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Derivative Financial Instruments and Off-balance sheet Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of volume and fair value positions of derivative instruments and reporting location in the condensed consolidated statement of financial position
The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2021.
($ in millions, except number of contracts) 
Volume (1)
   
 Balance sheet locationNotional
amount		Number
of
contracts		Fair
value,
net		Gross
asset		Gross
liability
Asset derivatives      
Derivatives designated as fair value accounting hedging instruments
OtherOther assets$3 n/a$— $— $— 
Derivatives not designated as accounting hedging instruments     
Interest rate contracts      
Interest rate cap agreementsOther investments— — — — — 
FuturesOther assets— — — — — 
Equity and index contracts      
OptionsOther investmentsn/a2,175 140 140 — 
FuturesOther assets— — — — — 
Total return index contracts
Total return swap agreements - equity index
Other investments— — — — — 
Foreign currency contracts      
Foreign currency forwardsOther investments— — — — — 
Embedded derivative financial instruments      
Other embedded derivative financial instrumentsOther investments— — — — — 
Credit default contracts      
Credit default swaps - buying protectionOther investments— — — — — 
Credit default swaps - selling protectionOther investments— — — — — 
Subtotal — 2,175 140 140 — 
Total asset derivatives $3 $2,175 $140 $140 $— 
Liability derivatives      
Derivatives not designated as accounting hedging instruments     
Interest rate contracts      
Interest rate cap agreementsOther liabilities & accrued expenses$— n/a$— $— $— 
FuturesOther liabilities & accrued expensesn/a— — — — 
Equity and index contracts      
OptionsOther liabilities & accrued expensesn/a2,175 (86)— (86)
FuturesOther liabilities & accrued expenses— 38 — — — 
Foreign currency contracts 
Foreign currency forwardsOther liabilities & accrued expenses— n/a— — — 
Embedded derivative financial instruments      
Guaranteed accumulation benefitsContractholder funds97 n/a(12)— (12)
Guaranteed withdrawal benefitsContractholder funds167 n/a(11)— (11)
Equity-indexed and forward starting options in life and annuity product contractsContractholder funds1,723 n/a(404)— (404)
   Funds withheld reinsurance agreement with ERLFunds withheld payable to affiliate— 1 (112)— (112)
Credit default contracts      
Credit default swaps - selling protectionOther liabilities & accrued expenses— n/a— — — 
Total liability derivatives 1,987 2,214 (625)$— $(625)
Total derivatives $1,990 4,389 $(485)  
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(1)  Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2020.
($ in millions, except number of contracts) Volume   
Balance sheet locationNotional
amount		Number
of
contracts		Fair
value,
net		Gross
asset		Gross
liability
Asset derivatives
Derivatives designated as fair value accounting hedging instruments     
OtherOther assets$3 n/a$— $— $— 
Derivatives not designated as accounting hedging instruments     
Interest rate contracts      
Interest rate cap agreementsOther investments$13 n/a$— $— $— 
FuturesOther assetsn/a312 — — — 
Equity and index contracts      
OptionsOther investmentsn/a2,831 184 184 — 
FuturesOther assetsn/a46 — — — 
Total return index contracts
Total return swap agreements - equity indexOther investments8 n/a1 1 — 
Foreign currency contracts      
Foreign currency forwardsOther investments113 n/a1 4 (3)
Embedded derivative financial instruments      
Other embedded derivative financial instrumentsOther investments750 n/a— — — 
Credit default contracts      
Credit default swaps - buying protectionOther investments17 n/a(1)— (1)
Credit default swaps – selling protectionOther investments4 n/a— — — 
Subtotal 905 3,189 185 189 (4)
Total asset derivatives $908 3,189 $185 $189 $(4)
Liability derivatives      
Derivatives not designated as accounting hedging instruments     
Interest rate contracts      
Interest rate cap agreementsOther liabilities & accrued expenses$19 n/a$— $— $— 
FuturesOther liabilities & accrued expensesn/a25— — — 
Equity and index contracts      
OptionsOther liabilities & accrued expensesn/a2,712 (110)— (110)
Foreign currency contracts 
Foreign currency forwardsOther liabilities & accrued expenses117 n/a(4)1 (5)
Embedded derivative financial instruments      
Guaranteed accumulation benefitsContractholder funds128 n/a(18)— (18)
Guaranteed withdrawal benefitsContractholder funds190 n/a(15)— (15)
Equity-indexed and forward starting options in life and annuity product contractsContractholder funds1,785 n/a(483)— (483)
Credit default contracts      
Credit default swaps - selling protectionOther liabilities & accrued expenses1 n/a— — — 
Total liability derivatives 2,240 2,737 (630)$1 $(631)
Total derivatives $3,148 5,926 $(445)  
Schedule of gross and net amounts about the Company's OTC derivatives subject to enforceable master netting arrangements The following table provides gross and net amounts for the Company’s OTC derivatives as of December 31, 2020, all of which are subject to enforceable master netting agreements.
($ in millions) Offsets   
 Gross
amount		Counter-
party
netting		Cash
collateral
(received)
pledged		Net
amount on
balance
sheet		Securities
collateral
(received)
pledged		Net
amount
      
Asset derivatives$6 $(5)$(1)$— $— $— 
Liability derivatives(9)5 4 — — — 
Schedule of gains and losses from valuation, settlements, and hedge ineffectiveness, fair value hedges and derivatives not designated as hedges
The following tables present gains and losses from valuation and settlements reported on derivatives not designated as accounting hedging instruments in the Consolidated Statements of Operations and Comprehensive Income.
($ in millions)Net gains and losses on investments and derivativesContract
benefits		Interest credited to contractholder fundsTotal gain (loss) recognized in net income on derivatives
2021
Interest rate contracts$— $— $— $— 
Equity and index contracts5 — 31 36 
Embedded derivative financial instruments(112)10 59 (43)
Foreign currency contracts4 — — 4 
Credit default contracts— — — — 
Total$(103)$10 $90 $(3)
2020
Interest rate contracts$4 $— $— $4 
Equity and index contracts6 — 20 26 
Embedded derivative financial instruments— (1)(34)(35)
Foreign currency contracts(7)— — (7)
Credit default contracts1 — — 1 
Total return swaps - equity index1 — — 1 
Total$5 $(1)$(14)$(10)
2019
Equity and index contracts5 — 58 63 
Embedded derivative financial instruments— 7 (57)(50)
Foreign currency contracts3 — — 3 
Credit default contracts(1)— — (1)
Total return swaps - fixed income1 — — 1 
Total return swaps - equity index3 — — 3 
Total$11 $7 $1 $19 
Summary of counterparty credit exposure by counterparty credit rating
The following table summarizes the counterparty credit exposure as of December 31, 2020 by counterparty credit rating as it relates to the Company’s OTC derivatives.
($ in millions)
Rating (1)
Number of counter-parties
Notional amount (2)
Credit exposure (2)
Exposure, net of collateral (2)
A+3 $94 $3 $— 
Total3 $94 $3 $— 
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(1)Everlake uses the lower of S&P’s or Moody’s long-term debt issuer ratings.
(2)Only OTC derivatives with a net positive fair value are included for each counterparty.
Summary of derivative instruments with credit features in a liability position, including fair value of assets and collateral netted against the liability
The following summarizes the fair value of derivative instruments with credit-risk-contingent features that are in a gross liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs as of December 31, 2020.
($ in millions)
Gross liability fair value of contracts containing credit-risk-contingent features$8 
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs(3)
Collateral posted under MNAs for contracts containing credit-risk-contingent features(5)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently$— 
Schedule of CDS notional amounts by credit rating and fair value of protection sold
The following table shows the CDS notional amounts by credit rating and fair value of protection sold as of December 31, 2020. The Company had no CDS outstanding as of December 31, 2021.
($ in millions)Notional amount 
 AAABBBBB and
lower		TotalFair
value
Single name      
Corporate debt$— $— $— $5 $5 $— 
Total$— $— $— $5 $5 $— 
Contractual amounts of off-balance-sheet financial instruments
The contractual amounts of off-balance sheet financial instruments as of December 31 are as follows:
($ in millions)20212020
Commitments to invest in limited partnership interests$377 $918 
Private placement commitments— — 
Other loan commitments— 75