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Derivatives and Hedge Accounting (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets:
December 31, 2022December 31, 2021
Gross Derivative
Assets		Gross Derivative LiabilitiesGross Derivative
Assets		Gross Derivative Liabilities
(in millions)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivatives designated as
hedging instruments:(a)
Interest rate contracts$155 $202 $1,798 $77 $352 $274 $980 $14 
Foreign exchange contracts3,535 575 3,354 176 4,058 262 2,861 55 
Derivatives not designated
as hedging instruments:(a)
Interest rate contracts27,656 1,371 21,553 2,599 28,056 1,637 23,219 1,562 
Foreign exchange contracts4,630 672 6,673 456 4,047 410 5,413 311 
Equity contracts26,041 417 9,962 27 60,192 4,670 38,932 4,071 
Credit contracts— — — — 1,840 1 — — 
Other contracts(b)
47,128 15 48 — 43,839 13 133 — 
Total derivatives, gross
$109,145 $3,252 $43,388 $3,335 $142,384 $7,267 $71,538 $6,013 
Counterparty netting(c)
(2,547)(2,547)(5,785)(5,785)
Cash collateral(d)
(406)(691)(798)(37)
Total derivatives on
  Consolidated Balance Sheets(e)
$299 $97 $684 $191 
__________________
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(d)Represents cash collateral posted and received that is eligible for netting.
(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at December 31, 2022 and December 31, 2021. The fair value of liabilities related to bifurcated embedded derivatives was $6.7 billion and $13.6 billion at December 31, 2022 and December 31, 2021, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.
The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:
December 31, 2022December 31, 2021
Gross Derivative
Assets		Gross Derivative
Liabilities		Gross Derivative
Assets		Gross Derivative
Liabilities
(in millions)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Total derivatives with related parties$60,633 $3,177 $42,109 $3,154 $96,862 $7,182 $68,623 $5,778 
Total derivatives with third parties48,512 75 1,279 181 45,522 85 2,915 235 
Total derivatives, gross
$109,145 $3,252 $43,388 $3,335 $142,384 $7,267 $71,538 $6,013 
As of December 31, 2022 and December 31, 2021, the following amounts were recorded on the Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:
December 31, 2022December 31, 2021
(in millions)Carrying
Amount of the Hedged Assets
(Liabilities)		Cumulative Amount of
Fair Value Hedging
Adjustments Included
In the Carrying Amount
of the Hedged Assets
Liabilities		Carrying
Amount of the Hedged Assets
(Liabilities)		Cumulative Amount of
Fair Value Hedging
Adjustments Included
In the Carrying Amount
of the Hedged Assets
Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available for sale, at fair value$6,520 $— $7,478 $— 
Commercial mortgage and other loans(a)
— (25)— (6)
Policyholder contract deposits(b)
(2,218)68 (1,500)(79)
____________________
(a)This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.
(b)This relates to fair value hedges on GICs.
The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Consolidated Statements of Income:
Gains/(Losses) Recognized in Earnings for:
(in millions)
Hedging
Derivatives(a)(c)
Excluded
Components(b)(c)
Hedged
Items		Net Impact
Year Ended December 31, 2022
Interest rate contracts:
Realized gains (losses)$— $— $— $— 
Interest credited to policyholder account balances(156)— 151 (5)
Net investment income11 — (12)(1)
Foreign exchange contracts:
Realized gains (losses)459 171 (459)171 
Year Ended December 31, 2021
Interest rate contracts:
Realized gains (losses)$— $— $— $— 
Interest credited to policyholder account balances(62)18 54 10 
Net investment income9 — (11)(2)
Foreign exchange contracts:
Realized gains (losses)260 31 (260)31 
Year Ended December 31, 2020
Interest rate contracts:
Realized gains (losses)$— $— $— $— 
Interest credited to policyholder account balances47 1 (53)(5)
Net investment income(6)— 5 (1)
Foreign exchange contracts:
Realized gains (losses)(298)98 298 98 
__________________
(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
(c)Primarily consists of gains and losses with related parties.
The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income:
Years Ended December 31,Gains (Losses) Recognized in Earnings
(in millions)202220212020
By Derivative Type:
Interest rate contracts$(2,386)$(585)$1,643 
Foreign exchange contracts1,028 476 (239)
Equity contracts(483)(742)206 
Credit contracts(1)(11)42 
Other contracts64 64 60 
Embedded derivatives within policyholder contract deposits(c)
1,120 (477)(2,154)
Fortitude Re funds withheld embedded derivative6,347 (687)(3,978)
Total(a)
$5,689 $(1,962)$(4,420)
By Classification:
Policy fees$61 $62 $62 
Net investment income(10)6 2 
Net realized gains - excluding Fortitude Re funds withheld assets(c)
817 445 (916)
Net realized gains (losses) on Fortitude Re funds withheld assets(121)33 398 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives6,347 (687)(3,978)
Policyholder benefits(19)(4)12 
Change in the fair value of market risk benefits(b)(c)
(1,386)(1,817)— 
Total(a)
$5,689 $(1,962)$(4,420)
____________________
(a)Includes gains (losses) with related parties of $(2.5) billion, $(363) million and $2.4 billion for the years ended December 31, 2022, 2021, and 2020, respectively.
(b)This represents activity related to derivatives that economically hedged changes in the fair value of certain MRBs.
(c)The results for the years ended December 31, 2022 and 2021 have been updated to reflect the adoption of LDTI. No updates have been made to the results for the year ended December 31, 2020 as our effective date for LDTI adoption was January 1, 2021.
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:
March 31, 2023December 31, 2022
Gross Derivative
Assets		Gross Derivative LiabilitiesGross Derivative
Assets		Gross Derivative Liabilities
(in millions)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivatives designated as hedging instruments:(a)
Interest rate contracts$575 $225 $762 $14 $155 $202 $1,798 $77 
Foreign exchange contracts1,766 241 1,199 23 3,535 575 3,354 176 
Derivatives not designated as hedging instruments:(a)
Interest rate contracts19,292 1,224 34,211 2,073 27,656 1,371 21,553 2,599 
Foreign exchange contracts8,850 989 7,845 333 4,630 672 6,673 456 
Equity contracts25,238 676 8,785 61 26,041 417 9,962 27 
Other contracts(b)
46,652 14 — — 47,128 15 48 — 
Total derivatives, gross
$102,373 $3,369 $52,802 $2,504 $109,145 $3,252 $43,388 $3,335 
Counterparty netting(c)
(2,303)(2,303)(2,547)(2,547)
Cash collateral(d)
(376)(42)(406)(691)
Total derivatives on Condensed Consolidated Balance Sheets(e)
$690 $159 $299 $97 
__________________
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(d)Represents cash collateral posted and received that is eligible for netting.
(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at March 31, 2023 and December 31, 2022. The fair value of liabilities related to bifurcated embedded derivatives was $7.9 billion and $6.7 billion at March 31, 2023 and December 31, 2022, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.
The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:
March 31, 2023December 31, 2022
Gross Derivative
Assets		Gross Derivative
Liabilities		Gross Derivative
Assets		Gross Derivative
Liabilities
(in millions)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Total derivatives with related parties$48,001 $3,074 $47,768 $2,268 $60,633 $3,177 $42,109 $3,154 
Total derivatives with third parties54,372 295 5,034 236 48,512 75 1,279 181 
Total derivatives, gross
$102,373 $3,369 $52,802 $2,504 $109,145 $3,252 $43,388 $3,335 
As of March 31, 2023 and December 31, 2022, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:
March 31, 2023December 31, 2022
(in millions)Carrying Amount of the Hedged Assets
(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets LiabilitiesCarrying Amount of the Hedged Assets
(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available for sale, at fair value$6,201 $— $6,520 $— 
Commercial mortgage and other loans(a)
— (25)— (25)
Policyholder contract deposits(b)
(2,818)(18)(2,218)68 
__________________
(a)This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.
(b)This relates to fair value hedges on GICs.
The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):
Gains/(Losses) Recognized in Earnings for:
(in millions)
Hedging
Derivatives(a)(c)
Excluded
Components(b)(c)
Hedged
Items		Net Impact
Three Months Ended March 31, 2023
Interest rate contracts:
Realized gains (losses)$— $— $— $— 
Interest credited to policyholder account balances86 — (88)(2)
Net investment income— — — — 
Foreign exchange contracts:
Realized gains (losses)(83)79 83 79 
Three Months Ended March 31, 2022
Interest rate contracts:
Realized gains (losses)$— $— $— $— 
Interest credited to policyholder account balances(57)— 59 2 
Net investment income1 — (1)— 
Foreign exchange contracts:
Realized gains (losses)147 8 (147)8 
__________________
(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
(c)Primarily consists of gains and losses with related parties.
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):
Gains (Losses) Recognized in Earnings
Three Months Ended March 31,
(in millions)20232022
By Derivative Type:
Interest rate contracts$32 $(814)
Foreign exchange contracts(67)226 
Equity contracts83 (196)
Credit contracts— (1)
Other contracts(127)17 
Embedded derivatives within policyholder contract deposits(384)661 
Fortitude Re funds withheld embedded derivative(1,025)2,837 
Total(a)
$(1,488)$2,730 
By Classification:
Policy fees$16 $15 
Net investment income(2)(4)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets(414)407 
Net realized gains (losses) on Fortitude Re funds withheld assets43 (52)
Net realized losses on Fortitude Re funds withheld embedded derivatives(1,025)2,837 
Policyholder benefits3 (7)
Change in the fair value of market risk benefits(b)(109)(466)
Total(a)
$(1,488)$2,730 
__________________
(a)Includes gains (losses) with related parties of $6 million and $(1.0) billion for the three months ended March 31, 2023 and 2022, respectively.
(b)This represents activity related to derivatives that economically hedged changes in the fair value of certain MRBs.