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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
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, 2019
 
December 31, 2018
 
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
$
32

 
$
—

 
$
—

 
$
44

 
$
—

 
$
—

Foreign exchange contracts
790

 
40

 
4

 
744

 
14

 
23

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
22,813

 
342

 
494

 
24,085

 
140

 
109

Foreign exchange contracts
130

 
2

 
—

 
30

 
—

 
—

Equity contracts
1,946

 
191

 
17

 
1,756

 
93

 
4

Credit contracts
208

 
—

 
2

 
281

 
—

 
3

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

 
33

 
—

 
N/A

 
26

 
—

Within products
N/A

 
—

 
258

 
N/A

 
—

 
126

Within reinsurance agreements
N/A

 
—

 
171

 
N/A

 
—

 
21

Managed custody guarantees
N/A

 
—

 
5

 
N/A

 
—

 
—

Total
 
 
$
608

 
$
951

 
 
 
$
273

 
$
286

(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:
 
September 30, 2019
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
208

 
$
—

 
$
2

Equity contracts
1,827

 
191

 
17

Foreign exchange contracts
920

 
42

 
4

Interest rate contracts
21,028

 
342

 
494

 
 
 
575

 
517

Counterparty netting(1)
 
 
(342
)
 
(342
)
Cash collateral netting(1)
 
 
(206
)
 
(175
)
Securities collateral netting(1)
 
 
(15
)
 
—

Net receivables/payables
 
 
$
12

 
$
—

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
 
 
 
 
 
 
 
December 31, 2018
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
281

 
$
—

 
$
3

Equity contracts
1,616

 
93

 
3

Foreign exchange contracts
774

 
14

 
23

Interest rate contracts
21,575

 
140

 
109

 
 
 
247

 
138

Counterparty netting(1)
 
 
(113
)
 
(113
)
Cash collateral netting(1)
 
 
(112
)
 
(9
)
Securities collateral netting(1)
 
 
(11
)
 
(15
)
Net receivables/payables
 
 
$
11

 
$
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:
 
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
 
Net investment income
Three Months Ended September 30, 2019
 
 
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income
$
—

 
$
33

Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income
—

 
3

Nine Months Ended September 30, 2019
 
 
 
Amount of Gain or (Loss) Recognized in Other Comprehensive Income
2

 
43

Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income
—

 
9


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, 2019
 
Net Investment Income
 
Other net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
$
853

 
$
(12
)
Derivatives: Qualifying for hedge accounting
 
 
 
Cash flow hedges:
 
 
 
Foreign exchange contracts:
 
 
 
Gain (loss) reclassified from accumulated other comprehensive income into income
3

 
—

 
 
 
 
 
Nine Months Ended September 30, 2019
 
Net Investment Income
 
Other net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
$
2,548

 
$
91

Derivatives: Qualifying for hedge accounting
 
 
 
Cash flow hedges:
 
 
 
Foreign exchange contracts:
 
 
 
Gain (loss) reclassified from accumulated other comprehensive income into income
9

 
—






The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the period indicated:
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
Three Months Ended September 30,
 
 
2019
 
2018
Derivatives: Non-qualifying for hedge accounting
 
 
 
 
 
Interest rate contracts
Other net realized capital gains (losses)
 
$
(18
)
 
$
28

Foreign exchange contracts
Other net realized capital gains (losses)
 
4

 
1

Equity contracts
Other net realized capital gains (losses)
 
(3
)
 
20

Credit contracts
Other net realized capital gains (losses)
 
—

 
3

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments
Other net realized capital gains (losses)
 
4

 
(3
)
Within products
Other net realized capital gains (losses)
 
(36
)
 
1

Within reinsurance agreements
Policyholder benefits
 
(48
)
 
6

Managed custody guarantees
Other net realized capital gains (losses)
 
(4
)
 
—

Total
 
 
$
(101
)
 
$
56

 
 
 
 
 
 
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
Nine Months Ended September 30,
 
 
2019
 
2018
Derivatives: Non-qualifying for hedge accounting
 
 
 
 
 
Interest rate contracts
Other net realized capital gains (losses)
 
$
(149
)
 
$
61

Foreign exchange contracts
Other net realized capital gains (losses)
 
8

 
4

Equity contracts
Other net realized capital gains (losses)
 
54

 
11

Credit contracts
Other net realized capital gains (losses)
 
4

 
4

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments
Other net realized capital gains (losses)
 
7

 
(15
)
Within products
Other net realized capital gains (losses)
 
(120
)
 
44

Within reinsurance agreements
Policyholder benefits
 
(170
)
 
94

Managed custody guarantees
Other net realized capital gains (losses)
 
(4
)
 
—

Total
 
 
$
(370
)
 
$
203