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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
 December 31, 2020December 31, 2019
Primary Underlying Risk/Instrument TypeGross
Notional		Fair ValueGross
Notional		Fair Value
AssetsLiabilitiesAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Foreign Currency Swaps$1,376,290 $23,167 $(82,625)$1,172,899 $39,019 $(26,511)
Total Derivatives Designated as Hedge Accounting Instruments$1,376,290 $23,167 $(82,625)$1,172,899 $39,019 $(26,511)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Futures$4,597,200 $2,755 $(1,621)$3,857,700 $638 $(5,872)
Interest Rate Swaps131,129,200 12,448,036 (9,540,941)88,557,425 6,598,625 (1,997,944)
Interest Rate Options10,198,000 608,538 (178,563)12,583,000 283,386 (172,085)
Interest Rate Forwards75,000 464 0 959,772 24,487 (4,185)
Foreign Currency
Foreign Currency Forwards34,988 4 (557)16,683 0 (394)
Currency/Interest Rate
Foreign Currency Swaps228,117 7,939 (8,440)234,767 11,482 (663)
Credit
Credit Default Swaps1,574,173 38,875 (52)0 0 0 
Equity
Equity Futures5,558,882 9,424 (24,688)1,191,237 0 (2,638)
Total Return Swaps22,121,729 62,362 (1,162,907)16,314,165 36,692 (573,957)
Equity Options23,856,379 1,617,672 (952,452)12,866,043 329,722 (422,700)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$199,373,668 $14,796,069 $(11,870,221)$136,580,792 $7,285,032 $(3,180,438)
Total Derivatives(1)(2) 
$200,749,958 $14,819,236 $(11,952,846)$137,753,691 $7,324,051 $(3,206,949)
(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $17,314 million and $11,823 million as of December 31, 2020 and 2019, respectively included in “Future policy benefits” and $580 million and $197 million as of December 31, 2020 and 2019, respectively included in “Policyholders’ account balances". Other assets included $54 million and $8 million as of December 31, 2020 and 2019, respectively. Other liabilities included $35 million and $0 million as of December 31, 2020 and 2019, respectively. The fair value of the related reinsurance, included in "Reinsurance recoverables" and/or "Reinsurance payables" was an asset of $471 million and $350 million as of December 31, 2020 and 2019, respectively.
(2)Recorded in “Other invested assets”, “Other liabilities”, and "Payables to parent and affiliates" on the Statements of Financial Position.
Offsetting of Financial Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements, that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Statements of Financial Position.
 December 31, 2020
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives(1)$14,819,236 $(14,624,985)$194,251 $0 $194,251 
Securities purchased under agreements to resell150,000 0 150,000 (150,000)0 
Total Assets$14,969,236 $(14,624,985)$344,251 $(150,000)$194,251 
Offsetting of Financial Liabilities:
Derivatives(1)$11,952,846 $(11,936,059)$16,787 $(16,787)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$11,952,846 $(11,936,059)$16,787 $(16,787)$0 
 December 31, 2019
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives(1)$7,324,051 $(7,324,049)$2 $0 $2 
Securities purchased under agreements to resell302,000 0 302,000 (302,000)0 
Total Assets$7,626,051 $(7,324,049)$302,002 $(302,000)$2 
Offsetting of Financial Liabilities:
Derivatives(1)$3,206,949 $(3,053,132)$153,817 $(820)$152,997 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$3,206,949 $(3,053,132)$153,817 $(820)$152,997 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting of Financial Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements, that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Statements of Financial Position.
 December 31, 2020
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives(1)$14,819,236 $(14,624,985)$194,251 $0 $194,251 
Securities purchased under agreements to resell150,000 0 150,000 (150,000)0 
Total Assets$14,969,236 $(14,624,985)$344,251 $(150,000)$194,251 
Offsetting of Financial Liabilities:
Derivatives(1)$11,952,846 $(11,936,059)$16,787 $(16,787)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$11,952,846 $(11,936,059)$16,787 $(16,787)$0 
 December 31, 2019
 Gross
Amounts of
Recognized
Financial
Instruments		Gross Amounts
Offset in the
Statement of
Financial
Position
Net
Amounts
Presented in
the Statement
of Financial
Position
Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives(1)$7,324,051 $(7,324,049)$2 $0 $2 
Securities purchased under agreements to resell302,000 0 302,000 (302,000)0 
Total Assets$7,626,051 $(7,324,049)$302,002 $(302,000)$2 
Offsetting of Financial Liabilities:
Derivatives(1)$3,206,949 $(3,053,132)$153,817 $(820)$152,997 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$3,206,949 $(3,053,132)$153,817 $(820)$152,997 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance s.
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
 Year Ended December 31, 2020
 Realized
Investment
Gains (Losses)		Net Investment
Income		Asset Administration Fees and Other IncomeAOCI(1)
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$1,882 $17,871 $(24,519)$(42,713)
Total cash flow hedges1,882 17,871 (24,519)(42,713)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate4,452,097 0 0 0 
Currency(809)0 0 0 
Currency/Interest Rate(14,604)0 (141)0 
Credit(303)0 0 0 
Equity(5,289,510)0 0 0 
Embedded Derivatives(4,410,696)0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(5,263,825)0 (141)0 
Total$(5,261,943)$17,871 $(24,660)$(42,713)
  
Year Ended December 31, 2019
 Realized
Investment
Gains (Losses)		Net Investment
Income		Asset Administration Fees and Other IncomeAOCI(1)
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(1,257)$12,104 $(3,793)$3,520 
Total cash flow hedges(1,257)12,104 (3,793)3,520 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate3,309,573 0 0 0 
Currency(153)0 0 0 
Currency/Interest Rate11,964 0 15 0 
Credit1,775 0 0 0 
Equity(3,730,006)0 0 0 
Embedded Derivatives(2,269,455)0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(2,676,302)0 15 0 
Total$(2,677,559)$12,104 $(3,778)$3,520 
  
Year Ended December 31, 2018
 Realized
Investment
Gains (Losses)		Net Investment
Income		Asset Administration Fees and Other IncomeAOCI(1)
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(845)$8,285 $13,321 $22,002 
Total cash flow hedges(845)8,285 13,321 22,002 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,021,687)0 0 0 
Currency1,022 0 0 0 
Currency/Interest Rate21,888 0 91 0 
Credit0 0 0 0 
Equity995,958 0 0 0 
Embedded Derivatives971,167 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments968,348 0 91 0 
Total$967,503 $8,285 $13,412 $22,002 

(1)Net change in AOCI.
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income(Loss) Before Taxes
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in thousands)
Balance, December 31, 2017$(25,851)
Amount recorded in AOCI
Currency/Interest Rate42,763 
Total amount recorded in AOCI42,763 
Amount reclassified from AOCI to income
Currency/Interest Rate(20,761)
Total amount reclassified from AOCI to income(20,761)
Balance, December 31, 2018$(3,849)
Cumulative-effect adjustment from the adoption of ASU 2017-12(1)42 
Amount recorded in AOCI
Currency/Interest Rate10,574 
Total amount recorded in AOCI10,574 
Amount reclassified from AOCI to income
Currency/Interest Rate(7,054)
Total amount reclassified from AOCI to income(7,054)
Balance, December 31, 2019$(287)
Amount recorded in AOCI
Currency/Interest Rate(47,479)
Total amount recorded in AOCI(47,479)
Amount reclassified from AOCI to income
Currency/Interest Rate4,766 
Total amount reclassified from AOCI to income4,766 
Balance, December 31, 2020$(43,000)

(1)See Note 2 for details.