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DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in other comprehensive income on derivative $ 0 $ 1 $ 1 $ 1
Unrealized foreign currency translation gains (losses) during period (779) 25 (1,246) (557)
Derivative and non-derivative hedging instruments, gain (loss) recognized in other comprehensive income, before tax [1] 846 15 1,347 538
Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2] 0 0 0 0
Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (558) (96) (1,024) (383)
Reclassification Out Of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative instruments, cash flow hedges, gains (losses) reclassified from accumulated other comprehensive income into earnings (1)   (1) (2)
Cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in other comprehensive income on derivative [1] 0 1 1 1
Cash flow hedges | Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2] 0 0 0 0
Cash flow hedges | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (1) [3] (1) [3] (2) [4] (2) [4]
Cash flow hedges | Foreign currency swaps | Variable Interest Entity        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in other comprehensive income on derivative [1] 0 1 1 1
Cash flow hedges | Foreign currency swaps | Variable Interest Entity | Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2] 0 0 0 0
Cash flow hedges | Foreign currency swaps | Variable Interest Entity | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (1) (1) (2) (2)
Fair value hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in other comprehensive income on derivative [1] 0 0 0 0
Fair value hedges | Net investment income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative [2] 0 0 0 0
Fair value hedges | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (11) (6) (26) (7)
Fair value hedges | Foreign currency options | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (11) [3] (6) [3] (26) [4] (7) [4]
Net investment hedge        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized foreign currency translation gains (losses) during period [1] 846 14 1,346 537
Net investment hedge | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (25) 30 (102) 46
Net investment hedge | Foreign currency options        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized foreign currency translation gains (losses) during period [1] 0 0 0 0
Net investment hedge | Foreign currency options | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 0 (1) (1) (3)
Net investment hedge | Non-derivative hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized foreign currency translation gains (losses) during period [1] 324 8 523 196
Net investment hedge | Non-derivative hedging instruments | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 0 0 0 0
Net investment hedge | Foreign currency forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized foreign currency translation gains (losses) during period [1] 522 6 823 341
Net investment hedge | Foreign currency forwards | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (25) 31 (101) 49
Non-qualifying strategies | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (521) (119) (894) (420)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (39) (108) (16) (79)
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE) | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative 107 12 135 99
Non-qualifying strategies | Foreign currency options | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (3) (15) (13) 1
Non-qualifying strategies | Foreign currency forwards | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (473) (11) (714) (443)
Non-qualifying strategies | Interest rate swaps | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative (110) 3 (266) 3
Non-qualifying strategies | Forward bond purchase commitment | Variable Interest Entity | Net investment gains (losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in income on derivative $ (3) $ 0 $ (20) $ (1)
[1] Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statement of comprehensive income (loss).
[2] Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedge item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items.
[3] Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2022, and an immaterial amount during the three-month period ended June 30, 2021. In addition, an immaterial amount of losses were reclassified from accumulated other comprehensive income (loss) into earnings during the three-month periods ended June 30, 2022 and 2021, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail)
[4] Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2022, and $2 of losses during the six-month period ended June 30, 2021. In addition, an immaterial amount of losses were reclassified from accumulated other comprehensive income (loss) into earnings during the six-month periods ended June 30, 2022 and 2021, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail).