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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
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, 2018
 
December 31, 2017
 
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
$
44

 
$
—

 
$
—

 
$
56

 
$
—

 
$
—

Foreign exchange contracts
700

 
4

 
46

 
625

 
—

 
60

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
24,408

 
205

 
61

 
27,482

 
173

 
58

Foreign exchange contracts
36

 
1

 
—

 
85

 
—

 
2

Equity contracts
1,647

 
194

 
15

 
1,526

 
198

 
19

Credit contracts
1,178

 
18

 
4

 
1,983

 
26

 
10

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
22

 
—

 
N/A

 
37

 
—

Within products
N/A

 
—

 
233

 
N/A

 
—

 
306

Within reinsurance agreements
N/A

 
—

 
32

 
N/A

 
—

 
129

Total
 
 
$
444

 
$
391

 
 
 
$
434

 
$
584

(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 and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:
 
September 30, 2018
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
1,178

 
$
18

 
$
4

Equity contracts
1,534

 
194

 
15

Foreign exchange contracts
736

 
5

 
46

Interest rate contracts
21,663

 
205

 
60

 
 
 
422

 
125

Counterparty netting(1)
 
 
(80
)
 
(80
)
Cash collateral netting(1)
 
 
(306
)
 
(1
)
Securities collateral netting(1)
 
 
(25
)
 
(44
)
Net receivables/payables
 
 
$
11

 
$
—

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
 
 
 
 
 
 
 
December 31, 2017
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
1,983

 
$
26

 
$
10

Equity contracts
1,382

 
197

 
19

Foreign exchange contracts
710

 
—

 
62

Interest rate contracts
24,490

 
173

 
57

 
 
 
396

 
148

Counterparty netting(1)
 
 
(100
)
 
(100
)
Cash collateral netting(1)
 
 
(251
)
 
—

Securities collateral netting(1)
 
 
(37
)
 
(40
)
Net receivables/payables
 
 
$
8

 
$
8

(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
Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
Foreign exchange contracts
$
3

 
$
3

 
$
7

 
$
24

Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
 
 
Interest rate contracts
28

 
1

 
61

 
(7
)
Foreign exchange contracts
1

 
(3
)
 
4

 
(6
)
Equity contracts
20

 
15

 
11

 
30

Credit contracts
3

 
4

 
4

 
15

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
Within fixed maturity investments(2)
(3
)
 
(3
)
 
(15
)
 
(12
)
Within products(2)
1

 
(8
)
 
44

 
(22
)
Within reinsurance agreements(3)
6

 
(10
)
 
94

 
(44
)
Total
$
59

 
$
(1
)
 
$
210

 
$
(22
)
(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2018 and 2017, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations.