OFFSETTING OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2021

Offsetting [Abstract]

Schedule of Derivative Instruments by Assets and Liabilities

The tables below present the derivative instruments by assets and liabilities for the Company as of June 30, 2021:

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheets		Net Amounts of Assets Presented in the Balance Sheets		Gross Amounts Not Offset in the  Balance Sheets
							Financial Instruments		Collateral Received		Net Amount
	(Dollars In Millions)
Offsetting of Assets
Derivatives:
Free-Standing derivatives	$	1,294	$	—	$	1,294	$	944	$	230	$	120
Total derivatives, subject to a master netting arrangement or similar arrangement	1,294		—		1,294		944		230		120
Derivatives not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	85		—		85		—		—		85
Embedded derivative - GLWB	157		—		157		—		—		157
Embedded derivative - FIA	65		—		65		—		—		65
Total derivatives, not subject to a master netting arrangement or similar arrangement	307		—		307		—		—		307
Total derivatives	1,601		—		1,601		944		230		427
Total Assets	$	1,601	$	—	$	1,601	$	944	$	230	$	427

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheets		Net Amounts of Liabilities Presented in the Balance Sheets		Gross Amounts Not Offset in the  Balance Sheets
							Financial Instruments		Collateral Posted		Net Amount
	(Dollars In Millions)
Offsetting of Liabilities
Derivatives:
Free-Standing derivatives	$	959	$	—	$	959	$	944	$	13	$	2
Total derivatives, subject to a master netting arrangement or similar arrangement	959		—		959		944		13		2
Derivatives, not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	323		—		323		—		—		323
Funds withheld derivative	13		—		13		—		—		13
Embedded derivative - GLWB	678		—		678		—		—		678
Embedded derivative - FIA	695		—		695		—		—		695
Embedded derivative - IUL	244		—		244		—		—		244
Other	76		—		76		—		—		76
Total derivatives, not subject to a master netting arrangement or similar arrangement	2,029		—		2,029		—		—		2,029
Total derivatives	2,988		—		2,988		944		13		2,031
Repurchase agreements(1)	1,003		—		1,003		—		—		1,003
Total Liabilities	$	3,991	$	—	$	3,991	$	944	$	13	$	3,034
(1) Borrowings under repurchase agreements are for a term less than 90 days.

The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2020.

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheets		Net Amounts of Assets Presented in the Balance Sheets		Gross Amounts Not Offset in the Balance Sheets
							Financial Instruments		Collateral Received		Net Amount
	(Dollars In Millions)
Offsetting of Assets
Derivatives:
Free-Standing derivatives	$	1,337	$	—	$	1,337	$	865	$	290	$	182
Total derivatives, subject to a master netting arrangement or similar arrangement	1,337		—		1,337		865		290		182
Derivatives not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	101		—		101		—		—		101
Embedded derivative - GLWB	138		—		138		—		—		138
Embedded derivative - FIA	60		—		60		—		—		60
Total derivatives, not subject to a master netting arrangement or similar arrangement	299		—		299		—		—		299
Total derivatives	1,636		—		1,636		865		290		481
Total Assets	$	1,636	$	—	$	1,636	$	865	$	290	$	481

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheets		Net Amounts of Liabilities Presented in the Balance Sheets		Gross Amounts Not Offset in the Balance Sheets
							Financial Instruments		Collateral Posted		Net Amount
	(Dollars In Millions)
Offsetting of Liabilities
Derivatives:
Free-Standing derivatives	$	871	$	—	$	871	$	865	$	4	$	2
Total derivatives, subject to a master netting arrangement or similar arrangement	871		—		871		865		4		2
Derivatives not subject to a master netting arrangement or similar arrangement
Embedded derivative - Modco reinsurance treaties	389		—		389		—		—		389
Funds withheld derivative	10		—		10		—		—		10
Embedded derivative - GLWB	960		—		960		—		—		960
Embedded derivative - FIA	633		—		633		—		—		633
Embedded derivative - IUL	201		—		201		—		—		201
Other	55		—		55		—		—		55
Total derivatives, not subject to a master netting arrangement or similar arrangement	2,248		—		2,248		—		—		2,248
Total derivatives	3,119		—		3,119		865		4		2,250
Repurchase agreements(1)	437		—		437		—		—		437
Total Liabilities	$	3,556	$	—	$	3,556	$	865	$	4	$	2,687
(1) Borrowings under repurchase agreements are for a term less than 90 days.