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Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
December 31, 2022December 31, 2021
NotionalGross Fair ValueNotionalGross Fair Value
Assets (1)
Liabilities (2)(3)
Assets (1)
Liabilities (2)(3)
(in millions)
Derivatives designated as hedging instruments
Equity contracts - cash flow hedges$6 $— $1 $19 $— $— 
Foreign exchange contracts - net investment hedges85 — — 58— — 
Total qualifying hedges91 — 1 77 — — 
Derivatives not designated as hedging instruments
Interest rate contracts101,307 267 355 79,468 1,252 468 
Equity contracts68,493 2,704 2,376 61,142 4,293 3,754 
Credit contracts1,857 13 2 1,748 9 — 
Foreign exchange contracts3,171 36 14 2,380 20 1 
Total non-designated hedges174,828 3,020 2,747 144,738 5,574 4,223 
Embedded derivatives
GMWB and GMAB (4)
N/A— 608 N/A— 1,486 
IULN/A— 739 N/A— 905 
Fixed deferred indexed annuities and deposit receivablesN/A48 47 N/A59 61 
Structured variable annuities (5)
N/A— (137)N/A— 406 
SMCN/A— 4 N/A— 4 
Total embedded derivativesN/A48 1,261 N/A59 2,862 
Total derivatives$174,919 $3,068 $4,009 $144,815 $5,633 $7,085 
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 $1.6 billion and $3.2 billion as of December 31, 2022 and 2021, 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, 2022 included $911 million of individual contracts in a liability position and $303 million of individual contracts in an asset position. 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.
(5) The fair value of the structured variable annuity embedded derivatives as of December 31, 2022 included $194 million of individual contracts in a liability position and $331 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2021 included $409 million of individual contracts in a liability position and $3 million of individual contracts in an asset position.
Summary of impact of derivatives not designated as hedging instruments, including embedded derivatives
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 IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement ExpensesInterest and Debt ExpenseGeneral and Administrative Expense
(in millions)
Year Ended December 31, 2022
Interest rate contracts$1 $— $(3)$— $(2,900)$(1)$— 
Equity contracts8 (1)(177)(126)735 — (23)
Credit contracts— — (4)— 279 — — 
Foreign exchange contracts2 — — — 105 — (7)
GMWB and GMAB embedded derivatives— — — — 870 — — 
IUL embedded derivatives— — — 217 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — 4 — — — 
Structured variable annuity embedded derivatives— — — — 633 — — 
Total gain (loss)$11 $(1)$(184)$95 $(278)$(1)$(30)
Year Ended December 31, 2021
Interest rate contracts$(23)$— $(1)$— $(886)$— $— 
Equity contracts(4)1 116 91 (817)— 17 
Credit contracts— — 1 — 43 — — 
Foreign exchange contracts1 — — — 5 — 8 
GMWB and GMAB embedded derivatives— — — — 830 — — 
IUL embedded derivatives— — — 30 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (8)— — — 
Structured variable annuity embedded derivatives— — — — (393)— — 
SMC embedded derivatives— (1)— — — — — 
Total gain (loss)$(26)$— $116 $113 $(1,218)$— $25 
Year Ended December 31, 2020
Interest rate contracts$(1)$— $2 $— $1,633 $— $— 
Equity contracts(1)1 100 55 (744)— 15 
Credit contracts— — 1 — (106)— — 
Foreign exchange contracts1 — — — (8)— 10 
GMWB and GMAB embedded derivatives— — — — (1,553)— — 
IUL embedded derivatives— — — 7 — — — 
Fixed deferred indexed annuity embedded derivatives— — — (4)— — — 
Structured variable annuity embedded derivatives— — — — (91)— — 
SMC embedded derivatives— (1)— — — — — 
Total gain (loss)$(1)$— $103 $58 $(869)$— $25 
Summary of payments to make and receive for options and swaptions The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2022:
 Premiums PayablePremiums Receivable
 (in millions)
2023$50 $43 
2024132 23 
2025121 21 
2026251 88 
202719 — 
2028 - 202959 — 
Total$632 $175 
Summary of the impact of derivatives designated as hedges
The following table is a summary of the impact of derivatives designated as hedges on the Consolidated Statements of Operations:
Years Ended December 31,
2020
(in millions)
Total Interest and debt expense$162 
Gains (losses) on interest rate contracts designated as fair value hedges:
Hedged items$1 
Derivatives designated as fair value hedges(1)
Gains (losses) on interest rate contracts designated as cash flow hedges:
Amount of gains (losses) reclassified from AOCI into income$1