Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of December 31, 2022 and 2021 (dollars in millions):

		December 31, 2022						December 31, 2021
	Primary Underlying Risk	Notional		Carrying Value/Fair Value				Notional		Carrying Value/Fair Value
		Amount		Assets		Liabilities		Amount		Assets		Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps	Interest rate	$	1,271	$	2	$	2	$	1,273	$	66	$	1
Interest rate options	Interest rate	7,756		34		—		—		—		—
Total return swaps	Interest rate	500		18		—		—		—		—
Financial futures	Equity	260		—		—		240		—		—
Foreign currency swaps	Foreign currency	150		18		—		150		1		—
Foreign currency forwards	Foreign currency	766		50		—		395		2		4
CPI swaps	CPI	496		20		3		563		34		7
Credit default swaps	Credit	1,523		2		21		1,321		29		1
Equity options	Equity	358		38		—		472		29		—
Synthetic GICs	Interest rate	17,411		—		—		16,143		—		—
Embedded derivatives in:
Modco or funds withheld arrangements		—		363		371		—		227		62
Indexed annuity products		—		—		530		—		—		693
Variable annuity products		—		—		124		—		—		162
Total non-hedging derivatives		30,491		545		1,051		20,557		388		930
Derivatives designated as hedging instruments:
Interest rate swaps	Foreign currency/interest rate	1,310		3		113		941		4		33
Foreign currency swaps	Foreign currency	114		—		—		153		1		—
Foreign currency forwards	Foreign currency	1,019		38		1		1,320		14		11
Forward bond purchase commitments	Interest rate	407		—		96		545		14		1
Total hedging derivatives		2,850		41		210		2,959		33		45
Total derivatives		$	33,341	$	586	$	1,261	$	23,516	$	421	$	975

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps for the years ended December 31, 2022, 2021 and 2020 were as follows (dollars in millions):

Type of Fair Value Hedge	Hedged Item	Gains (Losses) Recognized for Derivatives		Gains (Losses) Recognized for Hedged Items
		Investment Related Gains (Losses)
For the Year Ended December 31, 2022:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	(1)	$	7
For the Year Ended December 31, 2021:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	(4)	$	6
For the Year Ended December 31, 2020:
Foreign currency swaps	Foreign-denominated fixed maturity securities	$	8	$	(10)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2022, 2021 and 2020 (dollars in millions):

	Amounts Included in AOCI
Balance December 31, 2019	$	(26)
Gains (losses), net deferred in other comprehensive income (loss)	(27)
Amounts reclassified to net investment income	—
Amounts reclassified to interest expense	4
Balance December 31, 2020	(49)
Gains (losses), net deferred in other comprehensive income (loss)	20
Amounts reclassified to net investment income	—
Amounts reclassified to interest expense	7
Balance December 31, 2021	(22)
Gains (losses), net deferred in other comprehensive income (loss)	(192)
Amounts reclassified to net investment income	8
Amounts reclassified to interest expense	1
Balance December 31, 2022	$	(205)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the effect of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2022, 2021 and 2020 (dollars in millions):

Derivative Type	Gains (Losses) Deferred in OCI		Gains (Losses) Reclassified into Income from AOCI
For the year ended December 31, 2022:			Investment Related Gains (Losses)		Investment Income		Interest Expense
Interest rate	$	(187)	$	—	$	—	$	(1)
Foreign currency/interest rate	(5)		—		(8)		—
Total	$	(192)	$	—	$	(8)	$	(1)
For the year ended December 31, 2021:
Interest rate	$	28	$	—	$	—	$	(7)
Foreign currency/interest rate	(8)		—		—		—
Total	$	20	$	—	$	—	$	(7)
For the year ended December 31, 2020:
Interest rate	$	(33)	$	—	$	—	$	(4)
Foreign currency/interest rate	6		—		—		—
Total	$	(27)	$	—	$	—	$	(4)

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the years ended December 31, 2022, 2021 and 2020 (dollars in millions):

	Derivative Gains (Losses) Deferred in OCI
	For the years ended December 31,
Type of NIFO Hedge	2022		2021		2020
Foreign currency swaps	$	—	$	(2)	$	1
Foreign currency forwards	73		—		(30)
Total	$	73	$	(2)	$	(29)

Derivative Instruments Gain Loss By Income Statement Location [Table Text Block]

A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2022, 2021 and 2020 is as follows (dollars in millions):

		Gains (Losses) for the years ended December 31,
Type of Non-hedging Derivative	Income Statement Location of Gains (Losses)	2022		2021		2020
Interest rate swaps	Investment related gains (losses), net	$	(131)	$	(34)	$	76
Interest rate options	Investment related gains (losses), net	3		—		—
Total return swaps	Investment related gains (losses), net	21		—		—
Financial futures	Investment related gains (losses), net	28		(24)		(47)
Foreign currency swaps	Investment related gains (losses), net	21		20		(7)
Foreign currency forwards	Investment related gains (losses), net	(93)		(20)		5
CPI swaps	Investment related gains (losses), net	31		46		16
Credit default swaps	Investment related gains (losses), net	(66)		33		16
Equity options	Investment related gains (losses), net	14		(33)		—
Subtotal		(172)		(12)		59
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	(173)		107		(62)
Indexed annuity products	Interest credited	98		10		(30)
Variable annuity products	Investment related gains (losses), net	38		(7)		8
Total non-hedging derivatives		$	(209)	$	98	$	(25)

Disclosure Of Credit Derivatives [Table Text Block]

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company as of December 31, 2022 and 2021 (dollars in millions):

	2022					2021
Rating Agency Designation of Referenced Credit Obligations(1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps(2)		Weighted Average Years to Maturity(3)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps(2)		Weighted Average Years to Maturity(3)
AAA/AA+/AA/AA-/A+/A/A-
Single name credit default swaps	$	(18)	$	428	18.7	$	28	$	600	14.2
BBB+/BBB/BBB-
Single name credit default swaps	1		155		3.3	1		141		2.4
Credit default swaps referencing indices	—		915		6.2	—		565		5.1
Subtotal	1		1,070		5.8	1		706		4.6
BB+/BB/BB-
Single name credit default swaps	(2)		25		3.2	(1)		15		3.5
Total	$	(19)	$	1,523	9.4	$	28	$	1,321	9.0

(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).

(2)Assumes the value of the referenced credit obligations is zero.

(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

Offsetting Assets [Table Text Block]

The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2022 and December 31, 2021 (dollars in millions):

	Gross Amounts   Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments/Collateral (1)		Net Amount
December 31, 2022:
Derivative assets	$	223	$	(53)	$	170	$	(170)	$	—
Derivative liabilities	236		(53)		183		(183)		$	—
December 31, 2021:
Derivative assets	$	194	$	(19)	$	175	$	(175)	$	—
Derivative liabilities	58		(19)		39		(39)		$	—

(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.

Offsetting Liabilities [Table Text Block]

The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2022 and December 31, 2021 (dollars in millions):

	Gross Amounts   Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments/Collateral (1)		Net Amount
December 31, 2022:
Derivative assets	$	223	$	(53)	$	170	$	(170)	$	—
Derivative liabilities	236		(53)		183		(183)		$	—
December 31, 2021:
Derivative assets	$	194	$	(19)	$	175	$	(175)	$	—
Derivative liabilities	58		(19)		39		(39)		$	—

(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.