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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
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:
June 30, 2022December 31, 2021
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$18 $— $— $18 $— $— 
Foreign exchange contracts579 50 — 567 14 15 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts13,758 187 259 10,514 135 129 
Foreign exchange contracts58 3 — 34 — — 
Credit contracts146 — 2 110 — — 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investmentsN/A3 — N/A7 — 
Within productsN/A— 9 N/A— 28 
Managed custody guaranteesN/A— 4 N/A— 1 
Total$243 $274 $156 $173 
(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed 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:
June 30, 2022
Notional AmountAsset Fair ValueLiability Fair Value
Credit contracts$146 $— $2 
Foreign exchange contracts637 53 — 
Interest rate contracts8,752 187 249 
240 251 
Counterparty netting(1)
(187)(187)
Cash collateral netting(1)
(46)(63)
Securities collateral netting(1)
(6)(1)
Net receivables/payables$1 $— 
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

December 31, 2021
Notional AmountAsset Fair ValueLiability Fair Value
Credit contracts$110 $— $— 
Foreign exchange contracts601 14 15 
Interest rate contracts9,576 135 129 
149 144 
Counterparty netting(1)
(140)(140)
Cash collateral netting(1)
(7)(2)
Securities collateral netting(1)
(2)(1)
Net receivables/payables$— $1 
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated:
Three Months Ended June 30,
20222021
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment income/(loss)Net investment income and Other net gains/(losses)Net investment income/(loss)Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income$— $45 $— $5 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income— 3 — 2 
Six Months Ended June 30,
20222021
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment income/(loss)Net investment income and Other net gains/(losses)Net investment income/(loss)Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income$(1)$51 $(1)$10 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income— 5 — (1)
The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:
Three Months Ended June 30,
20222021
Net investment income/(loss)Other net gains/(losses)Net investment income/(loss)Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
$420 $(134)$482 $(35)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
3 — 2 — 
Six Months Ended June 30,
20222021
Net investment income/(loss)Other net gains/(losses)Net investment income/(loss)Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
$869 $(311)$971 $405 
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
5 — 4 (5)
The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated:
Location of Gain or (Loss) Recognized in Income on DerivativeThree Months Ended June 30,
20222021
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsOther net gains (losses)$6 $(9)
Foreign exchange contractsOther net gains (losses)3 (1)
Credit contractsOther net gains (losses)(4)1 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investmentsOther net gains (losses)(1)— 
Within productsOther net gains (losses)10 (12)
Managed custody guaranteesOther net gains (losses)1 — 
Total$15 $(21)
Location of Gain or (Loss) Recognized in Income on DerivativeSix Months Ended June 30,
20222021
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsOther net gains (losses)$57 $(44)
Foreign exchange contractsOther net gains (losses)4 (1)
Credit contractsOther net gains (losses)(4)1 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investmentsOther net gains (losses)(3)(2)
Within productsOther net gains (losses)19 33 
Managed custody guaranteesOther net gains (losses)(2)4 
Total$71 $(9)