Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments, Gain (Loss)

Schedule of gross fair value of derivative instruments, including embedded derivatives [Table Text Block]

The Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

	December 31, 2017							December 31, 2016
	Notional		Gross Fair Value					Notional		Gross Fair Value
			Assets (1)		Liabilities (2)(3)					Assets (1)		Liabilities (2)(3)
	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	675	$	23	$	—		$	675	$	40	$	—
Foreign exchange contracts	87		—		4			164		12		—
Total qualifying hedges	762		23		4			839		52		—
Derivatives not designated as hedging instruments
Interest rate contracts	66,043		1,081		416			72,449		1,738		989
Equity contracts	59,292		2,423		2,883			63,015		1,574		2,135
Credit contracts	721		—		2			1,039		1		—
Foreign exchange contracts	4,163		36		23			4,733		81		47
Other contracts	452		—		—			241		—		—
Total non-designated hedges	130,671		3,540		3,324			141,477		3,394		3,171
Embedded derivatives
GMWB and GMAB (4)	N/A		—		(49		)	N/A		—		614
IUL	N/A		—		601			N/A		—		464
Indexed annuities	N/A		—		5			N/A		—		5
SMC	N/A		—		10			N/A		—		8
Total embedded derivatives	N/A		—		567			N/A		—		1,091
Total derivatives	$	131,433	$	3,563	$	3,895		$	142,316	$	3,446	$	4,262

N/A  Not applicable.

⁽¹⁾  The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets.

⁽²⁾ The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, and indexed annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. The fair value of the SMC embedded derivative liability is included in Customer deposits on the Consolidated Balance Sheets.

⁽³⁾ The fair value of the Company’s derivative liabilities after considering the effects of master netting arrangements, cash collateral held by the same counterparty and the fair value of net embedded derivatives was $1.3 billion and $1.5 billion as of December 31, 2017 and 2016, respectively. See Note 15 for additional information related to master netting arrangements and cash collateral. See Note 4 for information about derivatives held by consolidated VIEs.

⁽⁴⁾   The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2017 included $443 million of individual contracts in a liability position and $492 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2016 included $880 million of individual contracts in a liability position and $266 million of individual contracts in an asset position.

Schedule of gain (loss) on derivative instruments [Table Text Block]

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:

	Net Investment Income			Banking and Deposit Interest Expense			Distribution Expenses			Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses			General and Administrative Expense
	(in millions)
Year Ended December 31, 2017
Interest rate contracts	$	(3	)	$	—		$	—		$	—		$	1		$	—
Equity contracts	(10		)	4			54			75			(1,081		)	11
Credit contracts	—			—			—			—			(22		)	—
Foreign exchange contracts	—			—			3			—			(23		)	6
Other contracts	—			—			—			—			(2		)	—
GMWB and GMAB embedded derivatives	—			—			—			—			663			—
IUL embedded derivatives	—			—			—			(45		)	—			—
SMC embedded derivatives	—			(4		)	—			—			—			—
Total gain (loss)	$	(13	)	$	—		$	57		$	30		$	(464	)	$	17
Year Ended December 31, 2016
Interest rate contracts	$	3		$	—		$	—		$	—		$	36		$	—
Equity contracts	(1		)	2			23			20			(897		)	6
Credit contracts	—			—			—			—			2			—
Foreign exchange contracts	—			—			(1		)	—			—			14
Other contracts	—			—			—			—			(2		)	—
GMWB and GMAB embedded derivatives	—			—			—			—			237			—
IUL embedded derivatives	—			—			—			15			—			—
SMC embedded derivatives	—			(2		)	—			—			—			—
Total gain (loss)	$	2		$	—		$	22		$	35		$	(624	)	$	20
Year Ended December 31, 2015
Interest rate contracts	$	(21	)	$	—		$	—		$	—		$	228		$	—
Equity contracts	—			—			1			(10		)	(317		)	2
Credit contracts	—			—			—			—			(1		)	—
Foreign exchange contracts	4			—			(1		)	—			13			(2		)
Other contracts	1			—			—			—			(1		)	—
GMWB and GMAB embedded derivatives	—			—			—			—			(372		)	—
IUL embedded derivatives	—			—			—			(8		)	—			—
Indexed annuity embedded derivatives	—			—			—			1			—			—
Total gain (loss)	$	(16	)	$	—		$	—		$	(17	)	$	(450	)	$	—

Schedule of payments to make and receive for options [Table Text Block]

The deferred premium associated with certain of the above options and swaptions is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options and swaptions as of December 31, 2017:

	Premiums Payable		Premiums Receivable
	(in millions)
2018	$	233	$	131
2019	296		171
2020	217		100
2021	187		109
2022	250		148
2023-2027	523		59
Total	$	1,706	$	718

Fair value hedges [Member]

Derivative Instruments, Gain (Loss)

Schedule of gain (loss) on derivative instruments [Table Text Block]

Derivatives designated as hedging instruments	Location of Gain Recorded into Income	Amount of Gain Recognized in Income on Derivatives
		Years Ended December 31,
		2017		2016		2015
		(in millions)
Interest rate contracts	Interest and debt expense	$	16	$	19	$	31