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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts and fair values of derivatives from continuing operations, including amounts related to businesses to be
exited via reinsurance associated with the Individual Life Transaction, were as follows as of the dates indicated:
 
March 31, 2020
 
December 31, 2019
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
30

 
$
—

 
$
—

 
$
30

 
$
—

 
$
—

Foreign exchange contracts
772

 
83

 
—

 
771

 
12

 
21

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
26,856

 
783

 
1,038

 
25,027

 
294

 
371

Foreign exchange contracts
151

 
5

 
—

 
92

 
—

 
1

Equity contracts
446

 
4

 
28

 
400

 
10

 
8

Credit contracts
235

 
—

 
2

 
237

 
—

 
2

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
27

 
—

 
N/A

 
19

 
—

Within products
N/A

 
—

 
227

 
N/A

 
—

 
60

Within reinsurance agreements
N/A

 
—

 
52

 
N/A

 
—

 
100

Managed custody guarantees
N/A

 
—

 
26

 
N/A

 
—

 
—

Total
 
 
$
902

 
$
1,373

 
 
 
$
335

 
$
563

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
N/A - Not Applicable

The notional amounts and fair values of derivatives for businesses held for sale were as follows as of the dates indicated:
 
March 31, 2020
 
December 31, 2019
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
1

 
$
—

 
$
—

 
$
1

 
$
—

 
$
—

Foreign exchange contracts
19

 
4

 
—

 
19

 
1

 
1

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
2,212

 
50

 
55

 
2,227

 
49

 
56

Foreign exchange contracts
31

 
1

 
—

 
18

 
—

 
—

Equity contracts
1,821

 
93

 
3

 
1,753

 
254

 
20

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
11

 
—

 
N/A

 
8

 
—

Within products
N/A

 
—

 
82

 
N/A

 
—

 
217

Within reinsurance agreements
N/A

 
—

 
58

 
N/A

 
—

 
75

Total
 
 
$
159

 
$
198

 
 
 
$
312

 
$
369

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
N/A - Not Applicable
Offsetting Assets and Liabilities
Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts for continuing operations and businesses held for sale are presented in the tables below as of the dates indicated:
 
March 31, 2020
Continuing operations:(1)
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
235

 
$
—

 
$
2

Equity contracts
290

 
3

 
28

Foreign exchange contracts
923

 
88

 
—

Interest rate contracts
25,368

 
782

 
1,037

 
 
 
873

 
1,067

Counterparty netting(2)
 
 
(715
)
 
(715
)
Cash collateral netting(2)
 
 
(151
)
 
(351
)
Securities collateral netting(2)
 
 
(5
)
 
—

Net receivables/payables
 
 
$
2

 
$
1

(1) Includes amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction,
(2) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
March 31, 2020
Businesses held for sale:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
—

 
$
—

 
$
—

Equity contracts
1,821

 
93

 
3

Foreign exchange contracts
50

 
5

 
—

Interest rate contracts
2,213

 
50

 
55

 
 
 
148

 
58

Counterparty netting(1)
 
 
(56
)
 
(56
)
Cash collateral netting(1)
 
 
(73
)
 
(2
)
Securities collateral netting(1)
 
 
(9
)
 
—

Net receivables/payables
 
 
$
10

 
$
—

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
 
December 31, 2019
Continuing operations:(1)
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
237

 
$
—

 
$
2

Equity contracts
293

 
9

 
7

Foreign exchange contracts
863

 
12

 
22

Interest rate contracts
23,634

 
295

 
371

 
 
 
316

 
402

Counterparty netting(2)
 
 
(290
)
 
(290
)
Cash collateral netting(2)
 
 
(25
)
 
(100
)
Securities collateral netting(2)
 
 
—

 
(5
)
Net receivables/payables
 
 
$
1

 
$
7

(1) Includes amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction,
(2) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
 
December 31, 2019
Businesses held for sale:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
—

 
$
—

 
$
—

Equity contracts
1,753

 
254

 
20

Foreign exchange contracts
37

 
1

 
1

Interest rate contracts
2,228

 
49

 
56

 
 
 
304

 
77

Counterparty netting(1)
 
 
(76
)
 
(76
)
Cash collateral netting(1)
 
 
(206
)
 
—

Securities collateral netting(1)
 
 
(17
)
 
—

Net receivables/payables
 
 
$
5

 
$
1


(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The location and effect of derivatives qualifying for hedge accounting from continuing operations, including amounts related to
businesses to be exited via reinsurance associated with the Individual Life Transaction, on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the period indicated:
 
Three Months Ended March 31,
 
2020
 
2019
 
Interest Rate Contracts
 
Foreign Exchange Contracts
 
Interest Rate Contracts
 
Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
 
 
 
 
 
 
 
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Net investment income
 
Net investment income
 
Net investment income
 
Net investment income
Amount of Gain or (Loss) Recognized in Other Comprehensive Income
$
2

 
$
92

 
$
1

 
$
(9
)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income
—

 
3

 
—

 
3

The location and amount of gain (loss) recognized from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the period indicated:
 
Three Months Ended March 31,
 
2020
 
2019
 
Net Investment Income
 
Other net realized capital gains/(losses)
 
Net Investment Income
 
Other net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
$
698

 
$
(213
)
 
$
658

 
$
14

Derivatives: Qualifying for hedge accounting
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
Foreign exchange contracts:
 
 
 
 
 
 
 
Gain (loss) reclassified from accumulated other comprehensive income into income
3

 
—

 
3

 
—


The location and effect of derivatives not designated as hedging instruments from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, on the Condensed Consolidated Statements of Operations are as follows for the periods indicated:
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
Three Months Ended March 31,
 
 
2020
 
2019
Derivatives: Non-qualifying for hedge accounting
 
 
 
 
 
Interest rate contracts
Other net realized capital gains (losses)
 
$
(37
)
 
$
(52
)
Foreign exchange contracts
Other net realized capital gains (losses)
 
7

 
2

Equity contracts
Other net realized capital gains (losses)
 
—

 
(16
)
Credit contracts
Other net realized capital gains (losses)
 
2

 
3

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments
Other net realized capital gains (losses)
 
8

 
1

Within products
Other net realized capital gains (losses)
 
(167
)
 
4

Within reinsurance agreements
Policyholder benefits
 
65

 
(59
)
Managed custody guarantees
Other net realized capital gains (losses)
 
(26
)
 
—

Total
 
 
$
(148
)
 
$
(117
)


The location and effect of derivatives not designated as hedging instruments from discontinued operations on the Condensed Consolidated Statements of Operations are as follows for the periods indicated:
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
Three Months Ended March 31,
 
 
2020
 
2019
Derivatives: Non-qualifying for hedge accounting
 
 
 
 
 
Foreign exchange contracts
Income (loss) from discontinued operations, net of tax
 
1

 
—

Equity contracts
Income (loss) from discontinued operations, net of tax
 
(153
)
 
63

Credit contracts
Income (loss) from discontinued operations, net of tax
 
—

 
1

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments
Income (loss) from discontinued operations, net of tax
 
2

 
—

Within products
Income (loss) from discontinued operations, net of tax
 
145

 
(62
)
Total
 
 
$
(5
)
 
$
2