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Derivatives and Hedge Accounting (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:
June 30, 2022December 31, 2021
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
(in millions)Notional AmountFair
Value		Notional AmountFair
Value		Notional AmountFair
Value		Notional AmountFair
Value
Derivatives designated as
hedging instruments:(a)
Interest rate contracts$85 $2 $925 $35 $265 $5 $895 $11 
Foreign exchange contracts8,027 870 1,956 217 5,431 467 5,828 197 
Derivatives not designated
as hedging instruments:(a)
Interest rate contracts49,436 4,609 56,712 6,272 47,499 3,868 42,113 3,622 
Foreign exchange contracts13,408 1,243 3,639 431 7,905 722 9,997 524 
Equity contracts29,116 387 4,710 53 27,423 681 5,091 53 
Commodity contracts271 9 104 — 303 4 219 — 
Credit contracts(b)
1,789 1 933 44 3,790 1 936 47 
Other contracts(c)
45,428 16 — — 43,892 13 51 — 
Total derivatives, gross$147,560 $7,137 $68,979 $7,052 $136,508 $5,761 $65,130 $4,454 
Counterparty netting(d)
(4,354)(4,354)(2,779)(2,779)
Cash collateral(e)
(2,426)(2,418)(2,139)(1,089)
Total derivatives on Condensed
Consolidated Balance Sheets(f)
$357 $280 $843 $586 
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)As of June 30, 2022 and December 31, 2021, included CDSs on super senior multi-sector CDOs with a net notional amount of $93 million and $97 million (fair value liability of $32 million and $30 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio.
(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(d)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(e)Represents cash collateral posted and received that is eligible for netting.
(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $0.6 billion and zero at June 30, 2022 and December 31, 2021, respectively. Fair value of liabilities related to bifurcated embedded derivatives was $7.0 billion and $14.5 billion, respectively, at June 30, 2022 and December 31, 2021. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information see Note 7.
Schedule of Gain (Loss) Recognized in Income on Derivative Instruments in Fair Value Hedging Relationships
The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):
Gains/(Losses) Recognized in Income for:
(in millions)
Hedging
Derivatives(a)
Excluded Components(b)
Hedged
Items		Net Impact
Three Months Ended June 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances$(7)$— $8 $1 
Net investment income— — — — 
Foreign exchange contracts:
Net realized gains/(losses)325 98 (325)98 
Three Months Ended June 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances$(3)$— $1 $(2)
Net investment income (loss)(1)— — (1)
Foreign exchange contracts:
Net realized gains/(losses)(36)107 36 107 
Six Months Ended June 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances$(28)$— $31 $3 
Net investment income (loss)1 — (1)— 
Foreign exchange contracts:
Net realized gains/(losses)434 140 (434)140 
Six Months Ended June 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances$(7)$— $7 $— 
Net investment income (loss)7 — (7)— 
Foreign exchange contracts:
Net realized gains/(losses)(4)78 4 78 
(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.
Derivatives Not Designated as Hedging Instruments
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):
Gains (Losses) Recognized in Income
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
By Derivative Type:
Interest rate contracts$(869)$856 $(1,482)$(689)
Foreign exchange contracts730 48 966 (39)
Equity contracts78 (32)(126)(551)
Commodity contracts(3)1 (7)1 
Credit contracts— (4)(1)(9)
Other contracts13 17 31 32 
Embedded derivatives4,306 (3,242)9,591 1,597 
Total$4,255 $(2,356)$8,972 $342 
By Classification:
Policy fees$15 $15 $30 $30 
Net investment income3 7 2 (5)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets1,420 (388)2,868 52 
Net realized gains (losses) on Fortitude Re funds withheld assets(a)
2,824 (1,996)6,086 269 
Policyholder benefits and claims incurred(7)6 (14)(4)
Total$4,255 $(2,356)$8,972 $342 
(a)Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.