Derivatives (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

GMWB Hedging Instruments
	Notional Amount				Fair Value
	March 31, 2018		December 31, 2017		March 31, 2018			December 31, 2017
Customized swaps	$	4,739	$	5,023	$	57		$	59
Equity swaps, options, and futures	761		1,407		(20		)	(31		)
Interest rate swaps and futures	3,076		3,022		30			39
Total	$	8,576	$	9,452	$	67		$	67

Derivative Balance Sheet Presentation

Derivative Balance Sheet Presentation
	Net Derivatives										Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value						Fair Value				Fair Value
	Mar 31, 2018		Dec 31, 2017		Mar 31, 2018			Dec 31, 2017			Mar 31, 2018		Dec 31, 2017		Mar 31, 2018			Dec 31, 2017
Cash flow hedges
Interest rate swaps	$	1,421	$	1,486	$	(3	)	$	—		$	18	$	6	$	(21	)	$	(6	)
Foreign currency swaps	182		182		(12		)	(12		)	4		5		(16		)	(17		)
Total cash flow hedges	1,603		1,668		(15		)	(12		)	22		11		(37		)	(23		)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	3,216		3,219		(326		)	(356		)	306		339		(632		)	(695		)
Foreign exchange contracts
Foreign currency swaps and forwards	41		342		—			(6		)	—		—		—			(6		)
Fixed payout annuity hedge	540		540		(149		)	(170		)	—		—		(149		)	(170		)
Credit contracts
Credit derivatives that purchase credit protection	51		80		(2		)	(3		)	—		—		(2		)	(3		)
Credit derivatives that assume credit risk [1]	380		380		6			3			7		9		(1		)	(6		)
Credit derivatives in offsetting positions	62		200		—			1			6		9		(6		)	(8		)
Variable annuity hedge program
GMWB product derivatives [2]	11,021		11,390		(53		)	(75		)	—		—		(53		)	(75		)
GMWB reinsurance contracts	2,308		2,372		31			35			31		35		—			—
GMWB hedging instruments	8,576		9,452		67			67			127		120		(60		)	(53		)
Macro hedge program	6,497		7,252		35			23			48		45		(13		)	(22		)
Other
Modified coinsurance reinsurance contracts	836		861		81			55			81		55		—			—
Total non-qualifying strategies	33,528		36,088		(310		)	(426		)	606		612		(916		)	(1,038		)
Total cash flow hedges and non-qualifying strategies	$	35,131	$	37,756	$	(325	)	$	(438	)	$	628	$	623	$	(953	)	$	(1,061	)
Balance Sheet Location
Fixed maturities, available-for-sale	$	39	$	39	$	—		$	—		$	—	$	—	$	—		$	—
Other investments	6,765		10,340		78			135			100		302		(22		)	(167		)
Other liabilities	14,162		12,754		(462		)	(588		)	416		231		(878		)	(819		)
Reinsurance recoverables	3,144		3,233		112			90			112		90		—			—
Other policyholder funds and benefits payable	11,021		11,390		(53		)	(75		)	—		—		(53		)	(75		)
Total derivatives	$	35,131	$	37,756	$	(325	)	$	(438	)	$	628	$	623	$	(953	)	$	(1,061	)

[1] The derivative instruments related to this strategy are held for other investment purposes.

[2] These derivatives are embedded within liabilities and are not held for risk management purposes.

Offsetting Assets

Offsetting Derivative Assets and Liabilities
	(i)			(ii)			(iii) = (i) - (ii)						(iv)				(v) = (iii) - (iv)
							Net Amounts Presented in the Statement of Financial Position							Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Statement of Financial Position			Derivative Assets [1] (Liabilities) [2]			Accrued Interest and Cash Collateral Received [3] Pledged [2]				Financial Collateral Received [4]			Net Amount
As of March 31, 2018
Other investments	$	516		$	478		$	78		$	(40	)		$	1		$	37
Other liabilities	$	(900	)	$	(301	)	$	(462	)	$	(137	)		$	(596	)	$	(3	)
As of December 31, 2017
Other investments	$	533		$	491		$	135		$	(93	)		$	—		$	42
Other liabilities	$	(986	)	$	(307	)	$	(588	)	$	(91	)		$	(674	)	$	(5	)

[1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets.

[2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[3] Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[4] Excludes collateral associated with exchange-traded derivative instruments.

Offsetting Liabilities

Securities Lending and Repurchase Agreements
	March 31, 2018		December 31, 2017
	Fair Value		Fair Value
Securities Lending Transactions:
Gross amount of securities on loan	$	585	$	674
Gross amount of associated liability for collateral received [1]	$	597	$	689
Repurchase agreements:
Gross amount of recognized liabilities for repurchase agreements	$	192	$	202
Gross amount of collateral pledged related to repurchase agreements [2]	$	200	$	206

[1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Condensed Consolidated Balance Sheets. Amount includes additional securities collateral received of $14 and $1 which are excluded from the Company's Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017, respectively.

[2] Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Condensed Consolidated Balance Sheets.

Offsetting Derivative Assets and Liabilities
	(i)			(ii)			(iii) = (i) - (ii)						(iv)				(v) = (iii) - (iv)
							Net Amounts Presented in the Statement of Financial Position							Collateral Disallowed for Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Statement of Financial Position			Derivative Assets [1] (Liabilities) [2]			Accrued Interest and Cash Collateral Received [3] Pledged [2]				Financial Collateral Received [4]			Net Amount
As of March 31, 2018
Other investments	$	516		$	478		$	78		$	(40	)		$	1		$	37
Other liabilities	$	(900	)	$	(301	)	$	(462	)	$	(137	)		$	(596	)	$	(3	)
As of December 31, 2017
Other investments	$	533		$	491		$	135		$	(93	)		$	—		$	42
Other liabilities	$	(986	)	$	(307	)	$	(588	)	$	(91	)		$	(674	)	$	(5	)

[1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets.

[2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.

[3] Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[4] Excludes collateral associated with exchange-traded derivative instruments.

Derivatives in Cash Flow Hedging Relationships

Cash Flow Hedges

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in current period earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Derivatives in Cash Flow Hedging Relationships
	Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
	Three Months Ended March 31,
	2018			2017
Interest rate swaps	$	(16	)	$	(4	)
Foreign currency swaps	—			1
Total	$	(16	)	$	(3	)

Derivatives in Cash Flow Hedging Relationships
		Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
		Three Months Ended March 31,
		2018		2017
Interest rate swaps	Net investment income	5		7
Foreign currency swaps	Net realized capital gains	2		1
Total		$	7	$	8

Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses)

Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses)
	Three Months Ended March 31,
	2018			2017
Variable annuity hedge program
GMWB product derivatives	$	39		$	101
GMWB reinsurance contracts	(13		)	(18		)
GMWB hedging instruments	(22		)	(65		)
Macro hedge program	18			(86		)
Total variable annuity hedge program	22			(68		)
Foreign exchange contracts
Foreign currency swaps and forwards	(3		)	(4		)
Fixed payout annuity hedge	20			21
Total foreign exchange contracts	17			17
Other non-qualifying derivatives
Interest rate contracts
Interest rate swaps, swaptions, and futures	(30		)	2
Credit contracts
Credit derivatives that purchase credit protection	—			(6		)
Credit derivatives that assume credit risk	(1		)	8
Equity contracts
Equity index swaps and options	—			1
Other
Modified coinsurance reinsurance contracts	26			(2		)
Total other non-qualifying derivatives	(5		)	3
Total [1]	$	34		$	(48	)

[1] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements.

Credit Derivatives by Type

Credit Derivatives by Type
As of March 31, 2018
							Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	120	$	3		5 years	Corporate Credit/ Foreign Gov.	A-	$	—	$	—
Basket credit default swaps [4]
Investment grade risk exposure	250		4			5 years	Corporate Credit	BBB+	—		—
Investment grade risk exposure	13		(1		)	5 years	CMBS Credit	A-	3		—
Below investment grade risk exposure	28		(5		)	Less than 1 Year	CMBS Credit	CCC	28		5
Total [5]	$	411	$	1					$	31	$	5

As of December 31, 2017
							Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	120	$	3		5 years	Corporate Credit/ Foreign Gov.	A-	$	—	$	—
Below investment grade risk exposure	43		—			Less than 1 Year	Corporate Credit	B	43		—
Basket credit default swaps [4]
Investment grade risk exposure	250		—			5 years	Corporate Credit	BBB+	—		—
Below investment grade risk exposure	22		2			3 years	Corporate Credit	B+	22		—
Investment grade risk exposure	15		(1		)	4 years	CMBS Credit	A	5		—
Below investment grade risk exposure	30		(5		)	Less than 1 Year	CMBS Credit	CCC	30		5
Total [5]	$	480	$	(1	)				$	100	$	5

[1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, Fitch, and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used.

[2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules, and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements