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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019
 
December 31, 2018
 
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
$
23

 
$
—

 
$
—

 
$
35

 
$
—

 
$
—

Foreign exchange contracts
652

 
10

 
18

 
620

 
10

 
20

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
18,640

 
210

 
261

 
19,280

 
117

 
76

Foreign exchange contracts
54

 
—

 
1

 
12

 
—

 
—

Equity contracts
63

 
4

 
3

 
98

 
1

 
1

Credit contracts
182

 
—

 
2

 
201

 
—

 
2

Embedded derivatives and Managed custody guarantees:
 

 
 

 
 

 
 

 
 

 
 

Within fixed maturity investments
N/A

 
11

 
—

 
N/A

 
9

 
—

Within products
N/A

 
—

 
33

 
N/A

 
—

 
15

Within reinsurance agreements
N/A

 
—

 
23

 
N/A

 
—

 
(80
)
Total
 
 
$
235

 
$
341

 
 
 
$
137

 
$
34


(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 are presented in the tables below as of the dates indicated:
 
December 31, 2019
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
182

 
$
—

 
$
2

Equity contracts
63

 
4

 
3

Foreign exchange contracts
706

 
10

 
19

Interest rate contracts
17,621

 
210

 
261

 
 
 
224

 
285

Counterparty netting(1)
 
 
(217
)
 
(217
)
Cash collateral netting(1)
 
 
(6
)
 
(58
)
Securities collateral netting(1)
 
 
—

 
(5
)
Net receivables/payables
 
 
$
1

 
$
5

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

 
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.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the period indicated:
 
Interest Rate Contracts
 
Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
 
 
 
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Net Investment Income
 
Net Investment Income
Year Ended December 31, 2019
 
 
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income
$
2

 
$
—

Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income
—

 
10



The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for
hedge accounting are as follows for the period indicated:

 
Year Ended December 31,
 
2019
 
Net Investment Income
 
Other net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
$
1,689

 
$
(101
)
Derivatives: Qualifying for hedge accounting
 
 
 
Cash flow hedges:
 
 
 
Foreign exchange contracts:
 
 
 
Gain (loss) reclassified from accumulated other comprehensive income into income
10

 
—


The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated:
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Derivatives: Non-qualifying for hedge accounting
 
 
 
 
 
 
 
Interest rate contracts
Other net realized capital gains (losses)
 
$
(85
)
 
$
(44
)
 
$
(7
)
Foreign exchange contracts
Other net realized capital gains (losses)
 
1

 
1

 
(3
)
Equity contracts
Other net realized capital gains (losses)
 
1

 
—

 
1

Credit contracts
Other net realized capital gains (losses)
 
1

 
(1
)
 
5

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
Within fixed maturity investments
Other net realized capital gains (losses)
 
2

 
(4
)
 
(5
)
Within products
Other net realized capital gains (losses)
 
(11
)
 
94

 
55

Within reinsurance agreements
Policyholder benefits
 
(102
)
 
58

 
(22
)
Total
 
 
$
(193
)
 
$
104

 
$
24