Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The notional amounts and fair values of derivatives were as follows as of the dates indicated:

	September 30, 2020						December 31, 2019
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	23	$	—	$	—	$	23	$	—	$	—
Foreign exchange contracts	618		24		7		652		10		18
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	14,495		151		237		18,640		210		261
Foreign exchange contracts	64		—		1		54		—		1
Equity contracts	50		3		3		63		4		3
Credit contracts	191		—		2		182		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	N/A		13		—		N/A		11		—
Within products	N/A		—		124		N/A		—		33
Within reinsurance agreements	N/A		—		—		N/A		—		23
Managed custody guarantees	N/A		—		10		N/A		—		—
Total			$	191	$	384			$	235	$	341

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.

N/A - Not Applicable

Offsetting Assets and Liabilities

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below:

	September 30, 2020
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	191	$	—	$	2
Equity contracts	50		3		3
Foreign exchange contracts	682		24		8
Interest rate contracts	12,527		151		237
			178		250
Counterparty netting(1)			(155)		(155)
Cash collateral netting(1)			(19)		(94)
Securities collateral netting(1)			—		—
Net receivables/payables			$	4	$	1

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

	December 31, 2019
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	182	$	—	$	2
Equity contracts	63		4		3
Foreign exchange contracts	706		10		19
Interest rate contracts	17,621		210		261
			224		285
Counterparty netting(1)			(217)		(217)
Cash collateral netting(1)			(6)		(58)
Securities collateral netting(1)			—		(5)
Net receivables/payables			$	1	$	5

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated:

	Three Months Ended September 30,
	2020				2019
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net Investment Income		Net Investment Income and Other Net Realized Gains/ Losses		Net Investment Income		Net Investment Income and Other Net Realized Gains/ Losses
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(1)	$	(35)	$	—	$	28
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		$	—	$	—	$	2
	Nine Months Ended September 30,
	2020				2019
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net Investment Income		Net Investment Income and Other Net Realized Gains/ Losses		Net Investment Income		Net Investment Income and Other Net Realized Gains/ Losses
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	1	$	26	$	2	$	36
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		5		—		7

The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:

	Three Months Ended September 30,
	2020				2019
	Net Investment Income		Other net realized capital gains/(losses)		Net Investment Income		Other net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	505	$	(73)	$	413	$	7
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	3		(3)		2		—

	Nine Months Ended September 30,
	2020				2019
	Net Investment Income		Other net realized capital gains/(losses)		Net Investment Income		Other net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	1,329	$	(163)	$	1,235	$	2
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	8		(3)		7		—

The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated:

	Location of Gain or (Loss) Recognized in Income on Derivative	Three Months Ended September 30,
		2020		2019
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net realized capital gains (losses)	$	10	$	10
Foreign exchange contracts	Other net realized capital gains (losses)	(2)		2
Equity contracts	Other net realized capital gains (losses)	—		—
Credit contracts	Other net realized capital gains (losses)	—		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net realized capital gains (losses)	(2)		2
Within products	Other net realized capital gains (losses)	24		(36)
Within reinsurance agreements	Policyholder benefits	—		(29)
Managed custody guarantees	Other net realized capital gains (losses)	7		—
Total		$	37	$	(50)

	Location of Gain or (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
		2020		2019
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net realized capital gains (losses)	$	55	$	(76)
Foreign exchange contracts	Other net realized capital gains (losses)	2		4
Equity contracts	Other net realized capital gains (losses)	—		1
Credit contracts	Other net realized capital gains (losses)	3		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net realized capital gains (losses)	2		4
Within products	Other net realized capital gains (losses)	(89)		(49)
Within reinsurance agreements	Policyholder benefits	23		(106)
Managed custody guarantees	Other net realized capital gains (losses)	(10)		—
Total		$	(14)	$	(220)