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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments by Category
The following table presents the gross notional amount and estimated fair value of the Company’s derivatives:
Derivative Instruments by Category
March 31, 2023December 31, 2022
 Fair ValueFair Value
 Notional
Amount		Derivative AssetsDerivative
Liabilities		Notional
Amount		Derivative AssetsDerivative
Liabilities
(in millions)
 Derivatives: designated for hedge accounting (1)
 Cash flow hedges:
 Currency swaps $1,580 $98 $87 $1,431 $99 $85 
 Interest swaps 955 — 335 955 — 294 
 Total: designated for hedge accounting 2,535 98 422 2,386 99 379 
 Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures4,101 — — 4,320 — — 
Swaps 12,229 57 — 11,159 38 — 
Options50,395 8,620 2,876 39,863 7,549 3,396 
Interest rate contracts:
Futures 12,191 — — 12,693 — — 
Swaps1,965 17 92 1,498 — 166 
Credit contracts:
Credit default swaps102 — 2 102 — 2 
Currency contracts:
Currency swaps548 4 10 397 4 13 
Other freestanding contracts:
Margin— 170 — — 193 — 
Collateral— 149 5,135 — 142 4,469 
 Total: Not designated for hedge accounting 81,531 9,017 8,115 70,032 7,926 8,046 
March 31, 2023December 31, 2022
 Fair ValueFair Value
 Notional
Amount		Derivative AssetsDerivative
Liabilities		Notional
Amount		Derivative AssetsDerivative
Liabilities
(in millions)
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)— — 5,775 — — 4,077 
 Total embedded derivatives— — 5,775 — — 4,077 
Total derivative instruments$84,066 $9,115 $14,312 $72,418 $8,025 $12,502 
______________
(1)Reported in other invested assets in the consolidated balance sheets.
(2)Reported in policyholders’ account balances in the consolidated balance sheets.
The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss).
Derivative Instruments by Category
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
 Net
Derivatives
Gain (Losses) (1) (2)		NII (3)Interest Credited To Policyholders Account BalancesAOCINet
Derivatives
Gain(Losses) (1) (2)		Interest Credited To Policyholders Account BalancesAOCI
(in millions)
Derivatives: Designated for hedge accounting
Cash flow hedges:
Currency Swaps$7 $3 $(34)$25 $(4)$(18)$13 
Interest Swaps(4)— — (28)(14)— (20)
Total: Designated for hedge accounting3 3 (34)(3)(18)(18)(7)
Derivatives: Not designated for hedge accounting
Equity contracts:
Futures(155)— — — 59 — — 
Swaps(603)— — — 726 — — 
Options1,496 — — — (287)— — 
Interest rate contracts:
Futures(42)— — — (500)— — 
Swaps48 — — — (149)— — 
Credit contracts:
Credit default swaps— — — — — — — 
Currency contracts:
Currency swaps(10)— — — 5 — — 
Total: Not designated for hedge accounting734 — — — (146)— — 
Embedded Derivatives:
SCS, SIO, MSO and IUL indexed features(1,574)— — — 311 — — 
Total Embedded Derivatives(1,574)— — — 311 — — 
Total derivatives instruments$(837)$3 $(34)$(3)$147 $(18)$(7)
______________
(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).
(2)For the three months ended March 31, 2023 and 2022, investment fees of $4 million and $3 million, respectively, are reported in net derivative gains (losses) in the consolidated statements of income (loss).
(3)Net Investment Income (“NII”)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents a roll-forward of cash flow hedges recognized in AOCI.
Roll-forward of Cash flow hedges in AOCI
Three Months Ended March 31,
20232022
(in millions)
Balance, beginning of the period$22 $(208)
Amount recorded in AOCI
Currency swaps(7)(3)
Interest swaps(37)(39)
Total amount recorded in AOCI(44)(42)
Amount reclassified from AOCI to income
Currency swaps (1)32 16 
Interest swaps (1)9 19 
Total amount reclassified from AOCI to income41 35 
Balance, end of the period (2)$19 $(215)
______________
(1)    Currency swaps reclassified from AOCI to income are reported in net investment income in the consolidated statements of income (loss). Interest swaps reclassified from AOCI to income are reported in net derivative gains (losses) in the consolidated statements of income (loss).
(2)     The Company does not estimate the amount of the deferred losses in AOCI at three months ended March 31, 2023 and 2022 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.
Schedule of Offsetting Financial Assets and Liabilities and Derivative Instruments
The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of March 31, 2023 and December 31, 2022:
Offsetting of Financial Assets and Liabilities and Derivative Instruments
As of March 31, 2023
Gross Amount Recognized
Gross Amount Offset in the Balance Sheets
Net Amount Presented in the Balance Sheets
Gross Amount not Offset in the Balance Sheets (1)
Net Amount
(in millions)
Assets:
Derivative assets$9,115 $7,572 $1,543 $(945)$598 
Other financial assets1,578 — 1,578 — 1,578 
Other invested assets$10,693 $7,572 $3,121 $(945)$2,176 
Liabilities:
Derivative liabilities$7,592 $7,572 $20 $— $20 
Other financial liabilities4,592 — 4,592 — 4,592 
Other liabilities$12,184 $7,572 $4,612 $— $4,612 
______________
(1)Financial instruments sent (held).
As of December 31, 2022
Gross Amount Recognized
Gross Amount Offset in the Balance Sheets
Net Amount Presented in the Balance Sheets
Gross Amount not Offset in the Balance Sheets (1)
Net Amount
(in millions)
Assets:
Derivative assets$8,024 $6,980 $1,044 $(848)$196 
Other financial assets1,791 — 1,791 — 1,791 
Other invested assets$9,815 $6,980 $2,835 $(848)$1,987 
Liabilities:
Derivative liabilities$7,577 $6,980 $597 $— $597 
Other financial liabilities4,588 — 4,588 — 4,588 
Other liabilities$12,165 $6,980 $5,185 $— $5,185 
______________
(1)Financial instruments sent (held).