Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives

	December 31, 2021						December 31, 2020
	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
Equity contracts - cash flow hedges	$	19	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts - net investment hedges	58		—		—		32		—		2
Total qualifying hedges	77		—		—		32		—		2
Derivatives not designated as hedging instruments
Interest rate contracts	79,468		1,252		468		77,951		1,755		734
Equity contracts	61,142		4,293		3,754		57,254		4,090		3,571
Credit contracts	1,748		9		—		2,297		2		1
Foreign exchange contracts	2,380		20		1		3,423		23		4
Total non-designated hedges	144,738		5,574		4,223		140,925		5,870		4,310
Embedded derivatives
GMWB and GMAB (4)	N/A		—		1,486		N/A		—		2,316
IUL	N/A		—		905		N/A		—		935
Fixed deferred indexed annuities and deposit receivables	N/A		59		61		N/A		—		52
Structured variable annuities	N/A		—		406		N/A		—		70
SMC	N/A		—		4		N/A		—		8
Total embedded derivatives	N/A		59		2,862		N/A		—		3,381
Total derivatives	$	144,815	$	5,633	$	7,085	$	140,957	$	5,870	$	7,693

N/A  Not applicable.

(1) The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.

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

(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 $3.2 billion and $3.7 billion as of December 31, 2021 and 2020, respectively. See Note 16 for additional information related to master netting arrangements and cash collateral.

(4) The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2021 included $1.6 billion of individual contracts in a liability position and $133 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2020 included $2.4 billion of individual contracts in a liability position and $67 million of individual contracts in an asset position.

Summary of impact of derivatives not designated as hedging instruments, including embedded derivatives

	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, 2021
Interest rate contracts	$	(23)	$	—	$	(1)	$	—	$	(886)	$	—
Equity contracts	(4)		1		116		91		(817)		17
Credit contracts	—		—		1		—		43		—
Foreign exchange contracts	1		—		—		—		5		8
GMWB and GMAB embedded derivatives	—		—		—		—		830		—
IUL embedded derivatives	—		—		—		30		—		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives	—		—		—		(8)		—		—
Structured variable annuity embedded derivatives	—		—		—		—		(393)		—
SMC embedded derivatives	—		(1)		—		—		—		—
Total gain (loss)	$	(26)	$	—	$	116	$	113	$	(1,218)	$	25
Year Ended December 31, 2020
Interest rate contracts	$	(1)	$	—	$	2	$	—	$	1,633	$	—
Equity contracts	(1)		1		100		55		(744)		15
Credit contracts	—		—		1		—		(106)		—
Foreign exchange contracts	1		—		—		—		(8)		10
GMWB and GMAB embedded derivatives	—		—		—		—		(1,553)		—
IUL embedded derivatives	—		—		—		7		—		—
Fixed deferred indexed annuity embedded derivatives	—		—		—		(4)		—		—
Structured variable annuity embedded derivatives	—		—		—		—		(91)		—
SMC embedded derivatives	—		(1)		—		—		—		—
Total gain (loss)	$	(1)	$	—	$	103	$	58	$	(869)	$	25
Year Ended December 31, 2019
Interest rate contracts	$	(34)	$	—	$	—	$	—	$	1,097	$	—
Equity contracts	—		11		99		117		(1,547)		16
Credit contracts	—		—		—		—		(73)		—
Foreign exchange contracts	—		—		—		—		(30)		(1)
GMWB and GMAB embedded derivatives	—		—		—		—		(435)		—
IUL embedded derivatives	—		—		—		(140)		—		—
Fixed deferred indexed annuity embedded derivatives	—		—		—		(8)		—		—
SMC embedded derivatives	—		(9)		—		—		—		—
Total gain (loss)	$	(34)	$	2	$	99	$	(31)	$	(988)	$	15

Summary of payments to make and receive for options and swaptions

	Premiums Payable		Premiums Receivable
	(in millions)
2022	$	204	$	204
2023	51		43
2024	137		25
2025	124		22
2026	252		88
2027-2028	18		—
Total	$	786	$	382

Summary of the impact of derivatives designated as hedges

	Years Ended December 31,
	2020		2019
	(in millions)
Total interest and debt expense per Consolidated Statements of Operations	$	162	$	214
Gain (loss) on interest rate contracts designated as fair value hedges:
Hedged items	$	1	$	5
Derivatives designated as fair value hedges	(1)		(5)
Gain (loss) on interest rate contracts designated as cash flow hedges:
Amount of gain (loss) reclassified from AOCI into income	$	1	$	2