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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2022 and December 31, 2021 (dollars in millions):
 September 30, 2022December 31, 2021
 Primary Underlying RiskNotionalCarrying Value/Fair ValueNotionalCarrying Value/Fair Value
 AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swapsInterest rate$1,048 $2 $7 $1,273 $66 $1 
Interest rate optionsInterest rate5,312 40 — — — — 
Total return swapsInterest rate500 — 2 — — — 
Financial futuresEquity215 — — 240 — — 
Foreign currency swapsForeign currency150 27 — 150 1 — 
Foreign currency forwardsForeign currency776 — 34 395 2 4 
CPI swapsCPI462 25 8 563 34 7 
Credit default swapsCredit1,723 6 50 1,321 29 1 
Equity optionsEquity296 49 — 472 29 — 
Synthetic GICsInterest rate17,485 — — 16,143 — — 
Embedded derivatives in:
Modco or funds withheld arrangements— 316 256 — 227 62 
Indexed annuity products— — 550 — — 693 
Variable annuity products— — 139 — — 162 
Total non-hedging derivatives27,967 465 1,046 20,557 388 930 
Derivatives designated as hedging instruments:
Interest rate swapsForeign currency/Interest rate1,335 4 140 941 4 33 
Foreign currency swapsForeign currency114 — 7 153 1 — 
Foreign currency forwardsForeign currency1,028 67 — 1,320 14 11 
Forward bond purchase commitmentsInterest rate407 — 109 545 14 1 
Total hedging derivatives2,884 71 256 2,959 33 45 
Total derivatives$30,851 $536 $1,302 $23,516 $421 $975 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of September 30, 2022 and 2021 were as follows (dollars in millions):
Type of Fair Value HedgeHedged ItemGains (Losses) Recognized for DerivativesGains (Losses) Recognized for Hedged Items
Investment Related Gains (Losses)
For the three months ended September 30, 2022:
Foreign currency swapsForeign-denominated fixed maturity securities$(7)$8 
For the three months ended September 30, 2021:
Foreign currency swapsForeign-denominated fixed maturity securities$(4)$4 
For the nine months ended September 30, 2022:
Foreign currency swapsForeign-denominated fixed maturity securities$(8)$13 
For the nine months ended September 30, 2021:
Foreign currency swapsForeign-denominated fixed maturity securities$(6)$7 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following tables present the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (dollars in millions):
 Three months ended September 30,
 20222021
Balance, beginning of period$(206)$(40)
Gains (losses), net deferred in other comprehensive income (loss)(27)(17)
Amounts reclassified to investment income3 — 
Amounts reclassified to interest expense— 2 
Balance, end of period$(230)$(55)
 Nine months ended September 30,
 20222021
Balance, beginning of period$(22)$(49)
Gains (losses), net deferred in other comprehensive income (loss)(215)(12)
Amounts reclassified to investment income5 — 
Amounts reclassified to interest expense2 6 
Balance, end of period$(230)$(55)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2022 and 2021 (dollars in millions):
Derivative TypeGains (Losses) Deferred in OCIGains (Losses) Reclassified into Income from AOCI
Investment IncomeInterest Expense
For the three months ended September 30, 2022:
Interest rate$(20)$— $— 
Foreign currency/interest rate(7)(3)— 
Total$(27)$(3)$— 
For the three months ended September 30, 2021:
Interest rate$(12)$— $(2)
Foreign currency/interest rate(5)— — 
Total$(17)$— $(2)
For the nine months ended September 30, 2022:
Interest rate$(190)$— $(2)
Foreign currency/interest rate(25)(5)— 
Total$(215)$(5)$(2)
For the nine months ended September 30, 2021:
Interest rate$(6)$— $(6)
Foreign currency/interest rate(6)— — 
Total$(12)$— $(6)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three and nine months ended September 30, 2022 and 2021 (dollars in millions):
 Derivative Gains (Losses) Deferred in OCI     
 Three months ended September 30,Nine months ended September 30,
Type of NIFO Hedge 2022202120222021
Foreign currency swaps$— $2 $1 $(1)
Foreign currency forwards66 28 88 4 
Total$66 $30 $89 $3 
Derivatives Not Designated as Hedging Instruments [Table Text Block]
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 is as follows (dollars in millions):
  Three months ended September 30,
Type of Non-hedging DerivativeIncome Statement Location of Gain (Loss)20222021
Interest rate swapsInvestment related gains (losses), net$(33)$(4)
Interest rate optionsInvestment related gains (losses), net18 — 
Total return swapsInvestment related gains (losses), net(1)— 
Financial futuresInvestment related gains (losses), net7 — 
Foreign currency swapsInvestment related gains (losses), net9 3 
Foreign currency forwardsInvestment related gains (losses), net(55)(2)
CPI swapsInvestment related gains (losses), net7 12 
Credit default swapsInvestment related gains (losses), net(12)(12)
Equity optionsInvestment related gains (losses), net8 3 
Subtotal(52)— 
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net(17)21 
Indexed annuity productsInterest credited18 (15)
Variable annuity productsInvestment related gains (losses), net21 (37)
Total non-hedging derivatives$(30)$(31)
  Nine months ended September 30,
Type of Non-hedging DerivativeIncome Statement Location of Gain (Loss)20222021
Interest rate swapsInvestment related gains (losses), net$(129)$(41)
Interest rate optionsInvestment related gains (losses), net12 — 
Total return swapsInvestment related gains (losses), net(1)— 
Financial futuresInvestment related gains (losses), net38 (19)
Foreign currency swapsInvestment related gains (losses), net27 15 
Foreign currency forwardsInvestment related gains (losses), net(154)(11)
CPI swapsInvestment related gains (losses), net25 33 
Credit default swapsInvestment related gains (losses), net(103)20 
Equity optionsInvestment related gains (losses), net29 (18)
Subtotal(256)(21)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net(106)87 
Indexed annuity productsInterest credited98 (14)
Variable annuity productsInvestment related gains (losses), net23 (36)
Total non-hedging derivatives$(241)$16 
Disclosure of Credit Derivatives [Table Text Block]
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at September 30, 2022 and December 31, 2021 (dollars in millions):
 September 30, 2022December 31, 2021
Rating Agency Designation of Referenced Credit Obligations(1)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)  
AAA/AA+/AA/AA-/A+/A/A-
Single name credit default swaps$(40)$433 18.8$28 $600 14.2
Subtotal(40)433 18.828 600 14.2
BBB+/BBB/BBB-
Single name credit default swaps— 150 3.61 141 2.4
Credit default swaps referencing indices(1)1,115 6.7— 565 5.1
Subtotal(1)1,265 6.31 706 4.6
BB+/BB/BB-
Single name credit default swaps(3)25 3.4(1)15 3.5
Subtotal(3)25 3.4(1)15 3.5
Total$(44)$1,723 9.4$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 September 30, 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
September 30, 2022:
Derivative assets$220 $(59)$161 $(161)$— 
Derivative liabilities357 (59)298 (298)— 
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 September 30, 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
September 30, 2022:
Derivative assets$220 $(59)$161 $(161)$— 
Derivative liabilities357 (59)298 (298)— 
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.