance and insurance
      8,991        —          8,306        685        —    
Consumer—non-cyclical
      6,159        —          6,055        104        —    
Technology and communications
      3,808        —          3,779        29        —    
Industrial
      1,494        —          1,457        37        —    
Capital goods
      2,745        —          2,700        45        —    
Consumer—cyclical
      1,899        —          1,762        137        —    
Transportation
      1,371        —          1,307        64        —    
Other
      419        —          165        254        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. corporate
      34,924        —          32,543        2,381        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Non-U.S. corporate:
                                             
Utilities
      928        —          583        345        —    
Energy
      1,383        —          1,238        145        —    
Finance and insurance
      2,432        —          2,272        160        —    
Consumer—non-cyclical
      743        —          680        63        —    
Technology and communications
      1,250        —          1,222        28        —    
Industrial
      1,047        —          954        93        —    
Capital goods
      705        —          532        173        —    
Consumer—cyclical
      341        —          265        76        —    
Transportation
      489        —          436        53        —    
Other
      1,217        —          1,191        26        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total non-U.S. corporate
      10,535        —          9,373        1,162        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Residential mortgage-backed
      1,440        —          1,413        27        —    
Commercial mortgage-backed
      2,584        —          2,568        16        —    
Other asset-backed
      2,160        —          2,022        138        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturity securities
      60,480        —          56,672        3,808        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Equity securities
      198        101        60        37        —    
Limited partnerships
      1,462        —          —          26        1,436  
Other invested assets:
                                             
Derivative assets:
                                             
Interest rate swaps
      364        —          364        —          —    
Foreign currency swaps
      6        —          6        —          —    
Equity index options
      42        —          —          42        —    
Other foreign currency contracts
      2        —          2        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative assets
      414        —          372        42        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Short-term investments
      26        —          26        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total other invested assets
      440        —          398        42        —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance recoverable
(2)
      19        —          —          19        —    
Separate account assets
      6,066        6,066        —          —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
    $ 68,665      $ 6,167      $ 57,130      $ 3,932      $ 1,436  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
   
Beginning

balance

as of
January 1,
2022
    
Total realized and

unrealized gains

(losses)
                                        
Ending

balance

as of
March 31,
2022
    
Total gains
(losses)

attributable to

assets still held
  
(Amounts in millions)
  
Included
in net
income
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3 
(1)
    
Transfer
out of
Level 3 
(1
)
    
Included
in net
income
    
Included
in OCI
  
Fixed maturity securities:
                                                                                                
State and political subdivisions
   $ 82     $ 1     $ (12 )    $ —       $ —       $ —       $ —       $ —       $ —       $ 71     $ 1     $ (12 ) 
Non-U.S. government
     2       —         —         —         (1 )      —         —         —         —         1       —         —    
U.S. corporate:
                                                                                                
Utilities
     950       —         (73 )      35       —         —         —         —         —         912       —         (73 ) 
Energy
     76       —         (4 )      —         —         —         —         —         —         72       —         (4 ) 
Finance and insurance
     685       —         (56 )      66       —         —         (2 )      —         (17 )      676       —         (55 ) 
Consumer—non-cyclical
     104       —         (5 )      —         —         —         (7 )      —         —         92       —         (6 ) 
Technology and communications
     29       —         (1 )      —         —         —         —         —         —         28       —         (1 ) 
Industrial
     37       —         (2 )      —         —         —         —         —         —         35       —         (2 ) 
Capital goods
     45       —         (4 )      —         —         —         —         —         —         41       —         (3 ) 
Consumer—cyclical
     137       —         (8 )      —         —         —         (2 )      —         —         127       —         (8 ) 
Transportation
     64       —         (3 )      5       —         —         (2 )      —         —         64       —         (3 ) 
Other
     254       —         (11 )      —         —         —         (4 )      —         (17 )      222       —         (10 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,381       —         (167 )      106       —         —         (17 )      —         (34 )      2,269       —         (165 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                                                
Utilities
     345       —         (21 )      10       —         —         —         —         —         334       —         (21 ) 
Energy
     145       —         (7 )      —         —         —         —         —         —         138       —         (7 ) 
Finance and insurance
     160       1       (18 )      —         —         —         —         —         —         143       1       (18 ) 
Consumer—non-cyclical
     63       —         (3 )      —         —         —         —         —         —         60       —         (3 ) 
Technology and communications
     28       —         (1 )      —         —         —         —         —         —         27       —         (1 ) 
Industrial
     93       —         (6 )      —         —         —         —         —         (13 )      74       —         (4 ) 
Capital goods
     173       —         (8 )      —         —         —         (33 )      —         —         132       —         (8 ) 
Consumer—cyclical
     76       —         (7 )      —         —         —         —         17       —         86       —         (7 ) 
Transportation
     53       —         (2 )      —         —         —         (29 )      —         —         22       —         (2 ) 
Other
     26       —         (2 )      —         —         —         —         —         —         24       —         (2 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     1,162       1       (75 )      10       —         —         (62 )      17       (13 )      1,040       1       (73 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     27       —         (1 )      9       —         —         (1 )      4       (5 )      33       —         —    
Commercial mortgage-backed
     16       —         (1 )      —         —         —         —         —         —         15       —         (1 ) 
Other asset-backed
     138       —         (7 )      6       —         —         (3 )      —         (34 )      100       —         (5 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     3,808       2       (263 )      131       (1 )      —         (83 )      21       (86 )      3,529       2       (256 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     37       —         —         —         —         —         —         —         (1 )      36       —         —    
Limited partnerships
     26       —         —         —         —         —         —         —         —         26       —         —    
Other invested assets:
                                                                                                
Derivative assets:
                                                                                                
Equity index options
     42       (6 )      —         5       —         —         (11 )      —         —         30       (3 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     42       (6 )      —         5       —         —         (11 )      —         —         30       (3 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     42       (6 )      —         5       —         —         (11 )      —         —         30       (3 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable
(2)
     19       (2 )      —         —         —         —         —         —         —         17       (2 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 3,932     $ (6 )    $ (263 )    $ 136     $ (1 )    $ —       $ (94 )    $ 21     $ (87 )    $ 3,638     $ (3 )    $ (256 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
 
   
Beginning
balance

as of
January 1,
2021
    
Total realized and
unrealized gains
(losses)
                                        
Ending
balance

as of
March 31,
2021
    
Total gains
(losses)
attributable to
assets still held
  
(Amounts in millions)
  
Included
in net
income
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3 
(1)
    
Transfer
out of
Level 3 
(1)
    
Included
in net
income
    
Included
in OCI
  
Fixed maturity securities:
                                                                                                
State and political subdivisions
   $ 66     $ 1     $ 1     $ —       $ —       $ —       $ —       $ —       $ —       $ 68     $ 1     $ 1  
U.S. corporate:
                                                                                                
Utilities
     842       —         (30 )      8       —         —         (13 )      —         (14 )      793       —         (29 ) 
Energy
     128       —         (4 )      —         —         —         (2 )      —         —         122       —         (4 ) 
Finance and insurance
     607       —         (22 )      18       —         —         (17 )      17       (6 )      597       —         (22 ) 
Consumer—non-cyclical
     109       —         (3 )      —         —         —         —         —         —         106       —         (3 ) 
Technology and communications
     47       —         (2 )      12       —         —         —         4       (21 )      40       —         (2 ) 
Industrial
     40       —         —         —         —         —         (20 )      —         —         20       —         —    
Capital goods
     60       —         (2 )      —         —         —         —         —         —         58       —         (2 ) 
Consumer—cyclical
     150       —         (2 )      —         —         —         (1 )      —         —         147       —         (2 ) 
Transportation
     70       —         (1 )      —         —         —         (2 )      —         —         67       —         (1 ) 
Other
     219       —         (2 )      —         —         —         (3 )      6       (20 )      200       —         (1 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total U.S. corporate
     2,272       —         (68 )      38       —         —         (58 )      27       (61 )      2,150       —         (66 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Non-U.S. corporate:
                                                                                                
Utilities
     352       —         (7 )      30       —         —         —         —         —         375       —         (7 ) 
Energy
     245       —         (2 )      —         —         —         —         —         —         243       —         (2 ) 
Finance and insurance
     305       1       (16 )      —         —         —         —         —         —         290       1       (16 ) 
Consumer—non-cyclical
     67       —         (1 )      —         —         —         —         —         —         66       —         (1 ) 
Technology and communications
     28       —         —         —         —         —         —         —         —         28       —         —    
Industrial
     95       —         (2 )      —         —         —         —         —         —         93       —         (2 ) 
Capital goods
     178       —         (3 )      —         —         —         —         —         —         175       —         (3 ) 
Consumer—cyclical
     146       —         (2 )      16       —         —         —         —         (16 )      144       —         (2 ) 
Transportation
     109       —         (1 )      —         —         —         (19 )      —         (7 )      82       —         (1 ) 
Other
     83       —         (2 )      —         —         —         (1 )      —         —         80       —         (2 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total non-U.S. corporate
     1,608       1       (36 )      46       —         —         (20 )      —         (23 )      1,576       1       (36 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Residential mortgage-backed
     14       —         (1 )      —         —         —         —         —         —         13       —         —    
Commercial mortgage-backed
     20       —         (1 )      —         —         —         —         —         —         19       —         (2 ) 
Other asset-backed
     109       —         —         3       —         —         (4 )      2       (14 )      96       —         —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total fixed maturity securities
     4,089       2       (105 )      87       —         —         (82 )      29       (98 )      3,922       2       (103 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Equity securities
     51       —         —         —         (8 )      —         —         —         —         43       —         —    
Limited partnerships
     17       —         —         8       —         —         —         —         —         25       —         —    
Other invested assets:
                                                                                                
Derivative assets:
                                                                                                
Equity index options
     63       3       —         5       —         —         (18 )      —         —         53       2       —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivative assets
     63       3       —         5       —         —         (18 )      —         —         53       2       —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other invested assets
     63       3       —         5       —         —         (18 )      —         —         53       2       —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance recoverable
(2)
     26       (8 )      —         —         —         —         —         —         —         18       (8 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 assets
   $ 4,246     $ (3 )    $ (105 )    $ 100     $ (8 )    $ —       $ (100 )    $ 29     $ (98 )    $ 4,061     $ (4 )    $ (103 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
(2)
 
Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
 
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value
 
The following table presents the gains and losses included in net income 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 three months ended March 31:
 
(Amounts in millions)
   
2022
     
2021
  
Total realized and unrealized gains (losses) included in net income:
                  
Net investment income
    $ 2      $ 2  
Net investment gains (losses)
      (8 )       (5 ) 
    
 
 
     
 
 
  
Total
    $ (6 )     $ (3 ) 
    
 
 
     
 
 
  
     
Net gains (losses) included in net income attributable to assets still held:
                  
Net investment income
    $ 2      $ 2  
Net investment gains (losses)
      (5 )       (6 ) 
    
 
 
     
 
 
  
Total
    $ (3 )     $ (4 ) 
    
 
 
     
 
 
  
Summary of Significant Unobservable Inputs Used for Certain Asset Fair Value Measurements
 
The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022:
 
(Amounts in millions)
  
Valuation technique
  
Fair value
 
  
Unobservable input
  
Range
  
Weighted-average 
(1)
Fixed maturity securities:
  
  
  
      
  
  
  
  
  
  
U.S. corporate:
  
  
  
      
  
  
  
  
  
  
Utilities
  
 Internal models
  
$
880
 
  
Credit spreads
  
49bps - 227bps
  
148bps
Energy
  
 Internal models
  
 
57
 
  
Credit spreads
  
108bps - 248bps
  
173bps
Finance and insurance
  
 Internal models
  
 
670
 
  
Credit spreads
  
54bps - 218bps
  
158bps
Consumer—non-cyclical
  
 Internal models
  
 
92
 
  
Credit spreads
  
54bps - 248bps
  
132bps
Technology and communications
  
 Internal models
  
 
27
 
  
Credit spreads
  
87bps - 162bps
  
133bps
Industrial
  
 Internal models
  
 
35
 
  
Credit spreads
  
98bps - 203bps
  
136bps
Capital goods
  
 Internal models
  
 
41
 
  
Credit spreads
  
67bps - 190bps
  
145bps
Consumer—cyclical
  
 Internal models
  
 
127
 
  
Credit spreads
  
85bps - 184bps
  
137bps
Transportation
  
 Internal models
  
 
53
 
  
Credit spreads
  
32bps - 156bps
  
103bps
Other
  
 Internal models
  
 
158
 
  
Credit spreads
  
90bps - 170bps
  
109bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Total U.S. corporate
  
 Internal models
  
$
2,140
 
  
Credit spreads
  
32bps - 248bps
  
146bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Non-U.S. corporate:
  
  
  
      
  
  
  
  
  
  
Utilities
  
 Internal models
  
$
333
 
  
Credit spreads
  
75bps - 218bps
  
129bps
Energy
  
 Internal models
  
 
129
 
  
Credit spreads
  
83bps - 203bps
  
138bps
Finance and insurance
  
 Internal models
  
 
143
 
  
Credit spreads
  
88bps - 150bps
  
135bps
Consumer—non-cyclical
  
 Internal models
  
 
58
 
  
Credit spreads
  
54bps - 154bps
  
103bps
Technology and communications
  
 Internal models
  
 
27
 
  
Credit spreads
  
83bps - 139bps
  
108bps
Industrial
  
 Internal models
  
 
74
 
  
Credit spreads
  
67bps - 182bps
  
113bps
Capital goods
  
 Internal models
  
 
132
 
  
Credit spreads
  
54bps - 236bps
  
137bps
Consumer—cyclical
  
 Internal models
  
 
57
 
  
Credit spreads
  
98bps - 203bps
  
137bps
Transportation
  
 Internal models
  
 
21
 
  
Credit spreads
  
126bps - 203bps
  
141bps
Other
  
 Internal models
  
 
24
 
  
Credit spreads
  
55bps - 130bps
  
106bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Total non-U.S. corporate
  
 Internal models
  
$
998
 
  
Credit spreads
  
54bps - 236bps
  
129bps
 
  
  
  
 
 
 
  
  
  
  
  
  
Derivative assets:
  
  
  
      
  
  
  
  
  
  

Equity index options
  
Discounted cash flows
  
$
30
 
  
Equity index
volatility
  
6% - 56%
  
21%
 
(1)
 
Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis
The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 
    
March 31, 2022
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Liabilities
                                    
Policyholder account balances:
                                    
GMWB embedded derivatives
(1)
    $ 243      $ —        $ —        $ 243  
Fixed index annuity embedded derivatives
      261        —          —          261  
Indexed universal life embedded derivatives
      21        —          —          21  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total policyholder account balances
      525        —          —          525  
    
 
 
     
 
 
     
 
 
     
 
 
  
Derivative liabilities:
                                    
Interest rate swaps
      76        —          76        —    
Foreign currency swaps
      1        —          1        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative liabilities
      77        —          77        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
    $ 602      $ —        $ 77      $ 525  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
    
December 31, 2021
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Liabilities
                                    
Policyholder account balances:
                                    
GMWB embedded derivatives
(1)
    $ 271      $ —        $ —        $ 271  
Fixed index annuity embedded derivatives
      294        —          —          294  
Indexed universal life embedded derivatives
      25        —          —          25  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total policyholder account balances
      590        —          —          590  
    
 
 
     
 
 
     
 
 
     
 
 
  
Derivative liabilities:
                                    
Interest rate swaps
      26        —          26        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total derivative liabilities
      26        —          26        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
    $ 616      $ —        $ 26      $ 590  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
 
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 
   
Beginning
balance
as of
January 1,

2022
    
Total realized and
unrealized (gains)
losses
                                        
Ending
balance

as of
March 31,
2022
    
Total (gains) losses
attributable to
liabilities still held
  
(Amounts in millions)
  
Included
in net
(income)
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Included
in net
(income)
    
Included
in OCI
  
Policyholder account balances:
                                                                                                
GMWB embedded derivatives
(1)
   $ 271     $ (34 )    $ —       $ —       $ —       $ 6     $ —       $ —       $ —       $ 243     $ (30 )    $ —    
Fixed index annuity embedded derivatives
     294       (12 )      —         —         —         —         (20 )      —         (1 )      261       (12 )      —    
Indexed universal life embedded derivatives
     25       (11 )      —         —         —         7       —         —         —         21       (11 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     590       (57 )      —         —         —         13       (20 )      —         (1 )      525       (53 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 590     $ (57 )    $ —       $ —       $ —       $ 13     $ (20 )    $ —       $ (1 )    $ 525     $ (53 )    $ —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
 
   
Beginning
balance

as of
January 1,
2021
    
Total realized and
unrealized (gains)
losses
                                        
Ending
balance

as of
March 31,
2021
    
Total (gains) losses
attributable to
liabilities still held
  
(Amounts in millions)
  
Included
in net
(income)
    
Included
in OCI
    
Purchases
    
Sales
    
Issuances
    
Settlements
    
Transfer
into
Level 3
    
Transfer
out of
Level 3
    
Included
in net
(income)
    
Included
in OCI
  
Policyholder account balances:
                                                                                                
GMWB embedded derivatives
(1)
   $ 379     $ (113 )    $ —       $ —       $ —       $ 6     $ —       $ —       $ —       $ 272     $ (107 )    $ —    
Fixed index annuity embedded derivatives
     399       4       —         —         —         —         (41 )      —         —         362       4       —    
Indexed universal life embedded derivatives
     26       (10 )      —         —         —         7       —         —         —         23       (10 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total policyholder account balances
     804       (119 )      —         —         —         13       (41 )      —         —         657       (113 )      —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Level 3 liabilities
   $ 804     $ (119 )    $ —       $ —       $ —       $ 13     $ (41 )    $ —       $ —       $ 657     $ (113 )    $ —    
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value
The following table presents the gains and losses included in net (income) 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 three months ended March 31:
 
(Amounts in millions)
   
2022
     
2021
  
Total realized and unrealized (gains) losses included in net (income):
                  
Net investment income
    $ —        $ —    
Net investment (gains) losses
      (57 )       (119 ) 
    
 
 
     
 
 
  
Total
    $ (57 )     $ (119 ) 
    
 
 
     
 
 
  
Total (gains) losses included in net (income) attributable to liabilities still held:
                  
Net investment income
    $ —        $ —    
Net investment (gains) losses
      (53 )       (113 ) 
    
 
 
     
 
 
  
Total
    $ (53 )     $ (113 ) 
    
 
 
     
 
 
  
Summary of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements
 
The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2022:
 
(Amounts in millions)
 
Valuation technique
 
 
Fair value
 
 
Unobservable input
 
 
Range
 
 
Weighted-average 
(1)
 
Policyholder account balances:
 
      
 
      
 
      
 
      
 
      
 
 
      
 
      
 
 
Withdrawal
utilization rate
 
 
 
 
61% - 89%
 
 
 
77%
 
 
 
      
 
      
 
 
Lapse rate
 
 
 
2% - 9%
 
 
 
4%
 
 
 
      
 
      
 
  
 Non-performance risk
(credit spreads)
  
 
 
 
23bps - 83bps
 
 
 
66bps
 
GMWB embedded derivatives
(2)
 
 
Stochastic cash flow model
 
 
 
 
$243
 
 
 
Equity index
volatility
 
 
 
 
18% - 27%
 
 
 
23%
 
Fixed index annuity embedded derivatives
 
 
Option budget method
 
 
 
 
$261
 
 
 
Expected future
interest credited
 
 
 
 
—% - 3%
 
 
 
1%
 
Indexed universal life embedded derivatives
 
 
Option budget method
 
 
 
 
$21
 
 
 
Expected future
interest credited
 
 
 
 
3% - 12%
 
 
 
5%
 
 
(1)
 
Unobservable inputs weighted by the policyholder account balances associated with the instrument.
(2)
 
Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
Fair Value Financial Instruments Not Required to be Carried at Fair Value
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:
 
    
March 31, 2022
  
    
Notional

amount
    
Carrying

amount
     
Fair value
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                                                     
Commercial mortgage loans, net
              
(1)
 		   $ 6,913      $ 6,983      $ —        $ 22      $ 6,961  
Bank loan investments
              
(1)
 		     381        384        —          —          384  
Liabilities:
                                                     
Long-term borrowings
              
(1)
 		     1,819        1,587        —          1,587        —    
Investment contracts
              
(1)
 		     8,327        8,582        —          —          8,582  
Other firm commitments:
                                                     
Commitments to fund bank loan investments
      108       —          —          —          —          —    
Ordinary course of business lending commitments
      95       —          —          —          —          —    
 
(1)
 
These financial instruments do not have notional amounts.
 
    
December 31, 2021
  
    
Notional

amount
    
Carrying

amount
     
Fair value
  
(Amounts in millions)
   
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                                                     
Commercial mortgage loans, net
              
(1)
 		   $ 6,830      $ 7,224      $ —        $ —        $ 7,224  
Bank loan investments
              
(1)
 		     363        370        —          —          370  
Liabilities:
                                                     
Long-term borrowings
              
(1)
 		     1,899        1,767        —          1,767        —    
Investment contracts
              
(1)
 		     8,657        9,352        —          —          9,352  
Other firm commitments:
                                                     
Commitments to fund bank loan investments
      141       —          —          —          —          —    
Ordinary course of business lending commitments
      125       —          —          —          —          —    
 
(1)
 
These financial instruments do not have notional amounts.
Summary of carrying value of limited partnerships and commitments to fund
 
The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated:
 
    
March 31, 2022
     
December 31, 2021
  
(Amounts in millions)
   
Carrying

value
     
Commitments
to fund
     
Carrying
value
     
Commitments
to fund
  
Limited partnerships accounted for at NAV:
                                    
Private equity funds
(1)
    $ 1,405      $ 975      $ 1,312      $ 950  
Real estate funds
(2)
      72        117        67        101  
Infrastructure funds
(3)
      55        13        57        13  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total limited partnerships accounted for at NAV
      1,532        1,105        1,436        1,064  
    
 
 
     
 
 
     
 
 
     
 
 
  
Limited partnerships accounted for at fair value
      26        1        26        1  
Limited partnerships accounted for under equity method of accounting
      448        203        437        120  
Low-income housing tax credits
(4)
      1        —          1        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 2,007      $ 1,309      $ 1,900      $ 1,185  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
 
This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.
(2)
 
This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.
(3)
 
This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.
(4)
 
Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.
v3.22.1
Liability for Policy and Contract Claims (Tables)
 3 Months Ended
Mar. 31, 2022
Changes in Liability for Policy and Contract Claims
The following table sets forth changes in our liability for policy and contract claims as of the dates indicated:
 
    
As of or for the three
months ended
March 31,
  
(Amounts in millions)
   
2022
     
2021
  
Beginning balance
    $ 11,841      $ 11,486  
Less reinsurance recoverables
      (2,388 )       (2,431 ) 
    
 
 
     
 
 
  
Net beginning balance
      9,453        9,055  
    
 
 
     
 
 
  
Incurred related to insured events of:
                  
Current year
      1,094        1,054  
Prior years
      (293 )       (229 ) 
    
 
 
     
 
 
  
Total incurred
      801        825  
    
 
 
     
 
 
  
Paid related to insured events of:
                  
Current year
      (202 )       (197 ) 
Prior years
      (675 )       (725 ) 
    
 
 
     
 
 
  
Total paid
      (877 )       (922 ) 
    
 
 
     
 
 
  
Interest on liability for policy and contract claims
      103        101  
    
 
 
     
 
 
  
Net ending balance
      9,480        9,059  
Add reinsurance recoverables
      2,353        2,356  
    
 
 
     
 
 
  
Ending balance
    $ 11,833      $ 11,415  
    
 
 
     
 
 
  
v3.22.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2022
Schedule of Long Term Borrowings
The following table sets forth total long-term borrowings as of the dates indicated:
 
(Amounts in millions)
   
March 31,
2022
     
December 31,
2021
  
Genworth Holdings
(1)
                  
4.80% Senior Notes, due 2024
    $ 200      $ 282  
6.50% Senior Notes, due 2034
      298        298  
Floating Rate Junior Subordinated Notes, due 2066
      598        598  
    
 
 
     
 
 
  
Subtotal
      1,096        1,178  
Bond consent fees
      (11 )       (12 ) 
Deferred borrowing charges
      (7 )       (7 ) 
    
 
 
     
 
 
  
Total Genworth Holdings
      1,078        1,159  
    
 
 
     
 
 
  
Enact Holdings
                  
6.50% Senior Notes, due 2025
(2)
      750        750  
Deferred borrowing charges
      (9 )       (10 ) 
    
 
 
     
 
 
  
Total Enact Holdings
      741        740  
    
 
 
     
 
 
  
Total
    $ 1,819      $ 1,899  
    
 
 
     
 
 
  
 
(1)
 
Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
(2)
 
Senior notes issued by Enact Holdings, our majority-owned indirect subsidiary, who has the option to redeem the notes in whole or in part at any time prior to February 15, 2025, by paying a make-whole premium plus accrued and unpaid interest.
v3.22.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2022
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate
The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated:
 
    
Three months ended March 31,
  
    
  2022  
    
  2021  
  
Statutory U.S. federal income tax rate
      21.0 %      21.0 % 
Increase in rate resulting from:
                 
Tax on income from terminated swaps
      2.8       4.1  
Other, net
      0.5       0.2  
    
 
 
    
 
 
  
Effective rate
      24.3 %      25.3 % 
    
 
 
    
 
 
  
v3.22.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2022
Summary of Revenues of Major Product Groups for Segments and Corporate and Other Activities
The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated:
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
    2022    
     
    2021    
  
Revenues:
                  
Enact segment
    $ 270      $ 288  
U.S. Life Insurance segment:
                  
Long-term care insurance
      1,109        1,140  
Life insurance
      339        348  
Fixed annuities
      116        132  
    
 
 
     
 
 
  
U.S. Life Insurance segment
      1,564        1,620  
    
 
 
     
 
 
  
Runoff segment
      66        76  
Corporate and Other activities
      (8 )       1  
    
 
 
     
 
 
  
Total revenues
    $ 1,892      $ 1,985  
    
 
 
     
 
 
  
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:
 
   
Three months ended
March 31,
  
(Amounts in millions)
  
    2022    
    
    2021    
  
Net income available to Genworth Financial, Inc.’s common stockholders
   $ 149     $ 187  
Add: net income from continuing operations attributable to noncontrolling interests
     30       —    
Add: net income from discontinued operations attributable to noncontrolling interests
     —         8  
   
 
 
    
 
 
  
Net income
     179       195  
Less: income (loss) from discontinued operations, net of taxes
     (2 )      21  
   
 
 
    
 
 
  
Income from continuing operations
     181       174  
Less: net income from continuing operations attributable to noncontrolling interests
     30       —    
   
 
 
    
 
 
  
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders
     151       174  
Adjustments to income from continuing operations available to Genworth Financial, Inc.’s common stockholders:
                
Net investment (gains) losses, net
     (28 )      (33 ) 
(Gains) losses on early extinguishment of debt
     3       4  
Expenses related to restructuring
     —         21  
Taxes on adjustments
     5       2  
   
 
 
    
 
 
  
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
   $ 131     $ 168  
   
 
 
    
 
 
  
 
    
Three months ended
March 31,
  
(Amounts in millions)
   
  2022  
    
  2021  
  
Adjusted operating income (loss) available to Genworth Financial, Inc.’s common stockholders:
                 
Enact segment
    $ 135     $ 126  
U.S. Life Insurance segment:
                 
Long-term care insurance
      59       95  
Life insurance
      (79 )      (63 ) 
Fixed annuities
      16       30  
    
 
 
    
 
 
  
U.S. Life Insurance segment
      (4 )      62  
    
 
 
    
 
 
  
Runoff segment
      9       12  
Corporate and Other activities
      (9 )      (32 ) 
    
 
 
    
 
 
  
Adjusted operating income available to Genworth Financial, Inc.’s common stockholders
    $ 131     $ 168  
    
 
 
    
 
 
  
Summary of 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:
 
(Amounts in millions)
   
March 31,
2022
     
December 31,
2021
  
Assets:
                  
Enact segment
    $ 5,790      $ 5,850  
U.S. Life Insurance segment
      76,482        81,210  
Runoff segment
      8,960        9,460  
Corporate and Other activities
      2,255        2,651  
    
 
 
     
 
 
  
Total assets
    $ 93,487      $ 99,171  
    
 
 
     
 
 
  
v3.22.1
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2022
Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes
The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
    
Derivatives
qualifying as
hedges
(2)
    
Foreign
currency
translation
and other
adjustments
    
Total
  
Balances as of January 1, 2022
   $ 1,860     $ 2,025     $ (24 )    $ 3,861  
OCI before reclassifications
     (1,057 )      (199 )      (5 )      (1,261 ) 
Amounts reclassified from (to) OCI
     6       (37 )      —         (31 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
     (1,051 )      (236 )      (5 )      (1,292 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2022 before noncontrolling interests
     809       1,789       (29 )      2,569  
   
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
     (41 )      —         —         (41 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2022
   $ 850     $ 1,789     $ (29 )    $ 2,610  
   
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
(1)
    
Derivatives
qualifying as
hedges
(2)
    
Foreign
currency
translation
and other
adjustments
    
Total
  
Balances as of January 1, 2021
   $ 2,214     $ 2,211     $ —       $ 4,425  
OCI before reclassifications
     (316 )      (385 )      136       (565 ) 
Amounts reclassified from (to) OCI
     (4 )      (34 )      —         (38 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
     (320 )      (419 )      136       (603 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2021 before noncontrolling interests
     1,894       1,792       136       3,822  
   
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
     (25 )      —         172       147  
   
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of March 31, 2021
   $ 1,919     $ 1,792     $ (36 )    $ 3,675  
   
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
(2)
 
See note 5 for additional information.
Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes
The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented:
 
   
Amount reclassified from accumulated
other comprehensive income (loss)
    
Affected line item in the
consolidated statements
of income
   
Three months ended March 31,
  
(Amounts in millions)
  
2022
    
2021
  
Net unrealized investment (gains) losses:
                    
Unrealized (gains) losses on
investments
(1)
   $ 8     $ (5 )    Net investment (gains) losses
Income taxes
     (2 )      1     Provision for income taxes
   
 
 
    
 
 
      
Total
   $ 6     $ (4 )     
   
 
 
    
 
 
      
Derivatives qualifying as hedges:
                    
Interest rate swaps hedging assets
   $ (55 )    $ (52 )    Net investment income
Interest rate swaps hedging assets
     (2 )      —       Net investment (gains) losses
Interest rate swaps hedging liabilities
     1       —       Interest expense
Foreign currency swaps
     (1 )      —       Net investment income
Income taxes
     20       18     Provision for income taxes
   
 
 
    
 
 
      
Total
   $ (37 )    $ (34 )     
   
 
 
    
 
 
      
 
(1)
 
Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.
v3.22.1
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Summary of Operating Results Related to Discontinued Operations
A summary of operating results related to Genworth Australia reported as discontinued operations was as follows for the period indicated:
 
(Amounts in millions)
   
Three months
ended March 31,
2021
  
Revenues:
         
Premiums
    $ 51  
Net investment income
      4  
Net investment gains (losses)
      (5 ) 
    
 
 
  
Total revenues
      50  
    
 
 
  
Benefits and expenses:
         
Benefits and other changes in policy reserves
      11  
Acquisition and operating expenses, net of deferrals
      7  
Amortization of deferred acquisition costs and intangibles
      6  
Interest expense
      1  
    
 
 
  
Total benefits and expenses
      25  
    
 
 
  
Income before income taxes and loss on sale
(1)
      25  
Provision for income taxes
      7  
    
 
 
  
Income before loss on sale
      18  
Loss on sale, net of taxes
      (3 ) 
    
 
 
  
Income from discontinued operations, net of taxes
      15  
    
 
 
  
Less: net income from discontinued operations attributable to noncontrolling interests
      8  
    
 
 
  
Income from discontinued operations available to Genworth Financial, Inc.’s common stockholders
    $ 7  
    
 
 
  
 
(1)
 
The three months ended March 31, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million.
Assets and liabilities held for sale and operating results related to discontinued operations
The following table presents the amounts owed to AXA under the settlement agreement reflected as liabilities related to discontinued operations in our condensed consolidated balance sheets as of the periods presented:
 
(Amounts in millions)
  
British Pounds
    
U.S. Dollar
  
   
March 31,
2022
    
December 31,
2021
    
March 31,
2022
    
December 31,
2021
  
Installment payments due to AXA:
                                
June 2022:
                                
Beginning balance
   £ —       £ 159     $ —       $ 217  
Prepayments
(1)
     —         (159 )      —         (217 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Ending balance
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
September 2022:
                                
Beginning balance
     —         187       —         256  
Amounts billed as future losses
     —         45       —         61  
Prepayments
(1)
     —         (232 )      —         (324 ) 
Foreign exchange and other
     —         —         —         7  
   
 
 
    
 
 
    
 
 
    
 
 
  
Ending balance
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Total amounts due under the promissory note
     —         —         —         —    
Future claims:
                                
Estimated beginning balance
     22       79       30       108  
Plus: Additional amounts invoiced
     1       —         1       —    
Change in estimated future claims
     —         (10 )      —         (14 ) 
Less: Amounts billed and included as mandatory prepayments
     —         (45 )      —         (61 ) 
Less: Amounts paid
     (22 )      (2 )      (30 )      (3 ) 
Foreign exchange and other
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Estimated future claims
     1       22       1       30  
   
 
 
    
 
 
    
 
 
    
 
 
  
Total amounts due to AXA under the
settlement
agreement
   £ 1     £ 22     $ 1     $ 30  
   
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
On March 3, 2021, we completed the sale of
Genworth
Australia and received net proceeds of approximately AUD483 million ($370 million). The sale of Genworth Australia resulted in a mandatory principal payment of approximately £176 million ($245 million) related to our outstanding secured promissory note issued to AXA, dated as of July 20, 2020, as amended by the parties in connection with the Genworth Australia sale. On September 21, 2021, we used a portion of the net proceeds from the minority IPO of Enact Holdings to repay the remaining outstanding balance of the secured promissory note of approximately £215 million ($296 million).
v3.22.1
Formation of Genworth and Basis of Presentation - Additional Information (Detail) - Segment
 3 Months Ended
Mar. 31, 2022
Apr. 01, 2013
Number of operating segments 3  
Genworth Holdings    
Percentage of subsidiary equity ownership   100.00%
v3.22.1
Earning (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Earnings Per Share [Abstract]    
Weighted-average shares used in basic earnings per share calculations 508.3 506.0
Stock options, restricted stock units and other equity-based compensation 9.1 7.8
Weighted-average shares used in diluted earnings per share calculations 517.4 513.8
Income from continuing operations:    
Income from continuing operations $ 181 $ 174
Less: net income from continuing operations attributable to noncontrolling interests 30 0
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders $ 151 $ 174
Basic per share $ 0.30 $ 0.35
Diluted per share $ 0.29 $ 0.34
Income (loss) from discontinued operations:    
Income (loss) from discontinued operations, net of taxes $ (2) $ 21
Less: net income (loss) from discontinued operations attributable to noncontrolling interests 0 8
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders $ (2) $ 13
Basic per share $ 0 $ 0.02
Diluted per share $ 0 $ 0.02
Net income:    
Income from continuing operations $ 181 $ 174
Income (loss) from discontinued operations, net of taxes (2) 21
Net income 179 195
Less: net income attributable to noncontrolling interests 30 8
Net income available to Genworth Financial, Inc.'s common stockholders $ 149 $ 187
Basic per share [1] $ 0.29 $ 0.37
Diluted per share [1] $ 0.29 $ 0.37
[1] May not total due to whole number calculation.
v3.22.1
Net Investment Income (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net Investment Income [Line Items]    
Gross investment income before expenses and fees $ 784 $ 821
Expenses and fees (20) (20)
Net investment income 764 801
Fixed maturity securities—taxable    
Net Investment Income [Line Items]    
Gross investment income before expenses and fees 580 599
Fixed maturity securities—non-taxable    
Net Investment Income [Line Items]    
Gross investment income before expenses and fees 1 2
Equity Securities    
Net Investment Income [Line Items]    
Gross investment income before expenses and fees 2 3
Commercial mortgage loans    
Net Investment Income [Line Items]    
Gross investment income before expenses and fees 81 78
Policy Loans    
Net Investment Income [Line Items]    
Gross investment income before expenses and fees 50 50
Limited partnerships    
Net Investment Income [Line Items]    
Gross investment income before expenses and fees 7 31
Other invested assets    
Net Investment Income [Line Items]    
Gross investment income before expenses and fees $ 63 $ 58
v3.22.1
Net Investment Gains (Losses) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Available-for-sale fixed maturity securities:    
Realized gains $ 10 $ 7
Realized losses (18) (3)
Net realized gains (losses) on available-for-sale fixed maturity securities (8) 4
Net realized gains (losses) on equity securities sold 0 (5)
Net realized gains (losses) on limited partnerships 0 3
Total net realized investment gains (losses) (8) 2
Net change in allowance for credit losses on available-for-sale fixed maturity securities 0 (2)
Write-down of available-for-sale fixed maturity securities [1] (2) (1)
Net unrealized gains (losses) on equity securities still held (6) (8)
Net unrealized gains (losses) on limited partnerships 35 34
Commercial mortgage loans 1 (1)
Derivative instruments [2] 4 8
Other 4 1
Total net investment gains (losses) $ 28 $ 33
[1] Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis.
[2] See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).
v3.22.1
Net Investment Allowance for Credit Losses (Detail) - Fixed maturity securities
$ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Beginning Balance $ 4
Increase from securities without allowance in previous periods 0
Increase (decrease) from securities with allowance in previous periods 2
Securities Sold 0
Decrease due to change in intent or requirement to sell 0
Write-offs (3)
Recoveries 0
Ending Balance 3
Non-U.S. corporate  
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Beginning Balance 1
Increase from securities without allowance in previous periods 0
Increase (decrease) from securities with allowance in previous periods 2
Securities Sold 0
Decrease due to change in intent or requirement to sell 0
Write-offs 0
Recoveries 0
Ending Balance 3
Commercial mortgage-backed  
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Beginning Balance 3
Increase from securities without allowance in previous periods 0
Increase (decrease) from securities with allowance in previous periods 0
Securities Sold 0
Decrease due to change in intent or requirement to sell 0
Write-offs (3)
Recoveries 0
Ending Balance $ 0
v3.22.1
Investments - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Percentage of investment portfolio by which no other industry group exceeded 10.00%  
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded 10  
Commercial mortgage loans on nonaccrual status $ 0  
Total Assets 93,487 $ 99,171
Limited Partnership Interests | Variable interest Entity, not primary beneficiary    
Schedule of Investments [Line Items]    
Total Assets $ 1,936 1,829
Finance and insurance | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 24.00%  
Utilities | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 13.00%  
Consumer-non-cyclical | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 15.00%  
Technology and Communications | Fixed maturity securities    
Schedule of Investments [Line Items]    
Percent of investment portfolio, greater than 10% 11.00%  
Office    
Schedule of Investments [Line Items]    
Write-offs   8
Office | 31 to 60 Past due    
Schedule of Investments [Line Items]    
Commercial mortgage loans on nonaccrual status   $ 22
Office | More than 90 days past due    
Schedule of Investments [Line Items]    
Commercial mortgage loans on nonaccrual status $ 22  
v3.22.1
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
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items]        
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses [1] $ 2,747 $ 7,869    
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses [1] 0 0    
Adjustments to DAC, present value of future profits, sales inducements, benefit reserves and policyholder contract balances (1,700) (5,487)    
Income taxes, net (223) (507)    
Net unrealized investment gains (losses) 824 1,875    
Less: net unrealized investment gains (losses) attributable to noncontrolling interests (26) 15    
Net unrealized investment gains (losses) $ 850 $ 1,860 $ 1,919 $ 2,214
[1] Excludes foreign exchange.
v3.22.1
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
Mar. 31, 2022
Mar. 31, 2021
Investments [Abstract]    
Net unrealized investment gains (losses), beginning of period $ 1,860 $ 2,214
Unrealized gains (losses) on fixed maturity securities (5,130) (3,383)
Adjustment to DAC 237 (174)
Adjustment to present value of future profits 1 1
Adjustment to sales inducements 22 3
Adjustment to benefit reserves and policyholder contract balances 3,527 3,145
Provision for income taxes 286 92
Change in unrealized gains (losses) on investment securities (1,057) (316)
Reclassification adjustments to net investment (gains) losses, net of taxes of $(2) and $1 6 (4)
Change in net unrealized investment gains (losses) (1,051) (320)
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests (41) (25)
Net unrealized investment gains (losses), end of period $ 850 $ 1,919
v3.22.1
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
Mar. 31, 2022
Mar. 31, 2021
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items]    
Reclassification adjustments to net investment (gains) losses, taxes $ (2) $ 1
v3.22.1
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
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities $ 52,280 $ 52,611    
Fair value, fixed maturity securities 55,027 60,480    
Fixed maturity securities        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 52,280 52,611    
Gross unrealized gains, fixed maturity securities 3,799 8,004    
Gross unrealized losses, fixed maturity securities (1,052) (135)    
Allowance for credit losses 0 0 $ (3) $ (4)
Fair value, fixed maturity securities 55,027 60,480    
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 3,356 3,368    
Gross unrealized gains, fixed maturity securities 744 1,184    
Gross unrealized losses, fixed maturity securities (3) 0    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 4,097 4,552    
Fixed maturity securities | State and Political Subdivisions        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 3,009 2,982    
Gross unrealized gains, fixed maturity securities 206 474    
Gross unrealized losses, fixed maturity securities (81) (6)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 3,134 3,450    
Fixed maturity securities | Non-U.S. government        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 778 762    
Gross unrealized gains, fixed maturity securities 48 86    
Gross unrealized losses, fixed maturity securities (42) (13)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 784 835    
Fixed maturity securities | U.S. corporate        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 30,270 30,257    
Gross unrealized gains, fixed maturity securities 2,149 4,746    
Gross unrealized losses, fixed maturity securities (596) (79)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 31,823 34,924    
Fixed maturity securities | U.S. corporate | Utilities        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 4,345 4,330    
Gross unrealized gains, fixed maturity securities 355 783    
Gross unrealized losses, fixed maturity securities (66) (9)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 4,634 5,104    
Fixed maturity securities | U.S. corporate | Energy        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 2,572 2,581    
Gross unrealized gains, fixed maturity securities 175 363    
Gross unrealized losses, fixed maturity securities (48) (10)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 2,699 2,934    
Fixed maturity securities | U.S. corporate | Finance and insurance        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 8,026 8,003    
Gross unrealized gains, fixed maturity securities 406 1,012    
Gross unrealized losses, fixed maturity securities (203) (24)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 8,229 8,991    
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 5,070 5,138    
Gross unrealized gains, fixed maturity securities 488 1,029    
Gross unrealized losses, fixed maturity securities (70) (8)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 5,488 6,159    
Fixed maturity securities | U.S. corporate | Technology and communications        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 3,371 3,345    
Gross unrealized gains, fixed maturity securities 213 476    
Gross unrealized losses, fixed maturity securities (87) (13)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 3,497 3,808    
Fixed maturity securities | U.S. corporate | Industrial        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 1,301 1,322    
Gross unrealized gains, fixed maturity securities 73 175    
Gross unrealized losses, fixed maturity securities (26) (3)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 1,348 1,494    
Fixed maturity securities | U.S. corporate | Capital goods        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 2,346 2,334    
Gross unrealized gains, fixed maturity securities 205 415    
Gross unrealized losses, fixed maturity securities (39) (4)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 2,512 2,745    
Fixed maturity securities | U.S. corporate | Consumer-cyclical        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 1,725 1,703    
Gross unrealized gains, fixed maturity securities 86 203    
Gross unrealized losses, fixed maturity securities (44) (7)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 1,767 1,899    
Fixed maturity securities | U.S. corporate | Transportation        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 1,133 1,122    
Gross unrealized gains, fixed maturity securities 124 249    
Gross unrealized losses, fixed maturity securities (9) 0    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 1,248 1,371    
Fixed maturity securities | U.S. corporate | Other        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 381 379    
Gross unrealized gains, fixed maturity securities 24 41    
Gross unrealized losses, fixed maturity securities (4) (1)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 401 419    
Fixed maturity securities | Non-U.S. corporate        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 9,113 9,344    
Gross unrealized gains, fixed maturity securities 552 1,217    
Gross unrealized losses, fixed maturity securities (212) (26)    
Allowance for credit losses 0 0 (3) (1)
Fair value, fixed maturity securities 9,453 10,535    
Fixed maturity securities | Non-U.S. corporate | Utilities        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 874 867    
Gross unrealized gains, fixed maturity securities 19 63    
Gross unrealized losses, fixed maturity securities (15) (2)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 878 928    
Fixed maturity securities | Non-U.S. corporate | Energy        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 1,158 1,194    
Gross unrealized gains, fixed maturity securities 102 190    
Gross unrealized losses, fixed maturity securities (19) (1)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 1,241 1,383    
Fixed maturity securities | Non-U.S. corporate | Finance and insurance        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 2,129 2,171    
Gross unrealized gains, fixed maturity securities 132 270    
Gross unrealized losses, fixed maturity securities (70) (9)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 2,191 2,432    
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 665 664    
Gross unrealized gains, fixed maturity securities 28 81    
Gross unrealized losses, fixed maturity securities (22) (2)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 671 743    
Fixed maturity securities | Non-U.S. corporate | Technology and communications        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 1,055 1,085    
Gross unrealized gains, fixed maturity securities 61 166    
Gross unrealized losses, fixed maturity securities (17) (1)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 1,099 1,250    
Fixed maturity securities | Non-U.S. corporate | Industrial        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 918 933    
Gross unrealized gains, fixed maturity securities 56 117    
Gross unrealized losses, fixed maturity securities (21) (3)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 953 1,047    
Fixed maturity securities | Non-U.S. corporate | Capital goods        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 610 640    
Gross unrealized gains, fixed maturity securities 25 66    
Gross unrealized losses, fixed maturity securities (16) (1)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 619 705    
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 316 316    
Gross unrealized gains, fixed maturity securities 5 27    
Gross unrealized losses, fixed maturity securities (9) (2)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 312 341    
Fixed maturity securities | Non-U.S. corporate | Transportation        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 392 422    
Gross unrealized gains, fixed maturity securities 38 68    
Gross unrealized losses, fixed maturity securities (7) (1)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 423 489    
Fixed maturity securities | Non-U.S. corporate | Other        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 996 1,052    
Gross unrealized gains, fixed maturity securities 86 169    
Gross unrealized losses, fixed maturity securities (16) (4)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 1,066 1,217    
Fixed maturity securities | Residential mortgage-backed        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 1,277 1,325    
Gross unrealized gains, fixed maturity securities 57 116    
Gross unrealized losses, fixed maturity securities (14) (1)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities 1,320 1,440    
Fixed maturity securities | Commercial mortgage-backed        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 2,369 2,435    
Gross unrealized gains, fixed maturity securities 36 152    
Gross unrealized losses, fixed maturity securities (44) (3)    
Allowance for credit losses 0 0 $ 0 $ (3)
Fair value, fixed maturity securities 2,361 2,584    
Fixed maturity securities | Other asset-backed        
Schedule of Investments [Line Items]        
Amortized cost or cost, fixed maturity securities 2,108 2,138    
Gross unrealized gains, fixed maturity securities 7 29    
Gross unrealized losses, fixed maturity securities (60) (7)    
Allowance for credit losses 0 0    
Fair value, fixed maturity securities $ 2,055 $ 2,160    
v3.22.1
Gross Unrealized Losses and Fair Value of Investment Securities (Detail)
$ in Millions
Mar. 31, 2022
USD ($)
Securities
Dec. 31, 2021
USD ($)
Securities
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 14,957 $ 4,991
Less than 12 months, Gross unrealized losses $ (895) $ (110)
Less than 12 months, Number of securities in a continuous loss position | Securities 2,062 635
12 months or more, Fair value $ 1,114 $ 308
12 months or more, Gross unrealized losses $ (157) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 140 35
Fair value $ 16,071 $ 5,299
Gross unrealized losses $ (1,052) $ (135)
Number of securities in a continuous loss position | Securities 2,202 670
Investment grade    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 13,796 $ 4,644
Less than 12 months, Gross unrealized losses $ (823) $ (101)
Less than 12 months, Number of securities in a continuous loss position | Securities 1,896 587
12 months or more, Fair value $ 1,031 $ 241
12 months or more, Gross unrealized losses $ (140) $ (12)
12 months or more, Number of securities in a continuous loss position | Securities 129 25
Fair value $ 14,827 $ 4,885
Gross unrealized losses $ (963) $ (113)
Number of securities in a continuous loss position | Securities 2,025 612
Below investment grade    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 1,161 $ 347
Less than 12 months, Gross unrealized losses $ (72) $ (9)
Less than 12 months, Number of securities in a continuous loss position | Securities 166 48
12 months or more, Fair value $ 83 $ 67
12 months or more, Gross unrealized losses $ (17) $ (13)
12 months or more, Number of securities in a continuous loss position | Securities 11 10
Fair value $ 1,244 $ 414
Gross unrealized losses $ (89) $ (22)
Number of securities in a continuous loss position | Securities 177 58
Fixed maturity securities    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 14,957 $ 4,991
Less than 12 months, Gross unrealized losses $ (895) $ (110)
Less than 12 months, Number of securities in a continuous loss position | Securities 2,062 635
12 months or more, Fair value $ 1,114 $ 308
12 months or more, Gross unrealized losses $ (157) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 140 35
Fair value $ 16,071 $ 5,299
Gross unrealized losses $ (1,052) $ (135)
Number of securities in a continuous loss position | Securities 2,202 670
Fixed maturity securities | Less Than 20 Percent Below Cost    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 14,957 $ 4,991
Less than 12 months, Gross unrealized losses $ (895) $ (110)
Less than 12 months, Number of securities in a continuous loss position | Securities 2,062 635
12 months or more, Fair value $ 1,066 $ 297
12 months or more, Gross unrealized losses $ (142) $ (20)
12 months or more, Number of securities in a continuous loss position | Securities 134 33
Fair value $ 16,023 $ 5,288
Gross unrealized losses $ (1,037) $ (130)
Number of securities in a continuous loss position | Securities 2,196 668
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 0 0
12 months or more, Fair value $ 48 $ 11
12 months or more, Gross unrealized losses $ (15) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 6 2
Fair value $ 48 $ 11
Gross unrealized losses $ (15) $ (5)
Number of securities in a continuous loss position | Securities 6 2
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 67  
Less than 12 months, Gross unrealized losses $ (2)  
Less than 12 months, Number of securities in a continuous loss position | Securities 17  
12 months or more, Fair value $ 10  
12 months or more, Gross unrealized losses $ (1)  
12 months or more, Number of securities in a continuous loss position | Securities 3  
Fair value $ 77  
Gross unrealized losses $ (3)  
Number of securities in a continuous loss position | Securities 20  
Fixed maturity securities | State and Political Subdivisions    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 902 $ 339
Less than 12 months, Gross unrealized losses $ (78) $ (6)
Less than 12 months, Number of securities in a continuous loss position | Securities 157 67
12 months or more, Fair value $ 25 $ 0
12 months or more, Gross unrealized losses $ (3) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 5 0
Fair value $ 927 $ 339
Gross unrealized losses $ (81) $ (6)
Number of securities in a continuous loss position | Securities 162 67
Fixed maturity securities | Non-U.S. government    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 305 $ 173
Less than 12 months, Gross unrealized losses $ (27) $ (9)
Less than 12 months, Number of securities in a continuous loss position | Securities 46 28
12 months or more, Fair value $ 80 $ 19
12 months or more, Gross unrealized losses $ (15) $ (4)
12 months or more, Number of securities in a continuous loss position | Securities 10 1
Fair value $ 385 $ 192
Gross unrealized losses $ (42) $ (13)
Number of securities in a continuous loss position | Securities 56 29
Fixed maturity securities | U.S. corporate    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 8,109 $ 2,593
Less than 12 months, Gross unrealized losses $ (505) $ (64)
Less than 12 months, Number of securities in a continuous loss position | Securities 995 266
12 months or more, Fair value $ 627 $ 196
12 months or more, Gross unrealized losses $ (91) $ (15)
12 months or more, Number of securities in a continuous loss position | Securities 65 22
Fair value $ 8,736 $ 2,789
Gross unrealized losses $ (596) $ (79)
Number of securities in a continuous loss position | Securities 1,060 288
Fixed maturity securities | Non-U.S. corporate    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 2,672 $ 912
Less than 12 months, Gross unrealized losses $ (173) $ (21)
Less than 12 months, Number of securities in a continuous loss position | Securities 355 124
12 months or more, Fair value $ 258 $ 62
12 months or more, Gross unrealized losses $ (39) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 31 8
Fair value $ 2,930 $ 974
Gross unrealized losses $ (212) $ (26)
Number of securities in a continuous loss position | Securities 386 132
Fixed maturity securities | Residential mortgage-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 304 $ 97
Less than 12 months, Gross unrealized losses $ (13) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 78 22
12 months or more, Fair value $ 5 $ 0
12 months or more, Gross unrealized losses $ (1) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 5 0
Fair value $ 309 $ 97
Gross unrealized losses $ (14) $ (1)
Number of securities in a continuous loss position | Securities 83 22
Fixed maturity securities | Commercial mortgage-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 1,098 $ 113
Less than 12 months, Gross unrealized losses $ (40) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 160 17
12 months or more, Fair value $ 43 $ 31
12 months or more, Gross unrealized losses $ (4) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 6 4
Fair value $ 1,141 $ 144
Gross unrealized losses $ (44) $ (3)
Number of securities in a continuous loss position | Securities 166 21
Fixed maturity securities | Other asset-backed    
Schedule of Investments [Line Items]    
Less than 12 months, Fair value $ 1,500 $ 764
Less than 12 months, Gross unrealized losses $ (57) $ (7)
Less than 12 months, Number of securities in a continuous loss position | Securities 254 111
12 months or more, Fair value $ 66 $ 0
12 months or more, Gross unrealized losses $ (3) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 15 0
Fair value $ 1,566 $ 764
Gross unrealized losses $ (60) $ (7)
Number of securities in a continuous loss position | Securities 269 111
v3.22.1
Gross Unrealized Losses and Fair Value of Corporate Securities Based on Industries (Detail)
$ in Millions
Mar. 31, 2022
USD ($)
Securities
Dec. 31, 2021
USD ($)
Securities
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 14,957 $ 4,991
Less than 12 months, Gross unrealized losses $ (895) $ (110)
Less than 12 months, Number of securities in a continuous loss position | Securities 2,062 635
12 months or more, Fair value $ 1,114 $ 308
12 months or more, Gross unrealized losses $ (157) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 140 35
Fair value $ 16,071 $ 5,299
Gross unrealized losses $ (1,052) $ (135)
Number of securities in a continuous loss position | Securities 2,202 670
Fixed maturity securities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 14,957 $ 4,991
Less than 12 months, Gross unrealized losses $ (895) $ (110)
Less than 12 months, Number of securities in a continuous loss position | Securities 2,062 635
12 months or more, Fair value $ 1,114 $ 308
12 months or more, Gross unrealized losses $ (157) $ (25)
12 months or more, Number of securities in a continuous loss position | Securities 140 35
Fair value $ 16,071 $ 5,299
Gross unrealized losses $ (1,052) $ (135)
Number of securities in a continuous loss position | Securities 2,202 670
Fixed maturity securities | U.S. corporate    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 8,109 $ 2,593
Less than 12 months, Gross unrealized losses $ (505) $ (64)
Less than 12 months, Number of securities in a continuous loss position | Securities 995 266
12 months or more, Fair value $ 627 $ 196
12 months or more, Gross unrealized losses $ (91) $ (15)
12 months or more, Number of securities in a continuous loss position | Securities 65 22
Fair value $ 8,736 $ 2,789
Gross unrealized losses $ (596) $ (79)
Number of securities in a continuous loss position | Securities 1,060 288
Fixed maturity securities | U.S. corporate | Utilities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 1,089 $ 211
Less than 12 months, Gross unrealized losses $ (56) $ (7)
Less than 12 months, Number of securities in a continuous loss position | Securities 142 32
12 months or more, Fair value $ 59 $ 29
12 months or more, Gross unrealized losses $ (10) $ (2)
12 months or more, Number of securities in a continuous loss position | Securities 13 7
Fair value $ 1,148 $ 240
Gross unrealized losses $ (66) $ (9)
Number of securities in a continuous loss position | Securities 155 39
Fixed maturity securities | U.S. corporate | Energy    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 740 $ 166
Less than 12 months, Gross unrealized losses $ (40) $ (3)
Less than 12 months, Number of securities in a continuous loss position | Securities 87 18
12 months or more, Fair value $ 63 $ 25
12 months or more, Gross unrealized losses $ (8) $ (7)
12 months or more, Number of securities in a continuous loss position | Securities 7 4
Fair value $ 803 $ 191
Gross unrealized losses $ (48) $ (10)
Number of securities in a continuous loss position | Securities 94 22
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 $ 2,529 $ 960
Less than 12 months, Gross unrealized losses $ (173) $ (22)
Less than 12 months, Number of securities in a continuous loss position | Securities 293 89
12 months or more, Fair value $ 203 $ 62
12 months or more, Gross unrealized losses $ (30) $ (2)
12 months or more, Number of securities in a continuous loss position | Securities 17 3
Fair value $ 2,732 $ 1,022
Gross unrealized losses $ (203) $ (24)
Number of securities in a continuous loss position | Securities 310 92
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 $ 916 $ 296
Less than 12 months, Gross unrealized losses $ (56) $ (7)
Less than 12 months, Number of securities in a continuous loss position | Securities 109 30
12 months or more, Fair value $ 86 $ 14
12 months or more, Gross unrealized losses $ (14) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 7 2
Fair value $ 1,002 $ 310
Gross unrealized losses $ (70) $ (8)
Number of securities in a continuous loss position | Securities 116 32
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 $ 1,094 $ 378
Less than 12 months, Gross unrealized losses $ (73) $ (12)
Less than 12 months, Number of securities in a continuous loss position | Securities 147 37
12 months or more, Fair value $ 93 $ 29
12 months or more, Gross unrealized losses $ (14) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 8 2
Fair value $ 1,187 $ 407
Gross unrealized losses $ (87) $ (13)
Number of securities in a continuous loss position | Securities 155 39
Fixed maturity securities | U.S. corporate | Industrial    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 361 $ 143
Less than 12 months, Gross unrealized losses $ (26) $ (3)
Less than 12 months, Number of securities in a continuous loss position | Securities 46 18
12 months or more, Fair value $ 0 $ 0
12 months or more, Gross unrealized losses $ 0 $ 0
12 months or more, Number of securities in a continuous loss position | Securities 0 0
Fair value $ 361 $ 143
Gross unrealized losses $ (26) $ (3)
Number of securities in a continuous loss position | Securities 46 18
Fixed maturity securities | U.S. corporate | Capital goods    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 553 $ 171
Less than 12 months, Gross unrealized losses $ (35) $ (3)
Less than 12 months, Number of securities in a continuous loss position | Securities 65 16
12 months or more, Fair value $ 27 $ 18
12 months or more, Gross unrealized losses $ (4) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 4 2
Fair value $ 580 $ 189
Gross unrealized losses $ (39) $ (4)
Number of securities in a continuous loss position | Securities 69 18
Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 507 $ 268
Less than 12 months, Gross unrealized losses $ (34) $ (7)
Less than 12 months, Number of securities in a continuous loss position | Securities 65 26
12 months or more, Fair value $ 78 $ 0
12 months or more, Gross unrealized losses $ (10) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 7 0
Fair value $ 585 $ 268
Gross unrealized losses $ (44) $ (7)
Number of securities in a continuous loss position | Securities 72 26
Fixed maturity securities | U.S. corporate | Transportation    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 247  
Less than 12 months, Gross unrealized losses $ (9)  
Less than 12 months, Number of securities in a continuous loss position | Securities 32  
12 months or more, Fair value $ 0  
12 months or more, Gross unrealized losses $ 0  
12 months or more, Number of securities in a continuous loss position | Securities 0  
Fair value $ 247  
Gross unrealized losses $ (9)  
Number of securities in a continuous loss position | Securities 32  
Fixed maturity securities | U.S. corporate | Other    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 73 $ 0
Less than 12 months, Gross unrealized losses $ (3) $ 0
Less than 12 months, Number of securities in a continuous loss position | Securities 9 0
12 months or more, Fair value $ 18 $ 19
12 months or more, Gross unrealized losses $ (1) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 2 2
Fair value $ 91 $ 19
Gross unrealized losses $ (4) $ (1)
Number of securities in a continuous loss position | Securities 11 2
Fixed maturity securities | Non-U.S. corporate    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 2,672 $ 912
Less than 12 months, Gross unrealized losses $ (173) $ (21)
Less than 12 months, Number of securities in a continuous loss position | Securities 355 124
12 months or more, Fair value $ 258 $ 62
12 months or more, Gross unrealized losses $ (39) $ (5)
12 months or more, Number of securities in a continuous loss position | Securities 31 8
Fair value $ 2,930 $ 974
Gross unrealized losses $ (212) $ (26)
Number of securities in a continuous loss position | Securities 386 132
Fixed maturity securities | Non-U.S. corporate | Utilities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 272 $ 69
Less than 12 months, Gross unrealized losses $ (13) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 28 9
12 months or more, Fair value $ 12 $ 0
12 months or more, Gross unrealized losses $ (2) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 1 0
Fair value $ 284 $ 69
Gross unrealized losses $ (15) $ (2)
Number of securities in a continuous loss position | Securities 29 9
Fixed maturity securities | Non-U.S. corporate | Energy    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 291 $ 64
Less than 12 months, Gross unrealized losses $ (18) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 27 10
12 months or more, Fair value $ 4 $ 0
12 months or more, Gross unrealized losses $ (1) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 1 0
Fair value $ 295 $ 64
Gross unrealized losses $ (19) $ (1)
Number of securities in a continuous loss position | Securities 28 10
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 $ 685 $ 366
Less than 12 months, Gross unrealized losses $ (47) $ (8)
Less than 12 months, Number of securities in a continuous loss position | Securities 96 43
12 months or more, Fair value $ 157 $ 18
12 months or more, Gross unrealized losses $ (23) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 16 2
Fair value $ 842 $ 384
Gross unrealized losses $ (70) $ (9)
Number of securities in a continuous loss position | Securities 112 45
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 $ 253 $ 67
Less than 12 months, Gross unrealized losses $ (21) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 32 12
12 months or more, Fair value $ 6 $ 6
12 months or more, Gross unrealized losses $ (1) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 1 1
Fair value $ 259 $ 73
Gross unrealized losses $ (22) $ (2)
Number of securities in a continuous loss position | Securities 33 13
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 $ 269 $ 48
Less than 12 months, Gross unrealized losses $ (17) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 41 8
12 months or more, Fair value $ 0 $ 0
12 months or more, Gross unrealized losses $ 0 $ 0
12 months or more, Number of securities in a continuous loss position | Securities 0 0
Fair value $ 269 $ 48
Gross unrealized losses $ (17) $ (1)
Number of securities in a continuous loss position | Securities 41 8
Fixed maturity securities | Non-U.S. corporate | Industrial    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 274 $ 122
Less than 12 months, Gross unrealized losses $ (19) $ (3)
Less than 12 months, Number of securities in a continuous loss position | Securities 35 14
12 months or more, Fair value $ 18 $ 0
12 months or more, Gross unrealized losses $ (2) $ 0
12 months or more, Number of securities in a continuous loss position | Securities 2 0
Fair value $ 292 $ 122
Gross unrealized losses $ (21) $ (3)
Number of securities in a continuous loss position | Securities 37 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 $ 231 $ 78
Less than 12 months, Gross unrealized losses $ (16) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 30 8
12 months or more, Fair value $ 0 $ 0
12 months or more, Gross unrealized losses $ 0 $ 0
12 months or more, Number of securities in a continuous loss position | Securities 0 0
Fair value $ 231 $ 78
Gross unrealized losses $ (16) $ (1)
Number of securities in a continuous loss position | Securities 30 8
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 $ 128 $ 22
Less than 12 months, Gross unrealized losses $ (7) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 25 8
12 months or more, Fair value $ 20 $ 15
12 months or more, Gross unrealized losses $ (2) $ (1)
12 months or more, Number of securities in a continuous loss position | Securities 4 3
Fair value $ 148 $ 37
Gross unrealized losses $ (9) $ (2)
Number of securities in a continuous loss position | Securities 29 11
Fixed maturity securities | Non-U.S. corporate | Transportation    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 125 $ 37
Less than 12 months, Gross unrealized losses $ (7) $ (1)
Less than 12 months, Number of securities in a continuous loss position | Securities 19 7
12 months or more, Fair value $ 0 $ 0
12 months or more, Gross unrealized losses $ 0 $ 0
12 months or more, Number of securities in a continuous loss position | Securities 0 0
Fair value $ 125 $ 37
Gross unrealized losses $ (7) $ (1)
Number of securities in a continuous loss position | Securities 19 7
Fixed maturity securities | Non-U.S. corporate | Other    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 144 $ 39
Less than 12 months, Gross unrealized losses $ (8) $ (2)
Less than 12 months, Number of securities in a continuous loss position | Securities 22 5
12 months or more, Fair value $ 41 $ 23
12 months or more, Gross unrealized losses $ (8) $ (2)
12 months or more, Number of securities in a continuous loss position | Securities 6 2
Fair value $ 185 $ 62
Gross unrealized losses $ (16) $ (4)
Number of securities in a continuous loss position | Securities 28 7
Fixed maturity securities | Corporate Debt Securities    
Available for Sale Securities Continuous Unrealized Loss Position [Line Items]    
Less than 12 months, Fair value $ 10,781 $ 3,505
Less than 12 months, Gross unrealized losses $ (678) $ (85)
Less than 12 months, Number of securities in a continuous loss position | Securities 1,350 390
12 months or more, Fair value $ 885 $ 258
12 months or more, Gross unrealized losses $ (130) $ (20)
12 months or more, Number of securities in a continuous loss position | Securities 96 30
Fair value $ 11,666 $ 3,763
Gross unrealized losses $ (808) $ (105)
Number of securities in a continuous loss position | Securities 1,446 420
v3.22.1
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Amortized cost or cost    
Due one year or less $ 1,407  
Due after one year through five years 8,339  
Due after five years through ten years 13,771  
Due after ten years 23,009  
Subtotal 46,526  
Amortized cost or cost, fixed maturity securities 52,280 $ 52,611
Fair value    
Due one year or less 1,420  
Due after one year through five years 8,501  
Due after five years through ten years 13,943  
Due after ten years 25,427  
Subtotal 49,291  
Fair value, fixed maturity securities 55,027 $ 60,480
Residential mortgage-backed    
Amortized cost or cost    
Fixed maturity securities 1,277  
Fair value    
Fixed maturity securities 1,320  
Commercial mortgage-backed    
Amortized cost or cost    
Fixed maturity securities 2,369  
Fair value    
Fixed maturity securities 2,361  
Other asset-backed    
Amortized cost or cost    
Fixed maturity securities 2,108  
Fair value    
Fixed maturity securities $ 2,055  
v3.22.1
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,938 $ 6,856
% of total 100.00% 100.00%
Allowance for credit losses $ (25) $ (26)
Commercial mortgage loans, net 6,913 6,830
Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,938 $ 6,856
% of total 100.00% 100.00%
Allowance for credit losses $ (25) $ (26)
Commercial mortgage loans, net 6,913 6,830
South Atlantic | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,806 $ 1,770
% 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, amortized cost $ 1,357 $ 1,360
% of total 20.00% 20.00%
Middle Atlantic | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 964 $ 964
% of total 14.00% 14.00%
Mountain | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 932 $ 892
% of total 13.00% 13.00%
West North Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 466 $ 461
% of total 7.00% 7.00%
East North Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 464 $ 465
% of total 7.00% 7.00%
West South Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 493 $ 483
% of total 7.00% 7.00%
New England | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 235 $ 237
% of total 3.00% 3.00%
East South Central | Commercial Mortgage Loan    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 221 $ 224
% of total 3.00% 3.00%
Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,837 $ 2,774
% of total 41.00% 40.00%
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,461 $ 1,420
% of total 21.00% 21.00%
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,527 $ 1,526
% of total 22.00% 22.00%
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 577 $ 585
% of total 8.00% 9.00%
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 327 $ 330
% of total 5.00% 5.00%
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 209 $ 221
% of total 3.00% 3.00%
v3.22.1
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]      
Beginning balance $ 26    
Ending balance 25   $ 26
Allowance for Credit Losses      
Financing Receivable, Allowance for Credit Losses [Line Items]      
Beginning balance 26 $ 31 31
Provision (1) 1  
Write-offs 0 0  
Recoveries 0 0  
Ending balance $ 25 $ 32 $ 26
v3.22.1
Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost $ 6,938 $ 6,856
Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 6,938 6,856
0% - 50%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 2,452 2,480
0% - 50% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 2,452  
51% - 60%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 1,494 1,539
51% - 60% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 1,494  
61% - 75%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 2,970 2,815
61% - 75% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 2,970  
76% - 100%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
Greater than 100%    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 22 22
Greater than 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 22  
Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 220 223
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 549 559
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 804 791
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 3,071 2,958
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 2,294 $ 2,325
2022 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 197  
2022 | 0% - 50% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2022 | 51% - 60% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2022 | 61% - 75% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 197  
2022 | 76% - 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2022 | Greater than 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2022 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2022 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 13  
2022 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 20  
2022 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 148  
2022 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 16  
2021 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 947  
2021 | 0% - 50% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 23  
2021 | 51% - 60% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 40  
2021 | 61% - 75% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 884  
2021 | 76% - 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2021 | Greater than 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2021 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2021 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 2  
2021 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 118  
2021 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 724  
2021 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 103  
2020 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 522  
2020 | 0% - 50% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 72  
2020 | 51% - 60% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 30  
2020 | 61% - 75% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 420  
2020 | 76% - 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2020 | Greater than 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2020 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 10  
2020 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 69  
2020 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 32  
2020 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 219  
2020 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 192  
2019 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 726  
2019 | 0% - 50% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 60  
2019 | 51% - 60% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 161  
2019 | 61% - 75% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 505  
2019 | 76% - 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2019 | Greater than 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2019 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 19  
2019 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 73  
2019 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 167  
2019 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 269  
2019 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 198  
2018 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 871  
2018 | 0% - 50% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 161  
2018 | 51% - 60% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 272  
2018 | 61% - 75% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 438  
2018 | 76% - 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2018 | Greater than 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2018 | Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 41  
2018 | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 75  
2018 | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 134  
2018 | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 441  
2018 | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 180  
2017 and prior | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 3,675  
2017 and prior | 0% - 50% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 2,136  
2017 and prior | 51% - 60% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 991  
2017 and prior | 61% - 75% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 526  
2017 and prior | 76% - 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 0  
2017 and prior | Greater than 100% | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 22  
2017 and prior | Less than 1.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 150  
2017 and prior | 1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 317  
2017 and prior | 1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 333  
2017 and prior | 1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost 1,270  
2017 and prior | Greater than 2.00 | Fixed Rate Commercial Mortgage Loans    
Disclosure Of Commercial Mortgage Loans By Year Of Origination And Credit Quality Indicator [Line Items]    
Commercial mortgage loans, amortized cost $ 1,605  
v3.22.1
Debt-to-Value of Commercial Mortgage Loans by Property Type (Detail)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,938 $ 6,856
Commercial mortgage loans, amortized cost $ 6,938 $ 6,856
% of total 100.00% 100.00%
Weighted-average debt service coverage ratio 1.92 1.93
Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,837 $ 2,774
% of total 41.00% 40.00%
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,461 $ 1,420
% of total 21.00% 21.00%
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,527 $ 1,526
% of total 22.00% 22.00%
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 577 $ 585
% of total 8.00% 9.00%
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 327 $ 330
% of total 5.00% 5.00%
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 209 $ 221
% of total 3.00% 3.00%
0% - 50%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,452 $ 2,480
% of total 35.00% 36.00%
Weighted-average debt service coverage ratio 2.35 2.36
0% - 50% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 849 $ 853
0% - 50% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 738 745
0% - 50% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 492 505
0% - 50% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 196 200
0% - 50% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 121 120
0% - 50% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 56 57
51% - 60%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,494 $ 1,539
% of total 22.00% 23.00%
Weighted-average debt service coverage ratio 1.84 1.83
51% - 60% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 594 $ 611
51% - 60% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 233 240
51% - 60% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 387 395
51% - 60% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 99 102
51% - 60% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 67 70
51% - 60% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 114 121
61% - 75%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,970 $ 2,815
% of total 43.00% 41.00%
Weighted-average debt service coverage ratio 1.62 1.61
61% - 75% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,394 $ 1,310
61% - 75% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 490 435
61% - 75% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 626 604
61% - 75% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 282 283
61% - 75% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 139 140
61% - 75% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 39 43
76% - 100%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
% of total 0.00% 0.00%
Weighted-average debt service coverage ratio 0 0
76% - 100% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
76% - 100% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
76% - 100% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100%    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 22 $ 22
% of total 0.00% 0.00%
Weighted-average debt service coverage ratio 0 0.68
Greater than 100% | Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
Greater than 100% | Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100% | Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 22 22
Greater than 100% | Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100% | Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost 0 0
Greater than 100% | Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 0 $ 0
v3.22.1
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 6,938 $ 6,856
% 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, amortized cost $ 6,938 $ 6,856
% of total 100.00% 100.00%
Weighted-average debt-to-value 55.00% 55.00%
Retail    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 2,837 $ 2,774
% of total 41.00% 40.00%
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, amortized cost $ 2,837 $ 2,774
Industrial    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,461 $ 1,420
% of total 21.00% 21.00%
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, amortized cost $ 1,461 $ 1,420
Office    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 1,527 $ 1,526
% of total 22.00% 22.00%
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, amortized cost $ 1,527 $ 1,526
Apartments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 577 $ 585
% of total 8.00% 9.00%
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, amortized cost $ 577 $ 585
Mixed Use    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 327 $ 330
% of total 5.00% 5.00%
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, amortized cost $ 327 $ 330
Other    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 209 $ 221
% of total 3.00% 3.00%
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, amortized cost $ 209 $ 221
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, amortized cost $ 220 $ 223
% of total 3.00% 3.00%
Weighted-average debt-to-value 68.00% 68.00%
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, amortized cost $ 100 $ 102
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, amortized cost 8 9
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, amortized cost 67 67
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, amortized cost 17 17
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, amortized cost 23 24
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, amortized cost 5 4
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, amortized cost $ 549 $ 559
% of total 8.00% 8.00%
Weighted-average debt-to-value 60.00% 61.00%
1.00 - 1.25 | Retail | Fixed Rate Commercial Mortgage Loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Commercial mortgage loans, amortized cost $ 157 $ 166
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, amortized cost 77 64
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, amortized cost 108 109
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, amortized cost 62 62
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, amortized cost 31 32
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, amortized cost 114 126
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, amortized cost $ 804 $ 791
% of total 12.00% 12.00%
Weighted-average debt-to-value 62.00% 61.00%
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, amortized cost $ 426 $ 405
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, amortized cost 80 82
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, amortized cost 165 167
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, amortized cost 77 84
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, amortized cost 40 40
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, amortized cost 16 13
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, amortized cost $ 3,071 $ 2,958
% of total 44.00% 43.00%
Weighted-average debt-to-value 60.00% 60.00%
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, amortized cost $ 1,441 $ 1,375
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, amortized cost 629 599
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, amortized cost 609 593
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, amortized cost 230 225
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, amortized cost 118 118
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, amortized cost 44 48
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, amortized cost $ 2,294 $ 2,325
% of total 33.00% 34.00%
Weighted-average debt-to-value 44.00% 43.00%
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, amortized cost $ 713 $ 726
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, amortized cost 667 666
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, amortized cost 578 590
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, amortized cost 191 197
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, amortized cost 115 116
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, amortized cost $ 30 $ 30
v3.22.1
Schedule of Positions in Derivative Instruments (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Derivative assets, fair value $ 214 $ 433
Derivative liabilities, fair value 602 616
Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 525 590
Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 77 26
Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 197 414
Interest rate swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 76 26
Interest rate swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 162 364
Foreign currency swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 1  
Foreign currency swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 5 6
Equity index options | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 30 42
Other foreign currency contracts | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value   2
GMWB embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [1] 243 271
GMWB embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value [2] 17 19
Fixed index annuity embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 261 294
Indexed universal life embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value 21 25
Designated As Hedging Instrument    
Derivative [Line Items]    
Derivative assets, fair value 167 370
Derivative liabilities, fair value 77 26
Designated As Hedging Instrument | Cash Flow Hedges    
Derivative [Line Items]    
Derivative assets, fair value 167 370
Derivative liabilities, fair value 77 26
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 76 26
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 162 364
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 1 0
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 5 6
Derivatives not designated as hedges    
Derivative [Line Items]    
Derivative assets, fair value 47 63
Derivative liabilities, fair value 525 590
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 30 42
Derivatives not designated as hedges | Financial futures | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0 0
Derivatives not designated as hedges | Financial futures | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 0 0
Derivatives not designated as hedges | Other foreign currency contracts | Other liabilities    
Derivative [Line Items]    
Derivative liabilities, fair value 0 0
Derivatives not designated as hedges | Other foreign currency contracts | Other invested assets    
Derivative [Line Items]    
Derivative assets, fair value 0 2
Derivatives not designated as hedges | GMWB embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [3] 243 271
Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value [4] 17 19
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances    
Derivative [Line Items]    
Derivative liabilities, fair value [5] 261 294
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] 21 25
Derivatives not designated as hedges | Indexed universal life embedded derivatives | Reinsurance recoverable    
Derivative [Line Items]    
Derivative assets, fair value $ 0 $ 0
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2] Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
[3] Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[4] Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities.
[5] Represents the embedded derivatives associated with our fixed index annuity liabilities.
[6] Represents the embedded derivatives associated with our indexed universal life liabilities.
v3.22.1
Activity Associated with Derivative Instruments (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Policies
Derivative [Line Items]  
Notional amount, beginning balance $ 10,255
Additions 1,294
Maturities/ terminations (1,527)
Notional amount, ending balance 10,022
Designated As Hedging Instrument  
Derivative [Line Items]  
Notional amount, beginning balance 7,780
Additions 0
Maturities/ terminations (58)
Notional amount, ending balance 7,722
Designated As Hedging Instrument | Cash Flow Hedges  
Derivative [Line Items]  
Notional amount, beginning balance 7,780
Additions 0
Maturities/ terminations (58)
Notional amount, ending balance 7,722
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps  
Derivative [Line Items]  
Notional amount, beginning balance 7,653
Additions 0
Maturities/ terminations (58)
Notional amount, ending balance 7,595
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps  
Derivative [Line Items]  
Notional amount, beginning balance 127
Additions 0
Maturities/ terminations 0
Notional amount, ending balance 127
Derivatives not designated as hedges  
Derivative [Line Items]  
Notional amount, beginning balance 2,475
Additions 1,294
Maturities/ terminations (1,469)
Notional amount, ending balance 2,300
Derivatives not designated as hedges | Equity index options  
Derivative [Line Items]  
Notional amount, beginning balance 1,446
Additions 300
Maturities/ terminations (368)
Notional amount, ending balance 1,378
Derivatives not designated as hedges | Financial futures  
Derivative [Line Items]  
Notional amount, beginning balance 946
Additions 994
Maturities/ terminations (1,042)
Notional amount, ending balance 898
Derivatives not designated as hedges | Other foreign currency contracts  
Derivative [Line Items]  
Notional amount, beginning balance 83
Additions 0
Maturities/ terminations (59)
Notional amount, ending balance $ 24
Derivatives not designated as hedges | GMWB embedded derivatives  
Derivative [Line Items]  
Notional amount, beginning balance | Policies 21,804
Additions | Policies 0
Maturities/ terminations | Policies (477)
Notional amount, ending balance | Policies 21,327
Derivatives not designated as hedges | Fixed index annuity embedded derivatives  
Derivative [Line Items]  
Notional amount, beginning balance | Policies 9,344
Additions | Policies 0
Maturities/ terminations | Policies (568)
Notional amount, ending balance | Policies 8,776
Derivatives not designated as hedges | Indexed universal life embedded derivatives  
Derivative [Line Items]  
Notional amount, beginning balance | Policies 806
Additions | Policies 0
Maturities/ terminations | Policies (7)
Notional amount, ending balance | Policies 799
v3.22.1
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI $ (252) $ (487)
Gain (loss) reclassified into net income from OCI 57 52
Gain (loss) recognized in net income (loss) 0 0
Interest Rate Swaps Hedging Assets | Net Investment Income    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI (250) (529)
Gain (loss) reclassified into net income from OCI 55 52
Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses)    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI 0 44
Gain (loss) reclassified into net income from OCI 2 0
Gain (loss) recognized in net income (loss) 0 0
Interest Rate Swaps Hedging Liabilities | Interest Expense    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI 0  
Gain (loss) reclassified into net income from OCI (1)  
Interest Rate Swaps Hedging Liabilities | Net Investment Gains (Losses)    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in net income (loss) 0  
Foreign currency swaps | Net Investment Income    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI (2) (2)
Gain (loss) reclassified into net income from OCI 1 0
Foreign currency swaps | Net Investment Gains (Losses)    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in net income (loss) $ 0 $ 0
v3.22.1
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Derivative Instruments [Abstract]    
Derivatives qualifying as effective accounting hedges, beginning of period $ 2,025 $ 2,211
Current period increases (decreases) in fair value, net of deferred taxes (199) (385)
Reclassification to net (income) loss, net of deferred taxes (37) (34)
Derivatives qualifying as effective accounting hedges, end of period $ 1,789 $ 1,792
v3.22.1
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Current period increases (decreases) in fair value, deferred taxes $ 53 $ 102
Reclassification to net (income), deferred taxes $ 20 $ 18
v3.22.1
Derivative Instruments - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Derivative [Line Items]        
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax $ 1,789 $ 1,792 $ 2,025 $ 2,211
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 $ 143      
Amount reclassified to net income (loss) in connection with forecasted transactions that were no longer considered probable of occurring $ 3 $ 2    
v3.22.1
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income (Loss) for Effects of Derivatives not Designated as Hedges (Detail) - Derivatives not designated as hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Derivative [Line Items]    
Pre-tax gain (loss) recognized in net income $ 2 $ 8
Interest rate swaps | Net Investment Gains (Losses)    
Derivative [Line Items]    
Pre-tax gain (loss) recognized in net income 0 4
Equity index options | Net Investment Gains (Losses)    
Derivative [Line Items]    
Pre-tax gain (loss) recognized in net income (6) 3
Financial futures | Net Investment Gains (Losses)    
Derivative [Line Items]    
Pre-tax gain (loss) recognized in net income (47) (110)
GMWB embedded derivatives | Net Investment Gains (Losses)    
Derivative [Line Items]    
Pre-tax gain (loss) recognized in net income 32 105
Fixed index annuity embedded derivatives | Net Investment Gains (Losses)    
Derivative [Line Items]    
Pre-tax gain (loss) recognized in net income 12 (4)
Indexed universal life embedded derivatives | Net Investment Gains (Losses)    
Derivative [Line Items]    
Pre-tax gain (loss) recognized in net income $ 11 $ 10
v3.22.1
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Gross amounts recognized, derivatives assets $ 214 $ 433
Gross amounts recognized, derivatives liabilities 602 616
Subject to enforceable master netting arrangement    
Derivative [Line Items]    
Gross amounts recognized, net derivatives 121 388
Gross amounts offset in the balance sheet, net derivatives 0 0
Net amounts presented in the balance sheet, net derivatives 121 388
Gross amounts not offset in the balance sheet, financial instruments, net derivatives [1] 0 0
Collateral received (110) (308)
Collateral pledged 567 536
Over collateralization, net derivatives (526) (528)
Net amount 52 88
Subject to enforceable master netting arrangement | Derivative assets    
Derivative [Line Items]    
Gross amounts recognized, derivatives assets [2] 198 414
Gross amounts offset in the balance sheet, derivatives assets [2] 0 0
Net amounts presented in the balance sheet, derivatives assets [2] 198 414
Gross amounts not offset in the balance sheet, financial instruments, derivatives assets [1],[2] (49) (20)
Collateral received [2] (110) (308)
Collateral pledged [2] 0 0
Over collateralization, derivatives assets [2] 13 2
Net amount, derivatives assets [2] 52 88
Subject to enforceable master netting arrangement | Derivative liabilities    
Derivative [Line Items]    
Gross amounts recognized, derivatives liabilities [2] 77 26
Gross amounts offset in the balance sheet, derivatives liabilities [2] 0 0
Net amounts presented in the balance sheet, derivatives liabilities [2] 77 26
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities [1],[2] (49) (20)
Collateral received [2] 0 0
Collateral pledged [2] (567) (536)
Over collateralization, derivatives liabilities [2] 539 530
Net amount, derivatives liabilities [2] $ 0 $ 0
[1] Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty.
[2] Included $1 million of accruals on derivatives classified as other assets as of March 31, 2022 and does not include amounts related to embedded derivatives as of March 31, 2022 and December 31, 2021.
v3.22.1
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Parenthetical) (Detail)
$ in Millions
Mar. 31, 2022
USD ($)
Other assets | Derivative assets  
Derivative [Line Items]  
Net amounts presented in the balance sheet, accruals on derivative assets $ 1
v3.22.1
Fair Value of Financial Instruments - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 55,027 $ 60,480
GMWB non-performance risk impact $ 42 49
Period end valuation 0  
Fixed maturity securities    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 55,027 60,480
Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 31,823 34,924
Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 9,453 10,535
Level 2    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 51,498 56,672
Level 2 | Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 29,554 32,543
Level 2 | Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 8,413 9,373
Level 2 | Fixed maturity securities | Third-Party Pricing Services    
Fair Value of Financial Instruments [Line Items]    
Percentage of available for sale debt securities 89.00%  
Level 2 | Fixed maturity securities | Third-Party Pricing Services | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 27,876  
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 7,414  
Level 2 | Fixed maturity securities | Internal models | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 1,678  
Level 2 | Fixed maturity securities | Internal models | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 999  
Level 3    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 3,529 3,808
Level 3 | Fixed maturity securities | U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 2,269 2,381
Level 3 | Fixed maturity securities | Non-U.S. corporate    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 1,040 $ 1,162
Level 3 | Fixed maturity securities | Internal models    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities 3,260  
Level 3 | Fixed maturity securities | Broker Quotes    
Fair Value of Financial Instruments [Line Items]    
Available-for-sale debt securities $ 269  
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Maximum    
Fair Value of Financial Instruments [Line Items]    
Liquidation period 10 years  
Contractual period 12 years  
Fair Value Measured at Net Asset Value Per Share | Limited Partnerships | Minimum    
Fair Value of Financial Instruments [Line Items]    
Liquidation period 5 years  
Contractual period 10 years  
v3.22.1
Fair Value of Financial Instruments - 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
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 55,027 $ 60,480
Fixed maturity securities    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 55,027 60,480
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 4,097 4,552
Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 3,134 3,450
Fixed maturity securities | Non-U.S. government    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 784 835
Fixed maturity securities | U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 31,823 34,924
Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 9,453 10,535
Fixed maturity securities | Residential mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 1,320 1,440
Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,361 2,584
Fixed maturity securities | Other asset-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,055 2,160
Level 2    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 51,498 56,672
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 4,097 4,552
Level 2 | Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 3,063 3,368
Level 2 | Fixed maturity securities | Non-U.S. government    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 783 833
Level 2 | Fixed maturity securities | U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 29,554 32,543
Level 2 | Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 8,413 9,373
Level 2 | Fixed maturity securities | Residential mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 1,287 1,413
Level 2 | Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 2,346 2,568
Level 2 | Fixed maturity securities | Other asset-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities 1,955 $ 2,022
Level 2 | Third-Party Pricing Services | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 4,097  
Primary methodologies Price quotes from trading desk, broker feeds  
Significant inputs Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | State and Political Subdivisions    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 3,063  
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 $ 783  
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 $ 27,876  
Primary methodologies Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based models  
Significant inputs Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Non-U.S. corporate    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 7,414  
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 $ 1,287  
Primary methodologies OAS-based models, single factor binomial models, internally priced  
Significant inputs Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports  
Level 2 | Third-Party Pricing Services | Fixed maturity securities | Commercial mortgage-backed    
Fair value measurements Significant unobservable inputs [Line Items]    
Available-for-sale debt securities $ 2,346  
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 $ 1,955  
Primary methodologies Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers  
Significant inputs Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports  
v3.22.1
Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities $ 55,027 $ 60,480
Available-for-sale equity securities 230 198
Derivative assets, fair value 214 433
Limited partnerships 2,007 1,900
Total other invested assets 671 820
Separate account assets 5,530 6,066
Total assets 62,635 68,665
Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Available-for-sale equity securities [1] 0 0
Separate account assets [1] 0 0
Total assets [1] 1,532 1,436
Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 197 414
Short-term investments 76 26
Total other invested assets 273 440
Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Short-term investments [1] 0 0
Total other invested assets [1] 0 0
Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 162 364
Interest rate swaps | Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Foreign currency swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 5 6
Foreign currency swaps | Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 30 42
Equity index options | Other invested assets | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1] 0 0
Other foreign currency contracts | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value   2
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] 17 19
GMWB embedded derivatives | Reinsurance recoverable | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [1],[2] 0 0
Fixed maturity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 55,027 60,480
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,097 4,552
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,134 3,450
Fixed maturity securities | State and Political Subdivisions | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 784 835
Fixed maturity securities | Non-U.S. government | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 31,823 34,924
Fixed maturity securities | U.S. corporate | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,634 5,104
Fixed maturity securities | U.S. corporate | Utilities | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,699 2,934
Fixed maturity securities | U.S. corporate | Energy | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 8,229 8,991
Fixed maturity securities | U.S. corporate | Finance and insurance | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 5,488 6,159
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,497 3,808
Fixed maturity securities | U.S. corporate | Technology and communications | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,348 1,494
Fixed maturity securities | U.S. corporate | Industrial | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,512 2,745
Fixed maturity securities | U.S. corporate | Capital goods | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,767 1,899
Fixed maturity securities | U.S. corporate | Consumer-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,248 1,371
Fixed maturity securities | U.S. corporate | Transportation | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 401 419
Fixed maturity securities | U.S. corporate | Other | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 9,453 10,535
Fixed maturity securities | Non-U.S. corporate | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 878 928
Fixed maturity securities | Non-U.S. corporate | Utilities | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,241 1,383
Fixed maturity securities | Non-U.S. corporate | Energy | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,191 2,432
Fixed maturity securities | Non-U.S. corporate | Finance and insurance | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 671 743
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,099 1,250
Fixed maturity securities | Non-U.S. corporate | Technology and communications | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 953 1,047
Fixed maturity securities | Non-U.S. corporate | Industrial | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 619 705
Fixed maturity securities | Non-U.S. corporate | Capital goods | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 312 341
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 423 489
Fixed maturity securities | Non-U.S. corporate | Transportation | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,066 1,217
Fixed maturity securities | Non-U.S. corporate | Other | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Residential mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,320 1,440
Fixed maturity securities | Residential mortgage-backed | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,361 2,584
Fixed maturity securities | Commercial mortgage-backed | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Fixed maturity securities | Other asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,055 2,160
Fixed maturity securities | Other asset-backed | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities [1] 0 0
Limited partnerships    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Limited partnerships 1,558 1,462
Limited partnerships | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Limited partnerships [1] 1,532 1,436
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 137 101
Separate account assets 5,530 6,066
Total assets 5,667 6,167
Level 1 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Short-term investments 0 0
Total other invested assets 0 0
Level 1 | Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 1 | Foreign currency swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 1 | Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 1 | Other foreign currency contracts | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value   0
Level 1 | GMWB embedded derivatives | Reinsurance recoverable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [2] 0 0
Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. government    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Energy    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Capital goods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Transportation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Residential mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Fixed maturity securities | Other asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 1 | Limited partnerships    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Limited partnerships 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 51,498 56,672
Available-for-sale equity securities 57 60
Separate account assets 0 0
Total assets 51,798 57,130
Level 2 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 167 372
Short-term investments 76 26
Total other invested assets 243 398
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 162 364
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 5 6
Level 2 | Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 2 | Other foreign currency contracts | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value   2
Level 2 | GMWB embedded derivatives | Reinsurance recoverable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value [2] 0 0
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 4,097 4,552
Level 2 | Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,063 3,368
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 783 833
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 29,554 32,543
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 3,722 4,154
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 2,627 2,858
Level 2 | Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 7,553 8,306
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 5,396 6,055
Level 2 | Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,469 3,779
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 1,313 1,457
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 2,471 2,700
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 1,640 1,762
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 1,184 1,307
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 179 165
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 8,413 9,373
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 544 583
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 1,103 1,238
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 2,048 2,272
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 611 680
Level 2 | Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,072 1,222
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 879 954
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 487 532
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 226 265
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 401 436
Level 2 | Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1,042 1,191
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 1,287 1,413
Level 2 | Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,346 2,568
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 1,955 2,022
Level 2 | Limited partnerships    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Limited partnerships 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 3,529 3,808
Available-for-sale equity securities 36 37
Separate account assets 0 0
Total assets 3,638 3,932
Level 3 | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 30 42
Short-term investments 0 0
Total other invested assets 30 42
Level 3 | Interest rate swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 3 | Foreign currency swaps | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 0 0
Level 3 | Equity index options | Other invested assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, fair value 30 42
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
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] 17 19
Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0 0
Level 3 | Fixed maturity securities | State and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 71 82
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 1 2
Level 3 | Fixed maturity securities | U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 2,269 2,381
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 912 950
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 72 76
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 676 685
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 92 104
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 28 29
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 35 37
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 41 45
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 127 137
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 64 64
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 222 254
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 1,040 1,162
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 334 345
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 138 145
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 143 160
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 60 63
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 27 28
Level 3 | Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 74 93
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 132 173
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 86 76
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 22 53
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 24 26
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 33 27
Level 3 | Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 15 16
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 100 138
Level 3 | Limited partnerships    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Limited partnerships $ 26 $ 26
[1] Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
[2] Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
v3.22.1
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
Mar. 31, 2022
Mar. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance $ 3,932 $ 4,246
Total realized and unrealized gains (losses), Included in net income (6) (3)
Total realized and unrealized gains (losses), Included in OCI (263) (105)
Purchases 136 100
Sales (1) (8)
Issuances 0 0
Settlements (94) (100)
Transfer into Level 3 [1] 21 29
Transfer out of Level 3 [1] (87) (98)
Ending balance 3,638 4,061
Total gains (losses) included in net income attributable to assets still held (3) (4)
Total gains (losses) included in OCI attributable to assets still held (256) (103)
Other invested assets    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 42 63
Total realized and unrealized gains (losses), Included in net income (6) 3
Total realized and unrealized gains (losses), Included in OCI 0 0
Purchases 5 5
Sales 0 0
Issuances 0 0
Settlements (11) (18)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 30 53
Total gains (losses) included in net income attributable to assets still held (3) 2
Total gains (losses) included in OCI attributable to assets still held 0 0
Other invested assets | Derivative assets    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 42 63
Total realized and unrealized gains (losses), Included in net income (6) 3
Total realized and unrealized gains (losses), Included in OCI 0 0
Purchases 5 5
Sales 0 0
Issuances 0 0
Settlements (11) (18)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 30 53
Total gains (losses) included in net income attributable to assets still held (3) 2
Total gains (losses) included in OCI attributable to assets still held 0 0
Other invested assets | Derivative assets | Equity index options    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 42 63
Total realized and unrealized gains (losses), Included in net income (6) 3
Total realized and unrealized gains (losses), Included in OCI 0 0
Purchases 5 5
Sales 0 0
Issuances 0 0
Settlements (11) (18)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 30 53
Total gains (losses) included in net income attributable to assets still held (3) 2
Total gains (losses) included in OCI attributable to assets still held 0 0
Reinsurance recoverable    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance [2] 19 26
Total realized and unrealized gains (losses), Included in net income [2] (2) (8)
Total realized and unrealized gains (losses), Included in OCI [2] 0 0
Purchases [2] 0 0
Sales [2] 0 0
Issuances [2] 0 0
Settlements [2] 0 0
Transfer into Level 3 [1],[2] 0 0
Transfer out of Level 3 [1],[2] 0 0
Ending balance [2] 17 18
Total gains (losses) included in net income attributable to assets still held [2] (2) (8)
Total gains (losses) included in OCI attributable to assets still held [2] 0 0
Fixed maturity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 3,808 4,089
Total realized and unrealized gains (losses), Included in net income 2 2
Total realized and unrealized gains (losses), Included in OCI (263) (105)
Purchases 131 87
Sales (1) 0
Issuances 0 0
Settlements (83) (82)
Transfer into Level 3 [1] 21 29
Transfer out of Level 3 [1] (86) (98)
Ending balance 3,529 3,922
Total gains (losses) included in net income attributable to assets still held 2 2
Total gains (losses) included in OCI attributable to assets still held (256) (103)
Fixed maturity securities | State and political subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 82 66
Total realized and unrealized gains (losses), Included in net income 1 1
Total realized and unrealized gains (losses), Included in OCI (12) 1
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 71 68
Total gains (losses) included in net income attributable to assets still held 1 1
Total gains (losses) included in OCI attributable to assets still held (12) 1
Fixed maturity securities | U.S. corporate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 2,381 2,272
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (167) (68)
Purchases 106 38
Sales 0 0
Issuances 0 0
Settlements (17) (58)
Transfer into Level 3 [1] 0 27
Transfer out of Level 3 [1] (34) (61)
Ending balance 2,269 2,150
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (165) (66)
Fixed maturity securities | U.S. corporate | Utilities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 950 842
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (73) (30)
Purchases 35 8
Sales 0 0
Issuances 0 0
Settlements 0 (13)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 (14)
Ending balance 912 793
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (73) (29)
Fixed maturity securities | U.S. corporate | Energy    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 76 128
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (4) (4)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 (2)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 72 122
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (4) (4)
Fixed maturity securities | U.S. corporate | Finance and insurance    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 685 607
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (56) (22)
Purchases 66 18
Sales 0 0
Issuances 0 0
Settlements (2) (17)
Transfer into Level 3 [1] 0 17
Transfer out of Level 3 [1] (17) (6)
Ending balance 676 597
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (55) (22)
Fixed maturity securities | U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 104 109
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (5) (3)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (7) 0
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 92 106
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (6) (3)
Fixed maturity securities | U.S. corporate | Technology and communications    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 29 47
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (1) (2)
Purchases 0 12
Sales 0 0
Issuances 0 0
Settlements 0 0
Transfer into Level 3 [1] 0 4
Transfer out of Level 3 [1] 0 (21)
Ending balance 28 40
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (1) (2)
Fixed maturity securities | U.S. corporate | Industrial    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 37 40
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (2) 0
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 (20)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 35 20
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (2) 0
Fixed maturity securities | U.S. corporate | Capital goods    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 45 60
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (4) (2)
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 41 58
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (3) (2)
Fixed maturity securities | U.S. corporate | Consumer-cyclical    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 137 150
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (8) (2)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (2) (1)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 127 147
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (8) (2)
Fixed maturity securities | U.S. corporate | Transportation    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 64 70
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (3) (1)
Purchases 5 0
Sales 0 0
Issuances 0 0
Settlements (2) (2)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 64 67
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (3) (1)
Fixed maturity securities | U.S. corporate | Other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 254 219
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (11) (2)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (4) (3)
Transfer into Level 3 [1] 0 6
Transfer out of Level 3 [1] (17) (20)
Ending balance 222 200
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (10) (1)
Fixed maturity securities | Non-U.S. corporate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 1,162 1,608
Total realized and unrealized gains (losses), Included in net income 1 1
Total realized and unrealized gains (losses), Included in OCI (75) (36)
Purchases 10 46
Sales 0 0
Issuances 0 0
Settlements (62) (20)
Transfer into Level 3 [1] 17 0
Transfer out of Level 3 [1] (13) (23)
Ending balance 1,040 1,576
Total gains (losses) included in net income attributable to assets still held 1 1
Total gains (losses) included in OCI attributable to assets still held (73) (36)
Fixed maturity securities | Non-U.S. corporate | Utilities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 345 352
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (21) (7)
Purchases 10 30
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 334 375
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (21) (7)
Fixed maturity securities | Non-U.S. corporate | Energy    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 145 245
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (7) (2)
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 138 243
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (7) (2)
Fixed maturity securities | Non-U.S. corporate | Finance and insurance    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 160 305
Total realized and unrealized gains (losses), Included in net income 1 1
Total realized and unrealized gains (losses), Included in OCI (18) (16)
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 143 290
Total gains (losses) included in net income attributable to assets still held 1 1
Total gains (losses) included in OCI attributable to assets still held (18) (16)
Fixed maturity securities | Non-U.S. corporate | Consumer-non-cyclical    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 63 67
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (3) (1)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 0
Transfer into Level 3 0 0 [1]
Transfer out of Level 3 0 0 [1]
Ending balance 60 66
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (3) (1)
Fixed maturity securities | Non-U.S. corporate | Technology and communications    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 28 28
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (1) 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 27 28
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (1) 0
Fixed maturity securities | Non-U.S. corporate | Industrial    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 93 95
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (6) (2)
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] (13) 0
Ending balance 74 93
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (4) (2)
Fixed maturity securities | Non-U.S. corporate | Capital goods    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 173 178
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (8) (3)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (33) 0
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 132 175
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (8) (3)
Fixed maturity securities | Non-U.S. corporate | Consumer-cyclical    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 76 146
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (7) (2)
Purchases 0 16
Sales 0 0
Issuances 0 0
Settlements 0 0
Transfer into Level 3 [1] 17 0
Transfer out of Level 3 [1] 0 (16)
Ending balance 86 144
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (7) (2)
Fixed maturity securities | Non-U.S. corporate | Transportation    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 53 109
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (2) (1)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (29) (19)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 (7)
Ending balance 22 82
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (2) (1)
Fixed maturity securities | Non-U.S. corporate | Other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 26 83
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (2) (2)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 (1)
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance 24 80
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (2) (2)
Fixed maturity securities | Residential mortgage-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 27 14
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (1) (1)
Purchases 9 0
Sales 0 0
Issuances 0 0
Settlements (1) 0
Transfer into Level 3 [1] 4 0
Transfer out of Level 3 [1] (5) 0
Ending balance 33 13
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held 0 0
Fixed maturity securities | Commercial mortgage-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 16 20
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (1) (1)
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 15 19
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (1) (2)
Fixed maturity securities | Other asset-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 138 109
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI (7) 0
Purchases 6 3
Sales 0 0
Issuances 0 0
Settlements (3) (4)
Transfer into Level 3 [1] 0 2
Transfer out of Level 3 [1] (34) (14)
Ending balance 100 96
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held (5) 0
Fixed maturity securities | Non-U.S. government    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 2  
Total realized and unrealized gains (losses), Included in net income 0  
Total realized and unrealized gains (losses), Included in OCI 0  
Purchases 0  
Sales (1)  
Issuances 0  
Settlements 0  
Transfer into Level 3 [1] 0  
Transfer out of Level 3 [1] 0  
Ending balance 1  
Total gains (losses) included in net income attributable to assets still held 0  
Total gains (losses) included in OCI attributable to assets still held 0  
Equity Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 37 51
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI 0 0
Purchases 0 0
Sales 0 (8)
Issuances 0 0
Settlements 0 0
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] (1) 0
Ending balance 36 43
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held 0 0
Limited Partnerships    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 26 17
Total realized and unrealized gains (losses), Included in net income 0 0
Total realized and unrealized gains (losses), Included in OCI 0 0
Purchases 0 8
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 26 25
Total gains (losses) included in net income attributable to assets still held 0 0
Total gains (losses) included in OCI attributable to assets still held $ 0 $ 0
[1] The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
[2] Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.
v3.22.1
Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Fair value of financial instruments [Abstract]    
Total realized and unrealized gains (losses) included in net income, assets $ (6) $ (3)
Total gains (losses) included in net income attributable to assets still held, assets (3) (4)
Net Investment Income    
Fair value of financial instruments [Abstract]    
Total realized and unrealized gains (losses) included in net income, assets 2 2
Total gains (losses) included in net income attributable to assets still held, assets 2 2
Net investment gains (losses)    
Fair value of financial instruments [Abstract]    
Total realized and unrealized gains (losses) included in net income, assets (8) (5)
Total gains (losses) included in net income attributable to assets still held, assets $ (5) $ (6)
v3.22.1
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
bps
Dec. 31, 2021
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ $ 602 $ 616
Fixed maturity securities available-for-sale, at fair value | $ 55,027 60,480
Derivative assets, fair value | $ 214 433
Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ 525 590
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] 243 271
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 | $ 261 294
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 | $ 21 25
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 | $ $ 3,529 3,808
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 | $ $ 30  
Fair value input, equity index volatility, lower limit 6.00%  
Fair value input, equity index volatility, upper limit 56.00%  
Fair value input, equity index volatility, weighted-average 21.00%  
Level 3 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Derivative liabilities, fair value | $ $ 525 590
Level 3 | Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Valuation technique [2] Stochastic cash flow model  
Derivative liabilities, fair value | $ [1] $ 243 [2] 271
Fair value, withdrawal utilization rate, lower limit 61.00%  
Fair value, withdrawal utilization rate, upper limit 89.00%  
Fair value, lapse rate, lower limit 2.00%  
Fair value, lapse rate, upper limit 9.00%  
Fair value input, credit spreads, lower limit 23  
Fair value input, credit spreads, upper limit 83  
Fair value input, credit spreads, weighted-average [3] 66  
Fair value input, equity index volatility, lower limit [2] 18.00%  
Fair value input, equity index volatility, upper limit [2] 27.00%  
Fair value, withdrawal utilization rate, weighted-average [3] 77.00%  
Fair value, lapse rate, weighted-average [3] 4.00%  
Fair value input, equity index volatility, weighted-average [3] 23.00%  
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 | $ $ 261 294
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 [3] 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 | $ $ 21 $ 25
Fair value, expected future interest credited, lower limit 3.00%  
Fair value, expected future interest credited, upper limit 12.00%  
Fair value, expected future interest credited, weighted-average [3] 5.00%  
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 | $ $ 2,140  
Fair value input, credit spreads, lower limit 32  
Fair value input, credit spreads, upper limit 248  
Fair value input, credit spreads, weighted-average 146  
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 | $ $ 880  
Fair value input, credit spreads, lower limit 49  
Fair value input, credit spreads, upper limit 227  
Fair value input, credit spreads, weighted-average 148  
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 | $ $ 57  
Fair value input, credit spreads, lower limit 108  
Fair value input, credit spreads, upper limit 248  
Fair value input, credit spreads, weighted-average 173  
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 | $ $ 670  
Fair value input, credit spreads, lower limit 54  
Fair value input, credit spreads, upper limit 218  
Fair value input, credit spreads, weighted-average 158  
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 | $ $ 92  
Fair value input, credit spreads, lower limit 54  
Fair value input, credit spreads, upper limit 248  
Fair value input, credit spreads, weighted-average 132  
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 | $ $ 27  
Fair value input, credit spreads, lower limit 87  
Fair value input, credit spreads, upper limit 162  
Fair value input, credit spreads, weighted-average 133  
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 | $ $ 35  
Fair value input, credit spreads, lower limit 98  
Fair value input, credit spreads, upper limit 203  
Fair value input, credit spreads, weighted-average 136  
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 | $ $ 41  
Fair value input, credit spreads, lower limit 67  
Fair value input, credit spreads, upper limit 190  
Fair value input, credit spreads, weighted-average 145  
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 | $ $ 127  
Fair value input, credit spreads, lower limit 85  
Fair value input, credit spreads, upper limit 184  
Fair value input, credit spreads, weighted-average 137  
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 | $ $ 53  
Fair value input, credit spreads, lower limit 32  
Fair value input, credit spreads, upper limit 156  
Fair value input, credit spreads, weighted-average 103  
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 | $ $ 158  
Fair value input, credit spreads, lower limit 90  
Fair value input, credit spreads, upper limit 170  
Fair value input, credit spreads, weighted-average 109  
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 | $ $ 998  
Fair value input, credit spreads, lower limit 54  
Fair value input, credit spreads, upper limit 236  
Fair value input, credit spreads, weighted-average 129  
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 75  
Fair value input, credit spreads, upper limit 218  
Fair value input, credit spreads, weighted-average 129  
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 | $ $ 129  
Fair value input, credit spreads, lower limit 83  
Fair value input, credit spreads, upper limit 203  
Fair value input, credit spreads, weighted-average 138  
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 88  
Fair value input, credit spreads, upper limit 150  
Fair value input, credit spreads, weighted-average 135  
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 | $ $ 58  
Fair value input, credit spreads, lower limit 54  
Fair value input, credit spreads, upper limit 154  
Fair value input, credit spreads, weighted-average 103  
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 | $ $ 27  
Fair value input, credit spreads, lower limit 83  
Fair value input, credit spreads, upper limit 139  
Fair value input, credit spreads, weighted-average 108  
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 | $ $ 74  
Fair value input, credit spreads, lower limit 67  
Fair value input, credit spreads, upper limit 182  
Fair value input, credit spreads, weighted-average 113  
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 | $ $ 132  
Fair value input, credit spreads, lower limit 54  
Fair value input, credit spreads, upper limit 236  
Fair value input, credit spreads, weighted-average 137  
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 | $ $ 57  
Fair value input, credit spreads, lower limit 98  
Fair value input, credit spreads, upper limit 203  
Fair value input, credit spreads, weighted-average 137  
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 | $ $ 21  
Fair value input, credit spreads, lower limit 126  
Fair value input, credit spreads, upper limit 203  
Fair value input, credit spreads, weighted-average 141  
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 | $ $ 24  
Fair value input, credit spreads, lower limit 55  
Fair value input, credit spreads, upper limit 130  
Fair value input, credit spreads, weighted-average 106  
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
[3] Unobservable inputs weighted by the policyholder account balances associated with the instrument.
v3.22.1
Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value $ 602 $ 616
Total liabilities 602 616
Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 77 26
Other liabilities | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 76 26
Other liabilities | Foreign currency swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 1  
Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 525 590
Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value [1] 243 271
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 261 294
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 21 25
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 | 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 77 26
Level 2 | Other liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 77 26
Level 2 | Other liabilities | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 76 26
Level 2 | Other liabilities | Foreign currency swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 1  
Level 2 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 2 | Policyholder account balances | GMWB embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value [1] 0 0
Level 2 | Policyholder account balances | Fixed index annuity embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 2 | Policyholder account balances | Indexed universal life embedded derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total liabilities 525 590
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 | Policyholder account balances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, fair value 525 590
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] 243 [2] 271
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 261 294
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 $ 21 $ 25
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
[2] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.
v3.22.1
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
Mar. 31, 2022
Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance $ 590 $ 804
Total realized and unrealized (gains) losses included in net (income) (57) (119)
Total realized and unrealized (gains) losses included in OCI 0 0
Purchases 0 0
Sales 0 0
Issuances 13 13
Settlements (20) (41)
Transfer into Level 3 0 0
Transfer out of Level 3 (1) 0
Ending balance 525 657
Total (gains) losses included in net (income) attributable to liabilities still held (53) (113)
Total (gains) losses included in OCI attributable to liabilities still held 0 0
Policyholder account balances    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 590 804
Total realized and unrealized (gains) losses included in net (income) (57) (119)
Total realized and unrealized (gains) losses included in OCI 0 0
Purchases 0 0
Sales 0 0
Issuances 13 13
Settlements (20) (41)
Transfer into Level 3 0 0
Transfer out of Level 3 (1) 0
Ending balance 525 657
Total (gains) losses included in net (income) attributable to liabilities still held (53) (113)
Total (gains) losses included in OCI attributable to liabilities still held 0 0
Policyholder account balances | GMWB embedded derivatives    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance [1] 271 379
Total realized and unrealized (gains) losses included in net (income) [1] (34) (113)
Total realized and unrealized (gains) losses included in OCI [1] 0 0
Purchases [1] 0 0
Sales [1] 0 0
Issuances [1] 6 6
Settlements [1] 0 0
Transfer into Level 3 [1] 0 0
Transfer out of Level 3 [1] 0 0
Ending balance [1] 243 272
Total (gains) losses included in net (income) attributable to liabilities still held [1] (30) (107)
Total (gains) losses included in OCI attributable to liabilities still held [1] 0 0
Policyholder account balances | Fixed index annuity embedded derivatives    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 294 399
Total realized and unrealized (gains) losses included in net (income) (12) 4
Total realized and unrealized (gains) losses included in OCI 0 0
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (20) (41)
Transfer into Level 3 0 0
Transfer out of Level 3 (1) 0
Ending balance 261 362
Total (gains) losses included in net (income) attributable to liabilities still held (12) 4
Total (gains) losses included in OCI attributable to liabilities still held 0 0
Policyholder account balances | Indexed universal life embedded derivatives    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 25 26
Total realized and unrealized (gains) losses included in net (income) (11) (10)
Total realized and unrealized (gains) losses included in OCI 0 0
Purchases 0 0
Sales 0 0
Issuances 7 7
Settlements 0 0
Transfer into Level 3 0 0
Transfer out of Level 3 0 0
Ending balance 21 23
Total (gains) losses included in net (income) attributable to liabilities still held (11) (10)
Total (gains) losses included in OCI attributable to liabilities still held $ 0 $ 0
[1] Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.
v3.22.1
Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total realized and unrealized (gains) losses included in net (income), liabilities $ (57) $ (119)
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities (53) (113)
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), liabilities 0 0
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities 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), liabilities (57) (119)
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities $ (53) $ (113)
v3.22.1
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans $ 6,913 $ 6,830
Liabilities:    
Long-term borrowings 1,819 1,899
Off-balance sheet risk 1,309 1,185
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [1] 0 0
Bank loan investments [1] 0 0
Liabilities:    
Long-term borrowings [1] 0 0
Investment contracts [1] 0 0
Level 1 | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Level 1 | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [1] 22 0
Bank loan investments [1] 0 0
Liabilities:    
Long-term borrowings [1] 1,587 1,767
Investment contracts [1] 0 0
Level 2 | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Level 2 | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [1] 6,961 7,224
Bank loan investments [1] 384 370
Liabilities:    
Long-term borrowings [1] 0 0
Investment contracts [1] 8,582 9,352
Level 3 | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Level 3 | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Carrying value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [1] 6,913 6,830
Bank loan investments [1] 381 363
Liabilities:    
Long-term borrowings [1] 1,819 1,899
Investment contracts [1] 8,327 8,657
Carrying value | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Carrying value | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial mortgage loans [1] 6,983 7,224
Bank loan investments [1] 384 370
Liabilities:    
Long-term borrowings [1] 1,587 1,767
Investment contracts [1] 8,582 9,352
Fair value | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 0 0
Fair value | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk 0 0
Notional amount | Commitments to fund bank loan investments    
Liabilities:    
Off-balance sheet risk 108 141
Notional amount | Ordinary course of business lending commitments    
Liabilities:    
Off-balance sheet risk $ 95 $ 125
[1] These financial instruments do not have notional amounts.
v3.22.1
Summary of carrying value of limited partnerships and commitments to fund (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value $ 2,007 $ 1,900
Off-balance sheet risk 1,309 1,185
Limited Partnerships    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value 1,558 1,462
Assets Measured Using Net Asset Value | Limited Partnerships Private Equity Funds    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value [1] 1,405 1,312
Off-balance sheet risk [1] 975 950
Assets Measured Using Net Asset Value | Limited Partnerships Real Estate Funds    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value [2] 72 67
Off-balance sheet risk [2] 117 101
Assets Measured Using Net Asset Value | Limited Partnerships Infrastructure Funds    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value [3] 55 57
Off-balance sheet risk [3] 13 13
Assets Measured Using Net Asset Value | Limited Partnerships    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value 1,532 1,436
Off-balance sheet risk 1,105 1,064
Accounted For Under Equity method of Accounting | Limited Partnerships    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value 448 437
Off-balance sheet risk 203 120
Low-Income Housing Tax Credits | Limited Partnerships    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value [4] 1 1
Off-balance sheet risk [4] 0 0
Accounted for at Fair Value | Limited Partnerships    
Schedule of Carrying Value of Limited Partnerships and Commitments To Fund [Line Items]    
Limited partnerships, carrying value 26 26
Off-balance sheet risk $ 1 $ 1
[1] This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.
[2] This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.
[3] This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.
[4] Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.
v3.22.1
Changes in Liability for Policy and Contract Claims (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Beginning balance $ 11,841    
Ending balance 11,833   $ 11,841
Long-term Care Insurance      
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Beginning balance 11,841 $ 11,486 11,486
Less reinsurance recoverables (2,388) (2,431) (2,431)
Net beginning balance 9,453 9,055 9,055
Current year 1,094 1,054  
Prior years (293) (229)  
Total incurred 801 825  
Current year (202) (197)  
Prior years (675) (725)  
Total paid (877) (922)  
Interest on liability for policy and contract claims 103 101  
Net ending balance 9,480 9,059 9,453
Add reinsurance recoverables 2,353 2,356 2,388
Ending balance $ 11,833 $ 11,415 $ 11,841
v3.22.1
Liability for Policy and Contract Claims - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]        
Liability for Claims and Claims Adjustment Expense $ 11,833   $ 11,841  
Long-term Care Insurance        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred related to insured events of prior year (293) $ (229)    
Liability for Claims and Claims Adjustment Expense 11,833 $ 11,415 11,841 $ 11,486
GNW Long Term Care Insurance [Member] | GNW Covid Nineteen [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred related to insured events of prior year 38      
GNW Long Term Care Insurance [Member] | GNW Covid Nineteen [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Liability for Claims and Claims Adjustment Expense 171   $ 209  
Enact | GNW Covid Nineteen [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred related to insured events of prior year $ 50      
v3.22.1
Borrowings - Long Term Borrowings (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Total $ 1,819 $ 1,899
Genworth Holdings    
Debt Instrument [Line Items]    
Long-term borrowings [1] 1,096 1,178
Bond consent fees [1] (11) (12)
Deferred borrowing charges [1] (7) (7)
Total [1] 1,078 1,159
Genworth Holdings | 4.80% Senior Notes, Due 2024    
Debt Instrument [Line Items]    
Long-term borrowings [1] 200 282
Genworth Holdings | 6.50% Senior Notes, Due 2034    
Debt Instrument [Line Items]    
Long-term borrowings [1] 298 298
Genworth Holdings | Floating Rate Junior Subordinated Notes, due 2066    
Debt Instrument [Line Items]    
Long-term borrowings [1] 598 598
Enact Holdings    
Debt Instrument [Line Items]    
Deferred borrowing charges (9) (10)
Total 741 740
Enact Holdings | 6.50% Senior Notes, Due 2025    
Debt Instrument [Line Items]    
Long-term borrowings [2] $ 750 $ 750
[1] Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
[2] Senior notes issued by Enact Holdings, our majority-owned indirect subsidiary, who has the option to redeem the notes in whole or in part at any time prior to February 15, 2025, by paying a make-whole premium plus accrued and unpaid interest.
v3.22.1
Borrowings - Long Term Borrowings (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Debt Instrument [Line Items]    
Gain (Loss) on Extinguishment of Debt $ (3) $ (4)
4.80% Senior Notes, Due 2024 | Genworth Holdings    
Debt Instrument [Line Items]    
Interest rate 4.80%  
Debt instrument, maturity year 2024  
Aggregate principal amount of notes repurchased $ 82  
Gain (Loss) on Extinguishment of Debt $ 3  
6.50% Senior Notes, Due 2034 | Genworth Holdings    
Debt Instrument [Line Items]    
Interest rate 6.50%  
Debt instrument, maturity year 2034  
Floating Rate Junior Subordinated Notes, due 2066 | Genworth Holdings    
Debt Instrument [Line Items]    
Debt instrument, maturity year 2066  
6.50% Senior Notes, Due 2025 | Enact Holdings    
Debt Instrument [Line Items]    
Interest rate 6.50%  
Debt instrument, maturity year 2025  
v3.22.1
Borrowings - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2022
Genworth Holdings | Fixed Rate Senior Notes | Minimum  
Debt Instrument [Line Items]  
Senior notes option to redeem 100.00%
Enact Holdings | 6.50% Senior Notes, Due 2025  
Debt Instrument [Line Items]  
Debt instrument, option to redeem date, prior to Feb. 15, 2025
v3.22.1
Income Taxes - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Taxes [Line Items]    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%
Tax Expense | Forward Starting Swaps    
Income Taxes [Line Items]    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 35.00% 35.00%
v3.22.1
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Detail)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Tax Examination [Line Items]    
Statutory U.S. federal income tax rate 21.00% 21.00%
Tax on income from terminated swaps 2.80% 4.10%
Other, net 0.50% 0.20%
Effective rate 24.30% 25.30%
v3.22.1
Segment Information - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting Information [Line Items]    
Corporate federal income tax rate 21.00% 21.00%
Assumed tax rate on adjustments to adjusted operating income (loss) 21.00%  
Expenses related to restructuring $ 0 $ 21
Gains (losses) related to early extinguishment of debt (3) (4)
Genworth Holdings | Senior Notes 2021    
Segment Reporting Information [Line Items]    
Gains (losses) related to early extinguishment of debt   4
Aggregate principal amount of notes repurchased   $ 146
Genworth Holdings | Senior Notes 2024    
Segment Reporting Information [Line Items]    
Gains (losses) related to early extinguishment of debt 3  
Aggregate principal amount of notes repurchased $ 82  
v3.22.1
Summary of Assets for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]    
Total assets $ 93,487 $ 99,171
Enact | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 5,790 5,850
U.S. Life Insurance | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 76,482 81,210
Runoff | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets 8,960 9,460
Corporate and Other | Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Total assets $ 2,255 $ 2,651
v3.22.1
Summary of Revenues of Major Product Groups for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting Information [Line Items]    
Revenues $ 1,892 $ 1,985
Segment, Continuing Operations    
Segment Reporting Information [Line Items]    
Revenues 1,892 1,985
Segment, Continuing Operations | Enact    
Segment Reporting Information [Line Items]    
Revenues 270 288
Segment, Continuing Operations | Long-term Care Insurance    
Segment Reporting Information [Line Items]    
Revenues 1,109 1,140
Segment, Continuing Operations | Life Insurance    
Segment Reporting Information [Line Items]    
Revenues 339 348
Segment, Continuing Operations | Fixed Annuities    
Segment Reporting Information [Line Items]    
Revenues 116 132
Segment, Continuing Operations | U.S. Life Insurance    
Segment Reporting Information [Line Items]    
Revenues 1,564 1,620
Segment, Continuing Operations | Runoff    
Segment Reporting Information [Line Items]    
Revenues 66 76
Segment, Continuing Operations | Corporate and Other    
Segment Reporting Information [Line Items]    
Revenues $ (8) $ 1
v3.22.1
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting Information [Line Items]    
Net income (loss) available to Genworth Financial, Inc.'s common stockholders $ 149 $ 187
Add: net income from continuing operations attributable to noncontrolling interests 30 0
Add: net income from discontinued operations attributable to noncontrolling interests 0 8
Net income 179 195
Less: income (loss) from discontinued operations, net of taxes (2) 21
Income from continuing operations 181 174
Less: net income from continuing operations attributable to noncontrolling interests 30 0
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders 151 174
Net investment (gains) losses, net (28) (33)
(Gains) losses on early extinguishment of debt 3 4
Expenses related to restructuring 0 21
Taxes on adjustments 5 2
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 131 168
Segment, Continuing Operations | Enact    
Segment Reporting Information [Line Items]    
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 135 126
Segment, Continuing Operations | Long-term Care Insurance    
Segment Reporting Information [Line Items]    
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 59 95
Segment, Continuing Operations | Life Insurance    
Segment Reporting Information [Line Items]    
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders (79) (63)
Segment, Continuing Operations | Fixed Annuities    
Segment Reporting Information [Line Items]    
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 16 30
Segment, Continuing Operations | U.S. Life Insurance    
Segment Reporting Information [Line Items]    
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders (4) 62
Segment, Continuing Operations | Runoff    
Segment Reporting Information [Line Items]    
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders 9 12
Segment, Continuing Operations | Corporate and Other    
Segment Reporting Information [Line Items]    
Adjusted operating income available to Genworth Financial, Inc.'s common stockholders $ (9) $ (32)
v3.22.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 25, 2022
Jul. 17, 2020
Jan. 31, 2020
Jan. 31, 2021
Mar. 31, 2022
Dec. 31, 2019
Dec. 31, 2021
Sep. 11, 2019
Commitments and Contingencies Disclosure [Line Items]                
Loss Contingency, Damages Sought   $ 5            
Off-balance sheet risk         $ 1,309   $ 1,185  
Commitments to Fund Limited Partnerships                
Commitments and Contingencies Disclosure [Line Items]                
Off-balance sheet risk         1,309      
Commitments to fund U.S. commercial mortgage loan investments                
Commitments and Contingencies Disclosure [Line Items]                
Off-balance sheet risk         75      
Commitments to Fund Private Placement Investments                
Commitments and Contingencies Disclosure [Line Items]                
Off-balance sheet risk         20      
Commitments to Fund Bank Loan Investments                
Commitments and Contingencies Disclosure [Line Items]                
Off-balance sheet risk         108      
Other Litigation                
Commitments and Contingencies Disclosure [Line Items]                
Plaintiff's Motion Dismissed     $ 395          
Loss Contingency, Damages Sought   $ 5   $ 5 5      
Plaintiffs' motion     $ 15     $ 410    
Restricted cash proceeds on sale per litigation               $ 450
Life Insurance | Litigation | Cost of Insurance                
Commitments and Contingencies Disclosure [Line Items]                
Contingent liability         $ 25      
Litigation Settlement, Amount Awarded to Other Party $ 25              
v3.22.1
Component of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance $ 3,861 $ 4,425
OCI before reclassifications (1,261) (565)
Amounts reclassified from (to) OCI (31) (38)
Total other comprehensive income (loss) (1,292) (603)
Balances before nonnontrolling interests 2,569 3,822
Less: change in OCI attributable to noncontrolling interests (41) 147
Ending balance 2,610 3,675
Net unrealized investment gains (losses)    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [1] 1,860 2,214
OCI before reclassifications [1] (1,057) (316)
Amounts reclassified from (to) OCI [1] 6 (4)
Total other comprehensive income (loss) [1] (1,051) (320)
Balances before nonnontrolling interests [1] 809 1,894
Less: change in OCI attributable to noncontrolling interests [1] (41) (25)
Ending balance [1] 850 1,919
Derivatives qualifying as hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [2] 2,025 2,211
OCI before reclassifications [2] (199) (385)
Amounts reclassified from (to) OCI [2] (37) (34)
Total other comprehensive income (loss) [2] (236) (419)
Balances before nonnontrolling interests [2] 1,789 1,792
Less: change in OCI attributable to noncontrolling interests [2] 0 0
Ending balance [2] 1,789 1,792
Foreign currency translation and other adjustments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (24) 0
OCI before reclassifications (5) 136
Amounts reclassified from (to) OCI 0 0
Total other comprehensive income (loss) (5) 136
Balances before nonnontrolling interests (29) 136
Less: change in OCI attributable to noncontrolling interests 0 172
Ending balance $ (29) $ (36)
[1] Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.
[2] See note 5 for additional information.
v3.22.1
Changes In Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Unrecognized postretirement benefit obligation, current period OCI $ (4) $ (15)
Unrecognized postretirement benefit obligation, current period OCI, tax $ 1 4
Foreign currency translation and other adjustments, current period OCI, tax   $ (1)
v3.22.1
Reclassifications In (Out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net investment income $ (764) $ (801)
Net investment (gains) losses (28) (33)
Interest expense 26 51
Income taxes 58 59
(Income) loss from continuing operations (181) (174)
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 8 (5)
Income taxes (2) 1
(Income) loss from continuing operations 6 (4)
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Income taxes 20 18
(Income) loss from continuing operations (37) (34)
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative liabilities    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Interest expense 1 0
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Interest rate swaps | Derivative assets    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net investment income (55) (52)
Net investment (gains) losses (2) 0
Amount reclassified from accumulated other comprehensive income (loss) | Derivatives qualifying as hedges | Foreign currency swaps    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net investment income $ (1) $ 0
v3.22.1
Summary of Operating Results Related to Discontinued Operations (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues:    
Premiums $ 931 $ 968
Net investment income 764 801
Net investment gains (losses) 28 33
Benefits and expenses:    
Benefits and other changes in policy reserves 1,139 1,218
Acquisition and operating expenses, net of deferrals 271 275
Amortization of deferred acquisition costs and intangibles 92 77
Total benefits and expenses 1,653 1,752
Income from discontinued operations, net of taxes (2) 21
Less: net income from discontinued operations attributable to noncontrolling interests 0 8
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders $ (2) 13
Assets Held For Sale Related To Discontinued Operations | Genworth Australia    
Revenues:    
Premiums   51
Net investment income   4
Net investment gains (losses)   (5)
Total revenues   50
Benefits and expenses:    
Benefits and other changes in policy reserves   11
Acquisition and operating expenses, net of deferrals   7
Amortization of deferred acquisition costs and intangibles   6
Interest expense   1
Total benefits and expenses   25
Income before income taxes and loss on sale [1]   25
Provision for income taxes   7
Income before loss on sale   18
Loss on sale, net of taxes   (3)
Income from discontinued operations, net of taxes   15
Less: net income from discontinued operations attributable to noncontrolling interests   8
Income (loss) from discontinued operations available to Genworth Financial, Inc.'s common stockholders   $ 7
[1] The three months ended March 31, 2021, includes pre-tax income from discontinued operations available to Genworth Financial, Inc.’s common stockholders of $13 million.
v3.22.1
Summary of Operating Results Related to Discontinued Operations (Parenthetical) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
Genworth Australia | Parent Company [Member]  
Discontinued operation pretax income attributable to parent $ 13
v3.22.1
Discontinued Operations - Summary of Liabilities Related to Discontinued Operations (Detail) - AXA Settlement Agreement | Future Losses
£ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2022
GBP (£)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
GBP (£)
Mar. 31, 2022
GBP (£)
Dec. 31, 2021
GBP (£)
Installment payments due to AXA:            
Total amounts due under the promissory note $ 0   $ 0   £ 0 £ 0
Future claims:            
Estimated beginning balance 30 £ 22 108 £ 79    
Plus: Additional amounts invoiced 1 1 0 0    
Change in estimated future claims 0 0 (14) (10)    
Less: Amounts billed and included as mandatory prepayments 0 0 (61) (45)    
Less: Amounts paid (30) (22) (3) (2)    
Foreign exchange and other 0    
Estimated future claims 1 1 30 22    
Total amounts due to AXA under the settlement agreement 1   30   £ 1 £ 22
June 2022            
Installment payments due to AXA:            
Beginning balance 0 0 217 159    
Prepayments [1] 0 0 (217) (159)    
Ending balance 0 0 0 0    
September 2022            
Installment payments due to AXA:            
Beginning balance 0 0 256 187    
Amounts billed as future losses 0 0 61 45    
Prepayments [1] 0 0 (324) (232)    
Foreign exchange and other 0 0 7 0    
Ending balance $ 0 £ 0 $ 0 £ 0    
[1] On March 3, 2021, we completed the sale of Genworth Australia and received net proceeds of approximately AUD483 million ($370 million). The sale of Genworth Australia resulted in a mandatory principal payment of approximately £176 million ($245 million) related to our outstanding secured promissory note issued to AXA, dated as of July 20, 2020, as amended by the parties in connection with the Genworth Australia sale. On September 21, 2021, we used a portion of the net proceeds from the minority IPO of Enact Holdings to repay the remaining outstanding balance of the secured promissory note of approximately £215 million ($296 million).
v3.22.1
Discontinued Operations - Summary of Liabilities Related to Discontinued Operations (Parenthetical) (Detail) - Genworth Mortgage Insurance Australia Limited [Member]
£ in Millions, $ in Millions, $ in Millions
Mar. 31, 2021
USD ($)
Mar. 31, 2021
GBP (£)
Mar. 03, 2021
AUD ($)
Mar. 03, 2021
USD ($)
Mar. 03, 2021
GBP (£)
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]          
Proceeds from sale of disposal group including discontinuing operations     $ 483 $ 370  
Mandatory Payment [Member] | Promissory Note [Member] | Discontinued Operations [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]          
Promissory Note repayment $ 296 £ 215      
AXA Settlement Agreement Promissory Note [Member] | Mandatory Payment [Member] | Discontinued Operations [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]          
Promissory Note repayment       $ 245 £ 176
v3.22.1
Discontinued Operations - Additional Information (Detail)
$ / shares in Units, $ / shares in Units, £ in Millions, $ in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Sep. 21, 2021
USD ($)
Sep. 21, 2021
GBP (£)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
GBP (£)
Mar. 03, 2021
AUD ($)
$ / shares
Mar. 03, 2021
USD ($)
Feb. 28, 2022
USD ($)
Mar. 31, 2022
USD ($)
$ / shares
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
GBP (£)
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Unrelated liability               $ 3   $ 4  
Underwriting Liability [Member] | AXA [Member]                      
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Adjustments to underwriting loss                 $ 4    
Genworth Mortgage Insurance Australia Limited                      
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Proceeds from sale of disposal group including discontinuing operations         $ 483 $ 370          
After-tax favorable adjustment               $ (1) $ 11    
Discontinued Operations                      
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Percentage of shareholding in the investee company                 52.00%    
Sale price per share disposed | (per share)         $ 2.28     $ 214.3      
AXA Settlement Agreement                      
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Income (losses) from discontinued operations after tax               $ 1 $ 1    
AXA Settlement Agreement Promissory Note | Discontinued Operations | Future Claims                      
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Loss Contingency, Estimate of Possible Loss                   $ 30 £ 22
AXA Settlement Agreement Promissory Note | Discontinued Operations | Promissory Note | Mandatory Payment                      
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Repayment of mandatory principal payment $ 296 £ 215 $ 245 £ 176              
Discontinued Operations, Disposed of by Sale | AXA Settlement Agreement Promissory Note | Future Claims                      
Income Statement, Balance Sheet and Additional Disclosures by Planned Disposal Groups [Line Items]                      
Reduction in liabilities associated with future claims             $ 30