Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments [Abstract]

Outstanding Derivative Instruments With Off-Balance-Sheet Risks

	As of December 31, 2022						As of December 31, 2021
	Notional		Fair Value				Notional		Fair Value
	Amounts		Asset		Liability		Amounts		Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	1,377	$	4	$	232	$	2,009	$	98	$	11
Foreign currency contracts (1)		4,383		643		18		3,979		283		51
Total cash flow hedges		5,760		647		250		5,988		381		62
Fair value hedges:
Interest rate contracts (1)		524		2		44		526		-		210
Non-Qualifying Hedges
Interest rate contracts (1)		105,977		709		935		82,786		897		176
Foreign currency contracts (1)		395		27		2		487		7		2
Equity market contracts (1)		125,044		4,771		1,496		92,278		6,461		2,108
Commodity contracts (1)		13		14		3		-		-		-
Credit contracts (1)		-		-		-		49		-		-
LPR ceded derivative (2)		-		212		-		-		318		-
Embedded derivatives:
GLB direct (3)		-		1,697		-		-		1,963		-
GLB ceded (3)		-		29		1,721		-		56		2,015
Reinsurance-related (3)		-		681		-		-		-		578
Indexed annuity and IUL contracts (3) (4)		-		525		4,783		-		528		6,131
Total derivative instruments	$	237,713	$	9,314	$	9,234	$	182,114	$	10,611	$	11,282

⁽¹⁾Reported in derivative investments and other liabilities on the Consolidated Balance Sheets.

⁽²⁾Reported in other assets on the Consolidated Balance Sheets.

⁽³⁾Reported in other assets and other liabilities on the Consolidated Balance Sheets.

⁽⁴⁾Reported in future contract benefits on the Consolidated Balance Sheets.

Maturity Of The Notional Amounts Of Derivative Financial Instruments

	Remaining Life as of December 31, 2022
	Less Than		1 – 5		6 – 10		11 – 30		Over 30
	1 Year		Years		Years		Years		Years		Total
Interest rate contracts (1)	$	31,463	$	27,958	$	24,892	$	20,565	$	3,000	$	107,878
Foreign currency contracts (2)		261		730		1,681		2,037		69		4,778
Equity market contracts		81,963		24,221		7,796		9		11,055		125,044
Commodity contracts		13		-		-		-		-		13
Total derivative instruments
with notional amounts	$	113,700	$	52,909	$	34,369	$	22,611	$	14,124	$	237,713

⁽¹⁾As of December 31, 2022, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was December 18, 2024.

⁽²⁾As of December 31, 2022, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

‎

Cumulative Basis Adjustments For Fair Value Hedges

					Cumulative Fair Value
					Hedging Adjustment
					Included in the
	Amortized Cost of the				Amortized Cost of the
	Hedged				Hedged
	Assets / (Liabilities)				Assets / (Liabilities)
	As of		As of		As of		As of
	December 31,		December 31,		December 31,		December 31,
	2022		2021		2022		2021
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value	$	587	$	764	$	44	$	211

Change In Unrealized Gain On Derivative Instruments In Accumulated OCI

	For the Years Ended December 31,
	2022			2021			2020
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	240		$	42		$	181
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts		(336	)		11			(16	)
Foreign currency contracts		182			130			93
Change in foreign currency exchange rate adjustment		312			152			(174	)
Change in DAC, VOBA, DSI and DFEL		(29	)		7			(23	)
Income tax benefit (expense)		(28	)		(65	)		26
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Interest rate contracts (1)		2			3			2
Foreign currency contracts (1)		62			48			56
Foreign currency contracts (2)		39			(2	)		6
Associated amortization of DAC, VOBA, DSI and DFEL		(62	)		(2	)		(7	)
Income tax benefit (expense)		(9	)		(10	)		(12	)
Balance as of end-of-year	$	309		$	240		$	42

⁽¹⁾The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

⁽²⁾The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Effects Of Qualifying And Non-Qualifying Hedges

	Gain (Loss) Recognized in Income
	For the Year Ended December 31, 2022
	Realized			Net
	Gain			Investment
	(Loss)			Income			Benefits
Total Line Items in which the Effects of Fair Value or Cash
Flow Hedges are Recorded	$	201		$	5,270		$	10,801
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items		-			(167	)		-
Derivatives designated as hedging instruments		-			167			-
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI into income		-			2			-
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI into income		39			62			-
Non-Qualifying Hedges
Interest rate contracts		(2,113	)		-			-
Foreign currency contracts		2			-			-
Equity market contracts		(2,075	)		-			-
Commodity contracts		11			-			-
Credit contracts		(4	)		-			-
LPR ceded derivative		-			-			106
Embedded derivatives:
GLB		1			-			-
Reinsurance-related		1,259			-			-
Indexed annuity and IUL contracts		1,760			-			-

‎

	Gain (Loss) Recognized in Income
	For the Year Ended December 31, 2021
	Realized			Net
	Gain			Investment
	(Loss)			Income			Benefits
Total Line Items in which the Effects of Fair Value or Cash
Flow Hedges are Recorded	$	89		$	5,844		$	8,039
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items		-			(60	)		-
Derivatives designated as hedging instruments		-			60
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI into income		-			3			-
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI into income		(2	)		48			-
Non-Qualifying Hedges
Interest rate contracts		(957	)		-			-
Foreign currency contracts		(1	)		-			-
Equity market contracts		3,355			-			-
Credit contracts		(1	)		-			-
Embedded derivatives:
GLB		3			-			-
Reinsurance-related		280			-			-
Indexed annuity and IUL contracts		(2,622	)		-			-

	Gain (Loss) Recognized in Income
	For the Year Ended December 31, 2020
	Realized			Net
	Gain			Investment
	(Loss)			Income			Benefits
Total Line Items in which the Effects of Fair Value or Cash
Flow Hedges are Recorded	$	(526	)	$	5,264		$	8,050
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items		-			69			-
Derivatives designated as hedging instruments		-			(69	)
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI into income		-			2			-
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI into income		6			56			-
Non-Qualifying Hedges
Interest rate contracts		1,287			-			-
Foreign currency contracts		(3	)		-			-
Equity market contracts		971			-			-
Credit contracts		(6	)		-			-
Embedded derivatives:
GLB		1			-			-
Reinsurance-related		(241	)		-			-
Indexed annuity and IUL contracts		(471	)		-			-

Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash

	As of December 31, 2022					As of December 31, 2021
	Collateral		Collateral			Collateral		Collateral
	Posted by		Posted by			Posted by		Posted by
S&P	Counter-		LNL			Counter-		LNL
Credit	Party		(Held by			Party		(Held by
Rating of	(Held by		Counter-			(Held by		Counter-
Counterparty	LNL)		Party)			LNL)		Party)
AA-	$	383	$	(6	)	$	2,346	$	-
A+		1,718		(151	)		2,762		(44	)
A		1,099		-			456		-
	$	3,200	$	(157	)	$	5,564	$	(44	)