Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 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:

	September 30, 2022						December 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 contracts	579		104		—		567		14		15
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,823		270		324		10,514		135		129
Foreign exchange contracts	45		5		—		34		—		—
Credit contracts	143		—		3		110		—		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	N/A		2		—		N/A		7		—
Within products(2)	N/A		—		8		N/A		—		28
Managed custody guarantees(2)	N/A		—		9		N/A		—		1
Total			$	381	$	344			$	156	$	173

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.

(2) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

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:

	September 30, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	143	$	—	$	3
Foreign exchange contracts	624		109		—
Interest rate contracts	8,360		267		324
			376		327
Counterparty netting(1)			(268)		(268)
Cash collateral netting(1)			(97)		(56)
Securities collateral netting(1)			(11)		(1)
Net receivables/payables			$	—	$	2

(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 Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	110	$	—	$	—
Foreign exchange contracts	601		14		15
Interest rate contracts	9,576		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 September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		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/(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)	$	54	$	—	$	20
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2
	Nine Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		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/(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	$	(2)	$	105	$	(1)	$	30
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		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 September 30,
	2022				2021
	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	$	366	$	(62)	$	514	$	(88)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—
	Nine Months Ended September 30,
	2022				2021
	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	$	1,235	$	(373)	$	1,485	$	317
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		6		(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 Derivative	Three Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	121	$	3
Foreign exchange contracts	Other net gains (losses)	3		2
Credit contracts	Other net gains (losses)	1		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(2)		(1)
Within products	Other net gains (losses)	2		2
Managed custody guarantees	Other net gains (losses)	(6)		(1)
Total		$	119	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	178	$	(41)
Foreign exchange contracts	Other net gains (losses)	7		1
Credit contracts	Other net gains (losses)	(3)		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(5)		(3)
Within products	Other net gains (losses)	21		35
Managed custody guarantees	Other net gains (losses)	(8)		3
Total		$	190	$	(4)