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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions The notional amounts and fair values of derivatives were as follows as of the dates indicated:
 
December 31, 2018
 
December 31, 2017
 
Notional
Amount
 
Asset
Fair Value
 
Liability
Fair Value
 
Notional
Amount
 
Asset
Fair Value
 
Liability
Fair Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
35

 
$
—

 
$
—

 
$
35

 
$
—

 
$
—

Foreign exchange contracts
620

 
10

 
20

 
533

 
—

 
52

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
19,280

 
117

 
76

 
18,769

 
117

 
20

Foreign exchange contracts
12

 
—

 
—

 
26

 
—

 
—

Equity contracts
98

 
1

 
1

 
154

 
9

 
7

Credit contracts
201

 
—

 
2

 
771

 
10

 
6

Embedded derivatives and Managed custody guarantees:
 

 
 

 
 

 
 

 
 

 
 

Within fixed maturity investments
N/A

 
9

 
—

 
N/A

 
12

 
—

Within products
N/A

 
—

 
15

 
N/A

 
—

 
117

Within reinsurance agreements
N/A

 
—

 
(80
)
 
N/A

 
—

 
(21
)
Managed custody guarantees
N/A

 
—

 
—

 
N/A

 
—

 
—

Total
 
 
$
137

 
$
34

 
 
 
$
148

 
$
181


(1)
Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value.
N/A - Not Applicable
Offsetting Assets and Liabilities Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:
 
December 31, 2018
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
201

 
$
—

 
$
2

Equity contracts
98

 
1

 
1

Foreign exchange contracts
632

 
10

 
20

Interest rate contracts
17,478

 
117

 
76

 
 
 
128

 
99

Counterparty netting(1)
 
 
(88
)
 
(88
)
Cash collateral netting(1)
 
 
(37
)
 
(2
)
Securities collateral netting(1)
 
 
—

 
(9
)
Net receivables/payables
 
 
$
3

 
$
—

(1)Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2017
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
771

 
$
10

 
$
6

Equity contracts
154

 
9

 
7

Foreign exchange contracts
559

 
—

 
52

Interest rate contracts
17,286

 
117

 
20

 
 
 
136

 
85

Counterparty netting(1)
 
 
(50
)
 
(50
)
Cash collateral netting(1)
 
 
(84
)
 
—

Securities collateral netting(1)
 
 
—

 
(30
)
Net receivables/payables
 
 
$
2

 
$
5

(1)Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Year Ended December 31,
 
2018
 
2017
 
2016
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
Interest rate contracts
$
—

 
$
1

 
$
—

Foreign exchange contracts
8

 
12

 
(2
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
Interest rate contracts
(44
)
 
(7
)
 
50

Foreign exchange contracts
1

 
(3
)
 
(1
)
Equity contracts
—

 
1

 
1

Credit contracts
(1
)
 
5

 
3

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments(2)
(4
)
 
(5
)
 
(6
)
Within products(2)
94

 
55

 
12

Within reinsurance agreements(3)
58

 
(22
)
 
(28
)
Managed custody guarantees(2)
—

 
—

 
1

Total
$
112

 
$
37

 
$
30

(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2018, 2017 and 2016, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Changes in value are included in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations.