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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Aggregate Contractual Notional Amounts and Fair Values of Derivatives
A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions, recast for the adoption of LDTI):

December 31, 2022
Contractual/AssetsLiabilitiesNet
NotionalFairFairFair Value
Amount (1)
ValueValueAsset (Liability)
Freestanding derivatives
Cross-currency swaps$1,825 $73 $104 $(31)
Equity index call options17,500 106 — 106 
Equity index futures (2)
19,760 — — — 
Equity index put options 30,500 958 — 958 
Interest rate swaps7,728 5 231 (226)
Interest rate swaps - cleared (2)
1,500 — — — 
Put-swaptions25,000 — 1,711 (1,711)
Interest rate futures (2)
105,261 — — — 
Total return swaps739 31 — 31 
Total freestanding derivatives209,813 1,173 2,046 (873)
Embedded derivatives
Fixed index annuity embedded derivatives (3)
N/A— 931 (931)
Registered index linked annuity embedded derivatives (3)
N/A— 205 (205)
Total embedded derivativesN/A— 1,136 (1,136)
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps158 23 1 22 
Cross-currency forwards1,490 74 18 56 
Funds withheld embedded derivative (4)
N/A3,158 — 3,158 
Total derivatives related to funds withheld under reinsurance treaties1,648 3,255 19 3,236 
Total$211,461 $4,428 $3,201 $1,227 

(1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions.
(2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades.
(3) Included within other contract holder funds on the Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above.
(4) Included within funds withheld payable under reinsurance treaties on the Consolidated Balance Sheets.
December 31, 2021
Contractual/AssetsLiabilitiesNet
NotionalFairFairFair Value
Amount (1)
ValueValueAsset (Liability)
Freestanding derivatives
Cross-currency swaps$1,767 $55 $35 $20 
Equity index call options21,000 606 — 606 
Equity index futures (2)
18,258 — — — 
Equity index put options27,500 150 — 150 
Interest rate swaps7,728 430 — 430 
Interest rate swaps - cleared (2)
1,500 — — — 
Put-swaptions19,000 133 — 133 
Interest rate futures (2)
912 — — — 
Total freestanding derivatives97,665 1,374 35 1,339 
Embedded derivatives
Fixed index annuity embedded derivatives (3)
N/A— 1,439 (1,439)
Registered index linked annuity embedded derivatives (3)
N/A— 6 (6)
Total embedded derivativesN/A— 1,445 (1,445)
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps158 10 1 9 
Cross-currency forwards1,119 33 5 28 
Funds withheld embedded derivative (4)
N/A— 120 (120)
Total derivatives related to funds withheld under reinsurance treaties1,277 43 126 (83)
Total$98,942 $1,417 $1,606 $(189)
(1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions.
(2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades.
(3) Included within other contract holder funds on the Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above.
(4) Included within funds withheld payable under reinsurance treaties on the Consolidated Balance Sheets.
Schedule of Gains and Losses, and Change in Fair Value of Derivatives
The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions, recast for the adoption of LDTI for 2022 and 2021):

Years Ended December 31,
202220212020
Derivatives excluding funds withheld under reinsurance treaties
Cross-currency swaps$(67)$(36)$74 
Equity index call options(1,830)1,479 1,468 
Equity index futures3,005 (4,663)(8,286)
Equity index put options(244)(1,202)(218)
Interest rate swaps(615)(179)578 
Interest rate swaps - cleared(201)(64)1 
Put-swaptions(1,832)134 199 
Interest rate futures(925)(989)1,650 
Total return swaps5 — — 
Fixed index annuity embedded derivatives3 (5)30 
Registered index linked annuity embedded derivatives37 (1)— 
Variable annuity embedded derivatives— — (2,764)
Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties(2,664)(5,526)(7,268)
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps14 15 (5)
Cross-currency forwards79 42 (19)
Treasury futures— — (204)
Funds withheld embedded derivative3,278 707 (827)
Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties3,371 764 (1,055)
Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties$707 $(4,762)$(8,323)
Schedule of Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Assets
The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions):

December 31, 2022
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Consolidated
Balance Sheets		Net Amounts
Presented in
the Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative
assets$1,270 $— $1,270 $385 $683 $157 $45 
Financial Liabilities:
Freestanding derivative
liabilities $2,065 $— $2,065 $385 $— $1,638 $42 
Securities loaned36 — 36 — 36 — — 
Repurchase agreements1,012 — 1,012 — — 1,012 — 
Total financial liabilities$3,113 $— $3,113 $385 $36 $2,650 $42 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.
December 31, 2021
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Consolidated
Balance Sheets		Net Amounts
Presented in
the Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative
assets$1,417 $— $1,417 $41 $817 $555 $4 
Financial Liabilities:
Freestanding derivative
liabilities $41 $— $41 $41 $— $— $— 
Securities loaned17 — 17 — 17 — — 
Repurchase agreements1,572 — 1,572 — — 1,572 — 
Total financial liabilities$1,630 $— $1,630 $41 $17 $1,572 $— 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.
Schedule of Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Liabilities
The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions):

December 31, 2022
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Consolidated
Balance Sheets		Net Amounts
Presented in
the Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative
assets$1,270 $— $1,270 $385 $683 $157 $45 
Financial Liabilities:
Freestanding derivative
liabilities $2,065 $— $2,065 $385 $— $1,638 $42 
Securities loaned36 — 36 — 36 — — 
Repurchase agreements1,012 — 1,012 — — 1,012 — 
Total financial liabilities$3,113 $— $3,113 $385 $36 $2,650 $42 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.
December 31, 2021
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Consolidated
Balance Sheets		Net Amounts
Presented in
the Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative
assets$1,417 $— $1,417 $41 $817 $555 $4 
Financial Liabilities:
Freestanding derivative
liabilities $41 $— $41 $41 $— $— $— 
Securities loaned17 — 17 — 17 — — 
Repurchase agreements1,572 — 1,572 — — 1,572 — 
Total financial liabilities$1,630 $— $1,630 $41 $17 $1,572 $— 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.