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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Primary Risks Managed by Derivatives
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:
June 30, 2022December 31, 2021
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swapsInterest rate$4,331 $1,683 $313 $3,550 $2,164 $6 
Foreign currency swapsForeign currency exchange rate735 81 — 801 11 23 
Foreign currency forwardsForeign currency exchange rate1,536 — 154 1,636 — 58 
Subtotal6,602 1,764 467 5,987 2,175 87 
Cash flow hedges:
Interest rate swapsInterest rate3,778 14 — 4,117 6 1 
Interest rate forwardsInterest rate8,042 — 958 6,889 89 119 
Foreign currency swapsForeign currency exchange rate42,653 3,159 1,938 41,095 1,600 1,557 
Subtotal54,473 3,173 2,896 52,101 1,695 1,677 
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwardsForeign currency exchange rate249 25 — — — — 
Currency optionsForeign currency exchange rate3,000 319 — 3,000 139 — 
Subtotal3,249 344 — 3,000 139 — 
Total qualifying hedges64,324 5,281 3,363 61,088 4,009 1,764 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate33,956 2,006 887 38,860 3,644 115 
Interest rate floorsInterest rate8,351 35 — 7,701 145 — 
Interest rate capsInterest rate66,410 739 — 65,559 124 — 
Interest rate futuresInterest rate1,106 1 7 1,615 4 — 
Interest rate optionsInterest rate20,304 553 43 11,754 493 10 
Interest rate forwardsInterest rate450 — 102 374 — 26 
Interest rate total return swapsInterest rate1,048 — 109 1,048 9 4 
Synthetic GICsInterest rate44,841 — — 40,121 — — 
Foreign currency swapsForeign currency exchange rate13,392 1,426 466 12,787 768 614 
Foreign currency forwardsForeign currency exchange rate18,043 150 1,330 16,230 36 666 
Currency futuresForeign currency exchange rate727 3 — 839 — 2 
Currency optionsForeign currency exchange rate— — — 900 — — 
Credit default swaps — purchasedCredit2,993 28 84 3,042 13 113 
Credit default swaps — writtenCredit11,786 35 84 8,626 177 12 
Equity futuresEquity market3,592 38 8 4,204 12 5 
Equity index optionsEquity market26,013 1,065 360 29,743 1,004 458 
Equity variance swapsEquity market692 17 12 699 17 13 
Equity total return swapsEquity market3,060 206 — 3,025 11 50 
Total non-designated or nonqualifying derivatives256,764 6,302 3,492 247,127 6,457 2,088 
Total$321,088 $11,583 $6,855 $308,215 $10,466 $3,852 
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:
Three Months Ended June 30, 2022
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 $— $— $(408)$(10)$— N/A
Hedged items(4)— — 388 9 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)61 (170)— — — — N/A
Hedged items(61)165 — — — — N/A
Amount excluded from the assessment of hedge effectiveness— 28 — — — — N/A
Subtotal
(1)23 — (20)(1)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(903)
Amount of gains (losses) reclassified from AOCI into income16 42 — — — 1 (59)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A749 
Amount of gains (losses) reclassified from AOCI into income1 (690)— — — 1 688 
Foreign currency transaction gains (losses) on hedged items— 682 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
17 34 — — — 2 475 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A168 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A37 
Subtotal
N/AN/AN/AN/AN/AN/A205 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)2 — (1,494)(27)— — N/A
Foreign currency exchange rate derivatives (1)1 — (664)(1)— — N/A
Credit derivatives — purchased (1)— — 46 — — — N/A
Credit derivatives — written (1)— — (195)— — — N/A
Equity derivatives (1)36 — 590 187 — — N/A
Foreign currency transaction gains (losses) on hedged items— — 176 — — — N/A
Subtotal
39 — (1,541)159 — — N/A
Earned income on derivatives140 — 249 46 (37)— — 
Embedded derivatives (2)N/AN/A97 — N/AN/AN/A
Total
$195 $57 $(1,195)$185 $(38)$2 $680 
Three Months Ended June 30, 2021
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
Policyholder
Account
Balances
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— $— $237 $— $— N/A
Hedged items1 — — (242)— — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)(1)(7)— — — — N/A
Hedged items1 7 — — — — N/A
Amount excluded from the assessment of hedge effectiveness— (2)— — — — N/A
Subtotal
1 (2)— (5)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$510 
Amount of gains (losses) reclassified from AOCI into income15 19 — — — — (34)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A322 
Amount of gains (losses) reclassified from AOCI into income1 95 — — — 1 (97)
Foreign currency transaction gains (losses) on hedged items— (95)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(4)
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
16 19 — — — 1 697 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A17 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A2 
Subtotal
N/AN/AN/AN/AN/AN/A19 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— — 636 8 — — N/A
Foreign currency exchange rate derivatives (1)— — (123)— — — N/A
Credit derivatives — purchased (1)— — (7)— — — N/A
Credit derivatives — written (1)— — 30 — — — N/A
Equity derivatives (1)(15)— (363)(103)— — N/A
Foreign currency transaction gains (losses) on hedged items— — 7 — — — N/A
Subtotal
(15)— 180 (95)— — N/A
Earned income on derivatives27 — 245 52 (38)— — 
Embedded derivatives (2)N/AN/A(4)— N/AN/AN/A
Total
$29 $17 $421 $(48)$(38)$1 $716 
Six Months Ended June 30, 2022
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)
$7 $— $— $(860)$(10)$— N/A
Hedged items
(8)— — 823 9 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
93 (251)— — — — N/A
Hedged items
(91)245 — — — — N/A
Amount excluded from the assessment of hedge effectiveness
— 61 — — — — N/A
Subtotal
1 55 — (37)(1)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(1,667)
Amount of gains (losses) reclassified from AOCI into income
31 60 — — — 2 (93)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A1,201 
Amount of gains (losses) reclassified from AOCI into income
3 (838)— — — 1 834 
Foreign currency transaction gains (losses) on hedged items
— 828 — — — — — 
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
— — — — — — — 
Subtotal
34 50 — — — 3 275 
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A211 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A56 
Subtotal
N/AN/AN/AN/AN/AN/A267 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
3 — (2,831)(56)— — N/A
Foreign currency exchange rate derivatives (1)
2 — (738)(2)— — N/A
Credit derivatives — purchased (1)
— — 92 — — — N/A
Credit derivatives — written (1)
— — (245)— — — N/A
Equity derivatives (1)
45 — 751 269 — — N/A
Foreign currency transaction gains (losses) on hedged items
— — 294 — — — N/A
Subtotal
50 — (2,677)211 — — N/A
Earned income on derivatives
223 — 484 98 (72)— — 
Embedded derivatives (2)
N/AN/A139 — N/AN/AN/A
Total
$308 $105 $(2,054)$272 $(73)$3 $542 
Six Months Ended June 30, 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)
$3 $— $— $(365)$— $— N/A
Hedged items
(2)— — 331 — — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
12 (135)— — — — N/A
Hedged items
(11)130 — — — — N/A
Amount excluded from the assessment of hedge effectiveness
— (4)— — — — N/A
Subtotal
2 (9)— (34)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(711)
Amount of gains (losses) reclassified from AOCI into income
27 48 — — — 1 (76)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A169 
Amount of gains (losses) reclassified from AOCI into income
4 (124)— — — 1 119 
Foreign currency transaction gains (losses) on hedged items
— 116 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(72)
Amount of gains (losses) reclassified from AOCI into income
— — — — — — — 
Subtotal
31 40 — — — 2 (571)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A46 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A29 
Subtotal
N/AN/AN/AN/AN/AN/A75 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
2 — (1,614)(39)— — N/A
Foreign currency exchange rate derivatives (1)
— — (606)3 — — N/A
Credit derivatives — purchased (1)
— — 12 — — — N/A
Credit derivatives — written (1)
— — 35 — — — N/A
Equity derivatives (1)
(32)— (1,039)(207)— — N/A
Foreign currency transaction gains (losses) on hedged items
— — 232 — — — N/A
Subtotal
(30)— (2,980)(243)— — N/A
Earned income on derivatives
66 — 497 105 (77)— — 
Embedded derivatives (2)
N/AN/A669 — N/AN/AN/A
Total
$69 $31 $(1,814)$(172)$(77)$2 $(496)
__________________
(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 $18 million and $4 million for the three months and six months ended June 30, 2022, respectively, and ($8) million and ($51) million for the three months and six months ended June 30, 2021, respectively.
Fair Value Hedges
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)
June 30, 2022December 31, 2021June 30, 2022December 31, 2021
(In millions)
Fixed maturity securities AFS$1,752 $2,164 $— $(1)
Mortgage loans$444 $634 $(8)$3 
Future policy benefits$(4,087)$(4,735)$(40)$(877)
Policyholder account balances$(1,082)$— $9 $— 
__________________
(1)Includes ($149) million and ($161) million of hedging adjustments on discontinued hedging relationships at June 30, 2022 and December 31, 2021, respectively.
For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, 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:
June 30, 2022December 31, 2021
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)
$3 $159 2.6$4 $159 3.1
Credit default swaps referencing indices
4 2,742 3.317 1,191 2.5
Subtotal
7 2,901 3.321 1,350 2.6
Baa
Single name credit default swaps (3)
2 101 2.72 101 3.4
Credit default swaps referencing indices
(46)8,612 5.4146 6,988 5.0
Subtotal
(44)8,713 5.4148 7,089 5.0
Ba
Single name credit default swaps (3)
— 42 2.01 82 1.2
Credit default swaps referencing indices
(2)45 4.5(1)20 5.0
Subtotal
(2)87 3.3— 102 2.0
B
Credit default swaps referencing indices
1 55 3.55 55 4.0
Subtotal
1 55 3.55 55 4.0
Caa3
Credit default swaps referencing indices
(11)30 4.0(9)30 4.5
Subtotal
(11)30 4.0(9)30 4.5
Total
$(49)$11,786 4.8$165 $8,626 4.6
_________________
(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 Global Ratings (“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:
June 30, 2022December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$11,608 $6,665 $10,132 $3,798 
OTC-cleared (1)
73 160 448 24 
Exchange-traded
42 15 16 7 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
11,723 6,840 10,596 3,829 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(4,166)(4,166)(2,204)(2,204)
OTC-cleared
(28)(28)(6)(6)
Exchange-traded
(3)(3)(2)(2)
Cash collateral: (3), (4)
OTC-bilateral
(6,454)— (6,948)— 
OTC-cleared
— (112)(421)(13)
Exchange-traded
— (12)— (3)
Securities collateral: (5)
OTC-bilateral
(852)(2,442)(891)(1,473)
OTC-cleared
— (19)— (5)
Exchange-traded
— — — (2)
Net amount after application of master netting agreements and collateral
$220 $58 $124 $121 
__________________
(1)At June 30, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $140 million and $130 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($15) million and ($23) 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 June 30, 2022 and December 31, 2021, the Company received excess cash collateral of $492 million and $172 million, respectively, and provided excess cash collateral of $110 million and $126 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 June 30, 2022, 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 June 30, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $125 million and $160 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $1.1 billion and $243 million, respectively, for its OTC-bilateral derivatives, $1.1 billion and $1.2 billion, respectively, for its OTC-cleared derivatives, and $164 million and $185 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
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:
June 30, 2022December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$11,608 $6,665 $10,132 $3,798 
OTC-cleared (1)
73 160 448 24 
Exchange-traded
42 15 16 7 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
11,723 6,840 10,596 3,829 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(4,166)(4,166)(2,204)(2,204)
OTC-cleared
(28)(28)(6)(6)
Exchange-traded
(3)(3)(2)(2)
Cash collateral: (3), (4)
OTC-bilateral
(6,454)— (6,948)— 
OTC-cleared
— (112)(421)(13)
Exchange-traded
— (12)— (3)
Securities collateral: (5)
OTC-bilateral
(852)(2,442)(891)(1,473)
OTC-cleared
— (19)— (5)
Exchange-traded
— — — (2)
Net amount after application of master netting agreements and collateral
$220 $58 $124 $121 
__________________
(1)At June 30, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $140 million and $130 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($15) million and ($23) 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 June 30, 2022 and December 31, 2021, the Company received excess cash collateral of $492 million and $172 million, respectively, and provided excess cash collateral of $110 million and $126 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 June 30, 2022, 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 June 30, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $125 million and $160 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $1.1 billion and $243 million, respectively, for its OTC-bilateral derivatives, $1.1 billion and $1.2 billion, respectively, for its OTC-cleared derivatives, and $164 million and $185 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
Estimated Fair Value of OTC-bilateral derivatives after considering effect of netting agreements
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2022December 31, 2021
Derivatives
Subject to
Credit-
Contingent
Provisions
Derivatives
Not Subject
to Credit-
Contingent
Provisions
TotalDerivatives
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)$2,340 $159 $2,499 $1,386 $209 $1,595 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$2,656 $123 $2,779 $1,370 $221 $1,591 
__________________
(1)After taking into consideration the existence of netting agreements.
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:
Balance Sheet LocationJune 30, 2022December 31, 2021
(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefitsPremiums, reinsurance and other receivables$35 $38 
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefitsPolicyholder account balances$317 $324 
Assumed guaranteed minimum benefitsPolicyholder account balances97 98 
Funds withheld and guarantees on reinsurance
Other liabilities(25)57 
Fixed annuities with equity indexed returnsPolicyholder account balances142 165 
Other guaranteesPolicyholder account balances— 5 
Embedded derivatives within liability host contracts
$531 $649 
Embedded Derivatives [Table Text Block]
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2022December 31, 2021
Derivatives
Subject to
Credit-
Contingent
Provisions
Derivatives
Not Subject
to Credit-
Contingent
Provisions
TotalDerivatives
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)$2,340 $159 $2,499 $1,386 $209 $1,595 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$2,656 $123 $2,779 $1,370 $221 $1,591 
__________________
(1)After taking into consideration the existence of netting agreements.
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:
Balance Sheet LocationJune 30, 2022December 31, 2021
(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefitsPremiums, reinsurance and other receivables$35 $38 
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefitsPolicyholder account balances$317 $324 
Assumed guaranteed minimum benefitsPolicyholder account balances97 98 
Funds withheld and guarantees on reinsurance
Other liabilities(25)57 
Fixed annuities with equity indexed returnsPolicyholder account balances142 165 
Other guaranteesPolicyholder account balances— 5 
Embedded derivatives within liability host contracts
$531 $649