Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives [Table Text Block]

The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

	March 31, 2020							December 31, 2019
	Notional		Gross Fair Value					Notional		Gross Fair Value
			Assets (1)		Liabilities (2)					Assets (1)		Liabilities (2)
	(in millions)
Derivatives not designated as hedging instruments
Interest rate contracts	$	69,208	$	3,097	$	1,238		$	57,950	$	1,451	$	418
Equity contracts	56,242		2,543		2,157			60,596		2,812		3,054
Credit contracts	1,654		13		—			1,386		4		—
Foreign exchange contracts	4,200		37		14			3,251		16		6
Total non-designated hedges	131,304		5,690		3,409			123,183		4,283		3,478
Embedded derivatives
GMWB and GMAB (3)	N/A		—		3,276			N/A		—		763
IUL	N/A		—		725			N/A		—		881
Fixed deferred indexed annuities	N/A		—		35			N/A		—		46
Structured annuities	N/A		—		(9		)	N/A		—		—
Total embedded derivatives	N/A		—		4,027			N/A		—		1,690
Total derivatives	$	131,304	$	5,690	$	7,436		$	123,183	$	4,283	$	5,168

N/A  Not applicable.

⁽¹⁾ The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets.

⁽²⁾ The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, indexed annuity and structured annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets.

⁽³⁾ The fair value of the GMWB and GMAB embedded derivatives as of March 31, 2020 included $3.3 billion of individual contracts in a liability position and $12 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2019 included $981 million of individual contracts in a liability position and $218 million of individual contracts in an asset position.

Schedule of gain (loss) on derivative instruments, including embedded derivatives [Table Text Block]

The following tables present a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Income:

	Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses
	(in millions)
Three Months Ended March 31, 2020
Interest rate contracts	$	—		$	2,515
Equity contracts	(112		)	1,993
Credit contracts	—			(36		)
Foreign exchange contracts	—			44
GMWB and GMAB embedded derivatives	—			(2,513		)
IUL embedded derivatives	164			—
Fixed deferred indexed annuities embedded derivatives	12			—
Structured annuities embedded derivatives	—			3
Total gain (loss)	$	64		$	2,006

	Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses
	(in millions)
Three Months Ended March 31, 2019
Interest rate contracts	$	—		$	332
Equity contracts	48			(675		)
Credit contracts	—			(29		)
Foreign exchange contracts	—			(6		)
GMWB and GMAB embedded derivatives	—			148
IUL embedded derivatives	(81		)	—
Fixed deferred indexed annuities embedded derivatives	(2		)	—
Total gain (loss)	$	(35	)	$	(230	)

Schedule of payments to make and receive for options and swaptions [Table Text Block]

The following is a summary of the payments the Company is scheduled to make and receive for these options and swaptions as of March 31, 2020:

		Premiums Payable		Premiums Receivable
		(in millions)
2020	(1)	$	138	$	38
2021		152		112
2022		203		198
2023		126		58
2024		70		10
2025 - 2028		377		7
Total		$	1,066	$	423

⁽¹⁾ 2020 amounts represent the amounts payable and receivable for the period from April 1, 2020 to December 31, 2020.