Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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:

	December 31, 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)
Fair value hedges:
Foreign exchange contracts	$	81	$	—	$	6	$	94	$	2	$	—
Cash flow hedges:
Interest rate contracts	22		—		—		22		—		—
Foreign exchange contracts	718		71		2		683		16		16
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	18,304		341		376		13,382		147		209
Foreign exchange contracts	160		9		2		146		1		3
Equity contracts	248		1		1		299		4		2
Credit contracts	174		—		2		135		1		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		3		—		N/A		12		—
Within products(3)	N/A		—		24		N/A		—		47
Within reinsurance agreements(4)	N/A		95		46		N/A		—		196
Managed custody guarantees(3)	N/A		—		6		N/A		—		1
Total			$	520	$	465			$	183	$	475

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

(2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.

(3) Included in Future policy benefits on the Consolidated Balance Sheets.

(4) Included in Other liabilities, Other assets, and Premium receivable and reinsurance recoverable on the 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:

	December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	174	$	—	$	2
Equity contracts	201		1		1
Foreign exchange contracts	959		80		10
Interest rate contracts	13,328		339		376
			420		389
Counterparty netting(1)			(295)		(295)
Cash collateral netting(1)			(64)		(88)
Securities collateral netting(1)			(6)		(1)
Net receivables/payables			$	55	$	5

(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	$	135	$	1	$	1
Equity contracts	239		4		2
Foreign exchange contracts	923		19		19
Interest rate contracts	12,003		147		209
			171		231
Counterparty netting(1)			(156)		(156)
Cash collateral netting(1)			(12)		(70)
Securities collateral netting(1)			(2)		(2)
Net receivables/payables			$	1	$	3

(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 Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated:

	Year Ended December 31,
	2022				2021				2020
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting	Net investment income		Net investment income and Net gains/(losses)		Net investment income		Net investment income and Net gains/(losses)		Net investment income		Net investment income and Net gains/(losses)
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(2)	$	70	$	(1)	$	39	$	1	$	(28)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		11		—		4		—		8

The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:

	Year Ended December 31,
	2022				2021				2020
	Net Investment Income		Net gains/(losses)		Net Investment Income		Net gains/(losses)		Net Investment Income		Net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded	$	2,281	$	(662)	$	2,774	$	1,425	$	2,909	$	(284)
Derivatives: Qualifying for hedge accounting
Fair value hedges:
Foreign exchange contracts:
Hedged items	—		(6)		—		(5)		—		—
Derivatives designated as hedging instruments(1)	—		7		—		5		—		—
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	11		—		9		(5)		11		(3)

(1) For the year ended December 31, 2022, $1 of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earning. An immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings for the year ended December 31, 2021. No portion of the change in derivative instruments designated and qualifying as fair value hedges were excluded from the assessment of hedge effectiveness and recognized currently in earnings for the year ended December 31, 2020.

The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated:

	Location of Gain or (Loss) Recognized in Income on Derivative	Year Ended December 31,
		2022		2021		2020
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	334	$	4	$	4
Foreign exchange contracts	Net gains (losses)	(1)		(4)		(4)
Equity contracts	Net gains (losses)	(32)		17		(7)
Credit contracts	Net gains (losses)	(3)		2		4
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(9)		(8)		1
Within products	Net gains (losses)	24		33		(30)
Within reinsurance agreements(1)	Policyholder benefits	217		77		(24)
Managed custody guarantees	Net gains (losses)	(5)		3		(4)
Total		$	525	$	124	$	(60)

(1) For the years ended December 31, 2022 and 2021 , the amount excludes gains (losses) from standalone derivatives of $(12) and $2, respectively, that are recognized in Net gains (losses). For the year ended December 31, 2020, no gains (losses) from standalone derivatives were recognized.