Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:

	Three Months Ended September 30, 2020
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at June 30, 2020	$	4,148	$	485	$	(23)	$	4,610
OCI before reclassifications	810		(183)		8		635
Deferred income tax benefit (expense)	(171)		39		(2)		(134)
AOCI before reclassifications, net of income tax	4,787		341		(17)		5,111
Amounts reclassified from AOCI	5		(9)		—		(4)
Deferred income tax benefit (expense)	(1)		2		—		1
Amounts reclassified from AOCI, net of income tax	4		(7)		—		(3)
Balance at September 30, 2020	$	4,791	$	334	$	(17)	$	5,108

	Three Months Ended September 30, 2019
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at June 30, 2019	$	2,521	$	172	$	(19)	$	2,674
OCI before reclassifications	952		157		(4)		1,105
Deferred income tax benefit (expense)	(200)		(33)		—		(233)
AOCI before reclassifications, net of income tax	3,273		296		(23)		3,546
Amounts reclassified from AOCI	(17)		(1)		—		(18)
Deferred income tax benefit (expense)	3		1		—		4
Amounts reclassified from AOCI, net of income tax	(14)		—		—		(14)
Balance at September 30, 2019	$	3,259	$	296	$	(23)	$	3,532

	Nine Months Ended September 30, 2020
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at December 31, 2019	$	3,066	$	163	$	(14)	$	3,215
OCI before reclassifications (2)	2,166		231		8		2,405
Deferred income tax benefit (expense)	(455)		(48)		(11)		(514)
AOCI before reclassifications, net of income tax	4,777		346		(17)		5,106
Amounts reclassified from AOCI	18		(15)		—		3
Deferred income tax benefit (expense)	(4)		3		—		(1)
Amounts reclassified from AOCI, net of income tax	14		(12)		—		2
Balance at September 30, 2020	$	4,791	$	334	$	(17)	$	5,108

	Nine Months Ended September 30, 2019
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at December 31, 2018	$	564	$	180	$	(26)	$	718
OCI before reclassifications	3,452		196		3		3,651
Deferred income tax benefit (expense)	(725)		(41)		—		(766)
AOCI before reclassifications, net of income tax	3,291		335		(23)		3,603
Amounts reclassified from AOCI	(40)		(50)		—		(90)
Deferred income tax benefit (expense)	8		11		—		19
Amounts reclassified from AOCI, net of income tax	(32)		(39)		—		(71)
Balance at September 30, 2019	$	3,259	$	296	$	(23)	$	3,532

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(1)See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.

(2)Includes $3 million related to the adoption of ASU 2016-13, see Note 1.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:

AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	3	$	17	$	(4)	$	67	Net investment gains (losses)
Net unrealized investment gains (losses)	(8)		—		(14)		(27)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(5)		17		(18)		40
Income tax (expense) benefit	1		(3)		4		(8)
Net unrealized investment gains (losses), net of income tax	(4)		14		(14)		32
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	—		—		1		28		Net derivative gains (losses)
Interest rate swaps	1		1		2		2		Net investment income
Foreign currency swaps	8		—		12		20		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	9		1		15		50
Income tax (expense) benefit	(2)		(1)		(3)		(11)
Gains (losses) on cash flow hedges, net of income tax	7		—		12		39
Total reclassifications, net of income tax	$	3	$	14	$	(2)	$	71