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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at:
 
Primary Underlying Risk Exposure
 
December 31,
 
2016
 
2015
 
 
 
Estimated Fair Value
 
 
 
Estimated Fair Value
 
Gross
Notional
Amount
 
Assets
 
Liabilities
 
Gross
Notional
Amount
 
Assets
 
Liabilities
 
 
 
(In millions)
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
$
5,021

 
$
2,221

 
$
6

 
$
5,108

 
$
2,177

 
$
11

Foreign currency swaps
Foreign currency exchange rate
 
1,221

 
34

 
224

 
2,154

 
62

 
159

Foreign currency forwards
Foreign currency exchange rate
 
1,085

 
—

 
54

 
1,685

 
—

 
52

Subtotal
 
7,327

 
2,255

 
284

 
8,947

 
2,239

 
222

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
2,040

 
325

 
34

 
1,960

 
427

 
—

Interest rate forwards
Interest rate
 
4,032

 
—

 
370

 
70

 
15

 
—

Foreign currency swaps
Foreign currency exchange rate
 
26,680

 
1,877

 
2,054

 
22,607

 
1,157

 
1,800

Subtotal
 
32,752

 
2,202

 
2,458

 
24,637

 
1,599

 
1,800

Foreign operations hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forwards
Foreign currency exchange rate
 
1,394

 
47

 
5

 
3,916

 
63

 
12

Currency options
Foreign currency exchange rate
 
8,878

 
148

 
45

 
7,569

 
205

 
36

Subtotal
 
10,272

 
195

 
50

 
11,485

 
268

 
48

Total qualifying hedges
 
50,351

 
4,652

 
2,792

 
45,069

 
4,106

 
2,070

Derivatives Not Designated or Not Qualifying as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
53,349

 
4,089

 
1,641

 
66,202

 
3,307

 
1,609

Interest rate floors
Interest rate
 
12,101

 
181

 
7

 
16,801

 
278

 
24

Interest rate caps
Interest rate
 
78,358

 
112

 
2

 
55,136

 
67

 
3

Interest rate futures
Interest rate
 
4,793

 
3

 
12

 
5,178

 
2

 
7

Interest rate options
Interest rate
 
5,334

 
628

 
1

 
11,614

 
705

 
25

Interest rate forwards
Interest rate
 
613

 
—

 
25

 
43

 
1

 
—

Interest rate total return swaps
Interest rate
 
1,549

 
2

 
127

 
—

 
—

 
—

Synthetic GICs
Interest rate
 
5,566

 
—

 
—

 
4,216

 
—

 
—

Foreign currency swaps
Foreign currency exchange rate
 
11,651

 
1,445

 
462

 
10,399

 
687

 
431

Foreign currency forwards
Foreign currency exchange rate
 
15,422

 
117

 
977

 
11,539

 
150

 
219

Currency futures
Foreign currency exchange rate
 
915

 
—

 
—

 
930

 
—

 
—

Currency options
Foreign currency exchange rate
 
3,615

 
195

 
17

 
9,590

 
466

 
189

Credit default swaps — purchased
Credit
 
2,001

 
14

 
40

 
1,846

 
28

 
34

Credit default swaps — written
Credit
 
10,732

 
161

 
9

 
8,185

 
65

 
12

Equity futures
Equity market
 
4,457

 
30

 
3

 
3,537

 
26

 
18

Equity index options
Equity market
 
16,527

 
426

 
523

 
11,647

 
510

 
415

Equity variance swaps
Equity market
 
8,263

 
83

 
240

 
8,571

 
75

 
202

Equity total return swaps
Equity market
 
1,046

 
1

 
43

 
989

 
16

 
9

Total non-designated or nonqualifying derivatives
 
236,292

 
7,487

 
4,129

 
226,423

 
6,383

 
3,197

Total
 
$
286,643

 
$
12,139

 
$
6,921

 
$
271,492

 
$
10,489

 
$
5,267
Components of Net Derivatives Gains (Losses)
The components of net derivative gains (losses) were as follows:
 
Years Ended December 31,
 
2016
 
2015
 
2014
 
(In millions)
Freestanding derivatives and hedging gains (losses) (1)
$
(509
)
 
$
429

 
$
800

Embedded derivatives gains (losses)
(365
)
 
116

 
(78
)
Total net derivative gains (losses)
$
(874
)
 
$
545

 
$
722

__________________
(1)
Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships, which are not presented elsewhere in this note.
Earned Income On Derivatives And Income Statement Location
The following table presents earned income on derivatives:
 
Years Ended December 31,
 
2016
 
2015
 
2014
 
(In millions)
Qualifying hedges:
 
 
 
 
 
Net investment income
$
267

 
$
206

 
$
152

Interest credited to policyholder account balances
(1
)
 
27

 
103

Other expenses
(12
)
 
(6
)
 
(3
)
Nonqualifying hedges:
 
 
 
 
 
Net investment income
(1
)
 
(6
)
 
(4
)
Net derivative gains (losses)
705

 
663

 
556

Policyholder benefits and claims
7

 
2

 
7

Total
$
965

 
$
886

 
$
811
Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments
The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or not qualifying as hedging instruments:
 
Net
Derivative
Gains (Losses)
 
Net
Investment
Income (1)
 
Policyholder
Benefits and
Claims (2)
 
(In millions)
Year Ended December 31, 2016
 
 
 
 
 
Interest rate derivatives
$
(990
)
 
$
—

 
$
46

Foreign currency exchange rate derivatives
882

 
—

 
(18
)
Credit derivatives — purchased
(40
)
 
—

 
—

Credit derivatives — written
71

 
—

 
—

Equity derivatives
(681
)
 
(16
)
 
(138
)
Total
$
(758
)
 
$
(16
)
 
$
(110
)
Year Ended December 31, 2015
 
 
 
 
 
Interest rate derivatives
$
(354
)
 
$
—

 
$
—

Foreign currency exchange rate derivatives
502

 
—

 
—

Credit derivatives — purchased
7

 
(3
)
 
—

Credit derivatives — written
(69
)
 
—

 
—

Equity derivatives
(340
)
 
(10
)
 
—

Total
$
(254
)
 
$
(13
)
 
$
—

Year Ended December 31, 2014
 
 
 
 
 
Interest rate derivatives
$
425

 
$
—

 
$
—

Foreign currency exchange rate derivatives
(349
)
 
—

 
—

Credit derivatives — purchased
10

 
—

 
—

Credit derivatives — written
3

 
—

 
—

Equity derivatives
(68
)
 
(10
)
 
(10
)
Total
$
21

 
$
(10
)
 
$
(10
)
__________________
(1)
Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and derivatives held within contractholder-directed unit-linked investments.
(2)
Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items
The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses):
Derivatives in Fair Value
Hedging Relationships
 
Hedged Items in Fair Value
Hedging Relationships
 
Net Derivative
Gains (Losses)
Recognized
for Derivatives
 
Net Derivative
Gains (Losses)
Recognized for
Hedged Items
 
Ineffectiveness
Recognized in
Net Derivative
Gains (Losses)
 
 
 
 
(In millions)
Year Ended December 31, 2016
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
7

 
$
(9
)
 
$
(2
)
 
 
Policyholder liabilities (1)
 
(108
)
 
90

 
(18
)
Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
13

 
(12
)
 
1

 
 
Foreign-denominated policyholder account balances (2)
 
(95
)
 
92

 
(3
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
127

 
(119
)
 
8

Total
 
$
(56
)
 
$
42

 
$
(14
)
Year Ended December 31, 2015
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
4

 
$
(1
)
 
$
3

 
 
Policyholder liabilities (1)
 
(4
)
 
(6
)
 
(10
)
Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
15

 
(7
)
 
8

 
 
Foreign-denominated policyholder account balances (2)
 
(240
)
 
232

 
(8
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
(75
)
 
68

 
(7
)
Total
 
$
(300
)
 
$
286

 
$
(14
)
Year Ended December 31, 2014
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
4

 
$
—

 
$
4

 
 
Policyholder liabilities (1)
 
649

 
(636
)
 
13

Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
13

 
(11
)
 
2

 
 
Foreign-denominated policyholder account balances (2)
 
(283
)
 
270

 
(13
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
(359
)
 
330

 
(29
)
Total
 
$
24

 
$
(47
)
 
$
(23
)
__________________
(1)
Fixed rate liabilities reported in policyholder account balances or future policy benefits.
(2)
Fixed rate or floating rate liabilities.
Derivatives and Non-Derivative Hedging Instruments in Net Investment Hedging Relationships
The following table presents the effects of derivatives in net investment hedging relationships on the consolidated statements of operations and the consolidated statements of equity:
Derivatives in Net Investment Hedging Relationships (1), (2)
 
Amount of Gains (Losses) Deferred in AOCI
(Effective Portion)
 
Years Ended December 31,
 
2016
 
2015
 
2014
 
 
(In millions)
Foreign currency forwards
 
$
(267
)
 
$
255

 
$
407

Currency options
 
(35
)
 
(138
)
 
222

Total
 
$
(302
)
 
$
117

 
$
629

__________________
(1)
During the years ended December 31, 2016 and 2015, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings. In May 2014, the Company sold its interest in MAL, which was a hedged item in a net investment hedging relationship. As a result, during the year ended December 31, 2014, the Company released losses of $77 million from AOCI into earnings upon the sale. See Note 3.
(2)
There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
 
 
December 31,
 
 
2016
 
2015
Rating Agency Designation of Referenced
Credit Obligations (1)
 
Estimated
Fair Value
of Credit
Default
Swaps
 
Maximum
Amount of
Future
Payments under
Credit Default
Swaps
 
Weighted
Average
Years to
Maturity (2)
 
Estimated
Fair Value
of Credit
Default
Swaps
 
Maximum
Amount of
Future
Payments under
Credit Default
Swaps
 
Weighted
Average
Years to
Maturity (2)
 
 
(Dollars in millions)
Aaa/Aa/A
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
$
6

 
$
449

 
3.1

 
$
5

 
$
454

 
3.0

Credit default swaps referencing indices
 
34

 
2,335

 
3.6

 
5

 
1,416

 
3.4

Subtotal
 
40

 
2,784

 
3.5

 
10

 
1,870

 
3.3

Baa
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
5

 
751

 
2.5

 
6

 
940

 
2.9

Credit default swaps referencing indices
 
88

 
6,711

 
5.0

 
29

 
4,619

 
4.8

Subtotal
 
93

 
7,462

 
4.8

 
35

 
5,559

 
4.5

Ba
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
(2
)
 
135

 
4.1

 
(2
)
 
64

 
2.3

Credit default swaps referencing indices
 
—

 
—

 
—

 
(1
)
 
100

 
1.0

Subtotal
 
(2
)
 
135

 
4.1

 
(3
)
 
164

 
1.5

B
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
1

 
70

 
1.8

 
—

 
—

 
—

Credit default swaps referencing indices
 
20

 
281

 
5.0

 
11

 
592

 
4.9

Subtotal
 
21

 
351

 
4.3

 
11

 
592

 
4.9

Total
 
$
152

 
$
10,732

 
4.4

 
$
53

 
$
8,185

 
4.2

__________________
(1)
The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
(2)
The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)
Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or state and political subdivisions.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
 
 
December 31,
 
 
2016
 
2015
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
 
(In millions)
Gross estimated fair value of derivatives:
 
 
 
 
 
 
 
 
OTC-bilateral (1)
 
$
9,976

 
$
5,721

 
$
9,123

 
$
4,123

OTC-cleared (1)
 
2,275

 
1,142

 
1,522

 
1,139

Exchange-traded
 
33

 
15

 
28

 
25

Total gross estimated fair value of derivatives (1)
 
12,284

 
6,878

 
10,673

 
5,287

Amounts offset on the consolidated balance sheets
 
—

 
—

 
—

 
—

Estimated fair value of derivatives presented on the consolidated balance sheets (1)
 
12,284

 
6,878

 
10,673

 
5,287

Gross amounts not offset on the consolidated balance sheets:
 
 
 
 
 
 
 
 
Gross estimated fair value of derivatives: (2)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(3,787
)
 
(3,787
)
 
(2,791
)
 
(2,791
)
OTC-cleared
 
(903
)
 
(903
)
 
(1,130
)
 
(1,130
)
Exchange-traded
 
(5
)
 
(5
)
 
(1
)
 
(1
)
Cash collateral: (3), (4)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(4,244
)
 
(84
)
 
(4,516
)
 
(7
)
OTC-cleared
 
(1,335
)
 
(234
)
 
(370
)
 
(2
)
Exchange-traded
 
—

 
(9
)
 
—

 
(20
)
Securities collateral: (5)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(1,640
)
 
(1,818
)
 
(1,524
)
 
(1,247
)
OTC-cleared
 
—

 
—

 
—

 
—

Exchange-traded
 
—

 
—

 
—

 
(3
)
Net amount after application of master netting agreements and collateral
 
$
370

 
$
38

 
$
341

 
$
86

__________________
(1)
At December 31, 2016 and 2015, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $145 million and $184 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($43) million and $20 million, respectively.
(2)
Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)
Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.
(4)
The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2016 and 2015, the Company received excess cash collateral of $164 million and $88 million, respectively, and provided excess cash collateral of $461 million and $142 million, respectively, which is not included in the table above due to the foregoing limitation.
(5)
Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2016, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At December 31, 2016 and 2015, the Company received excess securities collateral with an estimated fair value of $82 million and $100 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2016 and 2015, the Company provided excess securities collateral with an estimated fair value of $189 million and $114 million, respectively, for its OTC-bilateral derivatives, $544 million and $280 million, respectively, for its OTC-cleared derivatives, and $116 million and $68 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of equity. The table excludes the effects of Brighthouse derivatives prior to the Separation.
Derivatives in Cash Flow
Hedging Relationships
 
Amount of Gains
(Losses)Deferred in
AOCI on Derivatives
 
Amount and Location
of Gains (Losses)
Reclassified from
AOCI into Income (Loss)
 
Amount and Location
of Gains (Losses)
Recognized in Income
(Loss) on Derivatives
 
 
(Effective Portion)
 
(Effective Portion)
 
(Ineffective Portion)
 
 
 
 
Net Derivative
Gains (Losses)
 
Net Investment
Income
 
Other
Expenses
 
Net Derivative
Gains (Losses)
 
 
(In millions)
Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
50

 
$
56

 
$
12

 
$
—

 
$
(1
)
Interest rate forwards
 
(366
)
 
(1
)
 
4

 
1

 
—

Foreign currency swaps
 
589

 
(350
)
 
(2
)
 
2

 
1

Credit forwards
 
—

 
3

 
1

 
—

 
—

Total
 
$
273

 
$
(292
)
 
$
15

 
$
3

 
$
—

Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
76

 
$
84

 
$
11

 
$
—

 
$
2

Interest rate forwards
 
(3
)
 
4

 
3

 
2

 
—

Foreign currency swaps
 
(194
)
 
(720
)
 
(1
)
 
1

 
9

Credit forwards
 
—

 
1

 
—

 
—

 
—

Total
 
$
(121
)
 
$
(631
)
 
$
13

 
$
3

 
$
11

Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
591

 
$
41

 
$
8

 
$
—

 
$
3

Interest rate forwards
 
31

 
(8
)
 
3

 
2

 
—

Foreign currency swaps
 
(205
)
 
(762
)
 
(2
)
 
2

 
1

Credit forwards
 
—

 
—

 
1

 
—

 
—

Total
 
$
417

 
$
(729
)
 
$
10

 
$
4

 
$
4
Schedule of Derivative Instruments
OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.
 
 
December 31,
 
 
2016
 
2015
 
 
Derivatives Subject to Credit-Contingent Provisions
 
Derivatives Not Subject to Credit-Contingent Provisions
 
Total
 
Derivatives Subject to Credit-Contingent Provisions
 
Derivatives Not Subject to Credit-Contingent Provisions
 
Total
 
 
(In millions)
Estimated Fair Value of Derivatives in a Net Liability Position (1)
 
$
1,909

 
$
25

 
$
1,934

 
$
1,122

 
$
207

 
$
1,329

Estimated Fair Value of Collateral Provided:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities
 
$
1,965

 
$
31

 
$
1,996

 
$
1,186

 
$
174

 
$
1,360

Cash
 
$
91

 
$
—

 
$
91

 
$
4

 
$
4

 
$
8

Estimated Fair Value of Incremental Collateral Provided Upon:
 
 
 
 
 
 
 
 
 
 
 
 
One-notch downgrade in the Company’s credit or financial strength rating, as applicable
 
$
6

 
$
—

 
$
6

 
$
1

 
$
—

 
$
1

Downgrade in the Company’s credit or financial strength rating, as applicable, to a level that triggers full overnight collateralization or termination of the derivative position
 
$
9

 
$
—

 
$
9

 
$
1

 
$
—

 
$
1

__________________
(1)
After taking into consideration the existence of netting agreements.
Embedded Derivative Financial Instruments [Member]  
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents changes in estimated fair value related to embedded derivatives:
 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
 
(In millions)
Net derivative gains (losses) (1)
 
$
(365
)
 
$
116

 
$
(78
)
__________________
(1)
The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were $293 million, $139 million and ($46) million for the years ended December 31, 2016, 2015 and 2014, respectively.
Schedule of Derivative Instruments
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
 
 
 
 
December 31,
 
 
Balance Sheet Location
 
2016
 
2015
 
 
 
 
(In millions)
Embedded derivatives within asset host contracts:
 
 
 
 
 
 
Ceded guaranteed minimum benefits
 
Premiums, reinsurance and other receivables
 
$
143

 
$
118

Options embedded in debt or equity securities
 
Investments
 
(88
)
 
(157
)
Embedded derivatives within asset host contracts
 
$
55

 
$
(39
)
Embedded derivatives within liability host contracts:
 
 
 
 
Direct guaranteed minimum benefits
 
Policyholder account balances and Future policy benefits
 
$
361

 
$
(155
)
Assumed guaranteed minimum benefits
 
Policyholder account balances
 
1,205

 
965

Funds withheld on ceded reinsurance
 
Other liabilities
 
(30
)
 
(14
)
Fixed annuities with equity indexed returns
 
Policyholder account balances
 
18

 
(3
)
Embedded derivatives within liability host contracts
 
$
1,554

 
$
793