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Derivative Instruments (Tables)
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2022 and December 31, 2021 (dollars in millions):
 March 31, 2022December 31, 2021
 Primary Underlying RiskNotionalCarrying Value/Fair ValueNotionalCarrying Value/Fair Value
 AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swapsInterest rate$1,182 $43 $$1,273 $66 $
Financial futuresEquity228 — — 240 — — 
Foreign currency swapsForeign currency150 — 150 — 
Foreign currency forwardsForeign currency724 21 395 
CPI swapsCPI548 56 563 34 
Credit default swapsCredit1,816 34 1,321 29 
Equity optionsEquity472 29 — 472 29 — 
Synthetic GICsInterest rate16,694 — — 16,143 — — 
Embedded derivatives in:
Modco or funds withheld arrangements— 280 148 — 227 62 
Indexed annuity products— — 645 — — 693 
Variable annuity products— — 148 — — 162 
Total non-hedging derivatives21,814 420 1,005 20,557 388 930 
Derivatives designated as hedging instruments:
Interest rate swapsForeign currency/Interest rate935 28 941 33 
Foreign currency swapsForeign currency133 153 — 
Foreign currency forwardsForeign currency1,683 25 1,320 14 11 
Forward bond purchase commitmentsInterest rate545 43 545 14 
Total hedging derivatives3,296 20 97 2,959 33 45 
Total derivatives$25,110 $440 $1,102 $23,516 $421 $975 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of March 31, 2022 and 2021 were (dollars in millions):
Type of Fair Value HedgeHedged ItemGains (Losses) Recognized for DerivativesGains (Losses) Recognized for Hedged Items
Investment Related Gains (Losses), Net
For the three months ended March 31, 2022:
Foreign currency swapsForeign-denominated fixed maturity securities$$(3)
For the three months ended March 31, 2021:
Foreign currency swapsForeign-denominated fixed maturity securities$— $
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2022 and 2021 (dollars in millions):
 Three months ended March 31,
 20222021
Balance, beginning of period$(22)$(49)
Gains (losses), net deferred in other comprehensive income (loss)(60)(24)
Amounts reclassified to investment income— — 
Amounts reclassified to interest expense
Balance, end of period$(81)$(71)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2022 and 2021 (dollars in millions):
Derivative TypeGains (Losses) Deferred in OCIGains (Losses) Reclassified into Income from AOCI
Investment IncomeInterest Expense
For the three months ended March 31, 2022:
Interest rate$(64)$— $(1)
Foreign currency/interest rate— — 
Total$(60)$— $(1)
For the three months ended March 31, 2021:
Interest rate$(23)$— $(2)
Foreign currency/interest rate(1)— — 
Total$(24)$— $(2)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three months ended March 31, 2022 and 2021 (dollars in millions):
 Derivative Gains (Losses) Deferred in OCI   
 For the three months ended March 31,
Type of NIFO Hedge20222021
Foreign currency swaps$— $(1)
Foreign currency forwards(16)(14)
Total$(16)$(15)
Derivatives Not Designated as Hedging Instruments [Table Text Block]
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2022 and 2021 is as follows (dollars in millions):
  Gains (Losses) for the three months ended     
March 31,
Type of Non-hedging DerivativeIncome Statement Location of Gains (Losses)20222021
Interest rate swapsInvestment related gains (losses), net$(52)$(70)
Financial futuresInvestment related gains (losses), net(10)
Foreign currency swapsInvestment related gains (losses), net
Foreign currency forwardsInvestment related gains (losses), net(23)(8)
CPI swapsInvestment related gains (losses), net29 18 
Credit default swapsInvestment related gains (losses), net(58)20 
Equity optionsInvestment related gains (losses), net— (10)
Subtotal(90)(51)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net(33)50 
Indexed annuity productsInterest credited36 14 
Variable annuity productsInvestment related gains (losses), net14 19 
Total non-hedging derivatives$(73)$32 
Disclosure Of Credit Derivatives
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2022 and December 31, 2021 (dollars in millions):
 March 31, 2022December 31, 2021
Rating Agency Designation of Referenced Credit Obligations(1)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)  
AAA/AA+/AA/AA-/A+/A/A-
Single name credit default swaps$(31)$600 14.0$28 $600 14.2
Subtotal(31)600 14.028 600 14.2
BBB+/BBB/BBB-
Single name credit default swaps181 2.7141 2.4
Credit default swaps referencing indices— 1,015 6.1— 565 5.1
Subtotal1,196 5.6706 4.6
BB+/BB/BB-
Single name credit default swaps(1)20 3.6(1)15 3.5
Subtotal(1)20 3.6(1)15 3.5
Total$(31)$1,816 8.4$28 $1,321 9.0
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)Assumes the value of the referenced credit obligations is zero.
(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Offsetting Assets [Table Text Block]
The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2022 and December 31, 2021 (dollars in millions):
Gross Amounts  
Recognized
Gross Amounts
Offset in the
Balance Sheet   
Net Amounts
Presented in the
Balance Sheet   
Financial
Instruments/Collateral (1)    
Net Amount   
March 31, 2022:
Derivative assets$160 $(26)$134 $(127)$
Derivative liabilities161 (26)135 (135)— 
December 31, 2021:
Derivative assets$194 $(19)$175 $(175)$— 
Derivative liabilities58 (19)39 (39)— 
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities [Table Text Block]
The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2022 and December 31, 2021 (dollars in millions):
Gross Amounts  
Recognized
Gross Amounts
Offset in the
Balance Sheet   
Net Amounts
Presented in the
Balance Sheet   
Financial
Instruments/Collateral (1)    
Net Amount   
March 31, 2022:
Derivative assets$160 $(26)$134 $(127)$
Derivative liabilities161 (26)135 (135)— 
December 31, 2021:
Derivative assets$194 $(19)$175 $(175)$— 
Derivative liabilities58 (19)39 (39)— 
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.