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Derivatives and Hedge Accounting (Tables)
 9 Months Ended
Sep. 30, 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 Condensed Consolidated Balance Sheets:
September 30, 2022December 31, 2021
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross 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$318 $230 $1,696 $72 $265 $5 $895 $11 
Foreign exchange contracts6,972 1,036 1,742 214 5,431 467 5,828 197 
Derivatives not designated
as hedging instruments:(a)
Interest rate contracts29,749 3,126 34,068 4,784 47,499 3,868 42,113 3,622 
Foreign exchange contracts11,711 1,752 3,740 513 7,905 722 9,997 524 
Equity contracts29,587 565 3,431 84 27,423 681 5,091 53 
Commodity contracts324 18 66 — 303 4 219 — 
Credit contracts(b)
1,776 1 932 42 3,790 1 936 47 
Other contracts(c)
45,889 16 — — 43,892 13 51 — 
Total derivatives, gross$126,326 $6,744 $45,675 $5,709 $136,508 $5,761 $65,130 $4,454 
Counterparty netting(d)
(3,170)(3,170)(2,779)(2,779)
Cash collateral(e)
(3,181)(2,263)(2,139)(1,089)
Total derivatives on Condensed
Consolidated Balance Sheets(f)
$393 $276 $843 $586 
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)As of September 30, 2022 and December 31, 2021, included CDSs on super senior multi-sector CDOs with a net notional amount of $79 million and $97 million (fair value liability of $32 million and $30 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio.
(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(d)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(e)Represents cash collateral posted and received that is eligible for netting.
(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $2.5 billion at September 30, 2022 and zero at December 31, 2021. Fair value of liabilities related to bifurcated embedded derivatives was $6.4 billion and $14.5 billion, respectively, at September 30, 2022 and December 31, 2021. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information see Note 7.
Schedule of Gain (Loss) Recognized in Income on Derivative Instruments in Fair Value Hedging Relationships
The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):
Gains/(Losses) Recognized in Income for:
(in millions)
Hedging
Derivatives(a)
Excluded
Components(b)
Hedged
Items		Net Impact
Three Months Ended September 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances$(62)$— $62 $— 
Net investment income (loss)25 — (24)1 
Foreign exchange contracts:
Net realized gains/(losses)455 122 (455)122 
Three Months Ended September 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances$(3)$— $6 $3 
Net investment income (loss)1 — (2)(1)
Foreign exchange contracts:
Net realized gains/(losses)205 30 (205)30 
Nine Months Ended September 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances$(90)$— $93 $3 
Net investment income (loss)26 — (25)1 
Foreign exchange contracts:
Net realized gains/(losses)889 262 (889)262 
Nine Months Ended September 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances$(10)$— $13 $3 
Net investment income (loss)8 — (9)(1)
Foreign exchange contracts:
Net realized gains/(losses)201 108 (201)108 
(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.
Derivatives Not Designated as Hedging Instruments
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):
Gains (Losses) Recognized in Income
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202120222021
By Derivative Type:
Interest rate contracts$(528)$(172)$(2,010)$(861)
Foreign exchange contracts1,010 310 1,976 271 
Equity contracts19 (55)(107)(606)
Commodity contracts4 (5)(3)(4)
Credit contracts(3)— (4)(9)
Other contracts42 17 73 49 
Embedded derivatives2,899 (28)12,490 1,569 
Total$3,443 $67 $12,415 $409 
By Classification:
Policy fees$17 $16 $47 $46 
Net investment income8 (1)10 (6)
Net realized gains - excluding Fortitude Re funds withheld assets1,679 277 4,547 329 
Net realized gains (losses) on Fortitude Re funds withheld assets(a)
1,744 (224)7,830 45 
Policyholder benefits and claims incurred(5)(1)(19)(5)
Total$3,443 $67 $12,415 $409 
(a)Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.