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As Of Filer Filing For·On·As Docs:Size 8/05/22 Prudential Financial Inc. 10-Q 6/30/22 115:44M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 11.63M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 36K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 36K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 32K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 32K 11: R1 Document and Entity Information HTML 92K 12: R2 Unaudited Interim Consolidated Statements of HTML 185K Financial Position 13: R3 Unaudited Interim Consolidated Statements of HTML 87K Financial Position (Parenthetical) 14: R4 Unaudited Interim Consolidated Statements of HTML 136K Operations 15: R5 Unaudited Interim Consolidated Statements of HTML 81K Comprehensive Income 16: R6 Unaudited Interim Consolidated Statements of HTML 111K Equity 17: R7 Unaudited Interim Consolidated Statements of Cash HTML 195K Flows 18: R8 Unaudited Interim Consolidated Statements of Cash HTML 35K Flows (Parenthetical) 19: R9 Business and Basis of Presentation HTML 90K 20: R10 Significant Accounting Policies and Pronouncements HTML 58K 21: R11 Investments HTML 1.05M 22: R12 Variable Interest Entities HTML 70K 23: R13 Derivative Instruments HTML 628K 24: R14 Fair Value of Assets and Liabilities HTML 1.16M 25: R15 Closed Block HTML 98K 26: R16 Income Taxes HTML 41K 27: R17 Short-Term and Long-Term Debt HTML 78K 28: R18 Employee Benefit Plans HTML 85K 29: R19 Equity HTML 150K 30: R20 Earnings Per Share HTML 114K 31: R21 Segment Information HTML 170K 32: R22 Commitments and Contingent Liabilities HTML 89K 33: R23 Significant Accounting Policies and Pronouncements HTML 70K (Policies) 34: R24 Business and Basis of Presentation (Tables) HTML 68K 35: R25 Investments (Tables) HTML 1.08M 36: R26 Variable Interest Entities (Tables) HTML 69K 37: R27 Derivative Instruments (Tables) HTML 680K 38: R28 Fair Value of Assets and Liabilities (Tables) HTML 1.76M 39: R29 Closed Block (Tables) HTML 101K 40: R30 Short-Term and Long-Term Debt (Tables) HTML 76K 41: R31 Employee Benefit Plans (Tables) HTML 79K 42: R32 Equity (Tables) HTML 154K 43: R33 Earnings Per Share (Tables) HTML 114K 44: R34 Segment Information (Tables) HTML 162K 45: R35 Commitments and Contingent Liabilities (Tables) HTML 123K 46: R36 Business and Basic Presentation (Narrative) HTML 111K (Details) 47: R37 Business and Basis of Presentation (Assets and HTML 168K Liabilities Held-for-sale) (Details) 48: R38 Significant Accounting Policies and Pronouncements HTML 59K (Details) 49: R39 Investments (Fixed Maturities Securities Excluding HTML 126K Investments Classified as Trading) (Details) 50: R40 Investments (Fair Value and Losses by Investment HTML 94K Category and Length of Time in a Loss Position) (Details) 51: R41 Investments (Amortized Cost and Fair Value of HTML 143K Fixed Maturities by Contractual Maturities) (Details) 52: R42 Investments (Narrative) (Details) HTML 85K 53: R43 Investments (Fixed Maturity Proceeds) (Details) HTML 64K 54: R44 Investments (Credit Losses Recognized In Earnings HTML 107K on Fixed Maturity Securities Held by the Company) (Details) 55: R45 Investments (Assets Supporting Experience-Rated HTML 86K Contractholder Liabilities) (Details) 56: R46 Investments (Concentrations of Credit Risk) HTML 49K (Details) 57: R47 Investments (Commercial Mortgage and Other Loans) HTML 82K (Details) 58: R48 Investments (Allowance for Credit Losses) HTML 63K (Details) 59: R49 Investments (Credit Quality Indicators) (Details) HTML 122K 60: R50 Investments (Analysis of Past Due Commercial HTML 95K Mortgage and Other Loans) (Details) 61: R51 Investments (Other Invested Assets) (Details) HTML 64K 62: R52 Investments (Accrued Investment Income) (Details) HTML 51K 63: R53 Investments (Net Investment Income) (Details) HTML 62K 64: R54 Investments (Realized Investment Gains Losses, HTML 49K Net) (Details) 65: R55 Investments (Net Unrealized Gains Losses on HTML 53K Investments) (Details) 66: R56 Investments (Repurchase Agreements and Securities HTML 90K Lending Transactions) (Details) 67: R57 Variable Interest Entities (Assets and Liabilities HTML 96K of Consolidated VIEs) (Details) 68: R58 Variable Interest Entities (Narrative) (Details) HTML 49K 69: R59 Derivative Instruments (Narrative) (Details) HTML 62K 70: R60 Derivative Instruments (Gross Notional Amount and HTML 94K Fair Value of Derivatives Contracts) (Details) 71: R61 Derivative Instruments (Hedged Item Offset By HTML 50K Derivatives Achieving Fair Value Hedge Accounting) (Details) 72: R62 Derivative Instruments (Offsetting Assets and HTML 128K Liabilities) (Details) 73: R63 Derivative Instruments (Financial Statement HTML 290K Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) 74: R64 Derivative Instruments (Current Period Cash Flow HTML 49K Hedges in AOCI (loss) before Taxes) (Details) 75: R65 Derivative Instruments Derivative Instruments HTML 79K (Credit Derivatives) (Details) 76: R66 Fair Value of Assets and Liabilities (Balances of HTML 289K Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) 77: R67 Fair Value of Assets and Liabilities (Quantitative HTML 123K Info for Level 3 Inputs) (Details) 78: R68 Fair Value of Assets and Liabilities (Changes in HTML 384K Level 3 Assets and Liabilities) (Details) 79: R69 Fair Value of Assets and Liabilities (Derivative HTML 97K Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) 80: R70 Fair Value of Assets and Liabilities (Changes in HTML 74K Level 3 Derivative Assets and Liabilities) (Details) 81: R71 Fair Value of Assets and Liabilities (Nonrecurring HTML 49K Fair Value Measurements) (Details) 82: R72 Fair Value of Assets and Liabilities (Changes in HTML 53K Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) 83: R73 Fair Value of Assets and Liabilities (Financial HTML 151K Instruments where Carrying Amounts and Fair Values May Differ) (Details) 84: R74 Closed Block (Narrative) (Details) HTML 36K 85: R75 Closed Block (Closed Block Liabilities and Assets HTML 90K Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) 86: R76 Closed Block (Information Regarding Policyholder HTML 40K Dividend Obligation) (Details) 87: R77 Closed Block (Closed Block Revenues and Benefits HTML 63K and Expenses) (Details) 88: R78 Income Taxes (Narrative) (Details) HTML 46K 89: R79 Short-Term and Long-Term Debt (Short-Term Debt) HTML 75K (Details) 90: R80 Short-Term and Long-Term Debt (Narrative) HTML 84K (Details) 91: R81 Short-Term and Long-Term Debt (Long-Term Debt) HTML 65K (Details) 92: R82 Employee Benefit Plans (Narrative) (Details) HTML 41K 93: R83 Employee Benefit Plans (Components of Net Periodic HTML 67K Benefit Cost Included in General and Administrative Expenses) (Details) 94: R84 Equity (Common Stock Changes in Number of Shares HTML 51K Issued, Held in Treasury and Outstanding) (Details) 95: R85 Equity (Dividends Declared) (Details) HTML 33K 96: R86 Equity (Narrative) (Details) HTML 42K 97: R87 Equity (Accumulated Other Comprehensive Income HTML 71K (Loss)) (Details) 98: R88 Equity (Reclassifications out of Accumulated Other HTML 83K Comprehensive Income (Loss)) (Details) 99: R89 Equity (Net Unrealized Investment Gains (Losses) HTML 69K in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details) 100: R90 Earnings Per Share (Reconciliation of the HTML 92K Numerators and Denominators of the Basic and Diluted Per Share) (Details) 101: R91 Earnings Per Share (Narrative) (Details) HTML 34K 102: R92 Earnings Per Share (Antidilutive Securities HTML 49K Excluded From the Computation of Diluted Earnings Per Share) (Details) 103: R93 Segment Information (Narratives) (Details) HTML 42K 104: R94 Segment Information (Reconciliation of Adjusted HTML 90K Operating Income and Net Income (Loss)) (Details) 105: R95 Segment Information (Reconciliation of Select HTML 107K Financial Information) (Details) 106: R96 Segment Information Segment Information (Asset HTML 37K Management and Service Fees) (Details) 107: R97 Commitments and Contingent Liabilities (Details) HTML 91K 108: R98 Commitments and Contingent Liabilities (Narrative HTML 68K Excluding Litigation) (Details) 109: R99 Commitments and Contingent Liabilities (Assurance HTML 36K IQ Contingent Consideration Liability Narrative) (Details) 110: R100 Commitments and Contingent Liabilities (Litigation HTML 34K Narrative) (Details) 113: XML IDEA XML File -- Filing Summary XML 229K 111: XML XBRL Instance -- pru-20220630_htm XML 18.49M 112: EXCEL IDEA Workbook of Financial Reports XLSX 381K 7: EX-101.CAL XBRL Calculations -- pru-20220630_cal XML 372K 8: EX-101.DEF XBRL Definitions -- pru-20220630_def XML 2.31M 9: EX-101.LAB XBRL Labels -- pru-20220630_lab XML 3.37M 10: EX-101.PRE XBRL Presentations -- pru-20220630_pre XML 2.61M 6: EX-101.SCH XBRL Schema -- pru-20220630 XSD 285K 114: JSON XBRL Instance as JSON Data -- MetaLinks 782± 1.30M 115: ZIP XBRL Zipped Folder -- 0001137774-22-000082-xbrl Zip 1.51M
pru-20220630 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i New Jersey | i 22-3703799 | ||||
(State
or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbols(s) | Name of Each Exchange on Which Registered | ||||||
i Common Stock, Par Value $.01 | i PRU | i New York Stock Exchange | ||||||
i 5.625% Junior Subordinated Notes | i PRS | i New York Stock Exchange | ||||||
i 4.125% Junior Subordinated Notes | i PFH | i New York Stock Exchange |
i Large Accelerated Filer | x | Accelerated Filer | ☐ | ||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | i ☐ | ||||||||||||||
Emerging Growth Company | i ☐ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
June
30, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2022-$ i 109; 2021-$ i 114)
(amortized cost: 2022-$ i 319,003; 2021-$ i 333,459)(1) | $ | i 306,655 | $ | i 372,410 | ||||||||||
Fixed
maturities, held-to-maturity, at amortized cost, net of allowance for credit losses (allowance for credit losses: 2022-$ i 3; 2021-$ i 5) (fair value:
2022-$ i 1,475; 2021-$ i 1,803)(1) | i 1,280 | i 1,514 | ||||||||||||
Fixed
maturities, trading, at fair value (amortized cost: 2022-$ i 7,354; 2021-$ i 8,741)(1) | i 6,272 | i 8,823 | ||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | i 2,785 | i 3,358 | ||||||||||||
Equity
securities, at fair value (cost: 2022-$ i 4,502; 2021-$ i 5,815)(1) | i 6,402 | i 8,574 | ||||||||||||
Commercial
mortgage and other loans (net of $ i 196 and $ i 119 allowance for credit losses; includes $ i 303
and $ i 1,263 of loans measured at fair value under the fair value option at June 30, 2022 and December 31, 2021, respectively)(1) | i 56,840 | i 58,666 | ||||||||||||
Policy loans | i 10,024 | i 10,386 | ||||||||||||
Other
invested assets (net of $ i 1 and $ i 2 allowance for credit losses; includes $ i 6,743
and $ i 8,046 of assets measured at fair value at June 30, 2022 and December 31, 2021, respectively)(1) | i 21,310 | i 21,833 | ||||||||||||
Short-term
investments (net of allowance for credit losses: 2022-$ i 0; 2021-$ i 0) | i 6,828 | i 6,635 | ||||||||||||
Total investments | i 418,396 | i 492,199 | ||||||||||||
Cash and cash equivalents(1) | i 14,359 | i 12,888 | ||||||||||||
Accrued investment income(1) | i 2,798 | i 2,855 | ||||||||||||
Deferred policy acquisition costs | i 18,632 | i 18,192 | ||||||||||||
Value of business acquired | i 571 | i 771 | ||||||||||||
Income tax assets | i 696 | i 0 | ||||||||||||
Assets held-for-sale(2) | i 0 | i 153,793 | ||||||||||||
Other
assets (net of allowance for credit losses: 2022-$ i 21; 2021-$ i 19)(1) | i 34,534 | i 10,739 | ||||||||||||
Separate account assets | i 205,613 | i 246,145 | ||||||||||||
TOTAL ASSETS | $ | i 695,599 | $ | i 937,582 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
LIABILITIES | ||||||||||||||
Future policy benefits | $ | i 275,096 | $ | i 290,784 | ||||||||||
Policyholders’ account balances | i 130,352 | i 122,633 | ||||||||||||
Policyholders’ dividends | i 2,256 | i 8,731 | ||||||||||||
Securities sold under agreements to repurchase | i 8,006 | i 10,185 | ||||||||||||
Cash collateral for loaned securities | i 5,741 | i 4,251 | ||||||||||||
Income tax liabilities | i 0 | i 9,513 | ||||||||||||
Short-term debt | i 558 | i 722 | ||||||||||||
Long-term debt | i 19,612 | i 18,622 | ||||||||||||
Liabilities held-for-sale(2) | i 0 | i 151,359 | ||||||||||||
Other
liabilities (including allowance for credit losses: 2022-$ i 18; 2021-$ i 21 )(1) | i 19,215 | i 11,755 | ||||||||||||
Notes issued by consolidated variable interest entities(1) | i 232 | i 274 | ||||||||||||
Separate account liabilities | i 205,613 | i 246,145 | ||||||||||||
Total liabilities | i 666,681 | i 874,974 | ||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 14) | i | i | ||||||||||||
EQUITY | ||||||||||||||
Preferred
Stock ($ i i 0.01 / par value; i i 10,000,000 /
shares authorized; i i none / issued) | i 0 | i 0 | ||||||||||||
Common
Stock ($ i i 0.01 / par value; i i 1,500,000,000 /
shares authorized; i i 666,305,189 / shares issued as of both June
30, 2022 and December 31, 2021) | i 6 | i 6 | ||||||||||||
Additional paid-in capital | i 25,661 | i 25,732 | ||||||||||||
Common
Stock held in treasury, at cost ( i 293,684,307 and i 290,018,851 shares at June 30, 2022 and December 31, 2021,
respectively) | ( i 22,391) | ( i 21,838) | ||||||||||||
Accumulated other comprehensive income (loss) | ( i 10,178) | i 21,324 | ||||||||||||
Retained earnings | i 35,137 | i 36,652 | ||||||||||||
Total Prudential Financial, Inc. equity | i 28,235 | i 61,876 | ||||||||||||
Noncontrolling interests | i 683 | i 732 | ||||||||||||
Total equity | i 28,918 | i 62,608 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | i 695,599 | $ | i 937,582 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Premiums | $ | i 7,112 | $ | i 6,779 | $ | i 15,064 | $ | i 14,322 | |||||||||||||||
Policy charges and fee income | i 1,551 | i 1,400 | i 3,010 | i 2,890 | |||||||||||||||||||
Net investment income | i 3,938 | i 4,552 | i 8,296 | i 8,934 | |||||||||||||||||||
Asset management and service fees | i 987 | i 1,198 | i 2,120 | i 2,374 | |||||||||||||||||||
Other income (loss) | i 580 | i 1,353 | ( i 791) | i 1,635 | |||||||||||||||||||
Realized investment gains (losses), net | ( i 1,147) | i 635 | ( i 1,463) | i 2,714 | |||||||||||||||||||
Total revenues | i 13,021 | i 15,917 | i 26,236 | i 32,869 | |||||||||||||||||||
BENEFITS AND EXPENSES | |||||||||||||||||||||||
Policyholders’ benefits | i 9,612 | i 7,615 | i 18,480 | i 15,725 | |||||||||||||||||||
Interest credited to policyholders’ account balances | i 665 | i 1,074 | i 834 | i 1,842 | |||||||||||||||||||
Dividends to policyholders | ( i 207) | i 833 | i 28 | i 1,437 | |||||||||||||||||||
Amortization of deferred policy acquisition costs | i 581 | i 392 | i 1,428 | i 1,133 | |||||||||||||||||||
General and administrative expenses | i 2,881 | i 3,230 | i 6,092 | i 6,545 | |||||||||||||||||||
Total benefits and expenses | i 13,532 | i 13,144 | i 26,862 | i 26,682 | |||||||||||||||||||
INCOME
(LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | ( i 511) | i 2,773 | ( i 626) | i 6,187 | |||||||||||||||||||
Total income tax expense (benefit) | i 11 | i 609 | ( i 58) | i 1,245 | |||||||||||||||||||
INCOME
(LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | ( i 522) | i 2,164 | ( i 568) | i 4,942 | |||||||||||||||||||
Equity in earnings of operating joint ventures, net of taxes | ( i 50) | i 19 | ( i 48) | i 45 | |||||||||||||||||||
NET INCOME (LOSS) | ( i 572) | i 2,183 | ( i 616) | i 4,987 | |||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | ( i 7) | i 25 | ( i 20) | i 1 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ | ( i 565) | $ | i 2,158 | $ | ( i 596) | $ | i 4,986 | |||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||||||||
Basic earnings per share-Common Stock: | |||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | ( i 1.53) | $ | i 5.44 | $ | ( i 1.62) | $ | i 12.47 | |||||||||||||||
Diluted earnings per share-Common Stock: | |||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | ( i 1.53) | $ | i 5.40 | $ | ( i 1.62) | $ | i 12.39 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
NET INCOME (LOSS) | $ | ( i 572) | $ | i 2,183 | $ | ( i 616) | $ | i 4,987 | |||||||||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||||||
Foreign currency translation adjustments for the period | ( i 984) | ( i 48) | ( i 1,336) | ( i 729) | |||||||||||||||||||
Net unrealized investment gains (losses) | ( i 17,740) | i 5,353 | ( i 39,510) | ( i 8,775) | |||||||||||||||||||
Defined
benefit pension and postretirement unrecognized periodic benefit (cost) | i 388 | i 74 | i 453 | i 170 | |||||||||||||||||||
Total | ( i 18,336) | i 5,379 | ( i 40,393) | ( i 9,334) | |||||||||||||||||||
Less:
Income tax expense (benefit) related to other comprehensive income (loss) | ( i 3,953) | i 1,319 | ( i 8,890) | ( i 1,857) | |||||||||||||||||||
Other comprehensive income (loss), net of taxes | ( i 14,383) | i 4,060 | ( i 31,503) | ( i 7,477) | |||||||||||||||||||
Comprehensive income (loss) | ( i 14,955) | i 6,243 | ( i 32,119) | ( i 2,490) | |||||||||||||||||||
Less:
Comprehensive income (loss) attributable to noncontrolling interests | ( i 7) | i 27 | ( i 21) | ( i 15) | |||||||||||||||||||
Comprehensive
income (loss) attributable to Prudential Financial, Inc. | $ | ( i 14,948) | $ | i 6,216 | $ | ( i 32,098) | $ | ( i 2,475) |
Prudential Financial, Inc. Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held In Treasury | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | i 6 | $ | i 25,732 | $ | i 36,652 | $ | ( i 21,838) | $ | i 21,324 | $ | i 61,876 | $ | i 732 | $ | i 62,608 | |||||||||||||||||||||||||||||||
Common Stock acquired | ( i 375) | ( i 375) | ( i 375) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | i 3 | i 3 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 21) | ( i 21) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | ( i 73) | i 162 | i 89 | i 89 | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( i 462) | ( i 462) | ( i 462) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( i 31) | ( i 31) | ( i 13) | ( i 44) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 17,119) | ( i 17,119) | ( i 1) | ( i 17,120) | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( i 17,150) | ( i 14) | ( i 17,164) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | i 6 | i 25,659 | i 36,159 | ( i 22,051) | i 4,205 | i 43,978 | i 700 | i 44,678 | |||||||||||||||||||||||||||||||||||||||
Common Stock acquired | ( i 375) | ( i 375) | ( i 375) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | i 26 | i 26 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 36) | ( i 36) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | i 2 | i 35 | i 37 | i 37 | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( i 457) | ( i 457) | ( i 457) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( i 565) | ( i 565) | ( i 7) | ( i 572) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 14,383) | ( i 14,383) | i 0 | ( i 14,383) | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( i 14,948) | ( i 7) | ( i 14,955) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | i 6 | $ | i 25,661 | $ | i 35,137 | $ | ( i 22,391) | $ | ( i 10,178) | $ | i 28,235 | $ | i 683 | $ | i 28,918 |
Prudential Financial, Inc. Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held In Treasury | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | i 6 | $ | i 25,584 | $ | i 30,749 | $ | ( i 19,652) | $ | i 30,738 | $ | i 67,425 | $ | i 785 | $ | i 68,210 | |||||||||||||||||||||||||||||||
Common Stock acquired | ( i 375) | ( i 375) | ( i 375) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | i 3 | i 3 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 6) | ( i 6) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | ( i 5) | i 149 | i 144 | i 144 | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( i 467) | ( i 467) | ( i 467) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | i 2,828 | i 2,828 | ( i 24) | i 2,804 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 11,519) | ( i 11,519) | ( i 18) | ( i 11,537) | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( i 8,691) | ( i 42) | ( i 8,733) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | i 6 | i 25,579 | i 33,110 | ( i 19,878) | i 19,219 | i 58,036 | i 740 | i 58,776 | |||||||||||||||||||||||||||||||||||||||
Common Stock acquired | ( i 875) | ( i 875) | ( i 875) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | i 9 | i 9 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 22) | ( i 22) | |||||||||||||||||||||||||||||||||||||||||||||
Consolidations (deconsolidations) of noncontrolling interests | ( i 118) | ( i 118) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | i 65 | i 66 | i 131 | i 131 | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( i 460) | ( i 460) | ( i 460) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | i 2,158 | i 2,158 | i 25 | i 2,183 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | i 4,058 | i 4,058 | i 2 | i 4,060 | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 6,216 | i 27 | i 6,243 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | i 6 | $ | i 25,644 | $ | i 34,808 | $ | ( i 20,687) | $ | i 23,277 | $ | i 63,048 | $ | i 636 | $ | i 63,684 | |||||||||||||||||||||||||||||||
Six
Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | ( i 616) | $ | i 4,987 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Realized investment (gains) losses, net | i 1,463 | ( i 2,714) | |||||||||
Policy charges and fee income | ( i 1,334) | ( i 1,142) | |||||||||
Interest credited to policyholders’ account balances | i 834 | i 1,842 | |||||||||
Depreciation and amortization | i 188 | i 45 | |||||||||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | i 1,080 | i 89 | |||||||||
Change in: | |||||||||||
Deferred policy acquisition costs | i 324 | ( i 167) | |||||||||
Future policy benefits and other insurance liabilities | i 4,094 | i 2,663 | |||||||||
Income taxes | ( i 1,371) | i 221 | |||||||||
Derivatives, net | ( i 2,301) | ( i 3,466) | |||||||||
Other, net(1) | ( i 859) | ( i 1,296) | |||||||||
Cash flows from (used in) operating activities | i 1,502 | i 1,062 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Proceeds from the sale/maturity/prepayment of: | |||||||||||
Fixed maturities, available-for-sale | i 28,636 | i 34,913 | |||||||||
Fixed maturities, held-to-maturity | i 17 | i 144 | |||||||||
Fixed maturities, trading | i 1,206 | i 2,141 | |||||||||
Assets supporting experience-rated contractholder liabilities | i 10,235 | i 9,048 | |||||||||
Equity securities | i 2,535 | i 2,266 | |||||||||
Commercial mortgage and other loans | i 3,004 | i 3,739 | |||||||||
Policy loans | i 869 | i 1,091 | |||||||||
Other invested assets | i 1,155 | i 1,319 | |||||||||
Short-term investments | i 20,616 | i 15,998 | |||||||||
Payments for the purchase/origination of: | |||||||||||
Fixed maturities, available-for-sale | ( i 33,244) | ( i 29,501) | |||||||||
Fixed maturities, trading | ( i 225) | ( i 5,345) | |||||||||
Assets supporting experience-rated contractholder liabilities | ( i 10,592) | ( i 9,727) | |||||||||
Equity securities | ( i 1,361) | ( i 1,923) | |||||||||
Commercial mortgage and other loans | ( i 2,778) | ( i 3,554) | |||||||||
Policy loans | ( i 593) | ( i 676) | |||||||||
Other invested assets | ( i 1,320) | ( i 1,426) | |||||||||
Short-term investments | ( i 20,079) | ( i 14,552) | |||||||||
Dispositions, net of cash disposed(2) | i 422 | i 132 | |||||||||
Derivatives, net | ( i 1,802) | ( i 776) | |||||||||
Other, net | i 59 | ( i 149) | |||||||||
Cash flows from (used in) investing activities | ( i 3,240) | i 3,162 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Policyholders’ account deposits | i 13,969 | i 15,182 | |||||||||
Policyholders’ account withdrawals | ( i 12,764) | ( i 15,575) | |||||||||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | ( i 483) | ( i 405) | |||||||||
Cash dividends paid on Common Stock | ( i 921) | ( i 926) | |||||||||
Net change in financing arrangements (maturities 90 days or less) | ( i 258) | i 73 | |||||||||
Common Stock acquired | ( i 738) | ( i 1,238) | |||||||||
Common Stock reissued for exercise of stock options | i 99 | i 113 | |||||||||
Proceeds from the issuance of debt (maturities longer than 90 days) | i 1,024 | i 71 | |||||||||
Repayments of debt (maturities longer than 90 days) | ( i 124) | ( i 173) | |||||||||
Other, net(3) | i 1,660 | i 211 | |||||||||
Cash flows from (used in) financing activities | i 1,464 | ( i 2,667) | |||||||||
Effect of foreign exchange rate changes on cash balances | ( i 317) | ( i 217) | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS INCLUDING BALANCES CLASSIFIED AS HELD-FOR-SALE | ( i 591) | i 1,340 | |||||||||
NET CHANGE IN CASH BALANCES CLASSIFIED AS HELD-FOR-SALE(2) | ( i 2,071) | i 0 | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | i 1,480 | i 1,340 | |||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | i 12,934 | i 13,855 | |||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | $ | i 14,414 | $ | i 15,195 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
HELD-FOR-SALE CLASSIFICATION(2) | |||||||||||
Change in assets classified as held-for-sale | $ | ( i 153,793) | $ | i 0 | |||||||
Change in liabilities classified as held-for-sale | ( i 151,359) | i 0 | |||||||||
Change in net assets classified as held-for-sale | $ | ( i 2,434) | $ | i 0 | |||||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||||||||
Treasury Stock shares issued for stock-based compensation programs | $ | i 229 | $ | i 131 | |||||||
Significant Pension Risk Transfer transactions: | |||||||||||
Assets received, excluding cash and cash equivalents | $ | i 502 | $ | i 0 | |||||||
Liabilities assumed | i 505 | i 0 | |||||||||
Net cash received | $ | i 3 | $ | i 0 | |||||||
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||
Cash and cash equivalents | $ | i 14,359 | $ | i 15,145 | |||||||
Restricted cash and restricted cash equivalents (included in “Other assets”) | i 55 | i 50 | |||||||||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | $ | i 14,414 | $ | i 15,195 |
December 31, 2021 | |||||||||||||||||
Retirement Full Service | Individual Annuities PALAC | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Assets held-for-sale: | |||||||||||||||||
Fixed maturities, available-for-sale, at fair value(1) | $ | i 4,798 | $ | i 8,771 | $ | i 13,569 | |||||||||||
Fixed maturities, trading, at fair value | i 374 | i 27 | i 401 | ||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | i 18,818 | i 0 | i 18,818 | ||||||||||||||
Equity securities | i 0 | i 322 | i 322 | ||||||||||||||
Commercial mortgage and other loans(1) | i 5,068 | i 1,497 | i 6,565 | ||||||||||||||
Policy loans | i 0 | i 12 | i 12 | ||||||||||||||
Other invested assets | i 10 | i 94 | i 104 | ||||||||||||||
Short-term investments | i 3 | i 875 | i 878 | ||||||||||||||
Cash and cash equivalents | i 56 | i 2,015 | i 2,071 | ||||||||||||||
Accrued investment income | i 160 | i 61 | i 221 | ||||||||||||||
Deferred policy acquisition costs | i 100 | i 1,097 | i 1,197 | ||||||||||||||
Value of business acquired | i 185 | i 30 | i 215 | ||||||||||||||
Other assets(2) | i 674 | i 10,644 | i 11,318 | ||||||||||||||
Separate account assets | i 65,835 | i 32,267 | i 98,102 | ||||||||||||||
Total assets held-for-sale | $ | i 96,081 | $ | i 57,712 | $ | i 153,793 | |||||||||||
Liabilities held-for-sale: | |||||||||||||||||
Future policy benefits | $ | i 157 | $ | i 4,505 | $ | i 4,662 | |||||||||||
Policyholders’ account balances | i 28,164 | i 11,750 | i 39,914 | ||||||||||||||
Other liabilities | i 374 | i 8,307 | i 8,681 | ||||||||||||||
Separate account liabilities | i 65,835 | i 32,267 | i 98,102 | ||||||||||||||
Total liabilities held-for-sale | $ | i 94,530 | $ | i 56,829 | $ | i 151,359 |
ASU 2018-12 Amended Topic | Description | Method of adoption | Effect on the financial statements or other significant matters | |||||||||||||||||
Cash
flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products | Requires an entity to review and, if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. | An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts
in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) a full retrospective transition method. | The Company will adopt this guidance effective January 1, 2023 using the modified retrospective transition method. As a result of the modified retrospective transition method, the Company expects the vast majority of the impact of updating cash flow assumptions as of the transition date to be reflected in the pattern of earnings in subsequent periods. The
Company also expects some decrease to “Retained earnings” upon adoption from cash flow assumption updates isolated to the impact on certain issue year cohorts. | |||||||||||||||||
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products | Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. | As noted above, an entity may choose
either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI. | As noted above, the Company will adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. The Company
expects a decrease to AOCI as a result of remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields as of the adoption date. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus discount rates as of the adoption date. |
ASU 2018-12 Amended Topic | Description | Method of adoption | Effect on the financial statements or other significant matters | |||||||||||||||||
Amortization of deferred acquisition costs (DAC) and other balances | Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. | An entity may
apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances. | The Company will adopt this guidance effective January
1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company does not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI. | |||||||||||||||||
Market Risk Benefits (“MRB”) | Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s NPR, which is recognized
in OCI. | An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. | The Company will adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the
Company expects a decrease to “Retained earnings” and offsetting increase to AOCI from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. There will also be an impact to “Retained earnings” for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities). |
Standard | Description | Effective date and method of adoption | Effect on the financial statements or other significant matters | |||||||||||||||||
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure | This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. This ASU also amends the guidance on the vintage disclosures to require disclosure of current-period gross write-offs by year of origination. | January
1, 2023 using the prospective method with an option to apply a modified retrospective transition method for the recognition and measurement of TDRs which will include a cumulative effect adjustment on the balance sheet in the period of adoption. Early adoption is permitted beginning January 1, 2022, including adoption in an interim period provided guidance is applied as of the beginning of the year. | The Company does not expect the adoption of the ASU to have a significant impact on the Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
June 30, 2022 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 25,640 | $ | i 1,957 | $ | i 2,303 | $ | i 0 | $ | i 25,294 | |||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 10,481 | i 412 | i 435 | i 0 | i 10,458 | ||||||||||||||||||||||||
Foreign government bonds | i 72,016 | i 6,360 | i 3,298 | i 6 | i 75,072 | ||||||||||||||||||||||||
U.S. public corporate securities | i 96,085 | i 2,135 | i 9,848 | i 19 | i 88,353 | ||||||||||||||||||||||||
U.S. private corporate securities(1) | i 36,630 | i 790 | i 2,362 | i 57 | i 35,001 | ||||||||||||||||||||||||
Foreign public corporate securities | i 22,621 | i 583 | i 1,604 | i 0 | i 21,600 | ||||||||||||||||||||||||
Foreign private corporate securities | i 30,231 | i 231 | i 4,126 | i 26 | i 26,310 | ||||||||||||||||||||||||
Asset-backed securities(2) | i 10,793 | i 149 | i 277 | i 1 | i 10,664 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | i 11,962 | i 27 | i 543 | i 0 | i 11,446 | ||||||||||||||||||||||||
Residential mortgage-backed securities(3) | i 2,544 | i 37 | i 124 | i 0 | i 2,457 | ||||||||||||||||||||||||
Total fixed maturities, available-for-sale(1) | $ | i 319,003 | $ | i 12,681 | $ | i 24,920 | $ | i 109 | $ | i 306,655 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance for Credit Losses | Amortized Cost, Net of Allowance | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||
Foreign government bonds | $ | i 706 | $ | i 155 | $ | i 0 | $ | i 861 | $ | i 0 | $ | i 706 | |||||||||||||||||||||||
Foreign public corporate securities | i 419 | i 28 | i 0 | i 447 | i 3 | i 416 | |||||||||||||||||||||||||||||
Foreign private corporate securities | i 7 | i 0 | i 0 | i 7 | i 0 | i 7 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities(3) | i 151 | i 9 | i 0 | i 160 | i 0 | i 151 | |||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity(4) | $ | i 1,283 | $ | i 192 | $ | i 0 | $ | i 1,475 | $ | i 3 | $ | i 1,280 |
December 31, 2021 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S.
Treasury securities and obligations of U.S. government authorities and agencies | $ | i 26,231 | $ | i 5,958 | $ | i 31 | $ | i 0 | $ | i 32,158 | |||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 10,445 | i 1,781 | i 8 | i 0 | i 12,218 | ||||||||||||||||||||||||
Foreign government bonds | i 83,363 | i 11,842 | i 529 | i 7 | i 94,669 | ||||||||||||||||||||||||
U.S. public corporate securities | i 98,836 | i 13,721 | i 390 | i 12 | i 112,155 | ||||||||||||||||||||||||
U.S. private corporate securities(2) | i 35,019 | i 2,583 | i 162 | i 58 | i 37,382 | ||||||||||||||||||||||||
Foreign public corporate securities | i 24,877 | i 2,571 | i 118 | i 21 | i 27,309 | ||||||||||||||||||||||||
Foreign private corporate securities | i 28,047 | i 1,448 | i 442 | i 16 | i 29,037 | ||||||||||||||||||||||||
Asset-backed securities(3) | i 11,402 | i 137 | i 14 | i 0 | i 11,525 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | i 12,490 | i 631 | i 22 | i 0 | i 13,099 | ||||||||||||||||||||||||
Residential mortgage-backed securities(4) | i 2,749 | i 123 | i 14 | i 0 | i 2,858 | ||||||||||||||||||||||||
Total fixed maturities, available-for-sale(1)(2) | $ | i 333,459 | $ | i 40,795 | $ | i 1,730 | $ | i 114 | $ | i 372,410 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance for Credit Losses | Amortized Cost, Net of Allowance | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||
Foreign government bonds | $ | i 833 | $ | i 221 | $ | i 0 | $ | i 1,054 | $ | i 0 | $ | i 833 | |||||||||||||||||||||||
Foreign public corporate securities | i 486 | i 49 | i 0 | i 535 | i 5 | i 481 | |||||||||||||||||||||||||||||
Foreign private corporate securities | i 9 | i 0 | i 0 | i 9 | i 0 | i 9 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities(4) | i 191 | i 14 | i 0 | i 205 | i 0 | i 191 | |||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity(5) | $ | i 1,519 | $ | i 284 | $ | i 0 | $ | i 1,803 | $ | i 5 | $ | i 1,514 |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 15,185 | $ | i 2,294 | $ | i 24 | $ | i 9 | $ | i 15,209 | $ | i 2,303 | ||||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 5,535 | i 414 | i 67 | i 21 | i 5,602 | i 435 | ||||||||||||||||||||||||||||||||
Foreign government bonds | i 19,147 | i 2,153 | i 5,299 | i 1,145 | i 24,446 | i 3,298 | ||||||||||||||||||||||||||||||||
U.S. public corporate securities | i 65,990 | i 9,011 | i 2,392 | i 805 | i 68,382 | i 9,816 | ||||||||||||||||||||||||||||||||
U.S. private corporate securities | i 26,290 | i 2,068 | i 1,516 | i 294 | i 27,806 | i 2,362 | ||||||||||||||||||||||||||||||||
Foreign public corporate securities | i 12,636 | i 1,355 | i 993 | i 249 | i 13,629 | i 1,604 | ||||||||||||||||||||||||||||||||
Foreign private corporate securities | i 22,307 | i 3,571 | i 2,091 | i 555 | i 24,398 | i 4,126 | ||||||||||||||||||||||||||||||||
Asset-backed securities | i 8,096 | i 239 | i 1,259 | i 38 | i 9,355 | i 277 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 10,627 | i 498 | i 268 | i 45 | i 10,895 | i 543 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 1,521 | i 57 | i 387 | i 67 | i 1,908 | i 124 | ||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | i 187,334 | $ | i 21,660 | $ | i 14,296 | $ | i 3,228 | $ | i 201,630 | $ | i 24,888 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 1,521 | $ | i 15 | $ | i 269 | $ | i 16 | $ | i 1,790 | $ | i 31 | ||||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 289 | i 5 | i 71 | i 3 | i 360 | i 8 | ||||||||||||||||||||||||||||||||
Foreign government bonds | i 4,534 | i 244 | i 6,945 | i 282 | i 11,479 | i 526 | ||||||||||||||||||||||||||||||||
U.S. public corporate securities | i 12,403 | i 219 | i 2,947 | i 152 | i 15,350 | i 371 | ||||||||||||||||||||||||||||||||
U.S. private corporate securities | i 4,362 | i 84 | i 848 | i 78 | i 5,210 | i 162 | ||||||||||||||||||||||||||||||||
Foreign public corporate securities | i 3,652 | i 76 | i 802 | i 42 | i 4,454 | i 118 | ||||||||||||||||||||||||||||||||
Foreign private corporate securities | i 6,350 | i 270 | i 1,604 | i 169 | i 7,954 | i 439 | ||||||||||||||||||||||||||||||||
Asset-backed securities | i 6,568 | i 13 | i 170 | i 1 | i 6,738 | i 14 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 921 | i 11 | i 263 | i 11 | i 1,184 | i 22 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 751 | i 13 | i 18 | i 1 | i 769 | i 14 | ||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale(1) | $ | i 41,351 | $ | i 950 | $ | i 13,937 | $ | i 755 | $ | i 55,288 | $ | i 1,705 |
June 30, 2022 | |||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost, Net of Allowance | Fair Value | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
Due in one year or less | $ | i 10,356 | $ | i 10,578 | $ | i 0 | $ | i 0 | |||||||||||||||
Due after one year through five years | i 48,221 | i 48,117 | i 417 | i 447 | |||||||||||||||||||
Due after five years through ten years | i 62,288 | i 60,950 | i 24 | i 26 | |||||||||||||||||||
Due after ten years(1) | i 172,839 | i 162,443 | i 688 | i 842 | |||||||||||||||||||
Asset-backed securities | i 10,793 | i 10,664 | i 0 | i 0 | |||||||||||||||||||
Commercial mortgage-backed securities | i 11,962 | i 11,446 | i 0 | i 0 | |||||||||||||||||||
Residential mortgage-backed securities | i 2,544 | i 2,457 | i 151 | i 160 | |||||||||||||||||||
Total | $ | i 319,003 | $ | i 306,655 | $ | i 1,280 | $ | i 1,475 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||
Proceeds from sales(1) | $ | i 9,995 | $ | i 5,078 | $ | i 19,078 | $ | i 19,768 | |||||||||||||||
Proceeds from maturities/prepayments | i 4,301 | i 8,002 | i 9,606 | i 14,896 | |||||||||||||||||||
Gross investment gains from sales and maturities | i 374 | i 361 | i 615 | i 1,963 | |||||||||||||||||||
Gross investment losses from sales and maturities | ( i 1,017) | ( i 99) | ( i 1,587) | ( i 489) | |||||||||||||||||||
Write-downs recognized in earnings(2) | ( i 86) | i 0 | ( i 92) | i 0 | |||||||||||||||||||
(Addition to) release of allowance for credit losses | i 82 | i 51 | i 5 | i 53 | |||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||
Proceeds from maturities/prepayments(3) | $ | i 8 | $ | i 132 | $ | i 17 | $ | i 144 | |||||||||||||||
(Addition to) release of allowance for credit losses | i 1 | i 0 | i 2 | i 2 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 12 | $ | i 180 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 192 | |||||||||||||||||||||||||||
Additions
to allowance for credit losses not previously recorded | i 0 | i 1 | i 11 | i 1 | i 0 | i 0 | i 13 | ||||||||||||||||||||||||||||||||||
Reductions
for securities sold during the period | i 0 | i 0 | ( i 25) | i 0 | i 0 | i 0 | ( i 25) | ||||||||||||||||||||||||||||||||||
Reductions
for securities with intent to sell | i 0 | ( i 9) | ( i 67) | i 0 | i 0 | i 0 | ( i 76) | ||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | i 0 | i 2 | i 4 | i 0 | i 0 | i 0 | i 6 | ||||||||||||||||||||||||||||||||||
Reclassified to / (from) “Assets held-for sale”(1) | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 6 | $ | i 102 | $ | i 1 | $ | i 0 | $ | i 0 | $ | i 109 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 0 | $ | i 122 | $ | i 0 | $ | i 9 | $ | i 0 | $ | i 131 | |||||||||||||||||||||||||||
Additions
to allowance for credit losses not previously recorded | i 0 | i 0 | i 9 | i 0 | i 0 | i 0 | i 9 | ||||||||||||||||||||||||||||||||||
Reductions
for securities sold during the period | i 0 | i 0 | ( i 4) | i 0 | ( i 9) | i 0 | ( i 13) | ||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | i 0 | i 0 | ( i 47) | i 0 | i 0 | i 0 | ( i 47) | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 80 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 80 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 7 | $ | i 107 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 114 | |||||||||||||||||||||||||||
Additions
to allowance for credit losses not previously recorded | i 0 | i 11 | i 73 | i 1 | i 0 | i 0 | i 85 | ||||||||||||||||||||||||||||||||||
Reductions
for securities sold during the period | i 0 | ( i 2) | ( i 53) | i 0 | i 0 | i 0 | ( i 55) | ||||||||||||||||||||||||||||||||||
Reductions for securities with intent to sell | i 0 | ( i 13) | ( i 67) | i 0 | i 0 | i 0 | ( i 80) | ||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | i 0 | i 3 | i 42 | i 0 | i 0 | i 0 | i 45 | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 6 | $ | i 102 | $ | i 1 | $ | i 0 | $ | i 0 | $ | i 109 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 0 | $ | i 123 | $ | i 0 | $ | i 10 | $ | i 0 | $ | i 133 | |||||||||||||||||||||||||||
Additions
to allowance for credit losses not previously recorded | i 0 | i 0 | i 40 | i 0 | i 0 | i 0 | i 40 | ||||||||||||||||||||||||||||||||||
Reductions
for securities sold during the period | i 0 | i 0 | ( i 30) | i 0 | ( i 9) | i 0 | ( i 39) | ||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | i 0 | i 0 | ( i 53) | i 0 | ( i 1) | i 0 | ( i 54) | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 80 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 80 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 0 | $ | i 4 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 4 | |||||||||||||||||||||||||||
Current period provision for expected losses | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||||
Change in foreign exchange | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 3 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 3 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 0 | $ | i 7 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 7 | |||||||||||||||||||||||||||
Current period provision for expected losses | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 7 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 7 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 0 | $ | i 5 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 5 | |||||||||||||||||||||||||||
Current period provision for expected losses | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||||
Change in foreign exchange | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 3 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 3 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 0 | $ | i 9 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 9 | |||||||||||||||||||||||||||
Current-period
allowance for expected credit losses | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | ( i 2) | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 7 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 7 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets Held-for-Sale(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost or Cost | Fair Value | Amortized Cost or Cost | Fair Value | Amortized Cost or Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | $ | i 0 | $ | i 0 | $ | i 30 | $ | i 30 | $ | i 786 | $ | i 786 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | i 90 | i 90 | i 101 | i 103 | i 12,112 | i 12,463 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | i 1,799 | i 1,830 | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities(2) | i 0 | i 0 | i 0 | i 0 | i 658 | i 683 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities(3) | i 0 | i 0 | i 0 | i 0 | i 2,079 | i 2,093 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | i 677 | i 658 | i 761 | i 761 | i 240 | i 237 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government authorities and agencies and obligations of U.S. states | i 167 | i 187 | i 182 | i 193 | i 344 | i 400 | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities(4) | i 934 | i 935 | i 1,044 | i 1,057 | i 17,232 | i 17,706 | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 1,573 | i 1,850 | i 1,787 | i 2,271 | i 328 | i 326 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets supporting experience-rated contractholder liabilities(5) | $ | i 2,507 | $ | i 2,785 | $ | i 2,861 | $ | i 3,358 | $ | i 18,346 | $ | i 18,818 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Investments in Japanese government and government agency securities: | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 62,326 | $ | i 65,845 | $ | i 73,681 | $ | i 83,382 | ||||||||||||||||||
Fixed maturities, held-to-maturity | i 687 | i 838 | i 812 | i 1,026 | ||||||||||||||||||||||
Fixed maturities, trading | i 20 | i 19 | i 23 | i 23 | ||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 590 | i 574 | i 983 | i 977 | ||||||||||||||||||||||
Total | $ | i 63,623 | $ | i 67,276 | $ | i 75,499 | $ | i 85,408 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Amount (in millions) | % of Total | Amount (in millions) | % of Total | |||||||||||||||||||||||
Commercial mortgage and agricultural property loans by property type: | ||||||||||||||||||||||||||
Office | $ | i 9,654 | i 17.1 | % | $ | i 10,225 | i 17.6 | % | ||||||||||||||||||
Retail | i 6,161 | i 10.9 | i 6,779 | i 11.7 | ||||||||||||||||||||||
Apartments/Multi-Family | i 15,683 | i 27.9 | i 16,742 | i 28.8 | ||||||||||||||||||||||
Industrial | i 13,039 | i 23.1 | i 13,009 | i 22.4 | ||||||||||||||||||||||
Hospitality | i 1,912 | i 3.4 | i 1,876 | i 3.2 | ||||||||||||||||||||||
Other | i 3,898 | i 6.9 | i 3,936 | i 6.8 | ||||||||||||||||||||||
Total commercial mortgage loans | i 50,347 | i 89.3 | i 52,567 | i 90.5 | ||||||||||||||||||||||
Agricultural property loans | i 6,048 | i 10.7 | i 5,520 | i 9.5 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | i 56,395 | i 100.0 | % | i 58,087 | i 100.0 | % | ||||||||||||||||||||
Allowance for credit losses | ( i 164) | ( i 115) | ||||||||||||||||||||||||
Total net commercial mortgage and agricultural property loans | i 56,231 | i 57,972 | ||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Uncollateralized loans | i 485 | i 561 | ||||||||||||||||||||||||
Residential property loans | i 49 | i 67 | ||||||||||||||||||||||||
Other collateralized loans | i 107 | i 70 | ||||||||||||||||||||||||
Total other loans | i 641 | i 698 | ||||||||||||||||||||||||
Allowance for credit losses | ( i 32) | ( i 4) | ||||||||||||||||||||||||
Total net other loans | i 609 | i 694 | ||||||||||||||||||||||||
Total net commercial mortgage and other loans(1)(2) | $ | i 56,840 | $ | i 58,666 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Residential Property Loans | Other Collateralized Loans | Uncollateralized Loans | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | i 113 | $ | i 4 | $ | i 0 | $ | i 0 | $ | i 4 | $ | i 121 | ||||||||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | i 44 | i 4 | i 0 | i 0 | i 28 | i 76 | ||||||||||||||||||||||||||||||||||||||
Other | ( i 1) | i 0 | i 0 | i 0 | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||||||||
Allowance, end of period | $ | i 156 | $ | i 8 | $ | i 0 | $ | i 0 | $ | i 32 | $ | i 196 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Residential Property Loans | Other Collateralized Loans | Uncollateralized Loans | Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | i 209 | $ | i 8 | $ | i 0 | $ | i 2 | $ | i 5 | $ | i 224 | ||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | ( i 49) | ( i 2) | i 0 | i 0 | ( i 1) | ( i 52) | ||||||||||||||||||||||||||||||||
Allowance, end of period | $ | i 160 | $ | i 6 | $ | i 0 | $ | i 2 | $ | i 4 | $ | i 172 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Residential Property Loans | Other Collateralized Loans | Uncollateralized Loans | Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | i 111 | $ | i 4 | $ | i 0 | $ | i 0 | $ | i 4 | $ | i 119 | ||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | i 40 | i 4 | i 0 | i 0 | i 28 | i 72 | ||||||||||||||||||||||||||||||||
Reclassified (to) from “Assets held-for sale”(1) | i 6 | i 0 | i 0 | i 0 | i 0 | i 6 | ||||||||||||||||||||||||||||||||
Other | ( i 1) | i 0 | i 0 | i 0 | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||
Allowance, end of period | $ | i 156 | $ | i 8 | $ | i 0 | $ | i 0 | $ | i 32 | $ | i 196 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Residential Property Loans | Other Collateralized Loans | Uncollateralized Loans | Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | i 218 | $ | i 9 | $ | i 0 | $ | i 3 | $ | i 5 | $ | i 235 | ||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | ( i 58) | ( i 3) | i 0 | i 0 | ( i 1) | ( i 62) | ||||||||||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | ( i 1) | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||
Allowance, end of period | $ | i 160 | $ | i 6 | $ | i 0 | $ | i 2 | $ | i 4 | $ | i 172 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | i 441 | $ | i 1,180 | $ | i 634 | $ | i 2,285 | $ | i 3,085 | $ | i 15,741 | $ | i 0 | $ | i 23,366 | |||||||||||||||||||||||||||||||
60%-69.99% | i 893 | i 3,431 | i 1,782 | i 3,753 | i 3,621 | i 4,596 | i 0 | i 18,076 | |||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 881 | i 1,857 | i 1,216 | i 1,153 | i 583 | i 2,467 | i 0 | i 8,157 | |||||||||||||||||||||||||||||||||||||||
80% or greater | i 4 | i 25 | i 39 | i 7 | i 0 | i 673 | i 0 | i 748 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,219 | $ | i 6,493 | $ | i 3,671 | $ | i 7,198 | $ | i 7,289 | $ | i 23,477 | $ | i 0 | $ | i 50,347 | |||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 2,043 | $ | i 6,278 | $ | i 3,379 | $ | i 6,094 | $ | i 6,772 | $ | i 19,271 | $ | i 0 | $ | i 43,837 | |||||||||||||||||||||||||||||||
1.0 - 1.2x | i 176 | i 215 | i 112 | i 686 | i 420 | i 1,893 | i 0 | i 3,502 | |||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 0 | i 0 | i 180 | i 418 | i 97 | i 2,313 | i 0 | i 3,008 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,219 | $ | i 6,493 | $ | i 3,671 | $ | i 7,198 | $ | i 7,289 | $ | i 23,477 | $ | i 0 | $ | i 50,347 | |||||||||||||||||||||||||||||||
Agricultural Property Loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | i 659 | $ | i 2,003 | $ | i 864 | $ | i 486 | $ | i 321 | $ | i 1,454 | $ | i 79 | $ | i 5,866 | |||||||||||||||||||||||||||||||
60%-69.99% | i 19 | i 85 | i 8 | i 33 | i 37 | i 0 | i 0 | i 182 | |||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
80% or greater | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 678 | $ | i 2,088 | $ | i 872 | $ | i 519 | $ | i 358 | $ | i 1,454 | $ | i 79 | $ | i 6,048 | |||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 670 | $ | i 2,044 | $ | i 847 | $ | i 508 | $ | i 351 | $ | i 1,330 | $ | i 79 | $ | i 5,829 | |||||||||||||||||||||||||||||||
1.0 - 1.2x | i 0 | i 44 | i 25 | i 10 | i 1 | i 67 | i 0 | i 147 | |||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 8 | i 0 | i 0 | i 1 | i 6 | i 57 | i 0 | i 72 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 678 | $ | i 2,088 | $ | i 872 | $ | i 519 | $ | i 358 | $ | i 1,454 | $ | i 79 | $ | i 6,048 | |||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | i 1,287 | $ | i 467 | $ | i 2,459 | $ | i 3,211 | $ | i 3,072 | $ | i 14,011 | $ | i 0 | $ | i 24,507 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60%-69.99% | i 3,101 | i 1,941 | i 4,124 | i 3,631 | i 1,356 | i 4,161 | i 0 | i 18,314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 2,497 | i 1,207 | i 1,327 | i 1,059 | i 631 | i 2,108 | i 0 | i 8,829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
80% or greater | i 184 | i 39 | i 7 | i 62 | i 50 | i 575 | i 0 | i 917 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 7,069 | $ | i 3,654 | $ | i 7,917 | $ | i 7,963 | $ | i 5,109 | $ | i 20,855 | $ | i 0 | $ | i 52,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 6,803 | $ | i 3,356 | $ | i 6,828 | $ | i 7,384 | $ | i 4,445 | $ | i 16,864 | $ | i 0 | $ | i 45,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.0 - 1.2x | i 266 | i 154 | i 662 | i 478 | i 234 | i 2,069 | i 0 | i 3,863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 0 | i 144 | i 427 | i 101 | i 430 | i 1,922 | i 0 | i 3,024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 7,069 | $ | i 3,654 | $ | i 7,917 | $ | i 7,963 | $ | i 5,109 | $ | i 20,855 | $ | i 0 | $ | i 52,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural Property Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | i 1,958 | $ | i 887 | $ | i 494 | $ | i 334 | $ | i 370 | $ | i 1,226 | $ | i 80 | $ | i 5,349 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60%-69.99% | i 92 | i 5 | i 29 | i 37 | i 0 | i 0 | i 0 | i 163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
80% or greater | i 0 | i 3 | i 5 | i 0 | i 0 | i 0 | i 0 | i 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,050 | $ | i 895 | $ | i 528 | $ | i 371 | $ | i 370 | $ | i 1,226 | $ | i 80 | $ | i 5,520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 2,007 | $ | i 870 | $ | i 517 | $ | i 364 | $ | i 312 | $ | i 1,121 | $ | i 80 | $ | i 5,271 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.0 - 1.2x | i 43 | i 25 | i 10 | i 1 | i 58 | i 41 | i 0 | i 178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 0 | i 0 | i 1 | i 6 | i 0 | i 64 | i 0 | i 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 2,050 | $ | i 895 | $ | i 528 | $ | i 371 | $ | i 370 | $ | i 1,226 | $ | i 80 | $ | i 5,520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Total Loans | Non-Accrual Status(2) | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | i 50,347 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 50,347 | $ | i 2 | ||||||||||||||||||||||||||||||
Agricultural property loans | i 6,042 | i 0 | i 0 | i 6 | i 6 | i 6,048 | i 20 | |||||||||||||||||||||||||||||||||||||
Residential property loans | i 48 | i 1 | i 0 | i 0 | i 1 | i 49 | i 0 | |||||||||||||||||||||||||||||||||||||
Other collateralized loans | i 107 | i 0 | i 0 | i 0 | i 0 | i 107 | i 0 | |||||||||||||||||||||||||||||||||||||
Uncollateralized loans | i 485 | i 0 | i 0 | i 0 | i 0 | i 485 | i 0 | |||||||||||||||||||||||||||||||||||||
Total | $ | i 57,029 | $ | i 1 | $ | i 0 | $ | i 6 | $ | i 7 | $ | i 57,036 | $ | i 22 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Total Loans | Non-Accrual Status(2) | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | i 52,565 | $ | i 0 | $ | i 0 | $ | i 2 | $ | i 2 | $ | i 52,567 | $ | i 2 | ||||||||||||||||||||||||||||||
Agricultural property loans | i 5,520 | i 0 | i 0 | i 0 | i 0 | i 5,520 | i 19 | |||||||||||||||||||||||||||||||||||||
Residential property loans | i 66 | i 0 | i 0 | i 1 | i 1 | i 67 | i 1 | |||||||||||||||||||||||||||||||||||||
Other collateralized loans | i 70 | i 0 | i 0 | i 0 | i 0 | i 70 | i 0 | |||||||||||||||||||||||||||||||||||||
Uncollateralized loans | i 561 | i 0 | i 0 | i 0 | i 0 | i 561 | i 0 | |||||||||||||||||||||||||||||||||||||
Total(3) | $ | i 58,782 | $ | i 0 | $ | i 0 | $ | i 3 | $ | i 3 | $ | i 58,785 | $ | i 22 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions) | ||||||||||||||
LPs/LLCs: | ||||||||||||||
Equity method: | ||||||||||||||
Private equity | $ | i 7,187 | $ | i 6,509 | ||||||||||
Hedge funds | i 3,031 | i 2,797 | ||||||||||||
Real estate-related | i 2,626 | i 2,370 | ||||||||||||
Subtotal equity method | i 12,844 | i 11,676 | ||||||||||||
Fair value: | ||||||||||||||
Private equity | i 1,677 | i 1,852 | ||||||||||||
Hedge funds | i 1,950 | i 2,119 | ||||||||||||
Real estate-related | i 300 | i 319 | ||||||||||||
Subtotal fair value | i 3,927 | i 4,290 | ||||||||||||
Total LPs/LLCs | i 16,771 | i 15,966 | ||||||||||||
Real estate held through direct ownership(1) | i 1,594 | i 1,789 | ||||||||||||
Derivative instruments | i 2,327 | i 3,280 | ||||||||||||
Other(2) | i 618 | i 798 | ||||||||||||
Total other invested assets(3) | $ | i 21,310 | $ | i 21,833 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Fixed maturities | $ | i 2,329 | $ | i 2,398 | |||||||
Equity securities | i 5 | i 5 | |||||||||
Commercial mortgage and other loans | i 185 | i 175 | |||||||||
Policy loans | i 246 | i 253 | |||||||||
Other invested assets | i 21 | i 22 | |||||||||
Short-term investments and cash equivalents | i 12 | i 2 | |||||||||
Total accrued investment income(1) | $ | i 2,798 | $ | i 2,855 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale(1) | $ | i 2,861 | $ | i 3,006 | $ | i 5,830 | $ | i 6,005 | ||||||||||||||||||
Fixed maturities, held-to-maturity(1) | i 54 | i 55 | i 108 | i 113 | ||||||||||||||||||||||
Fixed maturities, trading | i 53 | i 37 | i 115 | i 61 | ||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 9 | i 167 | i 144 | i 326 | ||||||||||||||||||||||
Equity securities | i 50 | i 58 | i 76 | i 81 | ||||||||||||||||||||||
Commercial mortgage and other loans | i 525 | i 644 | i 1,113 | i 1,261 | ||||||||||||||||||||||
Policy loans | i 126 | i 126 | i 251 | i 271 | ||||||||||||||||||||||
Other invested assets | i 326 | i 617 | i 881 | i 1,133 | ||||||||||||||||||||||
Short-term investments and cash equivalents | i 58 | i 20 | i 75 | i 30 | ||||||||||||||||||||||
Gross investment income | i 4,062 | i 4,730 | i 8,593 | i 9,281 | ||||||||||||||||||||||
Less: investment expenses | ( i 124) | ( i 178) | ( i 297) | ( i 347) | ||||||||||||||||||||||
Net investment income | $ | i 3,938 | $ | i 4,552 | $ | i 8,296 | $ | i 8,934 |
Three
Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Fixed maturities(1) | $ | ( i 646) | $ | i 313 | $ | ( i 1,057) | $ | i 1,529 | ||||||||||||||||||
Commercial mortgage and other loans | ( i 81) | i 61 | ( i 66) | i 91 | ||||||||||||||||||||||
Investment real estate | i 84 | i 12 | i 90 | i 64 | ||||||||||||||||||||||
LPs/LLCs | i 6 | i 17 | ( i 6) | i 17 | ||||||||||||||||||||||
Derivatives | ( i 516) | i 239 | ( i 426) | i 1,014 | ||||||||||||||||||||||
Other | i 6 | ( i 7) | i 2 | ( i 1) | ||||||||||||||||||||||
Realized investment gains (losses), net | $ | ( i 1,147) | $ | i 635 | $ | ( i 1,463) | $ | i 2,714 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Fixed maturity securities, available-for-sale with an allowance(1) | $ | ( i 12) | $ | i 23 | |||||||
Fixed maturity securities, available-for-sale without an allowance(1) | ( i 12,227) | i 39,467 | |||||||||
Derivatives designated as cash flow hedges(2) | i 2,446 | i 1,019 | |||||||||
Derivatives designated as fair value hedges(2) | i 27 | ( i 35) | |||||||||
Other investments(3) | ( i 15) | ( i 7) | |||||||||
Net unrealized gains (losses) on investments | $ | ( i 9,781) | $ | i 40,467 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturities of the Agreements | Remaining Contractual Maturities of the Agreements | ||||||||||||||||||||||||||||||||||||||||||||||
Overnight & Continuous | Up to 30 Days | 30 to 90 Days | Total | Overnight & Continuous | Up to 30 Days | 30 to 90 Days | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 6,917 | $ | i 655 | $ | i 250 | $ | i 7,822 | $ | i 9,044 | $ | i 0 | $ | i 438 | $ | i 9,482 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 69 | i 0 | i 0 | i 69 | i 486 | i 0 | i 0 | i 486 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 115 | i 0 | i 0 | i 115 | i 217 | i 0 | i 0 | i 217 | |||||||||||||||||||||||||||||||||||||||
Total securities sold under agreements to repurchase | $ | i 7,101 | $ | i 655 | $ | i 250 | $ | i 8,006 | $ | i 9,747 | $ | i 0 | $ | i 438 | $ | i 10,185 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Remaining Contractual Maturities of the Agreements | Remaining Contractual Maturities of the Agreements | ||||||||||||||||||||||||||||||||||
Overnight & Continuous | Up to 30 Days | Total | Overnight & Continuous | Up to 30 Days | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 1 | $ | i 0 | $ | i 1 | $ | i 1 | $ | i 0 | $ | i 1 | |||||||||||||||||||||||
Obligations
of U.S. states and their political subdivisions | i 75 | i 0 | i 75 | i 84 | i 0 | i 84 | |||||||||||||||||||||||||||||
Foreign government bonds | i 328 | i 0 | i 328 | i 205 | i 0 | i 205 | |||||||||||||||||||||||||||||
U.S. public corporate securities | i 4,191 | i 0 | i 4,191 | i 2,834 | i 0 | i 2,834 | |||||||||||||||||||||||||||||
Foreign public corporate securities | i 890 | i 0 | i 890 | i 643 | i 0 | i 643 | |||||||||||||||||||||||||||||
Equity securities | i 256 | i 0 | i 256 | i 484 | i 0 | i 484 | |||||||||||||||||||||||||||||
Total cash collateral for loaned securities(1) | $ | i 5,741 | $ | i 0 | $ | i 5,741 | $ | i 4,251 | $ | i 0 | $ | i 4,251 |
Consolidated VIEs for which the Company is the Investment Manager(1) | Other Consolidated VIEs(1) | ||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 177 | $ | i 200 | $ | i 218 | $ | i 262 | |||||||||||||||
Fixed maturities, held-to-maturity | i 7 | i 9 | i 670 | i 790 | |||||||||||||||||||
Fixed maturities, trading | i 168 | i 178 | i 0 | i 0 | |||||||||||||||||||
Equity securities | i 119 | i 79 | i 0 | i 0 | |||||||||||||||||||
Commercial mortgage and other loans | i 838 | i 915 | i 0 | i 0 | |||||||||||||||||||
Other invested assets | i 2,966 | i 2,846 | i 121 | i 138 | |||||||||||||||||||
Cash and cash equivalents | i 106 | i 128 | i 0 | i 0 | |||||||||||||||||||
Accrued investment income | i 1 | i 1 | i 3 | i 3 | |||||||||||||||||||
Other assets | i 326 | i 499 | i 707 | i 785 | |||||||||||||||||||
Total assets of consolidated VIEs | $ | i 4,708 | $ | i 4,855 | $ | i 1,719 | $ | i 1,978 | |||||||||||||||
Other liabilities | $ | i 368 | $ | i 505 | $ | i 0 | $ | i 2 | |||||||||||||||
Notes issued by consolidated VIEs(2) | i 232 | i 274 | i 0 | i 0 | |||||||||||||||||||
Total liabilities of consolidated VIEs | $ | i 600 | $ | i 779 | $ | i 0 | $ | i 2 |
Primary Underlying Risk /Instrument Type | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
Gross Notional | Assets | Liabilities | Gross Notional | Assets | Liabilities | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | i 3,746 | $ | i 187 | $ | ( i 106) | $ | i 3,591 | $ | i 805 | $ | ( i 69) | |||||||||||||||||||||||
Interest Rate Forwards | i 497 | i 0 | ( i 58) | i 248 | i 15 | ( i 2) | |||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||||
Foreign Currency Forwards | i 5,145 | i 121 | ( i 191) | i 4,789 | i 62 | ( i 107) | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||
Foreign Currency Swaps | i 23,870 | i 3,206 | ( i 341) | i 21,272 | i 1,151 | ( i 193) | |||||||||||||||||||||||||||||
Total Derivatives Designated as Hedge Accounting Instruments | $ | i 33,258 | $ | i 3,514 | $ | ( i 696) | $ | i 29,900 | $ | i 2,033 | $ | ( i 371) | |||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | i 202,568 | $ | i 7,800 | $ | ( i 16,220) | $ | i 196,124 | $ | i 10,515 | $ | ( i 14,430) | |||||||||||||||||||||||
Interest Rate Futures | i 15,032 | i 103 | ( i 67) | i 17,429 | i 76 | ( i 9) | |||||||||||||||||||||||||||||
Interest Rate Options | i 13,648 | i 554 | ( i 508) | i 15,353 | i 710 | ( i 265) | |||||||||||||||||||||||||||||
Interest Rate Forwards | i 3,745 | i 32 | ( i 40) | i 4,709 | i 41 | ( i 11) | |||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||||
Foreign Currency Forwards | i 33,187 | i 2,114 | ( i 2,438) | i 28,235 | i 1,046 | ( i 1,209) | |||||||||||||||||||||||||||||
Foreign Currency Options | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||
Foreign Currency Swaps | i 12,817 | i 1,414 | ( i 219) | i 12,683 | i 751 | ( i 216) | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||||||||
Credit Default Swaps | i 5,462 | i 6 | ( i 57) | i 3,489 | i 128 | ( i 1) | |||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||
Equity Futures | i 3,793 | i 2 | ( i 27) | i 6,178 | i 1 | ( i 10) | |||||||||||||||||||||||||||||
Equity Options | i 60,425 | i 1,546 | ( i 1,960) | i 60,057 | i 2,065 | ( i 2,640) | |||||||||||||||||||||||||||||
Total Return Swaps | i 10,825 | i 846 | ( i 27) | i 13,850 | i 49 | ( i 430) | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Other(1) | i 1,250 | i 0 | i 0 | i 1,255 | i 0 | i 0 | |||||||||||||||||||||||||||||
Synthetic GICs | i 84,082 | i 1 | ( i 1) | i 81,984 | i 1 | i 0 | |||||||||||||||||||||||||||||
Total Derivatives Not Qualifying as Hedge Accounting Instruments | $ | i 446,834 | $ | i 14,418 | $ | ( i 21,564) | $ | i 441,346 | $ | i 15,383 | $ | ( i 19,221) | |||||||||||||||||||||||
Total Derivatives(2)(3)(4) | $ | i 480,092 | $ | i 17,932 | $ | ( i 22,260) | $ | i 471,246 | $ | i 17,416 | $ | ( i 19,592) |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Balance Sheet Line Item in which Hedged Item is Recorded | Carrying Amount of the Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1) | Carrying Amount of the Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1) | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | i 526 | $ | i 63 | $ | i 641 | $ | i 63 | ||||||||||||||||||
Commercial mortgage and other loans | $ | i 0 | $ | i 0 | $ | i 17 | $ | i 1 | ||||||||||||||||||
Policyholders’ account balances | $ | ( i 1,297) | $ | i 115 | $ | ( i 1,552) | $ | ( i 170) | ||||||||||||||||||
Future policy benefits | $ | ( i 2,488) | $ | i 259 | $ | ( i 3,001) | $ | ( i 279) |
June 30, 2022 | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Statements of Financial Position | Net Amounts Presented in the Statements of Financial Position | Financial Instruments/ Collateral(1) | Net Amount | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Offsetting of Financial Assets: | |||||||||||||||||||||||||||||
Derivatives | $ | i 17,806 | $ | ( i 15,614) | $ | i 2,192 | $ | ( i 1,030) | $ | i 1,162 | |||||||||||||||||||
Securities purchased under agreement to resell | i 118 | i 0 | i 118 | ( i 118) | i 0 | ||||||||||||||||||||||||
Total assets | $ | i 17,924 | $ | ( i 15,614) | $ | i 2,310 | $ | ( i 1,148) | $ | i 1,162 | |||||||||||||||||||
Offsetting of Financial Liabilities: | |||||||||||||||||||||||||||||
Derivatives | $ | i 22,257 | $ | ( i 20,403) | $ | i 1,854 | $ | ( i 1,854) | $ | i 0 | |||||||||||||||||||
Securities sold under agreement to repurchase | i 8,006 | i 0 | i 8,006 | ( i 7,937) | i 69 | ||||||||||||||||||||||||
Total liabilities | $ | i 30,263 | $ | ( i 20,403) | $ | i 9,860 | $ | ( i 9,791) | $ | i 69 |
December 31, 2021 | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Statements of Financial Position | Net Amounts Presented in the Statements of Financial Position | Financial Instruments/ Collateral(1) | Net Amount | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Offsetting of Financial Assets:(2) | |||||||||||||||||||||||||||||
Derivatives | $ | i 17,272 | $ | ( i 14,150) | $ | i 3,122 | $ | ( i 802) | $ | i 2,320 | |||||||||||||||||||
Securities purchased under agreement to resell | i 704 | i 0 | i 704 | ( i 704) | i 0 | ||||||||||||||||||||||||
Total assets | $ | i 17,976 | $ | ( i 14,150) | $ | i 3,826 | $ | ( i 1,506) | $ | i 2,320 | |||||||||||||||||||
Offsetting of Financial Liabilities:(2) | |||||||||||||||||||||||||||||
Derivatives | $ | i 19,587 | $ | ( i 17,314) | $ | i 2,273 | $ | ( i 797) | $ | i 1,476 | |||||||||||||||||||
Securities sold under agreement to repurchase | i 10,185 | i 0 | i 10,185 | ( i 9,699) | i 486 | ||||||||||||||||||||||||
Total liabilities | $ | i 29,772 | $ | ( i 17,314) | $ | i 12,458 | $ | ( i 10,496) | $ | i 1,962 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income (Loss) | Interest Expense | Interest Credited to Policyholders’ Account Balances | Policyholders’ Benefits | Change in AOCI(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | $ | i 13 | $ | ( i 1) | $ | i 0 | $ | i 0 | $ | ( i 126) | $ | ( i 159) | $ | i 0 | |||||||||||||||||||||||||||
Currency | ( i 5) | i 0 | i 0 | i 0 | i 0 | ( i 151) | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | i 8 | ( i 1) | i 0 | i 0 | ( i 126) | ( i 310) | i 0 | ||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 13) | i 3 | i 0 | i 0 | i 138 | i 173 | i 0 | ||||||||||||||||||||||||||||||||||
Currency | i 7 | i 3 | i 0 | i 0 | i 0 | i 151 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | ( i 6) | i 6 | i 0 | i 0 | i 138 | i 324 | i 0 | ||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 52 | ||||||||||||||||||||||||||||||||||
Total Amortization for gain (loss) excluded from assessment of the effectiveness | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 52 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | i 2 | i 5 | i 0 | i 0 | i 12 | i 14 | i 52 | ||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | ( i 76) | ||||||||||||||||||||||||||||||||||
Currency | i 4 | i 0 | i 0 | i 0 | i 0 | i 0 | i 114 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 44 | i 68 | i 391 | i 0 | i 0 | i 0 | i 1,277 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | i 48 | i 67 | i 391 | i 0 | i 0 | i 0 | i 1,315 | ||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 22 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 22 | ||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 3,640) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency | ( i 162) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 646 | i 0 | i 3 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Credit | ( i 126) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Equity | i 1,178 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Other | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Embedded Derivatives | i 1,542 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | ( i 561) | i 0 | i 3 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total | $ | ( i 511) | $ | i 72 | $ | i 394 | $ | i 0 | $ | i 12 | $ | i 14 | $ | i 1,389 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income (Loss) | Interest Expense | Interest Credited to Policyholders’ Account Balances | Policyholders’ Benefits | Change in AOCI(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | $ | i 27 | $ | ( i 3) | $ | i 0 | $ | i 0 | $ | ( i 267) | $ | ( i 317) | $ | i 0 | |||||||||||||||||||||||||||
Currency | ( i 30) | ( i 1) | i 0 | i 0 | i 0 | ( i 207) | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | ( i 3) | ( i 4) | i 0 | i 0 | ( i 267) | ( i 524) | i 0 | ||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 27) | i 7 | i 0 | i 0 | i 285 | i 332 | i 0 | ||||||||||||||||||||||||||||||||||
Currency | i 32 | i 3 | i 0 | i 0 | i 0 | i 204 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | i 5 | i 10 | i 0 | i 0 | i 285 | i 536 | i 0 | ||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 63 | ||||||||||||||||||||||||||||||||||
Total Amortization for gain (loss) excluded from assessment of the effectiveness | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 63 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | i 2 | i 6 | i 0 | i 0 | i 18 | i 10 | i 63 | ||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 5) | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 134) | ||||||||||||||||||||||||||||||||||
Currency | i 4 | i 0 | i 0 | i 0 | i 0 | i 0 | i 144 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 49 | i 137 | i 471 | i 0 | i 0 | i 0 | i 1,417 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | i 48 | i 137 | i 471 | i 0 | i 0 | i 0 | i 1,427 | ||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 10 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 10 | ||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 7,245) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency | ( i 371) | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 786 | i 0 | i 4 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Credit | ( i 163) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Equity | i 1,654 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Other | i 2 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Embedded Derivatives | i 4,866 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | ( i 471) | i 0 | i 3 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total | $ | ( i 421) | $ | i 143 | $ | i 474 | $ | i 0 | $ | i 18 | $ | i 10 | $ | i 1,500 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income (Loss) | Interest Expense | Interest Credited to Policyholders’ Account Balances | Policyholders’ Benefits | Change in AOCI(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | $ | ( i 7) | $ | ( i 2) | $ | i 0 | $ | i 0 | $ | i 100 | $ | i 92 | $ | i 0 | |||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 1 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | ( i 7) | ( i 2) | i 0 | i 0 | i 100 | i 93 | i 0 | ||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | i 7 | i 4 | i 0 | i 0 | ( i 96) | ( i 92) | i 0 | ||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | i 7 | i 4 | i 0 | i 0 | ( i 96) | ( i 93) | i 0 | ||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | ( i 29) | ||||||||||||||||||||||||||||||||||
Total amortization for gain (loss) excluded from assessment of the effectiveness | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | ( i 29) | ||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | i 0 | i 2 | i 0 | i 0 | i 4 | ( i 1) | ( i 29) | ||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | i 8 | i 0 | i 0 | i 0 | i 0 | i 0 | i 16 | ||||||||||||||||||||||||||||||||||
Currency | ( i 2) | i 0 | i 0 | i 0 | i 0 | i 0 | i 15 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 13 | i 67 | ( i 24) | i 0 | i 0 | i 0 | i 389 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | i 19 | i 67 | ( i 24) | i 0 | i 0 | i 0 | i 420 | ||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 11 | i 0 | i 0 | i 0 | ( i 13) | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | i 0 | i 0 | i 11 | i 0 | i 0 | i 0 | ( i 13) | ||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | i 3,348 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency | ( i 58) | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 133 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Credit | i 24 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Equity | ( i 898) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Embedded Derivatives | ( i 2,332) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | i 217 | i 0 | ( i 2) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total | $ | i 236 | $ | i 69 | $ | ( i 15) | $ | i 0 | $ | i 4 | $ | ( i 1) | $ | i 378 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Realized Investment Gains (Losses) | Net Investment Income | Other Income (Loss) | Interest Expense | Interest Credited to Policyholders’ Account Balances | Policyholders’ Benefits | Change in AOCI(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | $ | i 14 | $ | ( i 5) | $ | i 0 | $ | i 0 | $ | ( i 91) | $ | ( i 79) | $ | i 0 | |||||||||||||||||||||||||||
Currency | ( i 2) | i 0 | i 0 | i 0 | i 0 | i 8 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | i 12 | ( i 5) | i 0 | i 0 | ( i 91) | ( i 71) | i 0 | ||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 14) | i 8 | i 0 | i 0 | i 111 | i 88 | i 0 | ||||||||||||||||||||||||||||||||||
Currency | i 2 | i 0 | i 0 | i 0 | i 0 | ( i 8) | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | ( i 12) | i 8 | i 0 | i 0 | i 111 | i 80 | i 0 | ||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 3) | ( i 27) | ||||||||||||||||||||||||||||||||||
Total amortization for gain (loss) excluded from assessment of the effectiveness | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 3) | ( i 27) | ||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | i 0 | i 3 | i 0 | i 0 | i 20 | i 6 | ( i 27) | ||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | i 13 | i 1 | i 0 | i 0 | i 0 | i 0 | ( i 31) | ||||||||||||||||||||||||||||||||||
Currency | ( i 3) | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 2) | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 38 | i 138 | i 29 | i 0 | i 0 | i 0 | i 462 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | i 48 | i 139 | i 29 | i 0 | i 0 | i 0 | i 429 | ||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 11 | i 0 | i 0 | i 0 | ( i 13) | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | i 0 | i 0 | i 11 | i 0 | i 0 | i 0 | ( i 13) | ||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 2,576) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency | ( i 336) | i 0 | ( i 4) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 415 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Credit | i 27 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Equity | ( i 1,887) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Other | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Embedded Derivatives | i 5,320 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | i 964 | i 0 | ( i 5) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Total | $ | i 1,012 | $ | i 142 | $ | i 35 | $ | i 0 | $ | i 20 | $ | i 6 | $ | i 389 |
(in millions) | |||||
Balance, December 31, 2021 | $ | i 1,019 | |||
Amount recorded in AOCI: | |||||
Interest Rate | ( i 139) | ||||
Currency | i 148 | ||||
Currency/Interest Rate | i 2,074 | ||||
Total amount recorded in AOCI | i 2,083 | ||||
Amount reclassified from AOCI to income: | |||||
Interest Rate | i 5 | ||||
Currency | ( i 4) | ||||
Currency/Interest Rate | ( i 657) | ||||
Total amount reclassified from AOCI to income | ( i 656) | ||||
Balance, June 30, 2022 | $ | i 2,446 |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
NAIC Rating Designation of Underlying Credit Obligation(1) | ||||||||||||||||||||||||||||||||||||||||||||
NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6 | Total | ||||||||||||||||||||||||||||||||||||||
Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Single name reference(2) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||
Index reference(2) | i 49 | i 0 | i 0 | i 0 | i 4,370 | ( i 37) | i 0 | i 0 | i 0 | i 0 | i 833 | ( i 20) | i 5,252 | ( i 57) | ||||||||||||||||||||||||||||||
Total | $ | i 49 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 4,370 | $ | ( i 37) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 833 | $ | ( i 20) | $ | i 5,252 | $ | ( i 57) |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Rating Designation of Underlying Credit Obligation(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6 | Total(3) | ||||||||||||||||||||||||||||||||||||||||||||
Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Single name reference(2) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||||||||
Index reference(2) | i 49 | i 0 | i 0 | i 0 | i 2,397 | i 41 | i 0 | i 0 | i 0 | i 0 | i 928 | i 87 | i 3,374 | i 128 | ||||||||||||||||||||||||||||||||||||
Total | $ | i 49 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 2,397 | $ | i 41 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 928 | $ | i 87 | $ | i 3,374 | $ | i 128 |
As of June 30, 2022 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(2) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 0 | $ | i 25,294 | $ | i 0 | $ | $ | i 25,294 | ||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 10,451 | i 7 | i 10,458 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 75,063 | i 9 | i 75,072 | |||||||||||||||||||||||||
U.S. corporate public securities | i 0 | i 88,289 | i 64 | i 88,353 | |||||||||||||||||||||||||
U.S. corporate private securities(3) | i 0 | i 32,879 | i 2,122 | i 35,001 | |||||||||||||||||||||||||
Foreign corporate public securities | i 0 | i 21,531 | i 69 | i 21,600 | |||||||||||||||||||||||||
Foreign corporate private securities | i 0 | i 25,026 | i 1,284 | i 26,310 | |||||||||||||||||||||||||
Asset-backed securities(4) | i 0 | i 10,374 | i 290 | i 10,664 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 10,379 | i 1,067 | i 11,446 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 2,332 | i 125 | i 2,457 | |||||||||||||||||||||||||
Subtotal | i 0 | i 301,618 | i 5,037 | i 306,655 | |||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | i 0 | i 187 | i 0 | i 187 | |||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 658 | i 0 | i 658 | |||||||||||||||||||||||||
Corporate securities | i 0 | i 90 | i 0 | i 90 | |||||||||||||||||||||||||
Asset-backed securities(4) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Equity securities | i 752 | i 1,098 | i 0 | i 1,850 | |||||||||||||||||||||||||
All other(5) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Subtotal | i 752 | i 2,033 | i 0 | i 2,785 | |||||||||||||||||||||||||
Fixed maturities, trading | i 0 | i 5,925 | i 347 | i 6,272 | |||||||||||||||||||||||||
Equity securities | i 4,180 | i 1,225 | i 766 | i 6,171 | |||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 303 | i 0 | i 303 | |||||||||||||||||||||||||
Other invested assets(6) | i 313 | i 17,618 | i 499 | ( i 15,614) | i 2,816 | ||||||||||||||||||||||||
Short-term investments | i 8 | i 5,915 | i 204 | i 6,127 | |||||||||||||||||||||||||
Cash equivalents | i 450 | i 6,249 | i 0 | i 6,699 | |||||||||||||||||||||||||
Other assets | i 0 | i 0 | i 243 | i 243 | |||||||||||||||||||||||||
Separate account assets(7)(8) | i 9,932 | i 167,276 | i 1,040 | i 178,248 | |||||||||||||||||||||||||
Total assets | $ | i 15,635 | $ | i 508,162 | $ | i 8,136 | $ | ( i 15,614) | $ | i 516,319 | |||||||||||||||||||
Future policy benefits(9) | $ | i 0 | $ | i 0 | $ | i 5,946 | $ | $ | i 5,946 | ||||||||||||||||||||
Policyholders’ account balances | i 0 | i 0 | i 3,544 | i 3,544 | |||||||||||||||||||||||||
Other liabilities | i 206 | i 21,665 | i 1 | ( i 20,403) | i 1,469 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Total liabilities | $ | i 206 | $ | i 21,665 | $ | i 9,491 | $ | ( i 20,403) | $ | i 10,959 |
As of December 31, 2021(1) | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(2) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 0 | $ | i 32,158 | $ | i 0 | $ | $ | i 32,158 | ||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 12,210 | i 8 | i 12,218 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 94,659 | i 10 | i 94,669 | |||||||||||||||||||||||||
U.S. corporate public securities | i 0 | i 112,073 | i 82 | i 112,155 | |||||||||||||||||||||||||
U.S. corporate private securities(3) | i 0 | i 35,344 | i 2,038 | i 37,382 | |||||||||||||||||||||||||
Foreign corporate public securities | i 0 | i 27,184 | i 125 | i 27,309 | |||||||||||||||||||||||||
Foreign corporate private securities | i 0 | i 25,966 | i 3,071 | i 29,037 | |||||||||||||||||||||||||
Asset-backed securities(4) | i 0 | i 11,200 | i 325 | i 11,525 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 11,763 | i 1,336 | i 13,099 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 2,533 | i 325 | i 2,858 | |||||||||||||||||||||||||
Subtotal | i 0 | i 365,090 | i 7,320 | i 372,410 | |||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | i 0 | i 193 | i 0 | i 193 | |||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 761 | i 0 | i 761 | |||||||||||||||||||||||||
Corporate securities | i 0 | i 103 | i 0 | i 103 | |||||||||||||||||||||||||
Asset-backed securities(4) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Equity securities | i 862 | i 1,409 | i 0 | i 2,271 | |||||||||||||||||||||||||
All other(5) | i 2 | i 18 | i 0 | i 20 | |||||||||||||||||||||||||
Subtotal | i 864 | i 2,484 | i 0 | i 3,348 | |||||||||||||||||||||||||
Fixed maturities, trading | i 0 | i 8,402 | i 421 | i 8,823 | |||||||||||||||||||||||||
Equity securities | i 7,386 | i 192 | i 799 | i 8,377 | |||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 1,263 | i 0 | i 1,263 | |||||||||||||||||||||||||
Other invested assets(6) | i 409 | i 17,004 | i 493 | ( i 14,150) | i 3,756 | ||||||||||||||||||||||||
Short-term investments | i 1,199 | i 4,114 | i 330 | i 5,643 | |||||||||||||||||||||||||
Cash equivalents | i 753 | i 4,436 | i 70 | i 5,259 | |||||||||||||||||||||||||
Other assets | i 0 | i 0 | i 164 | i 164 | |||||||||||||||||||||||||
Separate account assets(7)(8) | i 12,305 | i 206,383 | i 1,283 | i 219,971 | |||||||||||||||||||||||||
Total assets | $ | i 22,916 | $ | i 609,368 | $ | i 10,880 | $ | ( i 14,150) | $ | i 629,014 | |||||||||||||||||||
Future policy benefits(9) | $ | i 0 | $ | i 0 | $ | i 9,068 | $ | $ | i 9,068 | ||||||||||||||||||||
Policyholders’ account balances | i 0 | i 0 | i 1,436 | i 1,436 | |||||||||||||||||||||||||
Other liabilities | i 33 | i 19,141 | i 0 | ( i 17,314) | i 1,860 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Total liabilities | $ | i 33 | $ | i 19,141 | $ | i 10,504 | $ | ( i 17,314) | $ | i 12,364 |
As of June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Inputs | Minimum | Maximum | Weighted Average | Impact of Increase in Input on Fair Value(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Corporate securities(2)(3) | $ | i 3,047 | Discounted cash flow | Discount rate | i 0.39% | i 20% | i 7.60% | Decrease | |||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 1.8X | i 18.5X | i 8.5X | Increase | ||||||||||||||||||||||||||||||||||||
Liquidation | Liquidation value | i 12.44% | i 12.58% | i 12.51% | Increase | ||||||||||||||||||||||||||||||||||||
Equity securities | $ | i 349 | Discounted cash flow(5) | Discount rate | i 0.5% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 1.0X | i 9.2X | i 2.2X | Increase | ||||||||||||||||||||||||||||||||||||
Net Asset Value | Share price | $ i 6 | $ i 1,708 | $ i 591 | Increase | ||||||||||||||||||||||||||||||||||||
Separate account assets-commercial mortgage loans(6) | $ | i 135 | Discounted cash flow | Spread | i 1.25% | i 2.25% | i 1.46% | Decrease | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Future policy benefits(7) | $ | i 5,946 | Discounted cash flow | Lapse rate(9) | i 1% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.51% | i 2.14% | Decrease | ||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | i 38% | i 95% | Increase | ||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 15% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 18% | i 28% | Increase | ||||||||||||||||||||||||||||||||||||||
Policyholders’ account balances(8) | $ | i 3,544 | Discounted cash flow | Lapse rate(9) | i 1% | i 6% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.51% | i 2.14% | Decrease | ||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 23% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 20% | i 33% | Increase |
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Inputs | Minimum | Maximum | Weighted Average | Impact of Increase in Input on Fair Value(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Corporate securities(2)(3) | $ | i 4,800 | Discounted cash flow | Discount rate | i 0.31% | i 20% | i 5.00% | Decrease | |||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 4.1X | i 19.2X | i 8.9X | Increase | ||||||||||||||||||||||||||||||||||||
Liquidation | Liquidation value | i 11.31% | i 62.58% | i 55.57% | Increase | ||||||||||||||||||||||||||||||||||||
Equity securities | $ | i 277 | Discounted cash flow(5) | Discount rate | i 0.5% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 1X | i 7.5X | i 4.0X | Increase | ||||||||||||||||||||||||||||||||||||
Net Asset Value | Share price | $ i 1 | $ i 1,498 | $ i 594 | Increase | ||||||||||||||||||||||||||||||||||||
Separate account assets-commercial mortgage loans(6) | $ | i 150 | Discounted cash flow | Spread | i 1.05% | i 1.98% | i 1.18% | Decrease | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Future policy benefits(7) | $ | i 9,068 | Discounted cash flow | Lapse rate(9) | i 1% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over LIBOR(10) | i 0.03% | i 1.14% | Decrease | ||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | i 39% | i 96% | Increase | ||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 15% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 16% | i 25% | Increase | ||||||||||||||||||||||||||||||||||||||
Policyholders’ account balances(8) | $ | i 1,436 | Discounted cash flow | Lapse rate(9) | i 1% | i 6% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over LIBOR(10) | i 0.03% | i 1.14% | Decrease | ||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 23% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 12% | i 27% | Increase |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. government | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | |||||||||||||
U.S. states | i 8 | ( i 1) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 7 | ( i 1) | ||||||||||||||||||||||||
Foreign government | i 10 | ( i 1) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 9 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 5,005 | ( i 84) | i 556 | ( i 59) | i 9 | ( i 318) | ( i 17) | i 8 | ( i 1,561) | i 3,539 | ( i 95) | ||||||||||||||||||||||||
Structured securities(4) | i 1,752 | ( i 133) | i 116 | ( i 5) | i 0 | ( i 201) | ( i 6) | i 0 | ( i 41) | i 1,482 | ( i 133) | ||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||
Foreign government | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Structured securities(4) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Equity securities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
All other activity | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 378 | ( i 16) | i 23 | ( i 1) | i 0 | ( i 24) | i 2 | i 0 | ( i 15) | i 347 | ( i 17) | ||||||||||||||||||||||||
Equity securities | i 772 | i 6 | i 20 | ( i 23) | i 0 | ( i 2) | ( i 7) | i 0 | i 0 | i 766 | i 1 | ||||||||||||||||||||||||
Other invested assets | i 504 | i 3 | i 16 | ( i 21) | i 0 | ( i 2) | ( i 1) | i 0 | i 0 | i 499 | i 3 | ||||||||||||||||||||||||
Short-term investments | i 213 | i 0 | i 3 | i 0 | i 0 | ( i 12) | i 0 | i 0 | i 0 | i 204 | i 0 | ||||||||||||||||||||||||
Cash equivalents | i 2 | i 1 | i 0 | i 0 | i 0 | i 0 | ( i 3) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Other assets | i 207 | i 32 | i 5 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 243 | ( i 34) | ||||||||||||||||||||||||
Separate account assets(5) | i 1,254 | ( i 146) | i 12 | ( i 5) | i 0 | ( i 4) | i 0 | i 0 | ( i 71) | i 1,040 | ( i 129) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Future policy benefits | ( i 6,982) | i 1,532 | i 0 | i 0 | ( i 256) | i 0 | ( i 241) | i 0 | i 1 | ( i 5,946) | i 1,479 | ||||||||||||||||||||||||
Policyholders’ account balances(6) | ( i 1,402) | i 113 | i 0 | i 0 | ( i 251) | i 0 | ( i 2,004) | i 0 | i 0 | ( i 3,544) | i 532 | ||||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | ( i 1) | i 0 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||||||||
Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (loss) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)(7) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 8 | $ | i 0 | $ | i 0 | $ | ( i 225) | $ | ( i 2) | $ | ( i 3) | $ | i 0 | $ | i 0 | $ | ( i 226) | ||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 0 | ( i 18) | i 0 | i 0 | i 2 | i 0 | ( i 17) | i 0 | i 0 | |||||||||||||||||||||||
Equity securities | i 0 | i 6 | i 0 | i 0 | i 0 | i 0 | i 1 | i 0 | i 0 | |||||||||||||||||||||||
Other invested assets | ( i 2) | i 5 | i 0 | i 0 | i 0 | ( i 2) | i 5 | i 0 | i 0 | |||||||||||||||||||||||
Short-term investments | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Cash equivalents | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets | ( i 35) | i 0 | i 0 | i 67 | i 0 | ( i 34) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Separate account assets(5) | i 0 | i 0 | ( i 145) | i 0 | ( i 1) | i 0 | i 0 | ( i 129) | i 0 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Future policy benefits | i 1,532 | i 0 | i 0 | i 0 | i 0 | i 1,482 | ( i 3) | i 0 | i 0 | |||||||||||||||||||||||
Policyholders’ account balances | i 113 | i 0 | i 0 | i 0 | i 0 | i 532 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. government | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | |||||||||||||
U.S. states | i 8 | ( i 1) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 7 | ( i 1) | ||||||||||||||||||||||||
Foreign government | i 10 | ( i 1) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 9 | ( i 1) | ||||||||||||||||||||||||
Corporate securities(3) | i 5,316 | ( i 466) | i 800 | ( i 83) | i 9 | ( i 465) | ( i 27) | i 16 | ( i 1,561) | i 3,539 | ( i 467) | ||||||||||||||||||||||||
Structured securities(4) | i 1,986 | ( i 278) | i 201 | ( i 22) | i 0 | ( i 221) | ( i 9) | i 6 | ( i 181) | i 1,482 | ( i 279) | ||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||
Foreign government | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Structured securities(4) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Equity securities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
All other activity | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 421 | ( i 28) | i 33 | ( i 30) | i 0 | ( i 40) | i 6 | i 0 | ( i 15) | i 347 | ( i 29) | ||||||||||||||||||||||||
Equity securities | i 799 | i 28 | i 31 | ( i 145) | i 0 | ( i 4) | ( i 16) | i 73 | i 0 | i 766 | i 5 | ||||||||||||||||||||||||
Other invested assets | i 493 | i 10 | i 37 | ( i 38) | i 0 | ( i 2) | ( i 1) | i 0 | i 0 | i 499 | i 10 | ||||||||||||||||||||||||
Short-term investments | i 330 | i 0 | i 4 | i 0 | i 0 | ( i 130) | i 0 | i 0 | i 0 | i 204 | i 0 | ||||||||||||||||||||||||
Cash equivalents | i 70 | ( i 1) | i 7 | i 0 | i 0 | ( i 73) | ( i 3) | i 0 | i 0 | i 0 | ( i 2) | ||||||||||||||||||||||||
Other assets | i 164 | ( i 12) | i 18 | i 0 | i 0 | ( i 3) | i 76 | i 0 | i 0 | i 243 | ( i 75) | ||||||||||||||||||||||||
Separate account assets(5) | i 1,283 | ( i 192) | i 44 | ( i 16) | i 0 | ( i 7) | ( i 1) | i 0 | ( i 71) | i 1,040 | ( i 189) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Future policy benefits | ( i 9,068) | i 3,882 | i 0 | i 0 | ( i 519) | i 0 | ( i 241) | i 0 | i 0 | ( i 5,946) | i 3,723 | ||||||||||||||||||||||||
Policyholders’ account balances(6) | ( i 1,436) | i 280 | i 0 | i 0 | ( i 384) | i 0 | ( i 2,004) | i 0 | i 0 | ( i 3,544) | i 767 | ||||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | ( i 1) | i 0 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||||||||
Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (loss) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)(7) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | ( i 68) | $ | i 0 | $ | i 0 | $ | ( i 678) | $ | i 0 | $ | ( i 82) | $ | i 0 | $ | i 0 | $ | ( i 666) | ||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 0 | ( i 30) | i 0 | i 0 | i 2 | i 0 | ( i 29) | i 0 | i 0 | |||||||||||||||||||||||
Equity securities | i 0 | i 28 | i 0 | i 0 | i 0 | i 0 | i 5 | i 0 | i 0 | |||||||||||||||||||||||
Other invested assets | ( i 5) | i 15 | i 0 | i 0 | i 0 | ( i 5) | i 15 | i 0 | i 0 | |||||||||||||||||||||||
Short-term investments | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Cash equivalents | ( i 1) | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets | ( i 79) | i 0 | i 0 | i 67 | i 0 | ( i 75) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Separate account assets(5) | i 0 | i 0 | ( i 192) | i 0 | i 0 | i 0 | i 0 | ( i 189) | i 0 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Future policy benefits | i 3,882 | i 0 | i 0 | i 0 | i 0 | i 3,726 | ( i 3) | i 0 | i 0 | |||||||||||||||||||||||
Policyholders’ account balances | i 280 | i 0 | i 0 | i 0 | i 0 | i 767 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. government | $ | i 150 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 150 | $ | i 0 | |||||||||||||
U.S. states | i 4 | i 0 | i 0 | i 0 | i 0 | i 0 | i 5 | i 0 | i 0 | i 9 | i 0 | ||||||||||||||||||||||||
Foreign government | i 11 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 10 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 5,277 | i 183 | i 444 | ( i 21) | i 20 | ( i 317) | ( i 1) | i 70 | ( i 127) | i 5,528 | i 159 | ||||||||||||||||||||||||
Structured securities(4) | i 830 | i 10 | i 557 | ( i 1) | i 0 | ( i 106) | i 2 | i 0 | ( i 418) | i 874 | i 0 | ||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||
Foreign government | i 19 | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | i 17 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 538 | i 15 | i 2 | i 0 | i 0 | ( i 9) | i 0 | i 3 | i 0 | i 549 | i 13 | ||||||||||||||||||||||||
Structured securities(4) | i 219 | ( i 1) | i 36 | i 0 | i 0 | ( i 11) | i 0 | i 0 | ( i 129) | i 114 | ( i 1) | ||||||||||||||||||||||||
Equity securities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
All other activity | i 20 | i 0 | i 0 | i 0 | i 0 | ( i 20) | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 242 | i 11 | i 22 | ( i 6) | i 0 | i 0 | i 2 | i 0 | ( i 2) | i 269 | i 11 | ||||||||||||||||||||||||
Equity securities | i 728 | i 19 | i 33 | ( i 59) | i 0 | ( i 6) | ( i 1) | i 36 | ( i 35) | i 715 | i 16 | ||||||||||||||||||||||||
Other invested assets | i 378 | i 5 | i 24 | ( i 14) | i 0 | i 0 | i 0 | i 0 | i 0 | i 393 | i 4 | ||||||||||||||||||||||||
Short-term investments | i 396 | i 1 | i 197 | i 0 | i 0 | ( i 153) | ( i 1) | i 5 | i 0 | i 445 | i 0 | ||||||||||||||||||||||||
Cash equivalents | i 4 | ( i 1) | i 1 | i 0 | i 0 | i 0 | ( i 3) | i 0 | i 0 | i 1 | ( i 1) | ||||||||||||||||||||||||
Other assets | i 144 | i 36 | i 12 | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | i 190 | i 33 | ||||||||||||||||||||||||
Separate account assets(5) | i 1,306 | i 165 | i 81 | ( i 14) | i 0 | ( i 6) | i 0 | i 8 | ( i 64) | i 1,476 | i 141 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Future policy benefits | ( i 11,314) | ( i 1,946) | i 0 | i 0 | ( i 331) | i 0 | i 12 | i 0 | i 0 | ( i 13,579) | ( i 1,939) | ||||||||||||||||||||||||
Policyholders’ account balances(6) | ( i 2,171) | ( i 413) | i 0 | i 0 | ( i 106) | i 0 | i 0 | i 0 | i 0 | ( i 2,690) | ( i 363) | ||||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||||||||
Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (loss) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)(7) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 57 | $ | i 0 | $ | i 0 | $ | i 136 | $ | i 0 | $ | i 38 | $ | i 0 | $ | i 0 | $ | i 121 | ||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 0 | i 12 | i 0 | i 0 | i 2 | i 0 | i 12 | i 0 | i 0 | |||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 0 | i 11 | i 0 | i 0 | i 0 | i 0 | i 11 | i 0 | i 0 | |||||||||||||||||||||||
Equity securities | i 0 | i 19 | i 0 | i 0 | i 0 | i 0 | i 16 | i 0 | i 0 | |||||||||||||||||||||||
Other invested assets | i 4 | i 1 | i 0 | i 0 | i 0 | i 2 | i 2 | i 0 | i 0 | |||||||||||||||||||||||
Short-term investments | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Cash equivalents | ( i 1) | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets | i 36 | i 0 | i 0 | i 0 | i 0 | i 33 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Separate account assets(5) | i 0 | i 0 | i 165 | i 0 | i 0 | i 0 | i 0 | i 141 | i 0 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Future policy benefits | ( i 1,946) | i 0 | i 0 | i 0 | i 0 | ( i 1,939) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Policyholders’ account balances | ( i 413) | i 0 | i 0 | i 0 | i 0 | ( i 363) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. government | $ | i 150 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 150 | $ | i 0 | |||||||||||||
U.S. states | i 4 | i 0 | i 0 | i 0 | i 0 | i 0 | i 5 | i 0 | i 0 | i 9 | i 0 | ||||||||||||||||||||||||
Foreign government | i 11 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 10 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 5,335 | ( i 162) | i 687 | ( i 21) | i 20 | ( i 494) | i 1 | i 289 | ( i 127) | i 5,528 | ( i 203) | ||||||||||||||||||||||||
Structured securities(4) | i 543 | i 29 | i 776 | ( i 1) | i 0 | ( i 180) | i 14 | i 311 | ( i 618) | i 874 | i 12 | ||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||
Foreign government | i 19 | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | i 17 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 482 | i 8 | i 16 | i 0 | i 0 | ( i 28) | i 0 | i 71 | i 0 | i 549 | ( i 1) | ||||||||||||||||||||||||
Structured securities(4) | i 114 | ( i 4) | i 173 | i 0 | i 0 | ( i 22) | i 0 | i 0 | ( i 147) | i 114 | ( i 4) | ||||||||||||||||||||||||
Equity securities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
All other activity | i 20 | i 0 | i 0 | i 0 | i 0 | ( i 20) | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 243 | i 11 | i 23 | ( i 8) | i 0 | i 0 | i 2 | i 0 | ( i 2) | i 269 | i 11 | ||||||||||||||||||||||||
Equity securities | i 660 | i 57 | i 91 | ( i 62) | i 0 | ( i 9) | ( i 23) | i 36 | ( i 35) | i 715 | i 51 | ||||||||||||||||||||||||
Other invested assets | i 366 | i 17 | i 24 | ( i 14) | i 0 | i 0 | i 0 | i 0 | i 0 | i 393 | i 17 | ||||||||||||||||||||||||
Short-term investments | i 177 | i 0 | i 453 | i 0 | i 0 | ( i 163) | ( i 27) | i 5 | i 0 | i 445 | ( i 1) | ||||||||||||||||||||||||
Cash equivalents | i 1 | ( i 1) | i 4 | i 0 | i 0 | i 0 | ( i 3) | i 0 | i 0 | i 1 | ( i 1) | ||||||||||||||||||||||||
Other assets | i 268 | ( i 97) | i 24 | i 0 | i 0 | ( i 5) | i 0 | i 0 | i 0 | i 190 | ( i 100) | ||||||||||||||||||||||||
Separate account assets(5) | i 1,821 | i 208 | i 149 | ( i 27) | i 0 | ( i 12) | ( i 615) | i 30 | ( i 78) | i 1,476 | i 215 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Future policy benefits | ( i 18,879) | i 5,950 | i 0 | i 0 | ( i 662) | i 0 | i 12 | i 0 | i 0 | ( i 13,579) | i 5,530 | ||||||||||||||||||||||||
Policyholders’ account balances(6) | ( i 1,914) | ( i 548) | i 0 | i 0 | ( i 228) | i 0 | i 0 | i 0 | i 0 | ( i 2,690) | ( i 462) | ||||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||||||||
Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (loss) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)(7) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 29 | $ | i 0 | $ | i 0 | $ | ( i 164) | $ | i 2 | $ | ( i 2) | $ | i 0 | $ | i 0 | $ | ( i 189) | ||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 0 | i 0 | i 0 | i 0 | i 4 | i 0 | ( i 5) | i 0 | i 0 | |||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 0 | i 11 | i 0 | i 0 | i 0 | i 0 | i 11 | i 0 | i 0 | |||||||||||||||||||||||
Equity securities | i 0 | i 57 | i 0 | i 0 | i 0 | i 0 | i 51 | i 0 | i 0 | |||||||||||||||||||||||
Other invested assets | i 15 | i 2 | i 0 | i 0 | i 0 | i 15 | i 2 | i 0 | i 0 | |||||||||||||||||||||||
Short-term investments | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Cash equivalents | ( i 1) | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets | ( i 97) | i 0 | i 0 | i 0 | i 0 | ( i 100) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Separate account assets(5) | i 0 | i 0 | i 208 | i 0 | i 0 | i 0 | i 0 | i 215 | i 0 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Future policy benefits | i 5,950 | i 0 | i 0 | i 0 | i 0 | i 5,530 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Policyholders’ account balances | ( i 548) | i 0 | i 0 | i 0 | i 0 | ( i 462) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
As of June 30, 2022 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||
Interest Rate | $ | i 103 | $ | i 8,573 | $ | i 1 | $ | $ | i 8,677 | ||||||||||||||||||||
Currency | i 0 | i 2,235 | i 0 | i 2,235 | |||||||||||||||||||||||||
Credit | i 0 | i 6 | i 0 | i 6 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 4,620 | i 0 | i 4,620 | |||||||||||||||||||||||||
Equity | i 3 | i 2,391 | i 0 | i 2,394 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 15,614) | ( i 15,614) | |||||||||||||||||||||||||||
Total derivative assets | $ | i 106 | $ | i 17,825 | $ | i 1 | $ | ( i 15,614) | $ | i 2,318 | |||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||
Interest Rate | $ | i 67 | $ | i 16,932 | $ | i 1 | $ | $ | i 17,000 | ||||||||||||||||||||
Currency | i 0 | i 2,629 | i 0 | i 2,629 | |||||||||||||||||||||||||
Credit | i 0 | i 57 | i 0 | i 57 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 560 | i 0 | i 560 | |||||||||||||||||||||||||
Equity | i 27 | i 1,987 | i 0 | i 2,014 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 20,403) | ( i 20,403) | |||||||||||||||||||||||||||
Total derivative liabilities | $ | i 94 | $ | i 22,165 | $ | i 1 | $ | ( i 20,403) | $ | i 1,857 |
As of December 31, 2021 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Derivative Assets:(2) | |||||||||||||||||||||||||||||
Interest Rate | $ | i 76 | $ | i 12,086 | $ | i 1 | $ | $ | i 12,163 | ||||||||||||||||||||
Currency | i 0 | i 1,108 | i 0 | i 1,108 | |||||||||||||||||||||||||
Credit | i 0 | i 128 | i 0 | i 128 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 1,902 | i 0 | i 1,902 | |||||||||||||||||||||||||
Equity | i 242 | i 1,872 | i 1 | i 2,115 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 14,150) | ( i 14,150) | |||||||||||||||||||||||||||
Total derivative assets | $ | i 318 | $ | i 17,096 | $ | i 2 | $ | ( i 14,150) | $ | i 3,266 | |||||||||||||||||||
Derivative Liabilities:(2) | |||||||||||||||||||||||||||||
Interest Rate | $ | i 9 | $ | i 14,777 | $ | i 0 | $ | $ | i 14,786 | ||||||||||||||||||||
Currency | i 0 | i 1,316 | i 0 | i 1,316 | |||||||||||||||||||||||||
Credit | i 0 | i 1 | i 0 | i 1 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 409 | i 0 | i 409 | |||||||||||||||||||||||||
Equity | i 11 | i 3,069 | i 0 | i 3,080 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 17,314) | ( i 17,314) | |||||||||||||||||||||||||||
Total derivative liabilities | $ | i 20 | $ | i 19,572 | $ | i 0 | $ | ( i 17,314) | $ | i 2,278 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses)(1) | Purchases | Sales | Issuances | Settlements | Other | Transfers into Level 3(2) | Transfers out of Level 3(2) | Fair Value, end of period | Unrealized gains (losses) for assets still held(1) | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Net Derivative - Equity | $ | i 2 | $ | i 0 | $ | i 0 | $ | ( i 2) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||
Net Derivative - Interest Rate | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses)(1) | Purchases | Sales | Issuances | Settlements | Other | Transfers into Level 3(2) | Transfers out of Level 3(2) | Fair Value, end of period | Unrealized gains (losses) for assets still held(1) | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Net Derivative - Equity | $ | i 1 | $ | i 1 | $ | i 0 | $ | ( i 2) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 1 | ||||||||||||||||
Net Derivative - Interest Rate | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses)(1) | Purchases | Sales | Issuances | Settlements | Other | Transfers into Level 3(2) | Transfers out of Level 3(2) | Fair Value, end of period | Unrealized gains (losses) for assets still held(1) | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Net Derivative - Equity | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||
Net Derivative - Interest Rate | i 0 | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 1 | i 1 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses)(1) | Purchases | Sales | Issuances | Settlements | Other | Transfers into Level 3(2) | Transfers out of Level 3(2) | Fair Value, end of period | Unrealized gains (losses) for assets still held(1) | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Net Derivative - Equity | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||
Net Derivative - Interest Rate | i 0 | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 1 | i 1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Realized investment gains (losses) net: | |||||||||||||||||||||||||||||||||||
Mortgage servicing rights(1) | $ | ( i 1) | $ | ( i 1) | $ | i 2 | $ | ( i 5) | |||||||||||||||||||||||||||
Investment real estate | $ | ( i 5) | $ | i 0 | $ | ( i 6) | $ | ( i 9) | |||||||||||||||||||||||||||
Investment in JV/LP | $ | ( i 75) | $ | i 0 | $ | ( i 75) | $ | i 0 | |||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Carrying value after measurement as of period end: | |||||||||||
Mortgage servicing rights(1) | $ | i 78 | $ | i 75 | |||||||
Investment real estate | $ | i 302 | $ | i 326 | |||||||
Investment in JV/LP | $ | i 60 | $ | i 0 | |||||||
Goodwill(2) | $ | i 0 | $ | i 1,080 | |||||||
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Commercial mortgage and other loans: | |||||||||||||||||||||||
Interest income | $ | i 2 | $ | i 2 | $ | i 6 | $ | i 5 | |||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Commercial mortgage and other loans(1): | |||||||||||
Fair value as of period end | $ | i 303 | $ | i 1,263 | |||||||
Aggregate contractual principal as of period end | $ | i 298 | $ | i 1,253 | |||||||
Other assets: | |||||||||||
Fair value as of period end | $ | i 126 | $ | i 59 | |||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Fair Value | Carrying Amount(2) | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity(3) | $ | i 0 | $ | i 1,468 | $ | i 7 | $ | i 1,475 | $ | i 1,280 | |||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 49 | i 53,887 | i 53,936 | i 56,537 | ||||||||||||||||||||||||
Policy loans | i 4 | i 0 | i 10,020 | i 10,024 | i 10,024 | ||||||||||||||||||||||||
Other invested assets | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Short-term investments | i 663 | i 38 | i 0 | i 701 | i 701 | ||||||||||||||||||||||||
Cash and cash equivalents | i 7,538 | i 122 | i 0 | i 7,660 | i 7,660 | ||||||||||||||||||||||||
Accrued investment income | i 0 | i 2,798 | i 0 | i 2,798 | i 2,798 | ||||||||||||||||||||||||
Other assets | i 55 | i 2,624 | i 494 | i 3,173 | i 3,172 | ||||||||||||||||||||||||
Total assets | $ | i 8,260 | $ | i 7,099 | $ | i 64,408 | $ | i 79,767 | $ | i 82,172 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Policyholders’ account balances—investment contracts | $ | i 0 | $ | i 31,238 | $ | i 35,940 | $ | i 67,178 | $ | i 69,978 | |||||||||||||||||||
Securities sold under agreements to repurchase | i 0 | i 8,006 | i 0 | i 8,006 | i 8,006 | ||||||||||||||||||||||||
Cash collateral for loaned securities | i 0 | i 5,741 | i 0 | i 5,741 | i 5,741 | ||||||||||||||||||||||||
Short-term debt | i 0 | i 389 | i 169 | i 558 | i 558 | ||||||||||||||||||||||||
Long-term debt(4) | i 569 | i 17,726 | i 831 | i 19,126 | i 19,612 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 232 | i 232 | i 232 | ||||||||||||||||||||||||
Other liabilities | i 0 | i 6,718 | i 27 | i 6,745 | i 6,745 | ||||||||||||||||||||||||
Separate account liabilities—investment contracts | i 0 | i 28,704 | i 26,920 | i 55,624 | i 55,624 | ||||||||||||||||||||||||
Total liabilities | $ | i 569 | $ | i 98,522 | $ | i 64,119 | $ | i 163,210 | $ | i 166,496 |
December 31, 2021(1) | |||||||||||||||||||||||||||||
Fair Value | Carrying Amount(2) | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity(3) | $ | i 0 | $ | i 1,794 | $ | i 9 | $ | i 1,803 | $ | i 1,514 | |||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 3 | i 7 | i 0 | i 10 | i 10 | ||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 64 | i 59,937 | i 60,001 | i 57,403 | ||||||||||||||||||||||||
Policy loans | i 0 | i 0 | i 10,386 | i 10,386 | i 10,386 | ||||||||||||||||||||||||
Other invested assets | i 0 | i 81 | i 0 | i 81 | i 81 | ||||||||||||||||||||||||
Short-term investments | i 972 | i 20 | i 0 | i 992 | i 992 | ||||||||||||||||||||||||
Cash and cash equivalents | i 7,108 | i 521 | i 0 | i 7,629 | i 7,629 | ||||||||||||||||||||||||
Accrued investment income | i 0 | i 2,855 | i 0 | i 2,855 | i 2,855 | ||||||||||||||||||||||||
Other assets | i 47 | i 2,677 | i 39 | i 2,763 | i 2,762 | ||||||||||||||||||||||||
Total assets | $ | i 8,130 | $ | i 8,019 | $ | i 70,371 | $ | i 86,520 | $ | i 83,632 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Policyholders’ account balances—investment contracts | $ | i 0 | $ | i 33,550 | $ | i 38,831 | $ | i 72,381 | $ | i 71,290 | |||||||||||||||||||
Securities sold under agreements to repurchase | i 0 | i 10,185 | i 0 | i 10,185 | i 10,185 | ||||||||||||||||||||||||
Cash collateral for loaned securities | i 0 | i 4,251 | i 0 | i 4,251 | i 4,251 | ||||||||||||||||||||||||
Short-term debt | i 0 | i 518 | i 204 | i 722 | i 722 | ||||||||||||||||||||||||
Long-term debt(4) | i 613 | i 20,414 | i 899 | i 21,926 | i 18,622 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 274 | i 274 | i 274 | ||||||||||||||||||||||||
Other liabilities | i 0 | i 7,053 | i 53 | i 7,106 | i 7,106 | ||||||||||||||||||||||||
Separate account liabilities—investment contracts | i 0 | i 28,567 | i 24,847 | i 53,414 | i 53,414 | ||||||||||||||||||||||||
Total liabilities | $ | i 613 | $ | i 104,538 | $ | i 65,108 | $ | i 170,259 | $ | i 165,864 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions) | ||||||||||||||
Closed Block liabilities | ||||||||||||||
Future policy benefits | $ | i 44,934 | $ | i 45,596 | ||||||||||
Policyholders’ dividends payable | i 602 | i 616 | ||||||||||||
Policyholders’ dividend obligation | i 1,562 | i 8,027 | ||||||||||||
Policyholders’ account balances | i 4,664 | i 4,737 | ||||||||||||
Other Closed Block liabilities | i 2,958 | i 3,107 | ||||||||||||
Total Closed Block liabilities | i 54,720 | i 62,083 | ||||||||||||
Closed Block assets | ||||||||||||||
Fixed maturities, available-for-sale, at fair value | i 32,096 | i 38,160 | ||||||||||||
Fixed maturities, trading, at fair value | i 1,009 | i 1,137 | ||||||||||||
Equity securities, at fair value | i 1,675 | i 2,288 | ||||||||||||
Commercial mortgage and other loans | i 7,956 | i 8,241 | ||||||||||||
Policy loans | i 3,702 | i 3,815 | ||||||||||||
Other invested assets | i 4,256 | i 4,358 | ||||||||||||
Short-term investments | i 174 | i 557 | ||||||||||||
Total investments | i 50,868 | i 58,556 | ||||||||||||
Cash and cash equivalents | i 766 | i 451 | ||||||||||||
Accrued investment income | i 395 | i 392 | ||||||||||||
Other Closed Block assets | i 170 | i 137 | ||||||||||||
Total Closed Block assets | i 52,199 | i 59,536 | ||||||||||||
Excess of reported Closed Block liabilities over Closed Block assets | i 2,521 | i 2,547 | ||||||||||||
Portion of above representing accumulated other comprehensive income (loss): | ||||||||||||||
Net unrealized investment gains (losses) | ( i 2,305) | i 3,535 | ||||||||||||
Allocated to policyholder dividend obligation | i 2,172 | ( i 3,640) | ||||||||||||
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ | i 2,388 | $ | i 2,442 |
Six Months Ended June 30, 2022 | ||||||||
(in millions) | ||||||||
Balance, December 31, 2021 | $ | i 8,027 | ||||||
Impact from earnings allocable to policyholder dividend obligation | ( i 653) | |||||||
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | ( i 5,812) | |||||||
Balance, June 30, 2022 | $ | i 1,562 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Premiums | $ | i 441 | $ | i 463 | $ | i 850 | $ | i 894 | |||||||||||||||
Net investment income | i 523 | i 632 | i 1,079 | i 1,222 | |||||||||||||||||||
Realized investment gains (losses), net | ( i 60) | i 265 | i 40 | i 337 | |||||||||||||||||||
Other income (loss) | ( i 373) | i 255 | ( i 471) | i 531 | |||||||||||||||||||
Total Closed Block revenues | i 531 | i 1,615 | i 1,498 | i 2,984 | |||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||
Policyholders’ benefits | i 638 | i 652 | i 1,265 | i 1,286 | |||||||||||||||||||
Interest credited to policyholders’ account balances | i 30 | i 31 | i 60 | i 62 | |||||||||||||||||||
Dividends to policyholders | ( i 228) | i 814 | ( i 17) | i 1,395 | |||||||||||||||||||
General and administrative expenses | i 75 | i 79 | i 148 | i 158 | |||||||||||||||||||
Total Closed Block benefits and expenses | i 515 | i 1,576 | i 1,456 | i 2,901 | |||||||||||||||||||
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | i 16 | i 39 | i 42 | i 83 | |||||||||||||||||||
Income tax expense (benefit) | ( i 10) | i 25 | ( i 9) | i 54 | |||||||||||||||||||
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ | i 26 | $ | i 14 | $ | i 51 | $ | i 29 |
June 30, 2022 | December 31, 2021 | ||||||||||
($ in millions) | |||||||||||
Commercial paper: | |||||||||||
Prudential Financial | $ | i 25 | $ | i 25 | |||||||
Prudential Funding, LLC | i 362 | i 395 | |||||||||
Subtotal commercial paper | i 387 | i 420 | |||||||||
Current portion of long-term debt: | |||||||||||
Mortgage debt | i 158 | i 197 | |||||||||
Surplus notes subject to set-off arrangements(1) | i 500 | i 500 | |||||||||
Subtotal current portion of long-term debt | i 658 | i 697 | |||||||||
Other(2) | i 13 | i 105 | |||||||||
Subtotal | i 1,058 | i 1,222 | |||||||||
Less: assets under set-off arrangements(1) | i 500 | i 500 | |||||||||
Total short-term debt(3) | $ | i 558 | $ | i 722 | |||||||
Supplemental short-term debt information: | |||||||||||
Portion of commercial paper borrowings due overnight | $ | i 128 | $ | i 150 | |||||||
Daily average commercial paper outstanding for the quarter ended | $ | i 1,067 | $ | i 1,414 | |||||||
Weighted average maturity of outstanding commercial paper, in days | i 9 | i 16 | |||||||||
Weighted average interest rate on outstanding commercial paper | i 1.43 | % | i 0.08 | % |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Fixed-rate obligations: | |||||||||||
Surplus notes | $ | i 344 | $ | i 344 | |||||||
Surplus notes subject to set-off arrangements(1) | i 7,961 | i 7,861 | |||||||||
Senior notes | i 10,287 | i 10,282 | |||||||||
Mortgage debt | i 25 | i 24 | |||||||||
Floating-rate obligations: | |||||||||||
Line of credit | i 300 | i 300 | |||||||||
Surplus notes subject to set-off arrangements(1) | i 2,330 | i 2,330 | |||||||||
Mortgage debt(2) | i 52 | i 54 | |||||||||
Junior subordinated notes(3) | i 8,604 | i 7,618 | |||||||||
Subtotal | i 29,903 | i 28,813 | |||||||||
Less: assets under set-off arrangements(1) | i 10,291 | i 10,191 | |||||||||
Total long-term debt(4) | $ | i 19,612 | $ | i 18,622 |
Three Months Ended June 30, | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Components of net periodic (benefit) cost: | |||||||||||||||||||||||
Service cost | $ | i 66 | $ | i 82 | $ | i 3 | $ | i 7 | |||||||||||||||
Interest cost | i 112 | i 92 | i 15 | i 12 | |||||||||||||||||||
Expected return on plan assets | ( i 218) | ( i 207) | ( i 25) | ( i 25) | |||||||||||||||||||
Amortization of prior service cost | i 0 | ( i 1) | ( i 2) | i 1 | |||||||||||||||||||
Amortization of actuarial (gain) loss, net | i 36 | i 61 | i 2 | i 4 | |||||||||||||||||||
Settlements | i 0 | i 1 | i 0 | i 0 | |||||||||||||||||||
Curtailments(1) | i 0 | i 0 | ( i 8) | i 0 | |||||||||||||||||||
Special termination benefits(2) | i 3 | i 0 | i 4 | i 0 | |||||||||||||||||||
Net
periodic (benefit) cost | $ | ( i 1) | $ | i 28 | $ | ( i 11) | $ | ( i 1) | |||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Components of net periodic (benefit) cost: | |||||||||||||||||||||||
Service cost | $ | i 146 | $ | i 165 | $ | i 7 | $ | i 13 | |||||||||||||||
Interest cost | i 209 | i 182 | i 27 | i 24 | |||||||||||||||||||
Expected return on plan assets | ( i 431) | ( i 412) | ( i 52) | ( i 50) | |||||||||||||||||||
Amortization of prior service cost | i 0 | ( i 2) | ( i 4) | i 3 | |||||||||||||||||||
Amortization of actuarial (gain) loss, net | i 87 | i 123 | i 3 | i 8 | |||||||||||||||||||
Settlements | i 1 | i 2 | i 0 | i 0 | |||||||||||||||||||
Curtailments(1) | i 0 | i 0 | ( i 8) | i 0 | |||||||||||||||||||
Special termination benefits(2)(3) | i 4 | i 1 | i 4 | i 0 | |||||||||||||||||||
Net
periodic (benefit) cost | $ | i 16 | $ | i 59 | $ | ( i 23) | $ | ( i 2) |
Common Stock | |||||||||||||||||||||||
Issued | Held In Treasury | Outstanding | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, December 31, 2021 | i 666.3 | i 290.0 | i 376.3 | ||||||||||||||||||||
Common Stock issued | i 0.0 | i 0.0 | i 0.0 | ||||||||||||||||||||
Common Stock acquired | i 0.0 | i 6.9 | ( i 6.9) | ||||||||||||||||||||
Stock-based compensation programs(1) | i 0.0 | ( i 3.2) | i 3.2 | ||||||||||||||||||||
Balance, June 30, 2022 | i 666.3 | i 293.7 | i 372.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Dividends declared per share of Common Stock | $ | i 1.20 | $ | i 1.15 | $ | i 2.40 | $ | i 2.30 |
Accumulated
Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | |||||||||||||||||||||||
Foreign Currency Translation Adjustment | Net Unrealized Investment Gains (Losses)(1) | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, December 31, 2021 | $ | ( i 1,150) | $ | i 24,987 | $ | ( i 2,513) | $ | i 21,324 | |||||||||||||||
Change in OCI before reclassifications | ( i 1,344) | ( i 39,913) | i 367 | ( i 40,890) | |||||||||||||||||||
Amounts reclassified from AOCI | i 9 | i 403 | i 86 | i 498 | |||||||||||||||||||
Income tax benefit (expense) | ( i 92) | i 9,083 | ( i 101) | i 8,890 | |||||||||||||||||||
Balance, June 30, 2022 | $ | ( i 2,577) | $ | ( i 5,440) | $ | ( i 2,161) | $ | ( i 10,178) |
Accumulated Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | |||||||||||||||||||||||
Foreign Currency Translation Adjustment | Net Unrealized Investment Gains (Losses)(1) | Pension
and Postretirement Unrecognized Net Periodic Benefit (Cost) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, December 31, 2020 | $ | i 52 | $ | i 34,065 | $ | ( i 3,379) | $ | i 30,738 | |||||||||||||||
Change in OCI before reclassifications | ( i 650) | ( i 7,033) | i 38 | ( i 7,645) | |||||||||||||||||||
Amounts reclassified from AOCI | ( i 63) | ( i 1,742) | i 132 | ( i 1,673) | |||||||||||||||||||
Income tax benefit (expense) | ( i 63) | i 1,961 | ( i 41) | i 1,857 | |||||||||||||||||||
Balance, June 30, 2021 | $ | ( i 724) | $ | i 27,251 | $ | ( i 3,250) | $ | i 23,277 |
Three
Months Ended June 30, | Six Months Ended June 30, | Affected line item in Consolidated Statements of Operations | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Amounts reclassified from AOCI(1)(2): | |||||||||||||||||||||||||||||
Foreign currency translation adjustment: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | i 1 | $ | i 0 | $ | ( i 9) | $ | i 0 | Realized investment gains (losses), net | ||||||||||||||||||||
Foreign currency translation adjustments | i 0 | i 60 | i 0 | i 63 | Other income (loss) | ||||||||||||||||||||||||
Total foreign currency translation adjustment | i 1 | i 60 | ( i 9) | i 63 | |||||||||||||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||||||||||||||||
Cash flow hedges—Interest rate | ( i 1) | i 9 | ( i 5) | i 14 | (3) | ||||||||||||||||||||||||
Cash flow hedges—Currency | i 3 | ( i 2) | i 4 | ( i 3) | (3) | ||||||||||||||||||||||||
Cash flow hedges—Currency/Interest rate | i 503 | i 57 | i 657 | i 205 | (3) | ||||||||||||||||||||||||
Fair value hedges—Currency | i 0 | ( i 1) | ( i 2) | ( i 3) | (3) | ||||||||||||||||||||||||
Net unrealized investment gains (losses) on available-for-sale securities | ( i 646) | i 313 | ( i 1,057) | i 1,529 | Realized investment gains (losses), net | ||||||||||||||||||||||||
Total net unrealized investment gains (losses) | ( i 141) | i 376 | ( i 403) | i 1,742 | (4) | ||||||||||||||||||||||||
Amortization of defined benefit items: | |||||||||||||||||||||||||||||
Prior service cost | i 2 | i 0 | i 4 | ( i 1) | (5) | ||||||||||||||||||||||||
Actuarial gain (loss) | ( i 38) | ( i 65) | ( i 90) | ( i 131) | (5) | ||||||||||||||||||||||||
Total amortization of defined benefit items | ( i 36) | ( i 65) | ( i 86) | ( i 132) | |||||||||||||||||||||||||
Total reclassifications for the period | $ | ( i 176) | $ | i 371 | $ | ( i 498) | $ | i 1,673 |
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded | Net Unrealized Gains (Losses) on All Other Investments(1) | DAC, DSI, VOBA and Reinsurance Recoverables | Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | Policyholders’ Dividends | Income Tax Benefit (Expense) | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | i 23 | $ | i 40,444 | $ | ( i 543) | $ | ( i 3,271) | $ | ( i 3,657) | $ | ( i 8,009) | $ | i 24,987 | |||||||||||||||||||||||||||
Net investment gains (losses) on investments arising during the period | ( i 48) | ( i 50,603) | i 11,498 | ( i 39,153) | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income | i 13 | i 390 | ( i 91) | i 312 | |||||||||||||||||||||||||||||||||||||
Reclassification due to allowance for credit losses recorded during the period | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||
Impact of net unrealized investment (gains) losses | i 204 | i 4,713 | i 5,821 | ( i 2,324) | i 8,414 | ||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | ( i 12) | $ | ( i 9,769) | $ | ( i 339) | $ | i 1,442 | $ | i 2,164 | $ | i 1,074 | $ | ( i 5,440) |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | ( i 572) | $ | i 2,183 | |||||||||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | ( i 7) | i 25 | |||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | i 6 | i 31 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | ( i 571) | i 374.4 | $ | ( i 1.53) | $ | i 2,127 | i 391.1 | $ | i 5.44 | |||||||||||||||||||||||||
Effect of dilutive securities and compensation programs | |||||||||||||||||||||||||||||||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ | i 6 | $ | i 31 | |||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | i 6 | i 31 | |||||||||||||||||||||||||||||||||
Stock options | i 0.0 | i 0.9 | |||||||||||||||||||||||||||||||||
Deferred and long-term compensation programs | i 0.0 | i 2.1 | |||||||||||||||||||||||||||||||||
Diluted earnings per share(1) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | ( i 571) | i 374.4 | $ | ( i 1.53) | $ | i 2,127 | i 394.1 | $ | i 5.40 | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | ( i 616) | $ | i 4,987 | |||||||||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | ( i 20) | i 1 | |||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | i 13 | i 75 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | ( i 609) | i 375.3 | $ | ( i 1.62) | $ | i 4,911 | i 393.7 | $ | i 12.47 | |||||||||||||||||||||||||
Effect of dilutive securities and compensation programs | |||||||||||||||||||||||||||||||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ | i 13 | $ | i 75 | |||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | i 13 | i 75 | |||||||||||||||||||||||||||||||||
Stock options | i 0.0 | i 0.7 | |||||||||||||||||||||||||||||||||
Deferred and long-term compensation programs | i 0.0 | i 2.0 | |||||||||||||||||||||||||||||||||
Diluted earnings per share(1) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | ( i 609) | i 375.3 | $ | ( i 1.62) | $ | i 4,911 | i 396.4 | $ | i 12.39 | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Shares | Exercise Price Per Share | Shares | Exercise Price Per Share | ||||||||||||||||||||
(in millions, except per share amounts, based on weighted average) | |||||||||||||||||||||||
Antidilutive stock options based on application of the treasury stock method | i 0.7 | $ | i 108.67 | i 0.9 | $ | i 106.87 | |||||||||||||||||
Antidilutive stock options due to net loss available to holders of Common Stock | i 0.4 | i 0.0 | |||||||||||||||||||||
Antidilutive shares based on application of the treasury stock method | i 0.2 | i 0.0 | |||||||||||||||||||||
Antidilutive shares due to net loss available to holders of Common Stock | i 2.3 | i 0.0 | |||||||||||||||||||||
Total antidilutive stock options and shares | i 3.6 | i 0.9 |
Six Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Shares | Exercise Price Per Share | Shares | Exercise Price Per Share | ||||||||||||||||||||
(in millions, except per share amounts, based on weighted average) | |||||||||||||||||||||||
Antidilutive stock options based on application of the treasury stock method | i 0.3 | $ | i 108.67 | i 1.5 | $ | i 100.25 | |||||||||||||||||
Antidilutive stock options due to net loss available to holders of Common Stock | i 0.6 | i 0.0 | |||||||||||||||||||||
Antidilutive shares based on application of the treasury stock method | i 0.2 | i 0.0 | |||||||||||||||||||||
Antidilutive shares due to net loss available to holders of Common Stock | i 2.2 | i 0.0 | |||||||||||||||||||||
Total antidilutive stock options and shares | i 3.3 | i 1.5 |
i | Three
Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021(1) | 2022 | 2021(1) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Adjusted operating income before income taxes by segment: | |||||||||||||||||||||||
PGIM | $ | i 206 | $ | i 315 | $ | i 394 | $ | i 966 | |||||||||||||||
U.S. Businesses: | |||||||||||||||||||||||
Institutional Retirement Strategies | i 398 | i 450 | i 966 | i 1,064 | |||||||||||||||||||
Individual Retirement Strategies | i 1,305 | i 472 | i 1,777 | i 916 | |||||||||||||||||||
Retirement Strategies(2) | i 1,703 | i 922 | i 2,743 | i 1,980 | |||||||||||||||||||
Group Insurance | i 53 | i 17 | ( i 58) | ( i 115) | |||||||||||||||||||
Individual Life | ( i 1,325) | i 146 | ( i 1,274) | i 102 | |||||||||||||||||||
Assurance IQ | ( i 61) | ( i 38) | ( i 98) | ( i 77) | |||||||||||||||||||
Total U.S. Businesses | i 370 | i 1,047 | i 1,313 | i 1,890 | |||||||||||||||||||
International Businesses | i 555 | i 803 | i 1,356 | i 1,674 | |||||||||||||||||||
Corporate and Other | ( i 259) | ( i 336) | ( i 625) | ( i 658) | |||||||||||||||||||
Total segment adjusted operating income before income taxes | i 872 | i 1,829 | i 2,438 | i 3,872 | |||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | ( i 2,134) | i 355 | ( i 3,155) | i 1,649 | |||||||||||||||||||
Charges related to realized investment gains (losses), net | ( i 216) | i 3 | ( i 555) | ( i 236) | |||||||||||||||||||
Market experience updates | i 531 | i 225 | i 525 | i 529 | |||||||||||||||||||
Divested and Run-off Businesses: | |||||||||||||||||||||||
Closed Block division | i 13 | i 31 | i 36 | i 65 | |||||||||||||||||||
Other Divested and Run-off Businesses | i 402 | i 339 | i 103 | i 384 | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | i 21 | i 4 | ( i 1) | ( i 50) | |||||||||||||||||||
Other adjustments(3) | i 0 | ( i 13) | ( i 17) | ( i 26) | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements | $ | ( i 511) | $ | i 2,773 | $ | ( i 626) | $ | i 6,187 |
June
30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Assets by segment: | |||||||||||
PGIM | $ | i 49,488 | $ | i 53,566 | |||||||
U.S. Businesses: | |||||||||||
Institutional Retirement Strategies | i 100,135 | i 114,016 | |||||||||
Individual Retirement Strategies | i 132,797 | i 201,273 | |||||||||
Retirement Strategies(1) | i 232,932 | i 315,289 | |||||||||
Group Insurance | i 39,024 | i 43,286 | |||||||||
Individual Life | i 102,148 | i 118,237 | |||||||||
Assurance IQ | i 1,613 | i 1,788 | |||||||||
Total U.S. Businesses | i 375,717 | i 478,600 | |||||||||
International Businesses | i 189,633 | i 222,736 | |||||||||
Corporate and Other(1) | i 28,164 | i 122,701 | |||||||||
Closed Block division | i 52,597 | i 59,979 | |||||||||
Total assets per Unaudited Interim Consolidated Financial Statements | $ | i 695,599 | $ | i 937,582 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021(1) | 2022 | 2021(1) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues on an adjusted operating income basis: | |||||||||||||||||||||||
PGIM | $ | i 829 | $ | i 1,009 | $ | i 1,755 | $ | i 2,323 | |||||||||||||||
U.S. Businesses: | |||||||||||||||||||||||
Institutional Retirement Strategies | i 2,794 | i 2,170 | i 5,437 | i 4,272 | |||||||||||||||||||
Individual Retirement Strategies | i 1,984 | i 1,228 | i 3,191 | i 2,427 | |||||||||||||||||||
Retirement Strategies(1) | i 4,778 | i 3,398 | i 8,628 | i 6,699 | |||||||||||||||||||
Group Insurance | i 1,496 | i 1,518 | i 3,040 | i 3,074 | |||||||||||||||||||
Individual Life | i 2,008 | i 1,616 | i 3,765 | i 3,251 | |||||||||||||||||||
Assurance IQ | i 79 | i 113 | i 186 | i 221 | |||||||||||||||||||
Total U.S. Businesses | i 8,361 | i 6,645 | i 15,619 | i 13,245 | |||||||||||||||||||
International Businesses | i 4,736 | i 5,093 | i 10,462 | i 11,024 | |||||||||||||||||||
Corporate and Other | ( i 152) | ( i 129) | ( i 405) | ( i 218) | |||||||||||||||||||
Total revenues on an adjusted operating income basis | i 13,774 | i 12,618 | i 27,431 | i 26,374 | |||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | ( i 2,241) | i 420 | ( i 3,302) | i 1,892 | |||||||||||||||||||
Charges related to realized investment gains (losses), net | ( i 57) | ( i 43) | ( i 135) | ( i 119) | |||||||||||||||||||
Market experience updates | i 272 | i 113 | i 348 | i 214 | |||||||||||||||||||
Divested and Run-off Businesses: | |||||||||||||||||||||||
Closed Block division | i 529 | i 1,613 | i 1,494 | i 2,978 | |||||||||||||||||||
Other Divested and Run-off Businesses | i 701 | i 1,217 | i 367 | i 1,579 | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | i 43 | ( i 21) | i 33 | ( i 49) | |||||||||||||||||||
Total revenues per Unaudited Interim Consolidated Financial Statements | $ | i 13,021 | $ | i 15,917 | $ | i 26,236 | $ | i 32,869 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
PGIM segment intersegment revenues | $ | i 201 | $ | i 226 | $ | i 433 | $ | i 449 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Asset-based management fees | $ | i 841 | $ | i 1,017 | $ | i 1,822 | $ | i 2,012 | |||||||||||||||
Performance-based
incentive fees | i 6 | i 23 | i 10 | i 50 | |||||||||||||||||||
Other
fees | i 140 | i 158 | i 288 | i 312 | |||||||||||||||||||
Total asset management and service fees | $ | i 987 | $ | i 1,198 | $ | i 2,120 | $ | i 2,374 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Total outstanding mortgage loan commitments(1) | $ | i 2,493 | $ | i 2,300 | |||||||
Portion of commitment where prearrangement to sell to investor exists | $ | i 1,071 | $ | i 1,102 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Expected to be funded from the general account and other operations outside the separate accounts(1) | $ | i 10,301 | $ | i 10,347 | |||||||
Expected to be funded from separate accounts | $ | i 296 | $ | i 236 |
June
30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) | $ | i 6,386 | $ | i 6,499 | |||||||
Fair value of related collateral associated with above indemnifications(2) | $ | i 6,524 | $ | i 6,635 | |||||||
Accrued liability associated with guarantee | $ | i 0 | $ | i 0 |
June
30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Guaranteed value of third-parties’ assets | $ | i 84,082 | $ | i 81,984 | |||||||
Fair value of collateral supporting these assets | $ | i 80,474 | $ | i 83,609 | |||||||
Asset (liability) associated with guarantee, carried at fair value | $ | i 1 | $ | i 1 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | $ | i 2,876 | $ | i 2,930 | |||||||
First-loss exposure portion of above | $ | i 836 | $ | i 854 | |||||||
Accrued liability associated with guarantees(1) | $ | i 33 | $ | i 41 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Other guarantees where amount can be determined | $ | i 57 | $ | i 47 | |||||||
Accrued liability for other guarantees and indemnifications | $ | i 33 | $ | i 34 |
Page | |||||
As of | |||||
(in billions) | |||||
Long-duration insurance products with fixed and guaranteed terms | $ | 147 | |||
Contracts with adjustable crediting rates subject to guaranteed minimums | 36 | ||||
Participating contracts where investment income risk ultimately accrues to contractholders | 2 | ||||
Total | $ | 185 |
Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums: | |||||||||||||||||||||||||||||||||||
At guaranteed minimum | 1-49 bps above guaranteed minimum | 50-99 bps above guaranteed minimum | 100-150 bps above guaranteed minimum | Greater than 150 bps above guaranteed minimum | Total | ||||||||||||||||||||||||||||||
($ in billions) | |||||||||||||||||||||||||||||||||||
Range
of Guaranteed Minimum Crediting Rates: | |||||||||||||||||||||||||||||||||||
Less than 1.00% | $ | 1.0 | $ | 0.8 | $ | 0.1 | $ | 0.0 | $ | 0.0 | $ | 1.9 | |||||||||||||||||||||||
1.00% - 1.99% | 1.3 | 0.1 | 0.0 | 0.8 | 2.4 | 4.6 | |||||||||||||||||||||||||||||
2.00% - 2.99% | 1.1 | 0.0 | 1.2 | 1.4 | 3.3 | 7.0 | |||||||||||||||||||||||||||||
3.00% - 4.00% | 19.0 | 0.0 | 1.6 | 0.7 | 0.1 | 21.4 | |||||||||||||||||||||||||||||
Greater than 4.00% | 0.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | |||||||||||||||||||||||||||||
Total(1) | $ | 23.2 | $ | 0.9 | $ | 2.9 | $ | 2.9 | $ | 5.8 | $ | 35.7 | |||||||||||||||||||||||
Percentage of total | 65 | % | 3 | % | 8 | % | 8 | % | 16 | % | 100 | % |
As of | |||||
(in billions) | |||||
Insurance products with fixed and guaranteed terms | $ | 128 | |||
Contracts with a market value adjustment if invested amount is not held to maturity | 24 | ||||
Contracts with adjustable crediting rates subject to guaranteed minimums | 9 | ||||
Total | $ | 161 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | $ | 13,021 | $ | 15,917 | $ | 26,236 | $ | 32,869 | |||||||||||||||
Benefits and expenses | 13,532 | 13,144 | 26,862 | 26,682 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | (511) | 2,773 | (626) | 6,187 | |||||||||||||||||||
Income tax expense (benefit) | 11 | 609 | (58) | 1,245 | |||||||||||||||||||
Income (loss) before equity in earnings of operating joint ventures | (522) | 2,164 | (568) | 4,942 | |||||||||||||||||||
Equity in earnings of operating joint ventures, net of taxes | (50) | 19 | (48) | 45 | |||||||||||||||||||
Net income (loss) | (572) | 2,183 | (616) | 4,987 | |||||||||||||||||||
Less: Income attributable to noncontrolling interests | (7) | 25 | (20) | 1 | |||||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | (565) | $ | 2,158 | $ | (596) | $ | 4,986 |
Three
and Six Months Ended June 30, | |||||||||||
2022 | 2021(1) | ||||||||||
(in millions) | |||||||||||
Favorable (unfavorable) impact to adjusted operating income before income taxes by segment: | |||||||||||
U.S. Businesses: | |||||||||||
Retirement Strategies | $ | 25 | $ | (29) | |||||||
Group Insurance | (3) | 1 | |||||||||
Individual Life | (1,401) | 7 | |||||||||
Total U.S. Businesses | (1,379) | (21) | |||||||||
International Businesses | (31) | (14) | |||||||||
Corporate and Other | 4 | 5 | |||||||||
Total segment favorable (unfavorable) impact to adjusted operating income before income taxes | (1,406) | (30) | |||||||||
Reconciling items: | |||||||||||
Realized investment gains (losses), net, and related adjustments | 445 | 6 | |||||||||
Charges related to realized investment gains (losses), net | (298) | 192 | |||||||||
Divested and Run-off Businesses: | |||||||||||
Closed Block division | (2) | 0 | |||||||||
Other Divested and Run-off Businesses | (48) | 58 | |||||||||
Favorable (unfavorable) impact to consolidated income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (1,309) | $ | 226 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021(1) | 2022 | 2021(1) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Adjusted operating income before income taxes by segment: | |||||||||||||||||||||||
PGIM | $ | 206 | $ | 315 | $ | 394 | $ | 966 | |||||||||||||||
U.S. Businesses: | |||||||||||||||||||||||
Retirement Strategies | 1,703 | 922 | 2,743 | 1,980 | |||||||||||||||||||
Group Insurance | 53 | 17 | (58) | (115) | |||||||||||||||||||
Individual Life | (1,325) | 146 | (1,274) | 102 | |||||||||||||||||||
Assurance IQ | (61) | (38) | (98) | (77) | |||||||||||||||||||
Total U.S. Businesses | 370 | 1,047 | 1,313 | 1,890 | |||||||||||||||||||
International Businesses | 555 | 803 | 1,356 | 1,674 | |||||||||||||||||||
Corporate and Other | (259) | (336) | (625) | (658) | |||||||||||||||||||
Total segment adjusted operating income before income taxes | 872 | 1,829 | 2,438 | 3,872 | |||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments(2) | (2,134) | 355 | (3,155) | 1,649 | |||||||||||||||||||
Charges related to realized investment gains (losses), net(3) | (216) | 3 | (555) | (236) | |||||||||||||||||||
Market experience updates | 531 | 225 | 525 | 529 | |||||||||||||||||||
Divested and Run-off Businesses(4): | |||||||||||||||||||||||
Closed Block division | 13 | 31 | 36 | 65 | |||||||||||||||||||
Other Divested and Run-off Businesses | 402 | 339 | 103 | 384 | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests(5) | 21 | 4 | (1) | (50) | |||||||||||||||||||
Other adjustments(6) | 0 | (13) | (17) | (26) | |||||||||||||||||||
Consolidated income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (511) | $ | 2,773 | $ | (626) | $ | 6,187 |
June
30, 2022 | December 31, 2021 | ||||||||||
(in billions) | |||||||||||
Foreign currency hedging instruments: | |||||||||||
USD-denominated assets held in yen-based entities(1) | $ | 8.8 | $ | 9.5 | |||||||
Dual currency and synthetic dual currency investments(2) | 0.4 | 0.5 | |||||||||
Total foreign currency hedges | $ | 9.2 | $ | 10.0 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Segment impacts of intercompany arrangements: | |||||||||||||||||||||||
International Businesses | $ | (19) | $ | 0 | $ | (16) | $ | 1 | |||||||||||||||
PGIM | 1 | (1) | 3 | (1) | |||||||||||||||||||
Impact of intercompany arrangements(1) | (18) | (1) | (13) | 0 | |||||||||||||||||||
Corporate and Other: | |||||||||||||||||||||||
Impact of intercompany arrangements(1) | 18 | 1 | 13 | 0 | |||||||||||||||||||
Settlement gains (losses) on forward currency contracts(2) | 11 | 6 | 22 | 14 | |||||||||||||||||||
Net benefit (detriment) to Corporate and Other | 29 | 7 | 35 | 14 | |||||||||||||||||||
Net impact on consolidated revenues and adjusted operating income | $ | 11 | $ | 6 | $ | 22 | $ | 14 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results(1): | |||||||||||||||||||||||
Revenues(2) | $ | 829 | $ | 1,009 | $ | 1,755 | $ | 2,323 | |||||||||||||||
Expenses | 623 | 694 | 1,361 | 1,357 | |||||||||||||||||||
Adjusted operating income | 206 | 315 | 394 | 966 | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (2) | (1) | (5) | (3) | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (14) | 25 | (7) | (3) | |||||||||||||||||||
Other adjustments(3) | 4 | 0 | (8) | 0 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 194 | $ | 339 | $ | 374 | $ | 960 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues by type: | |||||||||||||||||||||||
Asset management fees by source: | |||||||||||||||||||||||
Institutional customers | $ | 357 | $ | 349 | $ | 720 | $ | 697 | |||||||||||||||
Retail customers(1) | 274 | 307 | 575 | 609 | |||||||||||||||||||
General account | 125 | 147 | 270 | 292 | |||||||||||||||||||
Total asset management fees | 756 | 803 | 1,565 | 1,598 | |||||||||||||||||||
Other related revenues by source: | |||||||||||||||||||||||
Incentive fees | 6 | 24 | 10 | 51 | |||||||||||||||||||
Transaction fees | 5 | 4 | 9 | 9 | |||||||||||||||||||
Seed and co-investments | (18) | 33 | (39) | 38 | |||||||||||||||||||
Commercial mortgage(2) | 24 | 25 | 56 | 70 | |||||||||||||||||||
Total other related revenues | 17 | 86 | 36 | 168 | |||||||||||||||||||
Service, distribution and other revenues(3) | 56 | 120 | 154 | 557 | |||||||||||||||||||
Total revenues | $ | 829 | $ | 1,009 | $ | 1,755 | $ | 2,323 |
June 30, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||||
(in billions) | |||||||||||||||||
Assets Under Management(1) (at fair value): | |||||||||||||||||
Public equity | $ | 149.1 | $ | 216.2 | $ | 212.6 | |||||||||||
Public fixed income | 800.5 | 980.7 | 987.4 | ||||||||||||||
Real estate | 131.8 | 132.6 | 125.6 | ||||||||||||||
Private credit and other alternatives | 103.2 | 108.7 | 104.8 | ||||||||||||||
Multi-asset | 72.8 | 85.6 | 81.0 | ||||||||||||||
Total PGIM assets under management | $ | 1,257.4 | $ | 1,523.8 | $ | 1,511.4 | |||||||||||
Assets under management within other reporting segments(2) | 152.2 | 218.5 | 218.6 | ||||||||||||||
Total PFI assets under management | $ | 1,409.6 | $ | 1,742.3 | $ | 1,730.0 |
June 30, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||||
(in billions) | |||||||||||||||||
Assets Under Management(1) (at fair value): | |||||||||||||||||
Institutional customers | $ | 560.7 | $ | 629.4 | $ | 618.6 | |||||||||||
Retail customers | 314.3 | 401.4 | 401.2 | ||||||||||||||
General account | 382.4 | 493.0 | 491.6 | ||||||||||||||
Total PGIM assets under management | $ | 1,257.4 | $ | 1,523.8 | $ | 1,511.4 | |||||||||||
Assets under management within other reporting segments(2) | 152.2 | 218.5 | 218.6 | ||||||||||||||
Total PFI assets under management | $ | 1,409.6 | $ | 1,742.3 | $ | 1,730.0 |
Three Months Ended June 30, | Six Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Beginning assets under management | $ | 1,414.6 | $ | 1,451.3 | $ | 1,523.8 | $ | 1,498.6 | $ | 1,511.4 | |||||||||||||||||||
Institutional third-party flows | 8.1 | 5.6 | 8.4 | 6.7 | 12.6 | ||||||||||||||||||||||||
Retail third-party flows | (8.3) | (0.3) | (12.9) | 4.1 | (16.9) | ||||||||||||||||||||||||
Total third-party flows | (0.2) | 5.3 | (4.5) | 10.8 | (4.3) | ||||||||||||||||||||||||
Affiliated flows(1) | 7.5 | (6.2) | 7.0 | (9.6) | 4.4 | ||||||||||||||||||||||||
Market appreciation (depreciation)(2) | (122.5) | 60.2 | (221.8) | 16.9 | (203.3) | ||||||||||||||||||||||||
Foreign exchange rate impact | (11.6) | (0.3) | (16.7) | (7.7) | (21.4) | ||||||||||||||||||||||||
Net money market activity and other increases (decreases)(3) | (30.4) | 1.1 | (30.4) | 2.4 | (29.4) | ||||||||||||||||||||||||
Ending assets under management | $ | 1,257.4 | $ | 1,511.4 | $ | 1,257.4 | $ | 1,511.4 | $ | 1,257.4 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Private capital deployed: | |||||||||||||||||||||||
Real estate debt and equity | $ | 9.0 | $ | 6.4 | $ | 14.6 | $ | 12.2 | |||||||||||||||
Private credit and equity | 5.9 | 4.5 | 9.9 | 6.6 | |||||||||||||||||||
Total private capital deployed | $ | 14.9 | $ | 10.9 | $ | 24.5 | $ | 18.8 |
Three
Months Ended June 30, | Six Months Ended June 30, 2022 | ||||||||||||||||||||||
2022 | 2021(1) | 2022 | 2021(1) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Adjusted operating income before income taxes: | |||||||||||||||||||||||
U.S. Businesses: | |||||||||||||||||||||||
Retirement Strategies | $ | 1,703 | $ | 922 | $ | 2,743 | $ | 1,980 | |||||||||||||||
Group Insurance | 53 | 17 | (58) | (115) | |||||||||||||||||||
Individual Life | (1,325) | 146 | (1,274) | 102 | |||||||||||||||||||
Assurance IQ | (61) | (38) | (98) | (77) | |||||||||||||||||||
Total U.S. Businesses | 370 | 1,047 | 1,313 | 1,890 | |||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (1,348) | (170) | (1,643) | 1,749 | |||||||||||||||||||
Charges related to realized investment gains (losses), net | (246) | 9 | (590) | (227) | |||||||||||||||||||
Market experience updates | 496 | 223 | 492 | 530 | |||||||||||||||||||
Other adjustments(2) | (4) | (13) | (9) | (26) | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | 1 | 2 | 2 | 2 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (731) | $ | 1,098 | $ | (435) | $ | 3,918 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Institutional Retirement Strategies | $ | 2,794 | $ | 2,170 | $ | 5,437 | $ | 4,272 | |||||||||||||||
Individual Retirement Strategies | 1,984 | 1,228 | 3,191 | 2,427 | |||||||||||||||||||
Total revenues | 4,778 | 3,398 | 8,628 | 6,699 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Institutional Retirement Strategies | 2,396 | 1,720 | 4,471 | 3,208 | |||||||||||||||||||
Individual Retirement Strategies | 679 | 756 | 1,414 | 1,511 | |||||||||||||||||||
Total benefits and expenses | 3,075 | 2,476 | 5,885 | 4,719 | |||||||||||||||||||
Adjusted operating income: | |||||||||||||||||||||||
Institutional Retirement Strategies | 398 | 450 | 966 | 1,064 | |||||||||||||||||||
Individual Retirement Strategies | 1,305 | 472 | 1,777 | 916 | |||||||||||||||||||
Total
adjusted operating income | 1,703 | 922 | 2,743 | 1,980 | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (708) | (296) | (478) | 1,809 | |||||||||||||||||||
Charges related to realized investment gains (losses), net | (135) | 16 | (522) | (378) | |||||||||||||||||||
Market experience updates | 233 | 228 | 133 | 404 | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | 1 | 2 | 2 | 2 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 1,094 | $ | 872 | $ | 1,878 | $ | 3,817 |
Three
Months Ended June 30, | Six Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Total Institutional Retirement Strategies: | |||||||||||||||||||||||||||||
Beginning total account value | $ | 239,102 | $ | 247,496 | $ | 245,720 | $ | 243,387 | $ | 243,843 | |||||||||||||||||||
Additions(1) | 3,700 | 661 | 5,978 | 10,421 | 17,524 | ||||||||||||||||||||||||
Withdrawals and benefits | (3,560) | (5,744) | (8,459) | (11,386) | (17,898) | ||||||||||||||||||||||||
Change in market value, interest credited and interest income | (2,389) | 1,346 | (3,959) | 693 | (2,771) | ||||||||||||||||||||||||
Other(2) | (2,259) | 84 | (4,686) | 728 | (6,104) | ||||||||||||||||||||||||
Ending total account value | $ | 234,594 | $ | 243,843 | $ | 234,594 | $ | 243,843 | $ | 234,594 |
Three
Months Ended June 30, | Six Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Total Individual Retirement Strategies(1): | |||||||||||||||||||||||||||||
Beginning total account value(2) | $ | 168,794 | $ | 176,442 | $ | 182,305 | $ | 176,280 | $ | 182,411 | |||||||||||||||||||
Sales | 1,598 | 1,693 | 3,141 | 3,548 | 6,192 | ||||||||||||||||||||||||
Full surrenders and death benefits | (1,560) | (2,683) | (3,748) | (5,175) | (8,974) | ||||||||||||||||||||||||
Sales, net of full surrenders and death benefits | 38 | (990) | (607) | (1,627) | (2,782) | ||||||||||||||||||||||||
Partial withdrawals and other benefit payments | (994) | (1,328) | (2,461) | (2,757) | (5,416) | ||||||||||||||||||||||||
Net flows | (956) | (2,318) | (3,068) | (4,384) | (8,198) | ||||||||||||||||||||||||
Change
in market value, interest credited and other activity(3) | (44,081) | 9,208 | (54,628) | 12,350 | (47,790) | ||||||||||||||||||||||||
Policy charges | (619) | (921) | (1,471) | (1,835) | (3,285) | ||||||||||||||||||||||||
Ending total account value | $ | 123,138 | $ | 182,411 | $ | 123,138 | $ | 182,411 | $ | 123,138 |
June 30, 2022 | December 31, 2021(1) | ||||||||||
(in millions) | |||||||||||
U.S. GAAP liability, including NPR, net of reinsurance recoverables | $ | 5,933 | $ | 13,028 | |||||||
NPR adjustment, net of reinsurance recoverables | 4,109 | 2,832 | |||||||||
Subtotal | 10,042 | 15,860 | |||||||||
Adjustments including risk margins and valuation methodology differences | (3,122) | (3,444) | |||||||||
Economic liability managed through the ALM strategy | $ | 6,920 | $ | 12,416 |
June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||
Account Value | % of Total | Account Value(1) | % of Total | Account Value | % of Total | |||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Living benefit/GMDB features(2): | ||||||||||||||||||||||||||||||||||||||
Both ALM strategy and automatic rebalancing(3)(4) | $ | 72,983 | 63 | % | $ | 112,543 | 64 | % | $ | 114,543 | 65 | % | ||||||||||||||||||||||||||
ALM strategy only(4) | 2,111 | 2 | % | 7,278 | 4 | % | 7,491 | 4 | % | |||||||||||||||||||||||||||||
Automatic rebalancing only | 87 | 0 | % | 567 | 0 | % | 608 | 1 | % | |||||||||||||||||||||||||||||
External reinsurance(5) | 2,660 | 2 | % | 3,303 | 2 | % | 3,299 | 2 | % | |||||||||||||||||||||||||||||
PDI | 13,078 | 11 | % | 16,909 | 10 | % | 17,604 | 10 | % | |||||||||||||||||||||||||||||
Other products | 1,631 | 1 | % | 2,444 | 1 | % | 2,547 | 1 | % | |||||||||||||||||||||||||||||
Total living benefit/GMDB features | $ | 92,550 | $ | 143,044 | $ | 146,092 | ||||||||||||||||||||||||||||||||
GMDB features and other(6) | 25,024 | 21 | % | 33,395 | 19 | % | 30,465 | 17 | % | |||||||||||||||||||||||||||||
Total variable annuity account value | $ | 117,574 | $ | 176,439 | $ | 176,557 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021(1) | 2022 | 2021(1) | ||||||||||||||||||||
(in millions)(2) | |||||||||||||||||||||||
Results excluded from adjusted operating income: | |||||||||||||||||||||||
Change in value of U.S. GAAP liability, pre-NPR(3) | $ | (151) | $ | (1,952) | $ | 2,049 | $ | 6,440 | |||||||||||||||
Change in the NPR adjustment | 1,273 | (116) | 1,970 | (1,000) | |||||||||||||||||||
Change in fair value of hedge assets, excluding capital hedges(4) | (630) | 1,480 | (2,616) | (3,512) | |||||||||||||||||||
Change in fair value of capital hedges(5) | 445 | (498) | 670 | (793) | |||||||||||||||||||
Other(6) | (1,645) | 790 | (2,551) | 674 | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (708) | (296) | (478) | 1,809 | |||||||||||||||||||
Market experience updates(7) | 233 | 228 | 133 | 404 | |||||||||||||||||||
Charges related to realized investment gains (losses), net | (135) | 16 | (522) | (378) | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | 1 | 2 | 2 | 2 | |||||||||||||||||||
Total results excluded from adjusted operating income(8) | $ | (609) | $ | (50) | $ | (865) | $ | 1,837 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues | $ | 1,496 | $ | 1,518 | $ | 3,040 | $ | 3,074 | |||||||||||||||
Benefits and expenses | 1,443 | 1,501 | 3,098 | 3,189 | |||||||||||||||||||
Adjusted operating income | 53 | 17 | (58) | (115) | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (58) | 9 | (109) | (25) | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (5) | $ | 26 | $ | (167) | $ | (140) | |||||||||||||||
Benefits ratio(1)(4): | |||||||||||||||||||||||
Group life(2) | 87.1 | % | 91.1 | % | 95.6 | % | 97.8 | % | |||||||||||||||
Group disability(2) | 75.5 | % | 80.9 | % | 74.5 | % | 80.7 | % | |||||||||||||||
Total Group Insurance(2) | 84.2 | % | 88.7 | % | 90.5 | % | 93.9 | % | |||||||||||||||
Administrative operating expense ratio(3)(4): | |||||||||||||||||||||||
Group life | 10.7 | % | 11.0 | % | 10.7 | % | 10.9 | % | |||||||||||||||
Group disability | 32.2 | % | 32.7 | % | 31.7 | % | 32.5 | % | |||||||||||||||
Total Group Insurance | 15.9 | % | 16.1 | % | 15.8 | % | 15.9 | % |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Annualized new business premiums(1): | |||||||||||||||||||||||
Group life | $ | 26 | $ | 16 | $ | 206 | $ | 191 | |||||||||||||||
Group disability | 17 | 35 | 147 | 155 | |||||||||||||||||||
Total | $ | 43 | $ | 51 | $ | 353 | $ | 346 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues | $ | 2,008 | $ | 1,616 | $ | 3,765 | $ | 3,251 | |||||||||||||||
Benefits and expenses | 3,333 | 1,470 | 5,039 | 3,149 | |||||||||||||||||||
Adjusted operating income | (1,325) | 146 | (1,274) | 102 | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (582) | 117 | (1,056) | (35) | |||||||||||||||||||
Charges related to realized investment gains (losses), net | (111) | (7) | (68) | 151 | |||||||||||||||||||
Market experience updates | 263 | (5) | 359 | 126 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (1,755) | $ | 251 | $ | (2,039) | $ | 344 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Prudential Advisors | Third- Party | Total | Prudential Advisors | Third- Party | Total | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Variable Life | $ | 27 | $ | 83 | $ | 110 | $ | 32 | $ | 80 | $ | 112 | |||||||||||||||||||||||||||||||||||
Term Life | 5 | 18 | 23 | 6 | 28 | 34 | |||||||||||||||||||||||||||||||||||||||||
Universal Life(1) | 1 | 21 | 22 | 2 | 32 | 34 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 33 | $ | 122 | $ | 155 | $ | 40 | $ | 140 | $ | 180 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Prudential Advisors | Third- Party | Total | Prudential Advisors | Third- Party | Total | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Variable Life | $ | 56 | $ | 158 | $ | 214 | $ | 60 | $ | 198 | $ | 258 | |||||||||||||||||||||||||||||||||||
Term Life | 9 | 38 | 47 | 12 | 53 | 65 | |||||||||||||||||||||||||||||||||||||||||
Universal Life(1) | 3 | 41 | 44 | 4 | 57 | 61 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 68 | $ | 237 | $ | 305 | $ | 76 | $ | 308 | $ | 384 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues | $ | 79 | $ | 113 | $ | 186 | $ | 221 | |||||||||||||||
Expenses | 140 | 151 | 284 | 298 | |||||||||||||||||||
Adjusted operating income | (61) | (38) | (98) | (77) | |||||||||||||||||||
Other adjustments(1) | (4) | (13) | (9) | (26) | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (65) | $ | (51) | $ | (107) | $ | (103) |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Life Planner | $ | 2,425 | $ | 2,483 | $ | 5,349 | $ | 5,413 | |||||||||||||||
Gibraltar Life and Other | 2,311 | 2,610 | 5,113 | 5,611 | |||||||||||||||||||
Total revenues | 4,736 | 5,093 | 10,462 | 11,024 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Life Planner | 2,082 | 2,076 | 4,528 | 4,542 | |||||||||||||||||||
Gibraltar Life and Other | 2,099 | 2,214 | 4,578 | 4,808 | |||||||||||||||||||
Total benefits and expenses | 4,181 | 4,290 | 9,106 | 9,350 | |||||||||||||||||||
Adjusted operating income: | |||||||||||||||||||||||
Life Planner | 343 | 407 | 821 | 871 | |||||||||||||||||||
Gibraltar Life and Other | 212 | 396 | 535 | 803 | |||||||||||||||||||
Total adjusted operating income | 555 | 803 | 1,356 | 1,674 | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (799) | 606 | (1,556) | (183) | |||||||||||||||||||
Charges related to realized investment gains (losses), net | 29 | (6) | 27 | (20) | |||||||||||||||||||
Market experience updates | 11 | 0 | 11 | 0 | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | 46 | (16) | 40 | (38) | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (158) | $ | 1,387 | $ | (122) | $ | 1,433 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Annualized new business premiums: | |||||||||||||||||||||||
On an actual exchange rate basis: | |||||||||||||||||||||||
Life Planner | $ | 226 | $ | 231 | $ | 482 | $ | 479 | |||||||||||||||
Gibraltar Life and Other | 231 | 261 | 436 | 519 | |||||||||||||||||||
Total | $ | 457 | $ | 492 | $ | 918 | $ | 998 | |||||||||||||||
On a constant exchange rate basis: | |||||||||||||||||||||||
Life Planner | $ | 240 | $ | 236 | $ | 505 | $ | 487 | |||||||||||||||
Gibraltar Life and Other | 240 | 262 | 447 | 521 | |||||||||||||||||||
Total | $ | 480 | $ | 498 | $ | 952 | $ | 1,008 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Accident & Health | Retirement(1) | Annuity(2) | Total | Life | Accident & Health | Retirement(1) | Annuity(2) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Planner | $ | 133 | $ | 20 | $ | 85 | $ | 2 | $ | 240 | $ | 125 | $ | 18 | $ | 92 | $ | 1 | $ | 236 | |||||||||||||||||||||||||||||||||||||||
Gibraltar Life and Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Consultants | 41 | 6 | 9 | 89 | 145 | 60 | 6 | 10 | 62 | 138 | |||||||||||||||||||||||||||||||||||||||||||||||||
Banks(3) | 18 | 0 | 1 | 14 | 33 | 48 | 0 | 3 | 10 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||
Independent Agency | 25 | 8 | 28 | 1 | 62 | 18 | 20 | 22 | 3 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 84 | 14 | 38 | 104 | 240 | 126 | 26 | 35 | 75 | 262 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 217 | $ | 34 | $ | 123 | $ | 106 | $ | 480 | $ | 251 | $ | 44 | $ | 127 | $ | 76 | $ | 498 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Accident & Health | Retirement(1) | Annuity(2) | Total | Life | Accident & Health | Retirement(1) | Annuity(2) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Planner | $ | 278 | $ | 37 | $ | 186 | $ | 4 | $ | 505 | $ | 260 | $ | 35 | $ | 191 | $ | 1 | $ | 487 | |||||||||||||||||||||||||||||||||||||||
Gibraltar Life and Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Consultants | 101 | 13 | 19 | 113 | 246 | 133 | 13 | 19 | 78 | 243 | |||||||||||||||||||||||||||||||||||||||||||||||||
Banks(3) | 53 | 0 | 3 | 29 | 85 | 148 | 0 | 5 | 26 | 179 | |||||||||||||||||||||||||||||||||||||||||||||||||
Independent Agency | 46 | 8 | 61 | 1 | 116 | 36 | 21 | 39 | 3 | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 200 | 21 | 83 | 143 | 447 | 317 | 34 | 63 | 107 | 521 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 478 | $ | 58 | $ | 269 | $ | 147 | $ | 952 | $ | 577 | $ | 69 | $ | 254 | $ | 108 | $ | 1,008 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021(1) | 2022 | 2021(1) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Interest expense on debt | $ | (209) | $ | (211) | $ | (407) | $ | (419) | |||||||||||||||
Investment income | 50 | 36 | 77 | 72 | |||||||||||||||||||
Pension and employee benefits | 108 | 80 | 188 | 142 | |||||||||||||||||||
Other corporate activities | (208) | (241) | (483) | (453) | |||||||||||||||||||
Adjusted operating income | (259) | (336) | (625) | (658) | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | 15 | (80) | 49 | 86 | |||||||||||||||||||
Charges related to realized investment gains (losses), net | 1 | 0 | 8 | 11 | |||||||||||||||||||
Market experience updates | 24 | 2 | 22 | (1) | |||||||||||||||||||
Divested and Run-off Businesses | 402 | 339 | 103 | 384 | |||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (12) | (7) | (36) | (11) | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 171 | $ | (82) | $ | (479) | $ | (189) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Long-Term Care | $ | (252) | $ | 243 | $ | (362) | $ | 246 | |||||||||||||||
Other(1) | 654 | 96 | 465 | 138 | |||||||||||||||||||
Total Divested and Run-off Businesses income (loss) excluded from adjusted operating income | $ | 402 | $ | 339 | $ | 103 | $ | 384 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. GAAP results: | |||||||||||||||||||||||
Revenues | $ | 529 | $ | 1,613 | $ | 1,494 | $ | 2,978 | |||||||||||||||
Benefits and expenses | 516 | 1,582 | 1,458 | 2,913 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 13 | $ | 31 | $ | 36 | $ | 65 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
International Businesses: | |||||||||||||||||||||||
Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net | $ | (109) | $ | 66 | $ | (153) | $ | 246 | |||||||||||||||
Change in experience-rated contractholder liabilities due to asset value changes | 109 | (66) | 153 | (246) | |||||||||||||||||||
Gains (losses), net, on experienced rated contracts | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Divested and Run-off Businesses: | |||||||||||||||||||||||
Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net | $ | 0 | $ | 109 | $ | (950) | $ | (327) | |||||||||||||||
Change in experience-rated contractholder liabilities due to asset value changes | 0 | (132) | 818 | 306 | |||||||||||||||||||
Gains (losses), net, on experienced rated contracts | $ | 0 | $ | (23) | $ | (132) | $ | (21) | |||||||||||||||
Total: | |||||||||||||||||||||||
Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net | $ | (109) | $ | 175 | $ | (1,103) | $ | (81) | |||||||||||||||
Change in experience-rated contractholder liabilities due to asset value changes | 109 | (198) | 971 | 60 | |||||||||||||||||||
Gains (losses), net, on experienced rated contracts | $ | 0 | $ | (23) | $ | (132) | $ | (21) |
As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
PFI excluding Closed Block Division | Closed Block Division | PFI excluding Closed Block Division | Closed Block Division | ||||||||||||||||||||||||||||||||||||||||||||
Total at Fair Value | Total Level 3(1) | Total
at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for- sale | $ | 274,367 | $ | 4,167 | $ | 32,288 | $ | 870 | $ | 334,006 | $ | 5,810 | $ | 38,404 | $ | 1,510 | |||||||||||||||||||||||||||||||
Assets
supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | 935 | 0 | 0 | 0 | 1,057 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Equity
securities | 1,850 | 0 | 0 | 0 | 2,271 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
All other(2) | 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Subtotal | 2,785 | 0 | 0 | 0 | 3,348 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Fixed
maturities, trading | 5,263 | 333 | 1,009 | 14 | 7,686 | 403 | 1,137 | 18 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 4,496 | 663 | 1,675 | 103 | 6,089 | 699 | 2,288 | 100 | |||||||||||||||||||||||||||||||||||||||
Commercial
mortgage and other loans | 303 | 0 | 0 | 0 | 1,263 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 2,813 | 496 | 3 | 3 | 3,749 | 489 | 7 | 4 | |||||||||||||||||||||||||||||||||||||||
Short-term
investments | 5,967 | 179 | 160 | 25 | 5,186 | 268 | 457 | 62 | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 6,052 | 0 | 647 | 0 | 4,857 | 48 | 402 | 22 | |||||||||||||||||||||||||||||||||||||||
Other
assets | 243 | 243 | 0 | 0 | 164 | 164 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Separate account assets | 178,248 | 1,040 | 0 | 0 | 219,971 | 1,283 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total
assets | $ | 480,537 | $ | 7,121 | $ | 35,782 | $ | 1,015 | $ | 586,319 | $ | 9,164 | $ | 42,695 | $ | 1,716 | |||||||||||||||||||||||||||||||
Future
policy benefits | $ | 5,946 | $ | 5,946 | $ | 0 | $ | 0 | $ | 9,068 | $ | 9,068 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Policyholders’
account balances | 3,544 | 3,544 | 0 | 0 | 1,436 | 1,436 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other liabilities(3) | 1,440 | 1 | 29 | 0 | 1,860 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 10,930 | $ | 9,491 | $ | 29 | $ | 0 | $ | 12,364 | $ | 10,504 | $ | 0 | $ | 0 |
June 30, 2022 | ||||||||||||||||||||||||||
PFI Excluding Closed Block Division | Closed Block Division | Total | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||
Public, available-for-sale, at fair value | $ | 221,603 | 61.4 | % | $ | 22,881 | $ | 244,484 | ||||||||||||||||||
Public, held-to-maturity, at amortized cost, net of allowance | 1,202 | 0.3 | 0 | 1,202 | ||||||||||||||||||||||
Private, available-for-sale, at fair value | 52,314 | 14.5 | 9,407 | 61,721 | ||||||||||||||||||||||
Private, held-to-maturity, at amortized cost, net of allowance | 78 | 0.0 | 0 | 78 | ||||||||||||||||||||||
Fixed maturities, trading, at fair value | 5,075 | 1.4 | 1,009 | 6,084 | ||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 2,785 | 0.8 | 0 | 2,785 | ||||||||||||||||||||||
Equity securities, at fair value | 4,065 | 1.1 | 1,675 | 5,740 | ||||||||||||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 48,570 | 13.4 | 7,956 | 56,526 | ||||||||||||||||||||||
Policy loans, at outstanding balance | 6,322 | 1.7 | 3,702 | 10,024 | ||||||||||||||||||||||
Other invested assets, net of allowance(1) | 12,930 | 3.6 | 4,256 | 17,186 | ||||||||||||||||||||||
Short-term investments, net of allowance | 6,646 | 1.8 | 175 | 6,821 | ||||||||||||||||||||||
Total general account investments | 361,590 | 100.0 | % | 51,061 | 412,651 | |||||||||||||||||||||
Invested assets of other entities and operations(2) | 5,745 | 0 | 5,745 | |||||||||||||||||||||||
Total investments | $ | 367,335 | $ | 51,061 | $ | 418,396 |
December 31, 2021 | ||||||||||||||||||||||||||
PFI Excluding Closed Block Division(3) | Closed Block Division | Total | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||
Public, available-for-sale, at fair value | $ | 276,868 | 65.0 | % | $ | 28,167 | $ | 305,035 | ||||||||||||||||||
Public, held-to-maturity, at amortized cost, net of allowance | 1,413 | 0.3 | 0 | 1,413 | ||||||||||||||||||||||
Private, available-for-sale, at fair value | 56,660 | 13.3 | 10,237 | 66,897 | ||||||||||||||||||||||
Private, held-to-maturity, at amortized cost, net of allowance | 101 | 0.1 | 0 | 101 | ||||||||||||||||||||||
Fixed maturities, trading, at fair value | 7,473 | 1.8 | 1,137 | 8,610 | ||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 3,358 | 0.8 | 0 | 3,358 | ||||||||||||||||||||||
Equity securities, at fair value | 5,587 | 1.3 | 2,288 | 7,875 | ||||||||||||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 49,146 | 11.6 | 8,241 | 57,387 | ||||||||||||||||||||||
Policy loans, at outstanding balance | 6,571 | 1.5 | 3,815 | 10,386 | ||||||||||||||||||||||
Other invested assets, net of allowance(1) | 12,485 | 2.9 | 4,358 | 16,843 | ||||||||||||||||||||||
Short-term investments, net of allowance | 6,043 | 1.4 | 557 | 6,600 | ||||||||||||||||||||||
Total general account investments | 425,705 | 100.0 | % | 58,800 | 484,505 | |||||||||||||||||||||
Invested assets of other entities and operations(2) | 7,694 | 0 | 7,694 | |||||||||||||||||||||||
Total investments | $ | 433,399 | $ | 58,800 | $ | 492,199 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions) | ||||||||||||||
Fixed maturities: | ||||||||||||||
Public, available-for-sale, at fair value | $ | 118,161 | $ | 146,600 | ||||||||||
Public, held-to-maturity, at amortized cost, net of allowance | 1,202 | 1,413 | ||||||||||||
Private, available-for-sale, at fair value | 19,431 | 21,079 | ||||||||||||
Private, held-to-maturity, at amortized cost, net of allowance | 78 | 101 | ||||||||||||
Fixed maturities, trading, at fair value | 680 | 839 | ||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 2,785 | 3,328 | ||||||||||||
Equity securities, at fair value | 1,829 | 2,187 | ||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 19,024 | 19,969 | ||||||||||||
Policy loans, at outstanding balance | 2,500 | 2,726 | ||||||||||||
Other invested assets(1) | 4,622 | 4,203 | ||||||||||||
Short-term investments, net of allowance | 240 | 692 | ||||||||||||
Total Japanese general account investments | $ | 170,552 | $ | 203,137 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Japanese Operations | Japanese Insurance Operations | PFI Excluding Closed Block Division | Closed Block Division | Total(5) | |||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 4.43 | % | $ | 1,686 | 2.70 | % | $ | 943 | 3.60 | % | $ | 2,629 | $ | 341 | $ | 2,970 | |||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 0.00 | 0 | 0.84 | 7 | 0.21 | 7 | 0 | 7 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 1.68 | 9 | 6.75 | 33 | 3.89 | 42 | 9 | 51 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 3.45 | 266 | 3.60 | 174 | 3.51 | 440 | 80 | 520 | |||||||||||||||||||||||||||||||||||||||
Policy loans | 5.02 | 47 | 3.76 | 25 | 4.51 | 72 | 54 | 126 | |||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 1.69 | 51 | 1.45 | 3 | 1.68 | 54 | 2 | 56 | |||||||||||||||||||||||||||||||||||||||
Gross investment income | 4.00 | 2,059 | 2.83 | 1,185 | 3.48 | 3,244 | 486 | 3,730 | |||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.03) | (18) | (0.13) | (63) | (0.08) | (81) | (34) | (115) | |||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 3.97 | % | 2,041 | 2.70 | % | 1,122 | 3.40 | % | 3,163 | 452 | 3,615 | ||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 205 | 62 | 267 | 68 | 335 | ||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | (12) | 0 | (12) | 0 | (12) | ||||||||||||||||||||||||||||||||||||||||||
Total investment income | $ | 2,234 | $ | 1,184 | $ | 3,418 | $ | 520 | $ | 3,938 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Japanese Operations | Japanese Insurance Operations | PFI Excluding Closed Block Division | Closed Block Division | Total(5) | |||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 4.58 | % | $ | 1,753 | 2.72 | % | $ | 976 | 3.68 | % | $ | 2,729 | $ | 391 | $ | 3,120 | |||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 3.01 | 157 | 0.82 | 7 | 2.71 | 164 | 0 | 164 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 1.48 | 10 | 6.66 | 36 | 3.73 | 46 | 12 | 58 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 4.01 | 357 | 3.80 | 189 | 3.93 | 546 | 96 | 642 | |||||||||||||||||||||||||||||||||||||||
Policy loans | 5.22 | 52 | 3.49 | 25 | 4.49 | 77 | 50 | 127 | |||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 0.66 | 18 | 0.52 | 1 | 0.65 | 19 | 1 | 20 | |||||||||||||||||||||||||||||||||||||||
Gross investment income | 4.13 | 2,347 | 2.86 | 1,234 | 3.58 | 3,581 | 550 | 4,131 | |||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.15) | (77) | (0.14) | (62) | (0.15) | (139) | (30) | (169) | |||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 3.98 | % | 2,270 | 2.72 | % | 1,172 | 3.43 | % | 3,442 | 520 | 3,962 | ||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 287 | 122 | 409 | 109 | 518 | ||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | 72 | 0 | 72 | 0 | 72 | ||||||||||||||||||||||||||||||||||||||||||
Total investment income | $ | 2,629 | $ | 1,294 | $ | 3,923 | $ | 629 | $ | 4,552 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Japanese Operations | Japanese Insurance Operations | PFI Excluding Closed Block Division | Closed Block Division | Total(5) | |||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 4.52 | % | $ | 3,468 | 2.70 | % | $ | 1,909 | 3.65 | % | $ | 5,377 | $ | 678 | $ | 6,055 | |||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 2.01 | 123 | 0.97 | 16 | 1.80 | 139 | 0 | 139 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 1.34 | 19 | 3.66 | 37 | 2.29 | 56 | 20 | 76 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 3.55 | 593 | 3.63 | 352 | 3.58 | 945 | 160 | 1,105 | |||||||||||||||||||||||||||||||||||||||
Policy loans | 4.91 | 93 | 3.89 | 51 | 4.49 | 144 | 108 | 252 | |||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 1.05 | 66 | 1.76 | 6 | 1.08 | 72 | 3 | 75 | |||||||||||||||||||||||||||||||||||||||
Gross investment income | 4.01 | 4,362 | 2.80 | 2,371 | 3.47 | 6,733 | 969 | 7,702 | |||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.09) | (89) | (0.14) | (123) | (0.11) | (212) | (64) | (276) | |||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 3.92 | % | 4,273 | 2.66 | % | 2,248 | 3.36 | % | 6,521 | 905 | 7,426 | ||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 584 | 136 | 720 | 169 | 889 | ||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | (19) | 0 | (19) | 0 | (19) | ||||||||||||||||||||||||||||||||||||||||||
Total investment income | $ | 4,838 | $ | 2,384 | $ | 7,222 | $ | 1,074 | $ | 8,296 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Japanese Operations | Japanese Insurance Operations | PFI Excluding Closed Block Division | Closed Block Division | Total(5) | |||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 4.57 | % | $ | 3,540 | 2.69 | % | $ | 1,945 | 3.66 | % | $ | 5,485 | $ | 755 | $ | 6,240 | |||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 2.93 | 305 | 0.98 | 16 | 2.67 | 321 | 0 | 321 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 1.18 | 17 | 3.76 | 40 | 2.29 | 57 | 24 | 81 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 3.94 | 699 | 3.78 | 375 | 3.88 | 1,074 | 181 | 1,255 | |||||||||||||||||||||||||||||||||||||||
Policy loans | 5.14 | 103 | 4.14 | 60 | 4.72 | 163 | 108 | 271 | |||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 0.47 | 26 | 0.45 | 2 | 0.47 | 28 | 1 | 29 | |||||||||||||||||||||||||||||||||||||||
Gross investment income | 4.09 | 4,690 | 2.81 | 2,438 | 3.54 | 7,128 | 1,069 | 8,197 | |||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.15) | (147) | (0.14) | (118) | (0.14) | (265) | (61) | (326) | |||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 3.94 | % | 4,543 | 2.67 | % | 2,320 | 3.40 | % | 6,863 | 1,008 | 7,871 | ||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 543 | 215 | 758 | 207 | 965 | ||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | 98 | 0 | 98 | 0 | 98 | ||||||||||||||||||||||||||||||||||||||||||
Total investment income | $ | 5,184 | $ | 2,535 | $ | 7,719 | $ | 1,215 | $ | 8,934 |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
PFI excluding Closed Block Division: | |||||||||||||||||||||||
Realized investment gains (losses), net: | |||||||||||||||||||||||
(Addition to) release of allowance for credit losses on fixed maturities | $ | 58 | $ | 28 | $ | 16 | $ | 39 | |||||||||||||||
Write-downs on fixed maturities(1) | (60) | 0 | (61) | 0 | |||||||||||||||||||
Net gains (losses) on sales and maturities | (577) | 149 | (913) | 1,199 | |||||||||||||||||||
Fixed maturity securities(2) | (579) | 177 | (958) | 1,238 | |||||||||||||||||||
(Addition to) release of allowance for credit losses on loans | (66) | 45 | (63) | 54 | |||||||||||||||||||
Net gains (losses) on sales and maturities | (10) | 0 | (10) | 1 | |||||||||||||||||||
Commercial mortgage and other loans | (76) | 45 | (73) | 55 | |||||||||||||||||||
Derivatives | (636) | 165 | (745) | 1,007 | |||||||||||||||||||
OTTI losses on other invested assets recognized in earnings | (6) | (6) | (6) | (15) | |||||||||||||||||||
(Addition to) release of allowance for credit losses on other invested assets | 1 | 1 | (1) | 0 | |||||||||||||||||||
Other net gains (losses) | 99 | 28 | 102 | 93 | |||||||||||||||||||
Other | 94 | 23 | 95 | 78 | |||||||||||||||||||
Subtotal | (1,197) | 410 | (1,681) | 2,378 | |||||||||||||||||||
Investment results of other entities and operations(3) | 110 | (40) | 178 | (1) | |||||||||||||||||||
Total — PFI excluding Closed Block Division | (1,087) | 370 | (1,503) | 2,377 | |||||||||||||||||||
Related adjustments(4) | (1,047) | (15) | (1,652) | (728) | |||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (2,134) | 355 | (3,155) | 1,649 | |||||||||||||||||||
Charges related to realized investment gains (losses), net(4) | (216) | 3 | (555) | (236) | |||||||||||||||||||
Realized investment gains (losses), net, and charges related to realized investment gains (losses), net and adjustments | $ | (2,350) | $ | 358 | $ | (3,710) | $ | 1,413 | |||||||||||||||
Closed Block Division: | |||||||||||||||||||||||
Realized investment gains (losses), net: | |||||||||||||||||||||||
(Addition to) release of allowance for credit losses on fixed maturities | $ | 25 | $ | 24 | $ | (10) | $ | 17 | |||||||||||||||
Write-downs on fixed maturities(1) | (26) | 0 | (31) | 0 | |||||||||||||||||||
Net gains (losses) on sales and maturities | (64) | 111 | (56) | 272 | |||||||||||||||||||
Fixed maturity securities(2) | (65) | 135 | (97) | 289 | |||||||||||||||||||
(Addition to) release of allowance for credit losses on loans | (10) | 6 | (9) | 7 | |||||||||||||||||||
Net gains (losses) on sales and maturities | 0 | 0 | 0 | 0 | |||||||||||||||||||
Commercial mortgage and other loans | (10) | 6 | (9) | 7 | |||||||||||||||||||
Derivatives | 13 | 121 | 153 | 39 | |||||||||||||||||||
(Addition to) release of allowance for credit losses on other invested assets | 9 | 1 | 0 | N/A | |||||||||||||||||||
Other net gains (losses) | (7) | 2 | (7) | 2 | |||||||||||||||||||
Other | 2 | 3 | (7) | 2 | |||||||||||||||||||
Subtotal — Closed Block Division | (60) | 265 | 40 | 337 | |||||||||||||||||||
Consolidated PFI realized investment gains (losses), net | $ | (1,147) | $ | 635 | $ | (1,463) | $ | 2,714 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry(1) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ACL | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ACL | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance | $ | 36,978 | $ | 406 | $ | 3,350 | $ | 2 | $ | 34,032 | $ | 37,669 | $ | 3,362 | $ | 175 | $ | 1 | $ | 40,855 | |||||||||||||||||||||||||||||||||||||||
Consumer non-cyclical | 30,273 | 620 | 3,038 | 0 | 27,855 | 30,345 | 3,675 | 182 | 0 | 33,838 | |||||||||||||||||||||||||||||||||||||||||||||||||
Utility | 24,148 | 537 | 2,348 | 20 | 22,317 | 23,617 | 3,076 | 114 | 21 | 26,558 | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital goods | 15,252 | 294 | 1,644 | 23 | 13,879 | 14,556 | 1,352 | 85 | 9 | 15,814 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer cyclical | 9,947 | 243 | 833 | 2 | 9,355 | 10,504 | 1,049 | 52 | 0 | 11,501 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign agencies | 4,312 | 147 | 274 | 0 | 4,185 | 5,204 | 603 | 21 | 0 | 5,786 | |||||||||||||||||||||||||||||||||||||||||||||||||
Energy | 11,020 | 335 | 896 | 0 | 10,459 | 11,487 | 1,336 | 60 | 0 | 12,763 | |||||||||||||||||||||||||||||||||||||||||||||||||
Communications | 6,416 | 269 | 641 | 13 | 6,031 | 6,524 | 1,041 | 53 | 39 | 7,473 | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic industry | 6,574 | 152 | 620 | 6 | 6,100 | 6,385 | 662 | 41 | 1 | 7,005 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 9,352 | 243 | 926 | 10 | 8,659 | 9,532 | 997 | 69 | 19 | 10,441 | |||||||||||||||||||||||||||||||||||||||||||||||||
Technology | 4,178 | 55 | 409 | 0 | 3,824 | 4,723 | 274 | 41 | 3 | 4,953 | |||||||||||||||||||||||||||||||||||||||||||||||||
Industrial other | 4,443 | 92 | 626 | 0 | 3,909 | 4,340 | 540 | 35 | 0 | 4,845 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total corporate securities | 162,893 | 3,393 | 15,605 | 76 | 150,605 | 164,886 | 17,967 | 928 | 93 | 181,832 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government(2) | 71,451 | 6,342 | 3,229 | 3 | 74,561 | 82,752 | 11,741 | 521 | 1 | 93,971 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed(3) | 2,353 | 35 | 119 | 0 | 2,269 | 2,451 | 117 | 13 | 0 | 2,555 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 8,091 | 137 | 198 | 0 | 8,030 | 8,678 | 114 | 10 | 0 | 8,782 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 7,888 | 26 | 320 | 0 | 7,594 | 8,434 | 459 | 15 | 0 | 8,878 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government | 20,742 | 1,865 | 1,708 | 0 | 20,899 | 20,747 | 5,133 | 21 | 0 | 25,859 | |||||||||||||||||||||||||||||||||||||||||||||||||
State & Municipal | 9,990 | 383 | 414 | 0 | 9,959 | 9,992 | 1,667 | 8 | 0 | 11,651 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale(4) | $ | 283,408 | $ | 12,181 | $ | 21,593 | $ | 79 | $ | 273,917 | $ | 297,940 | $ | 37,198 | $ | 1,516 | $ | 94 | $ | 333,528 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry(1) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ACL | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ACL | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance | $ | 419 | $ | 28 | $ | 0 | $ | 447 | $ | 3 | $ | 486 | $ | 49 | $ | 0 | $ | 535 | $ | 5 | |||||||||||||||||||||||||||||||||||||||
Basic industry | 7 | 0 | 0 | 7 | 0 | 9 | 0 | 0 | 9 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total corporate securities | 426 | 28 | 0 | 454 | 3 | 495 | 49 | 0 | 544 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government(2) | 706 | 155 | 0 | 861 | 0 | 833 | 221 | 0 | 1,054 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed(3) | 151 | 9 | 0 | 160 | 0 | 191 | 14 | 0 | 205 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity | $ | 1,283 | $ | 192 | $ | 0 | $ | 1,475 | $ | 3 | $ | 1,519 | $ | 284 | $ | 0 | $ | 1,803 | $ | 5 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation(1) (2) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(3) | ACL | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(3) | ACL | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 194,633 | $ | 10,334 | $ | 12,362 | $ | 0 | $ | 192,605 | $ | 207,926 | $ | 28,904 | $ | 666 | $ | 0 | $ | 236,164 | |||||||||||||||||||||||||||||||||||||||
2 | 70,134 | 1,468 | 7,280 | 0 | 64,322 | 70,437 | 7,283 | 408 | 0 | 77,312 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal High or Highest Quality Securities(4) | 264,767 | 11,802 | 19,642 | 0 | 256,927 | 278,363 | 36,187 | 1,074 | 0 | 313,476 | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 11,516 | 210 | 1,182 | 0 | 10,544 | 12,279 | 716 | 235 | 0 | 12,760 | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 5,193 | 135 | 573 | 0 | 4,755 | 5,475 | 194 | 140 | 9 | 5,520 | |||||||||||||||||||||||||||||||||||||||||||||||||
5 | 1,564 | 26 | 170 | 30 | 1,390 | 1,389 | 68 | 47 | 27 | 1,383 | |||||||||||||||||||||||||||||||||||||||||||||||||
6 | 368 | 8 | 26 | 49 | 301 | 434 | 33 | 20 | 58 | 389 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal Other Securities(5) (6) | 18,641 | 379 | 1,951 | 79 | 16,990 | 19,577 | 1,011 | 442 | 94 | 20,052 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale(7) | $ | 283,408 | $ | 12,181 | $ | 21,593 | $ | 79 | $ | 273,917 | $ | 297,940 | $ | 37,198 | $ | 1,516 | $ | 94 | $ | 333,528 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation(1) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(2) | Fair Value | ACL | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(2) | Fair Value | ACL | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 1,205 | $ | 186 | $ | 0 | $ | 1,391 | $ | 2 | $ | 1,428 | $ | 276 | $ | 0 | $ | 1,704 | $ | 3 | |||||||||||||||||||||||||||||||||||||||
2 | 78 | 6 | 0 | 84 | 1 | 91 | 8 | 0 | 99 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal High or Highest Quality Securities(3) | 1,283 | 192 | 0 | 1,475 | 3 | 1,519 | 284 | 0 | 1,803 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal Other Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity | $ | 1,283 | $ | 192 | $ | 0 | $ | 1,475 | $ | 3 | $ | 1,519 | $ | 284 | $ | 0 | $ | 1,803 | $ | 5 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Asset-Backed Securities(2) | Commercial Mortgage-Backed Securities(3) | Asset-Backed Securities(2) | Commercial Mortgage-Backed Securities(3) | ||||||||||||||||||||||||||||||||||||||||||||
Low Issue Composite Rating(1) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 6,049 | $ | 6,039 | $ | 7,877 | $ | 7,584 | $ | 7,180 | $ | 7,225 | $ | 8,423 | $ | 8,867 | |||||||||||||||||||||||||||||||
AA | 1,809 | 1,718 | 0 | 0 | 1,395 | 1,395 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
A | 147 | 141 | 2 | 2 | 12 | 12 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
BBB | 20 | 20 | 9 | 8 | 18 | 20 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||
BB and below | 66 | 112 | 0 | 0 | 73 | 130 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total(4) | $ | 8,091 | $ | 8,030 | $ | 7,888 | $ | 7,594 | $ | 8,678 | $ | 8,782 | $ | 8,434 | $ | 8,878 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Collateralized Loan Obligations | |||||||||||||||||||||||
Low Issue Composite Rating(1) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||
AAA | $ | 5,267 | $ | 5,267 | $ | 6,361 | $ | 6,388 | |||||||||||||||
AA | 1,759 | 1,667 | 1,295 | 1,292 | |||||||||||||||||||
A | 12 | 11 | 10 | 10 | |||||||||||||||||||
BBB | 13 | 12 | 10 | 10 | |||||||||||||||||||
BB and below | 11 | 9 | 8 | 8 | |||||||||||||||||||
Total(2)(3) | $ | 7,062 | $ | 6,966 | $ | 7,684 | $ | 7,708 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions) | ||||||||||||||
Commercial mortgage and agricultural property loans | $ | 48,099 | $ | 48,550 | ||||||||||
Uncollateralized loans | 485 | 561 | ||||||||||||
Residential property loans | 49 | 67 | ||||||||||||
Other collateralized loans | 107 | 70 | ||||||||||||
Total recorded investment gross of allowance(1) | 48,740 | 49,248 | ||||||||||||
Allowance for credit losses | (170) | (102) | ||||||||||||
Total net commercial mortgage and other loans(2) | $ | 48,570 | $ | 49,146 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Commercial mortgage and agricultural property loans by region: | ||||||||||||||||||||||||||
U.S. Regions(1): | ||||||||||||||||||||||||||
Pacific | $ | 17,565 | 36.4 | % | $ | 17,744 | 36.5 | % | ||||||||||||||||||
South Atlantic | 7,301 | 15.2 | 7,570 | 15.6 | ||||||||||||||||||||||
Middle Atlantic | 5,556 | 11.6 | 5,179 | 10.7 | ||||||||||||||||||||||
East North Central | 2,400 | 5.0 | 2,490 | 5.1 | ||||||||||||||||||||||
West South Central | 5,334 | 11.1 | 4,965 | 10.2 | ||||||||||||||||||||||
Mountain | 1,963 | 4.1 | 2,203 | 4.5 | ||||||||||||||||||||||
New England | 1,338 | 2.8 | 1,409 | 2.9 | ||||||||||||||||||||||
West North Central | 498 | 1.0 | 468 | 1.0 | ||||||||||||||||||||||
East South Central | 1,185 | 2.5 | 1,099 | 2.3 | ||||||||||||||||||||||
Subtotal-U.S. | 43,140 | 89.7 | 43,127 | 88.8 | ||||||||||||||||||||||
Europe | 3,119 | 6.4 | 3,308 | 6.8 | ||||||||||||||||||||||
Asia | 842 | 1.8 | 919 | 1.9 | ||||||||||||||||||||||
Other | 998 | 2.1 | 1,196 | 2.5 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans(2) | $ | 48,099 | 100.0 | % | $ | 48,550 | 100.0 | % |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Commercial mortgage and agricultural property loans by property type: | ||||||||||||||||||||||||||
Industrial | $ | 11,823 | 24.6 | % | $ | 11,773 | 24.3 | % | ||||||||||||||||||
Retail | 4,895 | 10.2 | 5,294 | 10.9 | ||||||||||||||||||||||
Office | 7,963 | 16.6 | 8,454 | 17.4 | ||||||||||||||||||||||
Apartments/Multi-Family | 13,772 | 28.6 | 13,734 | 28.3 | ||||||||||||||||||||||
Agricultural properties | 4,814 | 10.0 | 4,375 | 9.0 | ||||||||||||||||||||||
Hospitality | 1,642 | 3.4 | 1,601 | 3.3 | ||||||||||||||||||||||
Other | 3,190 | 6.6 | 3,319 | 6.8 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans(1) | $ | 48,099 | 100.0 | % | $ | 48,550 | 100.0 | % |
June 30, 2022 | ||||||||||||||||||||||||||
Debt Service Coverage Ratio | ||||||||||||||||||||||||||
> 1.2x | 1.0x to < 1.2x | < 1.0x | Total Commercial Mortgage and Agricultural Property Loans | |||||||||||||||||||||||
Loan-to-Value Ratio | (in millions) | |||||||||||||||||||||||||
0%-59.99% | $ | 22,143 | $ | 982 | $ | 1,283 | $ | 24,408 | ||||||||||||||||||
60%-69.99% | 14,343 | 1,297 | 516 | 16,156 | ||||||||||||||||||||||
70%-79.99% | 5,988 | 584 | 410 | 6,982 | ||||||||||||||||||||||
80% or greater | 127 | 161 | 265 | 553 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | $ | 42,601 | $ | 3,024 | $ | 2,474 | $ | 48,099 |
June 30, 2022 | ||||||||||||||
Gross Carrying Value | % of Total | |||||||||||||
Year of Origination | ($ in millions) | |||||||||||||
2022 | $ | 2,383 | 5.0 | % | ||||||||||
2021 | 7,599 | 15.8 | ||||||||||||
2020 | 3,952 | 8.2 | ||||||||||||
2019 | 7,099 | 14.8 | ||||||||||||
2018 | 6,758 | 14.1 | ||||||||||||
2017 | 4,477 | 9.3 | ||||||||||||
2016 | 4,438 | 9.2 | ||||||||||||
2015 & Prior | 11,247 | 23.3 | ||||||||||||
Revolving Loans | 146 | 0.3 | ||||||||||||
Total commercial mortgage and agricultural property loans | $ | 48,099 | 100.0 | % |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions) | ||||||||||||||
Allowance, beginning of year | $ | 102 | $ | 207 | ||||||||||
Addition to (release of) allowance for credit losses | 63 | (87) | ||||||||||||
Reclassified (to) from “Assets held-for-sale”(1) | 6 | (15) | ||||||||||||
Other | (1) | (3) | ||||||||||||
Allowance, end of period | $ | 170 | $ | 102 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | $ | 776 | $ | 474 | $ | 3 | $ | 1,247 | $ | 1,158 | $ | 699 | $ | 0 | $ | 1,857 | ||||||||||||||||||||||||||||||||||
Other Common Stocks | 1,800 | 887 | 51 | 2,636 | 2,553 | 1,073 | 34 | 3,592 | ||||||||||||||||||||||||||||||||||||||||||
Non-redeemable Preferred Stocks | 124 | 65 | 7 | 182 | 97 | 49 | 8 | 138 | ||||||||||||||||||||||||||||||||||||||||||
Total equity securities, at fair value(1) | $ | 2,700 | $ | 1,426 | $ | 61 | $ | 4,065 | $ | 3,808 | $ | 1,821 | $ | 42 | $ | 5,587 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions) | ||||||||||||||
LPs/LLCs: | ||||||||||||||
Equity method: | ||||||||||||||
Private equity | $ | 5,751 | $ | 5,163 | ||||||||||
Hedge funds | 2,236 | 2,044 | ||||||||||||
Real estate-related | 1,664 | 1,487 | ||||||||||||
Subtotal equity method | 9,651 | 8,694 | ||||||||||||
Fair value: | ||||||||||||||
Private equity | 1,014 | 1,124 | ||||||||||||
Hedge funds | 1,064 | 1,078 | ||||||||||||
Real estate-related | 33 | 34 | ||||||||||||
Subtotal fair value | 2,111 | 2,236 | ||||||||||||
Total LPs/LLCs | 11,762 | 10,930 | ||||||||||||
Real estate held through direct ownership(1) | 743 | 889 | ||||||||||||
Derivative instruments | 204 | 337 | ||||||||||||
Other(2) | 221 | 329 | ||||||||||||
Total other invested assets(3) | $ | 12,930 | $ | 12,485 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions) | ||||||||||||||
Fixed maturities: | ||||||||||||||
Public, available-for-sale, at fair value(1) | $ | 450 | $ | 478 | ||||||||||
Fixed maturities, trading, at fair value(1) | 188 | 213 | ||||||||||||
Equity securities, at fair value | 662 | 699 | ||||||||||||
Commercial mortgage and other loans, at book value(2) | 314 | 1,279 | ||||||||||||
Other invested assets | 4,124 | 4,990 | ||||||||||||
Short-term investments | 7 | 35 | ||||||||||||
Total investments | $ | 5,745 | $ | 7,694 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Equity(1) | $ | 38,413 | $ | 40,552 | |||||||
Junior subordinated debt (including hybrid securities) | 8,604 | 7,619 | |||||||||
Other capital debt | 4,978 | 5,073 | |||||||||
Total capital | $ | 51,995 | $ | 53,244 |
Ratio | |||||
Prudential of Japan consolidated(1) | 806 | % | |||
Gibraltar Life consolidated(2) | 911 | % |
Dividend Amount | Shares Repurchased | ||||||||||||||||||||||
Three months ended: | Per Share | Aggregate | Shares | Total Cost | |||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
March 31, 2022 | $ | 1.20 | $ | 462 | 3.3 | $ | 375 | ||||||||||||||||
June 30, 2022 | $ | 1.20 | $ | 457 | 3.6 | $ | 375 | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Highly Liquid Assets, beginning of period | $ | 3,553 | $ | 5,560 | ||||||||||
Dividends and/or returns of capital from subsidiaries(1) | 144 | 865 | ||||||||||||
Affiliated (borrowings)/loans - (capital activities) | 773 | 786 | ||||||||||||
Capital contributions to subsidiaries(2) | (1,367) | (75) | ||||||||||||
Total Business Capital Activity | (450) | 1,576 | ||||||||||||
Share repurchases(3) | (738) | (1,238) | ||||||||||||
Common stock dividends(4) | (921) | (926) | ||||||||||||
Business dispositions(5) | 4,481 | 450 | ||||||||||||
Total Share Repurchases, Dividends and Business Disposition Activity | 2,822 | (1,714) | ||||||||||||
Proceeds from the issuance of debt | 990 | 0 | ||||||||||||
Repayments of debt | (1) | (1) | ||||||||||||
Total Debt Activity | 989 | (1) | ||||||||||||
Proceeds from stock-based compensation and exercise of stock options | 201 | 204 | ||||||||||||
Net income tax receipts & payments | 183 | (93) | ||||||||||||
Interest paid on external debt | (458) | (486) | ||||||||||||
Affiliated (borrowings)/loans - (operating activities)(6) | 371 | (37) | ||||||||||||
Swap terminations | (26) | (43) | ||||||||||||
Other, net | (117) | (33) | ||||||||||||
Total Other Activity | 154 | (488) | ||||||||||||
Net increase/(decrease) in highly liquid assets | 3,515 | (627) | ||||||||||||
Highly Liquid Assets, end of period | $ | 7,068 | $ | 4,933 |
June 30, 2022 | |||||||||||||||||||||||||||||
Prudential Insurance(1) | PLIC | Pruco Life | Total | December 31, 2021(2) | |||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | 5.4 | $ | 0.9 | $ | 2.1 | $ | 8.4 | $ | 14.0 | |||||||||||||||||||
Fixed maturity investments(3): | |||||||||||||||||||||||||||||
High or highest quality | 107.1 | 29.2 | 14.8 | 151.1 | 214.9 | ||||||||||||||||||||||||
Other than high or highest quality | 7.8 | 2.9 | 1.4 | 12.1 | 16.2 | ||||||||||||||||||||||||
Subtotal | 114.9 | 32.1 | 16.2 | 163.2 | 231.1 | ||||||||||||||||||||||||
Public equity securities, at fair value | 0.3 | 1.7 | 0.2 | 2.2 | 4.2 | ||||||||||||||||||||||||
Total | $ | 120.6 | $ | 34.7 | $ | 18.5 | $ | 173.8 | $ | 249.3 |
June 30, 2022 | |||||||||||||||||||||||||||||
Prudential of Japan | Gibraltar Life(1) | All Other(2) | Total | December 31, 2021 | |||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | 0.7 | $ | 2.0 | $ | 1.5 | $ | 4.2 | $ | 4.9 | |||||||||||||||||||
Fixed maturity investments(3): | |||||||||||||||||||||||||||||
High or highest quality(4) | 33.0 | 70.0 | 9.2 | 112.2 | 138.0 | ||||||||||||||||||||||||
Other than high or highest quality | 0.6 | 1.6 | 2.3 | 4.5 | 5.0 | ||||||||||||||||||||||||
Subtotal | 33.6 | 71.6 | 11.5 | 116.7 | 143.0 | ||||||||||||||||||||||||
Public equity securities | 2.0 | 1.6 | 0.1 | 3.7 | 4.5 | ||||||||||||||||||||||||
Total | $ | 36.3 | $ | 75.2 | $ | 13.1 | $ | 124.6 | $ | 152.4 |
Six Months Ended June 30, | |||||||||||
Cash Settlements: Received (Paid) | 2022 | 2021 | |||||||||
(in millions) | |||||||||||
Income Hedges (External)(1) | $ | 22 | $ | 14 | |||||||
Equity Hedges: | |||||||||||
Internal(2) | 434 | 185 | |||||||||
External | (331) | (18) | |||||||||
Total
Equity Hedges | 103 | 167 | |||||||||
Total Cash Settlements | $ | 125 | $ | 181 | |||||||
Assets (Liabilities): | June 30, 2022 | December 31, 2021 | |||||||||
(in millions) | |||||||||||
Income Hedges (External)(3) | $ | 14 | $ | 47 | |||||||
Equity Hedges: | |||||||||||
Internal(2) | 1,609 | 955 | |||||||||
External | 233 | (20) | |||||||||
Total Equity Hedges(4) | 1,842 | 935 | |||||||||
Total Assets (Liabilities) | $ | 1,856 | $ | 982 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division | Closed Block Division | Consolidated | PFI Excluding Closed Block Division | Closed Block Division | Consolidated | ||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 5,472 | $ | 2,534 | $ | 8,006 | $ | 7,393 | $ | 2,792 | $ | 10,185 | |||||||||||||||||||||||
Cash collateral for loaned securities(1) | 5,682 | 59 | 5,741 | 4,168 | 82 | 4,250 | |||||||||||||||||||||||||||||
Securities sold but not yet purchased | 1 | 0 | 1 | 3 | 0 | 3 | |||||||||||||||||||||||||||||
Total(2)(3) | $ | 11,155 | $ | 2,593 | $ | 13,748 | $ | 11,564 | $ | 2,874 | $ | 14,438 | |||||||||||||||||||||||
Portion of above securities that may be returned to the Company overnight requiring immediate return of the cash collateral | $ | 10,179 | $ | 2,593 | $ | 12,772 | $ | 10,637 | $ | 2,874 | $ | 13,511 | |||||||||||||||||||||||
Weighted average maturity, in days(4) | 15 | N/A | 31 | N/A |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Borrowings: | Prudential Financial | Subsidiaries | Consolidated | Prudential Financial | Subsidiaries | Consolidated | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
General obligation short-term debt: | |||||||||||||||||||||||||||||||||||
Commercial paper | $ | 25 | $ | 362 | $ | 387 | $ | 25 | $ | 395 | $ | 420 | |||||||||||||||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other short-term debt | 0 | 0 | 0 | 0 | 98 | 98 | |||||||||||||||||||||||||||||
Subtotal | 25 | 362 | 387 | 25 | 493 | 518 | |||||||||||||||||||||||||||||
General obligation long-term debt: | |||||||||||||||||||||||||||||||||||
Senior debt | 10,114 | 173 | 10,287 | 10,109 | 173 | 10,282 | |||||||||||||||||||||||||||||
Junior subordinated debt | 8,558 | 46 | 8,604 | 7,564 | 54 | 7,618 | |||||||||||||||||||||||||||||
Surplus notes(1) | 0 | 344 | 344 | 0 | 344 | 344 | |||||||||||||||||||||||||||||
Subtotal | 18,672 | 563 | 19,235 | 17,673 | 571 | 18,244 | |||||||||||||||||||||||||||||
Total general obligations | 18,697 | 925 | 19,622 | 17,698 | 1,064 | 18,762 | |||||||||||||||||||||||||||||
Limited and non-recourse borrowings(2): | |||||||||||||||||||||||||||||||||||
Short-term debt | 0 | 13 | 13 | 0 | 7 | 7 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 0 | 158 | 158 | 0 | 197 | 197 | |||||||||||||||||||||||||||||
Long-term debt | 0 | 377 | 377 | 0 | 378 | 378 | |||||||||||||||||||||||||||||
Total limited and non-recourse borrowings | 0 | 548 | 548 | 0 | 582 | 582 | |||||||||||||||||||||||||||||
Total borrowings | $ | 18,697 | $ | 1,473 | $ | 20,170 | $ | 17,698 | $ | 1,646 | $ | 19,344 |
Surplus Notes | Outstanding as of | |||||||||||||||||||||||||
Credit-Linked Note Structures: | Original Issue Dates | Maturity Dates | Facility Size | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
XXX | 2012-2021 | 2022-2036 | $ | 1,600 | (1) | $ | 1,750 | |||||||||||||||||||
AXXX | 2013 | 2033 | 3,500 | 3,500 | ||||||||||||||||||||||
XXX | 2014-2018 | 2022-2034 | 2,130 | (2) | 2,150 | |||||||||||||||||||||
XXX | 2014-2017 | 2024-2037 | 2,330 | 2,400 | ||||||||||||||||||||||
AXXX | 2017 | 2037 | 1,466 | 2,000 | ||||||||||||||||||||||
XXX | 2018 | 2038 | 920 | 1,600 | ||||||||||||||||||||||
AXXX | 2020 | 2032 | 875 | 1,200 | ||||||||||||||||||||||
Total Credit-Linked Note Structures | $ | 12,821 | $ | 14,600 |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program(2) | Approximate Dollar Value of Shares that May Yet Be Purchased under the Program(2) | ||||||||||||||||||||||
April 1, 2022 through April 30, 2022 | 1,094,162 | $ | 115.93 | 1,078,527 | ||||||||||||||||||||||
May 1, 2022 through May 31, 2022 | 1,208,721 | $ | 103.75 | 1,204,752 | ||||||||||||||||||||||
June 1, 2022 through June 30, 2022 | 1,287,538 | $ | 98.01 | 1,274,581 | ||||||||||||||||||||||
Total | 3,590,421 | 3,557,860 | $ | 750,000,000 |
101.INS - XBRL | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH - XBRL | Taxonomy Extension Schema Document. | ||||
101.CAL - XBRL | Taxonomy Extension Calculation Linkbase Document. | ||||
101.LAB - XBRL | Taxonomy Extension Label Linkbase Document. | ||||
101.PRE - XBRL | Taxonomy Extension Presentation Linkbase Document. | ||||
101.DEF - XBRL | Taxonomy Extension Definition Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Prudential Entities | ||||||||||||||
Assurance IQ | Assurance IQ, LLC | PRIAC | Prudential Retirement Insurance and Annuity Company | |||||||||||
Company | Prudential Financial, Inc. and its subsidiaries | Pruco Life | Pruco Life Insurance Company | |||||||||||
PFI | Prudential Financial, Inc. and its subsidiaries | Prudential | Prudential Financial, Inc. and its subsidiaries | |||||||||||
PGFL | Prudential Gibraltar Financial Life Insurance Co., Ltd. | Prudential Financial | Prudential Financial, Inc. | |||||||||||
PIIH | Prudential International Insurance Holdings, Ltd. | Prudential Funding | Prudential Funding, LLC | |||||||||||
PLIC | Prudential Legacy Insurance Company of New Jersey | Prudential Insurance/PICA | The Prudential Insurance Company of America | |||||||||||
PLNJ | Pruco Life Insurance Company of New Jersey | Prudential of Japan | The Prudential Life Insurance Company, Ltd. | |||||||||||
POA | Prudential of Argentina | Registrant | Prudential Financial, Inc. |
Defined Terms | ||||||||||||||
Board | Prudential Financial's Board of Directors | Morningstar | Morningstar, Inc. | |||||||||||
Closed Block | Certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders' dividends on these products | Other Postretirement Benefits | Certain health care and life insurance benefits provided by the Company for its retired employees, their beneficiaries and covered dependents | |||||||||||
Credit-Linked Note Structures | Agreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes | Pension Benefits | Funded and non-funded non-contributory defined benefit pension plans which cover substantially all of the Company’s employees | |||||||||||
Exchange Act | The Securities Exchange Act of 1934 | PGIM | The global investment management businesses of Prudential Financial, Inc. | |||||||||||
Fitch | Fitch Ratings Inc. | POT | Prudential
Life Insurance Company of Taiwan Inc. | |||||||||||
Fortitude | Fortitude Group Holdings, LLC | Regulation XXX | Valuation of Life Insurance Policies Model Regulation | |||||||||||
Great-West | Great-West Life & Annuity Insurance Company | S&P | Standard & Poor's Rating Services | |||||||||||
Guideline AXXX | The Application of the Valuation of Life Insurance Policies Model Regulation | U.S. GAAP | Generally accepted accounting principles in the United States of America | |||||||||||
Moody's | Moody's Investors Service, Inc. |
Acronyms | ||||||||||||||
ACL | Allowance for Credit Losses | MRB | Market Risk Benefits | |||||||||||
ALM | Asset Liability Management | NAIC | National Association of Insurance Commissioners | |||||||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | NAV | Net Asset Value | |||||||||||
ASC | Accounting Standards Codification | NJDOBI | New Jersey Department of Banking and Insurance | |||||||||||
ASU | Accounting Standards Update | NPR | Non-Performance Risk | |||||||||||
AUD | Australian Dollar | OCI | Other Comprehensive Income (Loss) | |||||||||||
bps | Basis Points | OTC | Over-The-Counter | |||||||||||
CECL | Current Expected Credit Loss | OTTI | Other-Than-Temporary Impairments | |||||||||||
CLO | Collateralized Loan Obligations | PALAC | Prudential Annuities Life Assurance Corporation | |||||||||||
COVID-19 | 2019 Novel Coronavirus | PDI | Prudential Defined Income | |||||||||||
DAC | Deferred Policy Acquisition Costs | RAF | Risk Appetite Framework | |||||||||||
DSI | Deferred Sales Inducements | RBC | Risk-Based Capital | |||||||||||
EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization | SEC | Securities and Exchange Commission | |||||||||||
FASB | Financial Accounting Standards Board | SOFR | Secured Overnight Financing Rate | |||||||||||
FSA | Financial Services Agency (an agency of the Japanese government) | SVO | Securities Valuation Office | |||||||||||
GICs | Guaranteed Investment Contracts | TBA | To Be Announced | |||||||||||
GILTI | Global Intangible Low-Taxed Income | TDR | Troubled Debt Restructuring | |||||||||||
GMDB | Guaranteed Minimum Death Benefits | URR | Unearned Revenue Reserve | |||||||||||
HDI | Highest Daily Lifetime Income | U.S. | The United States of America | |||||||||||
LIBOR | London Inter-Bank Offered Rate | USD | U.S. Dollar | |||||||||||
LPs/LLCs | Limited Partnerships and Limited Liability Companies | VIEs | Variable Interest Entities | |||||||||||
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | VOBA | Value of Business Acquired |
Prudential Financial, Inc. | |||||||||||
By: | /S/ KENNETH
Y. TANJI | ||||||||||
Kenneth Y. Tanji Executive Vice President and Chief Financial Officer (Authorized signatory and principal financial officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/30/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
Filed as of: | 8/5/22 | |||
Filed on: | 8/4/22 | |||
7/31/22 | ||||
7/1/22 | 4 | |||
For Period end: | 6/30/22 | |||
6/1/22 | ||||
5/31/22 | ||||
5/1/22 | ||||
4/30/22 | ||||
4/1/22 | 4, 8-K | |||
3/31/22 | 10-Q, 13F-HR | |||
2/28/22 | 4, 8-K | |||
1/4/22 | 4 | |||
1/1/22 | 4 | |||
12/31/21 | 10-K, 11-K, 13F-HR | |||
6/30/21 | 10-Q, 13F-HR | |||
3/31/21 | 10-Q, 13F-HR | |||
1/1/21 | 4 | |||
12/31/20 | 10-K, 11-K, 13F-HR, 13F-HR/A | |||
7/20/20 | ||||
1/1/20 | 4 | |||
8/15/18 | 8-A12B | |||
7/1/18 | 4 | |||
12/31/16 | 10-K, 11-K, 13F-HR | |||
4/1/15 | 4 | |||
12/18/01 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/10/22 Prudential Financial Inc. 424B2 2:747K Donnelley … Solutions/FA 8/10/22 Prudential Financial Inc. 424B2 8/09/22 2:786K Donnelley … Solutions/FA 8/09/22 Prudential Financial Inc. 424B2 1:722K Donnelley … Solutions/FA 8/08/22 Prudential Financial Inc. 424B2 1:734K Donnelley … Solutions/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/10/20 Prudential Financial Inc. 8-K:5,9 9/08/20 12:376K Donnelley … Solutions/FA 1/22/15 Prudential Financial Inc. 8-K:5,9 1/22/15 2:38K Donnelley … Solutions/FA |