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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
Primary Underlying Risk ExposureDecember 31,
20202019
Estimated Fair ValueEstimated Fair Value
Gross
Notional
Amount		AssetsLiabilitiesGross
Notional
Amount		AssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps
Interest rate
$3,186 $3,224 $4 $2,369 $2,667 $2 
Foreign currency swaps
Foreign currency exchange rate
1,106 8 78 1,304 16 17 
Foreign currency forwards
Foreign currency exchange rate
1,936 24 — 2,336 1 40 
Subtotal
6,228 3,256 82 6,009 2,684 59 
Cash flow hedges:
Interest rate swaps
Interest rate
4,750 44 — 3,675 145 27 
Interest rate forwards
Interest rate
7,377 513 120 7,364 83 144 
Foreign currency swaps
Foreign currency exchange rate
38,604 1,549 2,017 36,983 1,627 1,430 
Subtotal
50,731 2,106 2,137 48,022 1,855 1,601 
NIFO hedges:
Foreign currency forwards
Foreign currency exchange rate
164 — 3 1,059 — 10 
Currency options
Foreign currency exchange rate
3,600 70 — 4,200 33 91 
Subtotal
3,764 70 3 5,259 33 101 
Total qualifying hedges
60,723 5,432 2,222 59,290 4,572 1,761 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps
Interest rate
49,561 3,683 38 58,083 2,867 185 
Interest rate floors
Interest rate
12,701 350 — 12,701 155 — 
Interest rate caps
Interest rate
40,730 13 — 42,622 18 5 
Interest rate futures
Interest rate
1,498 — 2 2,423 2 3 
Interest rate options
Interest rate
17,746 502 5 27,344 764 1 
Interest rate forwards
Interest rate
351 — 10 129 1 2 
Interest rate total return swaps
Interest rate
1,048 — 59 1,048 5 49 
Synthetic GICs
Interest rate
38,646 — — 30,341 — — 
Foreign currency swaps
Foreign currency exchange rate
13,265 603 693 13,699 644 461 
Foreign currency forwards
Foreign currency exchange rate
15,643 209 310 13,507 50 393 
Currency futures
Foreign currency exchange rate
914 3 — 880 7 — 
Currency options
Foreign currency exchange rate
1,350 — — 1,801 — — 
Credit default swaps — purchased
Credit
2,978 9 121 2,944 4 102 
Credit default swaps — written
Credit
9,609 196 — 11,520 272 1 
Equity futures
Equity market
5,427 14 38 4,540 6 8 
Equity index options
Equity market
22,954 834 437 27,105 694 677 
Equity variance swaps
Equity market
716 15 12 1,115 23 19 
Equity total return swaps
Equity market
3,294 3 282 761 — 70 
Total non-designated or nonqualifying derivatives
238,431 6,434 2,007 252,563 5,512 1,976 
Total
$299,154 $11,866 $4,229 $311,853 $10,084 $3,737 
Components of Net Derivatives Gains (Losses) The following table presents the consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:
Year Ended December 31, 2020
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims		Interest
Credited to
Policyholder
Account
Balances		Other
Expenses		OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$(10)$— $— $360 $— $— N/A
Hedged items
12 — — (399)— — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(46)98 — — — — N/A
Hedged items
44 (93)— — — — N/A
Amount excluded from the assessment of hedge effectiveness
— (47)— — — — N/A
Subtotal
— (42)— (39)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$1,277 
Amount of gains (losses) reclassified from AOCI into income
36 121 — — — 2 (159)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(445)
Amount of gains (losses) reclassified from AOCI into income
4 851 — — — 2 (857)
Foreign currency transaction gains (losses) on hedged items
— (765)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(102)
Amount of gains (losses) reclassified from AOCI into income
— — — — — — — 
Subtotal
40 207 — — — 4 (286)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A36 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A(20)
Subtotal
N/AN/AN/AN/AN/AN/A16 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
(6)— 2,149 55 — — N/A
Foreign currency exchange rate derivatives (1)
— — (323)(3)— — N/A
Credit derivatives — purchased (1)
— — (28)— — — N/A
Credit derivatives — written (1)
— — (106)— — — N/A
Equity derivatives (1)
(28)— (1,151)(203)— — N/A
Foreign currency transaction gains (losses) on hedged items
— — (8)— — — N/A
Subtotal
(34)— 533 (151)— — N/A
Earned income on derivatives
217 — 926 190 (152)— — 
Embedded derivatives (2)
N/AN/A(110)— N/AN/AN/A
Total
$223 $165 $1,349 $— $(152)$4 $(270)
Year Ended December 31, 2019
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims		Interest
Credited to
Policyholder
Account
Balances		Other
Expenses		OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$(3)$— $— $339 $1 $— N/A
Hedged items
4 — — (369)— — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(55)24 — — — — N/A
Hedged items
56 (23)— — — — N/A
Amount excluded from the assessment of hedge effectiveness
— (72)— — — — N/A
Subtotal
2 (71)— (30)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$622 
Amount of gains (losses) reclassified from AOCI into income
23 4 — — — 2 (29)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(278)
Amount of gains (losses) reclassified from AOCI into income
(4)240 — — — 2 (238)
Foreign currency transaction gains (losses) on hedged items
— (236)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A6 
Amount of gains (losses) reclassified from AOCI into income
1 — — — — — (1)
Subtotal
20 8 — — — 4 82 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A(32)
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A(4)
Subtotal
N/AN/AN/AN/AN/AN/A(36)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
(3)— 1,263 39 — — N/A
Foreign currency exchange rate derivatives (1)
— — (346)2 — — N/A
Credit derivatives — purchased (1)
— — (38)— — — N/A
Credit derivatives — written (1)
— — 248 — — — N/A
Equity derivatives (1)
— — (1,339)(205)— — N/A
Foreign currency transaction gains (losses) on hedged items
— — 55 — — — N/A
Subtotal
(3)— (157)(164)— — N/A
Earned income on derivatives
237 — 513 138 (147)— — 
Embedded derivatives (2)
N/AN/A272 — N/AN/AN/A
Total
$256 $(63)$628 $(56)$(146)$4 $46 
Year Ended December 31, 2018
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims		Interest
Credited to
Policyholder
Account
Balances		Other
Expenses		OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$— $— $(220)$— $— $— N/A
Hedged items
— — 226 — — — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
— — 156 — — — N/A
Hedged items
— — (150)— — — N/A
Amount excluded from the assessment of hedge effectiveness
— — (58)— — — N/A
Subtotal
— — (46)— — — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(257)
Amount of gains (losses) reclassified from AOCI into income
20 — 21 — — 1 (42)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A414 
Amount of gains (losses) reclassified from AOCI into income
(5)— (558)— — 2 561 
Foreign currency transaction gains (losses) on hedged items
— — 569 — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income
1 — 1 — — — (2)
Subtotal
16 — 33 — — 3 674 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A(125)
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A— 
Subtotal
N/AN/AN/AN/AN/AN/A(125)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
4 — (158)(6)— — N/A
Foreign currency exchange rate derivatives (1)
— — 518 (6)— — N/A
Credit derivatives — purchased (1)
— — 6 — — — N/A
Credit derivatives — written (1)
— — (132)— — — N/A
Equity derivatives (1)
1 — 360 60 — — N/A
Foreign currency transaction gains (losses) on hedged items
— — (127)— — — N/A
Subtotal
5 — 467 48 — — N/A
Earned income on derivatives
360 — 547 11 (113)(11)— 
Embedded derivatives (2)
N/AN/A(150)— N/AN/AN/A
Total
$381 $— $851 $59 $(113)$(8)$549 
__________________
(1)Excludes earned income on derivatives.
(2)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 ($10) million, ($116) million and $133 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
Balance Sheet Line ItemCarrying Amount
of the Hedged
Assets/(Liabilities)		Cumulative Amount
of Fair Value Hedging Adjustments
Included in the Carrying Amount of Hedged
Assets/(Liabilities) (1)
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
(In millions)
Fixed maturity securities AFS$2,699 $2,736 $(1)$(1)
Mortgage loans$952 $1,159 $20 $2 
Future policy benefits$(5,512)$(4,475)$(1,307)$(908)
__________________
(1)Includes ($1) million of hedging adjustments on discontinued hedging relationships at both December 31, 2020 and 2019.
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,
20202019
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)
$5 $208 2.7$4 $298 1.7
Credit default swaps referencing indices
27 1,779 2.535 2,175 2.2
Subtotal
32 1,987 2.539 2,473 2.2
Baa
Single name credit default swaps (3)
3 249 2.53 216 1.5
Credit default swaps referencing indices
156 7,318 5.5203 8,539 5.0
Subtotal
159 7,567 5.4206 8,755 4.9
Ba
Single name credit default swaps (3)
— — — — 9 5.0
Subtotal
— — — — 9 5.0
B
Single name credit default swaps (3)
— — — — 10 0.5
Credit default swaps referencing indices
5 55 5.026 273 5.0
Subtotal
5 55 5.026 283 4.8
Total
$196 $9,609 4.8$271 $11,520 4.3
__________________
(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 municipals.
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,
20202019
Derivatives Subject to a Master Netting Arrangement or a Similar ArrangementAssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$11,348 $4,111 $9,574 $3,624 
OTC-cleared (1)
593 20 606 81 
Exchange-traded
17 40 15 11 
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1)
11,958 4,171 10,195 3,716 
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(2,926)(2,926)(2,664)(2,664)
OTC-cleared
(7)(7)(38)(38)
Exchange-traded
— — (2)(2)
Cash collateral: (3), (4)
OTC-bilateral
(6,842)— (5,317)— 
OTC-cleared
(530)(5)(560)(4)
Exchange-traded
— (23)— (5)
Securities collateral: (5)
OTC-bilateral
(1,453)(1,100)(1,521)(935)
OTC-cleared
— (1)— (39)
Exchange-traded
— (1)— (4)
Net amount after application of master netting agreements and collateral
$200 $108 $93 $25 
__________________
(1)At December 31, 2020 and 2019, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $92 million and $111 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($58) million and ($21) 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, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, 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, 2020 and 2019, the Company received excess cash collateral of $265 million and $389 million, respectively, and provided excess cash collateral of $238 million and $266 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, 2020, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS 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, 2020 and 2019, the Company received excess securities collateral with an estimated fair value of $231 million and $156 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2020 and 2019, the Company provided excess securities collateral with an estimated fair value of $269 million and $189 million, respectively, for its OTC-bilateral derivatives, $2.1 billion and $1.0 billion, respectively, for its OTC-cleared derivatives, and $318 million and $143 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 Derivative Instruments
December 31,
20202019
Derivatives Subject to Credit-Contingent ProvisionsDerivatives Not Subject to Credit-Contingent ProvisionsTotalDerivatives Subject to Credit-Contingent ProvisionsDerivatives Not Subject to Credit-Contingent ProvisionsTotal
(In millions)
Estimated fair value of derivatives in a net liability position (1)$1,182 $3 $1,185 $874 $85 $959 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$1,222 $2 $1,224 $983 $80 $1,063 
__________________
(1)After taking into consideration the existence of netting agreements.
Net Embedded Derivatives  
Derivative Instruments, Gain (Loss) [Line Items]  
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 Location20202019
(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefitsPremiums, reinsurance and other receivables$55 $60 
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefitsPolicyholder account balances$651 $312 
Assumed guaranteed minimum benefitsPolicyholder account balances283 312 
Funds withheld on ceded reinsuranceOther liabilities100 36 
Fixed annuities with equity indexed returnsPolicyholder account balances138 130 
Other guaranteesPolicyholder account balances24 12 
Embedded derivatives within liability host contracts$1,196 $802