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Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

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 Exposure	December 31,
		2021						2020
				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	$	3,550	$	2,164	$	6	$	3,186	$	3,224	$	4
Foreign currency swaps	Foreign currency exchange rate	801		11		23		1,106		8		78
Foreign currency forwards	Foreign currency exchange rate	1,636		—		58		1,936		24		—
Subtotal		5,987		2,175		87		6,228		3,256		82
Cash flow hedges:
Interest rate swaps	Interest rate	4,117		6		1		4,750		44		—
Interest rate forwards	Interest rate	6,889		89		119		7,377		513		120
Foreign currency swaps	Foreign currency exchange rate	41,095		1,600		1,557		38,604		1,549		2,017
Subtotal		52,101		1,695		1,677		50,731		2,106		2,137
NIFO hedges:
Foreign currency forwards	Foreign currency exchange rate	—		—		—		164		—		3
Currency options	Foreign currency exchange rate	3,000		139		—		3,600		70		—
Subtotal		3,000		139		—		3,764		70		3
Total qualifying hedges		61,088		4,009		1,764		60,723		5,432		2,222
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	38,860		3,644		115		49,561		3,683		38
Interest rate floors	Interest rate	7,701		145		—		12,701		350		—
Interest rate caps	Interest rate	65,559		124		—		40,730		13		—
Interest rate futures	Interest rate	1,615		4		—		1,498		—		2
Interest rate options	Interest rate	11,754		493		10		17,746		502		5
Interest rate forwards	Interest rate	374		—		26		351		—		10
Interest rate total return swaps	Interest rate	1,048		9		4		1,048		—		59
Synthetic GICs	Interest rate	40,121		—		—		38,646		—		—
Foreign currency swaps	Foreign currency exchange rate	12,787		768		614		13,265		603		693
Foreign currency forwards	Foreign currency exchange rate	16,230		36		666		15,643		209		310
Currency futures	Foreign currency exchange rate	839		—		2		914		3		—
Currency options	Foreign currency exchange rate	900		—		—		1,350		—		—
Credit default swaps — purchased	Credit	3,042		13		113		2,978		9		121
Credit default swaps — written	Credit	8,626		177		12		9,609		196		—
Equity futures	Equity market	4,204		12		5		5,427		14		38
Equity index options	Equity market	29,743		1,004		458		22,954		834		437
Equity variance swaps	Equity market	699		17		13		716		15		12
Equity total return swaps	Equity market	3,025		11		50		3,294		3		282
Total non-designated or nonqualifying derivatives		247,127		6,457		2,088		238,431		6,434		2,007
Total		$	308,215	$	10,466	$	3,852	$	299,154	$	11,866	$	4,229

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, 2021
	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)	$	6	$	—	$	—	$	(456)	$	—	$	—	N/A
Hedged items	(6)		—		—		406		—		—		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	50		(191)		—		—		—		—		N/A
Hedged items	(44)		185		—		—		—		—		N/A
Amount excluded from the assessment of hedge effectiveness	—		—		—		—		—		—		N/A
Subtotal	6		(6)		—		(50)		—		—		N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		$	(599)
Amount of gains (losses) reclassified from AOCI into income	56		84		—		—		—		3		(143)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		500
Amount of gains (losses) reclassified from AOCI into income	8		(403)		—		—		—		2		393
Foreign currency transaction gains (losses) on hedged items	—		401		—		—		—		—		—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		N/A		(14)
Amount of gains (losses) reclassified from AOCI into income	—		—		—		—		—		—		—
Subtotal	64		82		—		—		—		5		137
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)	N/A		N/A		N/A		N/A		N/A		N/A		97
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		42
Subtotal	N/A		N/A		N/A		N/A		N/A		N/A		139
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	2		—		(1,992)		(49)		—		—		N/A
Foreign currency exchange rate derivatives (1)	—		—		(986)		2		—		—		N/A
Credit derivatives — purchased (1)	—		—		9		—		—		—		N/A
Credit derivatives — written (1)	—		—		41		—		—		—		N/A
Equity derivatives (1)	(56)		—		(1,280)		(302)		—		—		N/A
Foreign currency transaction gains (losses) on hedged items	—		—		249		—		—		—		N/A
Subtotal	(54)		—		(3,959)		(349)		—		—		N/A
Earned income on derivatives	151		—		984		213		(159)		—		—
Embedded derivatives (2)	N/A		N/A		747		—		N/A		N/A		N/A
Total	$	167	$	76	$	(2,228)	$	(186)	$	(159)	$	5	$	276


	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/A		N/A		N/A		N/A		N/A		N/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/A		N/A		N/A		N/A		N/A		N/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/A		N/A		N/A		N/A		N/A		N/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/A		N/A		N/A		N/A		N/A		N/A		36
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		(20)
Subtotal	N/A		N/A		N/A		N/A		N/A		N/A		16
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/A		N/A		(110)		—		N/A		N/A		N/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/A		N/A		N/A		N/A		N/A		N/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/A		N/A		N/A		N/A		N/A		N/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/A		N/A		N/A		N/A		N/A		N/A		6
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/A		N/A		N/A		N/A		N/A		N/A		(32)
Non-derivative hedging instruments	N/A		N/A		N/A		N/A		N/A		N/A		(4)
Subtotal	N/A		N/A		N/A		N/A		N/A		N/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/A		N/A		272		—		N/A		N/A		N/A
Total	$	256	$	(63)	$	628	$	(56)	$	(146)	$	4	$	46

__________________

(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 ($17) million, ($10) million and ($116) million for the years ended December 31, 2021, 2020 and 2019, 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 Item	Carrying 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, 2021		December 31, 2020		December 31, 2021		December 31, 2020
	(In millions)
Fixed maturity securities AFS	$	2,164	$	2,699	$	(1)	$	(1)
Mortgage loans	$	634	$	952	$	3	$	20
Future policy benefits	$	(4,735)	$	(5,512)	$	(877)	$	(1,307)

__________________

(1)Includes ($161) million and ($1) million of hedging adjustments on discontinued hedging relationships at December 31, 2021 and 2020, respectively.

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,
	2021					2020
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)	$	4	$	159	3.1	$	5	$	208	2.7
Credit default swaps referencing indices	17		1,191		2.5	27		1,779		2.5
Subtotal	21		1,350		2.6	32		1,987		2.5
Baa
Single name credit default swaps (3)	2		101		3.4	3		249		2.5
Credit default swaps referencing indices	146		6,988		5.0	156		7,318		5.5
Subtotal	148		7,089		5.0	159		7,567		5.4
Ba
Single name credit default swaps (3)	1		82		1.2	—		—		—
Credit default swaps referencing indices	(1)		20		5.0	—		—		—
Subtotal	—		102		2.0	—		—		—
B

Credit default swaps referencing indices	5		55		4.0	5		55		5.0
Subtotal	5		55		4.0	5		55		5.0
Caa3
Credit default swaps referencing indices	(9)		30		4.5	—		—		—
Subtotal	(9)		30		4.5	—		—		—
Total	$	165	$	8,626	4.6	$	196	$	9,609	4.8

__________________

(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,
	2021				2020
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)	$	10,132	$	3,798	$	11,348	$	4,111
OTC-cleared (1)	448		24		593		20
Exchange-traded	16		7		17		40
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1)	10,596		3,829		11,958		4,171
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,204)		(2,204)		(2,926)		(2,926)
OTC-cleared	(6)		(6)		(7)		(7)
Exchange-traded	(2)		(2)		—		—
Cash collateral: (3), (4)
OTC-bilateral	(6,948)		—		(6,842)		—
OTC-cleared	(421)		(13)		(530)		(5)
Exchange-traded	—		(3)		—		(23)
Securities collateral: (5)
OTC-bilateral	(891)		(1,473)		(1,453)		(1,100)
OTC-cleared	—		(5)		—		(1)
Exchange-traded	—		(2)		—		(1)
Net amount after application of master netting agreements and collateral	$	124	$	121	$	200	$	108

__________________

(1)At December 31, 2021 and 2020, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $130 million and $92 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($23) million and ($58) 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. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(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, 2021 and 2020, the Company received excess cash collateral of $172 million and $265 million, respectively, and provided excess cash collateral of $126 million and $238 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, 2021, 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, 2021 and 2020, the Company received excess securities collateral with an estimated fair value of $160 million and $231 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2021 and 2020, the Company provided excess securities collateral with an estimated fair value of $243 million and $269 million, respectively, for its OTC-bilateral derivatives, $1.2 billion and $2.1 billion, respectively, for its OTC-cleared derivatives, and $185 million and $318 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,
	2021						2020
	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)	$	1,386	$	209	$	1,595	$	1,182	$	3	$	1,185
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	1,370	$	221	$	1,591	$	1,222	$	2	$	1,224

__________________

(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 Location	2021		2020
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	38	$	55
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	324	$	651
Assumed guaranteed minimum benefits	Policyholder account balances	98		283
Funds withheld on ceded reinsurance	Other liabilities	57		100
Fixed annuities with equity indexed returns	Policyholder account balances	165		138
Other guarantees	Policyholder account balances	5		24
Embedded derivatives within liability host contracts		$	649	$	1,196

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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