Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 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	$	70,691	$	2,015	$	934	$	57,950	$	1,451	$	418
Equity contracts	62,029		3,381		2,965		60,596		2,812		3,054
Credit contracts	2,565		5		—		1,386		4		—
Foreign exchange contracts	3,677		34		7		3,251		16		6
Total non-designated hedges	138,962		5,435		3,906		123,183		4,283		3,478
Embedded derivatives
GMWB and GMAB (3)	N/A		—		2,943		N/A		—		763
IUL	N/A		—		926		N/A		—		881
Fixed deferred indexed annuities	N/A		—		47		N/A		—		46
Structured variable annuities	N/A		—		9		N/A		—		—
Total embedded derivatives	N/A		—		3,925		N/A		—		1,690
Total derivatives	$	138,962	$	5,435	$	7,831	$	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, fixed deferred indexed annuity and structured variable 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 September 30, 2020 included $3.0 billion of individual contracts in a liability position and $36 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 September 30, 2020
Interest rate contracts	$	—	$	(371)
Equity contracts	42		(468)
Credit contracts	—		(12)
Foreign exchange contracts	—		(23)
GMWB and GMAB embedded derivatives	—		186
IUL embedded derivatives	(29)		—
Fixed deferred indexed annuity embedded derivatives	(3)		—
Structured variable annuity embedded derivatives	—		(3)
Total gain (loss)	$	10	$	(691)
Nine Months Ended September 30, 2020
Interest rate contracts	$	—	$	2,204
Equity contracts	(7)		58
Credit contracts	—		(91)
Foreign exchange contracts	—		26
GMWB and GMAB embedded derivatives	—		(2,180)
IUL embedded derivatives	8		—
Fixed deferred indexed annuity embedded derivatives	2		—
Structured variable annuity embedded derivatives	—		(16)
Total gain (loss)	$	3	$	1

	Interest Credited to Fixed Accounts		Benefits, Claims, Losses and Settlement Expenses
	(in millions)
Three Months Ended September 30, 2019
Interest rate contracts	$	—	$	805
Equity contracts	4		(97)
Credit contracts	—		(9)
Foreign exchange contracts	—		10
GMWB and GMAB embedded derivatives	—		(756)
IUL embedded derivatives	22		—
Fixed deferred indexed annuity embedded derivatives	—		—
Total gain (loss)	$	26	$	(47)
Nine Months Ended September 30, 2019
Interest rate contracts	$	—	$	1,765
Equity contracts	70		(981)
Credit contracts	—		(78)
GMWB and GMAB embedded derivatives	—		(1,124)
IUL embedded derivatives	(102)		—
Fixed deferred indexed annuity embedded derivatives	(3)		—
Total gain (loss)	$	(35)	$	(418)

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 September 30, 2020:

	Premiums Payable		Premiums Receivable
	(in millions)
2020 (1)	$	35	$	4
2021	152		106
2022	205		205
2023	51		43
2024	140		25
2025 - 2028	379		7
Total	$	962	$	390

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