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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2022
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,
20222021
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
$4,143 $1,353 $467 $3,550 $2,164 $6 
Foreign currency swaps
Foreign currency exchange rate
602 82 — 801 11 23 
Foreign currency forwards
Foreign currency exchange rate
1,336 10 89 1,636 — 58 
Subtotal
6,081 1,445 556 5,987 2,175 87 
Cash flow hedges:
Interest rate swaps
Interest rate
4,107 8 262 4,117 6 1 
Interest rate forwards
Interest rate
7,447 1 1,354 6,889 89 119 
Foreign currency swaps
Foreign currency exchange rate
42,608 3,554 1,699 41,095 1,600 1,557 
Subtotal
54,162 3,563 3,315 52,101 1,695 1,677 
NIFO hedges:
Foreign currency forwards
Foreign currency exchange rate
680 — 38 — — — 
Currency options
Foreign currency exchange rate
3,000 236 — 3,000 139 — 
Subtotal
3,680 236 38 3,000 139 — 
Total qualifying hedges
63,923 5,244 3,909 61,088 4,009 1,764 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps
Interest rate
31,661 1,660 1,354 38,860 3,644 115 
Interest rate floors
Interest rate
25,270 125 — 7,701 145 — 
Interest rate caps
Interest rate
48,290 950 — 65,559 124 — 
Interest rate futures
Interest rate
1,453 2 1 1,615 4 — 
Interest rate options
Interest rate
44,391 473 88 11,754 493 10 
Interest rate forwards
Interest rate
381 — 32 374 — 26 
Interest rate total return swaps
Interest rate
— — — 1,048 9 4 
Synthetic GICs
Interest rate
46,316 — — 40,121 — — 
Foreign currency swaps
Foreign currency exchange rate
12,815 1,454 383 12,787 768 614 
Foreign currency forwards
Foreign currency exchange rate
16,195 544 661 16,230 36 666 
Currency futures
Foreign currency exchange rate
333 8 — 839 — 2 
Currency options
Foreign currency exchange rate
— — — 900 — — 
Credit default swaps — purchased
Credit
2,925 18 79 3,042 13 113 
Credit default swaps — written
Credit
11,512 133 28 8,626 177 12 
Equity futures
Equity market
2,988 8 4 4,204 12 5 
Equity index options
Equity market
16,701 765 323 29,743 1,004 458 
Equity variance swaps
Equity market
163 4 1 699 17 13 
Equity total return swaps
Equity market
2,799 23 112 3,025 11 50 
Total non-designated or nonqualifying derivatives
264,193 6,167 3,066 247,127 6,457 2,088 
Total
$328,116 $11,411 $6,975 $308,215 $10,466 $3,852 
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, 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)$9 $— $— $(1,187)$(26)$— N/A
Hedged items(9)— — 1,127 27 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)109 (220)— — — — N/A
Hedged items(110)217 — — — — N/A
Amount excluded from the assessment of hedge effectiveness— 46 — — — — N/A
Subtotal(1)43 — (60)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(2,367)
Amount of gains (losses) reclassified from AOCI into income59 41 — — — 4 (104)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A1,784 
Amount of gains (losses) reclassified from AOCI into income6 (609)— — — 1 602 
Foreign currency transaction gains (losses) on hedged items— 587 — — — — — 
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— — — — — — — 
Subtotal65 19 — — — 5 (85)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A85 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A47 
SubtotalN/AN/AN/AN/AN/AN/A132 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)3 — (3,879)(88)— — N/A
Foreign currency exchange rate derivatives (1)2 — (368)(4)— — N/A
Credit derivatives — purchased (1)— — 75 — — — N/A
Credit derivatives — written (1)— — (92)— — — N/A
Equity derivatives (1)45 — 423 250 — — N/A
Foreign currency transaction gains (losses) on hedged items— — 282 — — — N/A
Subtotal50 — (3,559)158 — — N/A
Earned income on derivatives376 — 1,015 150 (145)— — 
Embedded derivatives (2)N/AN/A172 — N/AN/AN/A
Total$490 $62 $(2,372)$248 $(144)$5 $47 
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 $— $— $(456)$— $— N/A
Hedged items
(6)— — 406 — — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
50 (191)— — — — N/A
Hedged items
(44)185 — — — — N/A
Amount excluded from the assessment of hedge effectiveness
— — — — — — N/A
Subtotal
6 (6)— (50)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(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/AN/AN/AN/AN/AN/A500 
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/AN/AN/AN/AN/AN/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/AN/AN/AN/AN/AN/A97 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A42 
Subtotal
N/AN/AN/AN/AN/AN/A139 
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/AN/A747 — N/AN/AN/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/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)
__________________
(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, ($17) million and ($10) million for the years ended December 31, 2022, 2021 and 2020, 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, 2022December 31, 2021December 31, 2022December 31, 2021
(In millions)
Fixed maturity securities AFS$1,411 $2,164 $1 $(1)
Mortgage loans$331 $634 $(19)$3 
Future policy benefits$(3,524)$(4,735)$276 $(877)
    Policyholder account balances$(1,080)$— $27 $— 
__________________
(1)Includes ($136) million and ($161) million of hedging adjustments on discontinued hedging relationships at December 31, 2022 and 2021, 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,
20222021
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 $158 2.2$4 $159 3.1
Credit default swaps referencing indices
79 4,251 3.417 1,191 2.5
Subtotal
82 4,409 3.421 1,350 2.6
Baa
Single name credit default swaps (3)
1 81 2.52 101 3.4
Credit default swaps referencing indices
28 6,775 5.6146 6,988 5.0
Subtotal
29 6,856 5.5148 7,089 5.0
Ba
Single name credit default swaps (3)
— 62 1.31 82 1.2
Credit default swaps referencing indices
2 25 4.0(1)20 5.0
Subtotal
2 87 2.1— 102 2.0
B
Credit default swaps referencing indices
2 130 4.75 55 4.0
Subtotal
2 130 4.75 55 4.0
Caa
Credit default swaps referencing indices(10)30 3.5(9)30 4.5
Subtotal(10)30 3.5(9)30 4.5
Total
$105 $11,512 4.7$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 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,
20222021
Derivatives Subject to a Master Netting Arrangement or a Similar ArrangementAssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$11,438 $6,628 $10,132 $3,798 
OTC-cleared (1)
121 342 448 24 
Exchange-traded
18 5 16 7 
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1)
11,577 6,975 10,596 3,829 
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(4,579)(4,579)(2,204)(2,204)
OTC-cleared
(33)(33)(6)(6)
Exchange-traded
(1)(1)(2)(2)
Cash collateral: (3), (4)
OTC-bilateral
(5,432)— (6,948)— 
OTC-cleared
(35)(295)(421)(13)
Exchange-traded
— (3)— (3)
Securities collateral: (5)
OTC-bilateral
(1,322)(2,024)(891)(1,473)
OTC-cleared
— (14)— (5)
Exchange-traded
— (1)— (2)
Net amount after application of master netting agreements and collateral
$175 $25 $124 $121 
__________________
(1)At December 31, 2022 and 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $166 million and $130 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $0 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 December 31, 2022 and 2021, the Company received excess cash collateral of $252 million and $172 million, respectively, and provided excess cash collateral of $125 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 December 31, 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 December 31, 2022 and 2021, the Company received excess securities collateral with an estimated fair value of $398 million and $160 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2022 and 2021, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $243 million, respectively, for its OTC-bilateral derivatives, $1.0 billion and $1.2 billion, respectively, for its OTC-cleared derivatives, and $184 million and $185 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,
20222021
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)$2,049 $— $2,049 $1,386 $209 $1,595 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$2,267 $— $2,267 $1,370 $221 $1,591 
__________________
(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 Location20222021
(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefitsPremiums, reinsurance and other receivables$29 $38 
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefitsPolicyholder account balances$467 $324 
Assumed guaranteed minimum benefitsPolicyholder account balances94 98 
Funds withheld on ceded reinsurance
Other liabilities(123)57 
Fixed annuities with equity indexed returnsPolicyholder account balances140 165 
Other guaranteesPolicyholder account balances— 5 
Total$578 $649