v3.23.1
Derivatives and Hedge Accounting (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets:
December 31, 2022December 31, 2021
Gross Derivative
Assets		Gross Derivative LiabilitiesGross Derivative
Assets		Gross Derivative Liabilities
(in millions)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivatives designated as
hedging instruments:(a)
Interest rate contracts$155$202$1,798$77$352$274$980$14
Foreign exchange contracts3,5355753,3541764,0582622,86155
Derivatives not designated
as hedging instruments:(a)
Interest rate contracts27,6561,37121,5532,59928,0561,63723,2191,562
Foreign exchange contracts4,6306726,6734564,0474105,413311
Equity contracts26,0414179,9622760,1924,67038,9324,071
Credit contracts————1,8401——
Other contracts(b)
47,1281548—43,83913133—
Total derivatives, gross$109,145$3,252$43,388$3,335$142,384$7,267$71,538$6,013
Counterparty netting(c)
(2,547)(2,547)(5,785)(5,785)
Cash collateral(d)
(406)(691)(798)(37)
Total derivatives on
  Consolidated Balance Sheets(e)
$299$97$684$191
(a)    Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)    Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(c)    Represents netting of derivative exposures covered by a qualifying master netting agreement.
(d)    Represents cash collateral posted and received that is eligible for netting.
(e)    Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at December 31, 2022 and December 31, 2021. The fair value of liabilities related to bifurcated embedded derivatives was $6.7 billion and $13.6 billion at December 31, 2022 and December 31, 2021, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.
The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:
December 31, 2022December 31, 2021
Gross Derivative
Assets		Gross Derivative
Liabilities		Gross Derivative
Assets		Gross Derivative
Liabilities
(in millions)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Total derivatives with related parties$60,633$3,177$42,109$3,154$96,862$7,182$68,623$5,778
Total derivatives with third parties48,512751,27918145,522852,915235
Total derivatives, gross$109,145$3,252$43,388$3,335$142,384$7,267$71,538$6,013
As of December 31, 2022 and December 31, 2021, the following amounts were recorded on the Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:
December 31, 2022December 31, 2021
(in millions)Carrying
Amount of the Hedged Assets
(Liabilities)		Cumulative Amount of
Fair Value Hedging
Adjustments Included
In the Carrying Amount
of the Hedged Assets
Liabilities		Carrying
Amount of the Hedged Assets
(Liabilities)		Cumulative Amount of
Fair Value Hedging
Adjustments Included
In the Carrying Amount
of the Hedged Assets
Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available for sale, at fair value$6,520$— $7,478$— 
Commercial mortgage and other loans(a)
—(25)—(6)
Policyholder contract deposits(b)
(2,218)68(1,500)(79)
(a) This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.
(b) This relates to fair value hedges on GICs.
The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Consolidated Statements of Income:
Gains/(Losses) Recognized in Earnings for:
(in millions)
Hedging
Derivatives(a)(c)
Excluded
Components(b)(c)
Hedged
Items		Net Impact
Year Ended December 31, 2022
Interest rate contracts:
Realized gains (losses)$—$—$—$—
Interest credited to policyholder account balances(156)—151(5)
Net investment income11—(12)(1)
Foreign exchange contracts:
Realized gains (losses)459171(459)171
Year Ended December 31, 2021
Interest rate contracts:
Realized gains (losses)$—$—$—$—
Interest credited to policyholder account balances(62)185410
Net investment income9—(11)(2)
Foreign exchange contracts:
Realized gains (losses)26031(260)31 
Year Ended December 31, 2020
Interest rate contracts:
Realized gains (losses)$—$—$—$—
Interest credited to policyholder account balances47 1(53)(5)
Net investment income(6)—5 (1)
Foreign exchange contracts:
Realized gains (losses)(298)98298 98 
(a)    Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)    Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
(c)    Primarily consists of gains and losses with related parties.
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income:
Years Ended December 31,Gains (Losses) Recognized in Earnings
(in millions)202220212020
By Derivative Type:
Interest rate contracts$(2,386)$(585)$1,643
Foreign exchange contracts1,028476(239)
Equity contracts(483)(742)206 
Credit contracts(1)(11)42 
Other contracts646460
Embedded derivatives within policyholder contract deposits(c)
1,120(477)(2,154)
Fortitude Re funds withheld embedded derivative6,347(687)(3,978)
Total(a)
$5,689$(1,962)$(4,420)
By Classification:
Policy fees$61$62$62
Net investment income(10)62
Net realized gains - excluding Fortitude Re funds withheld assets(c)
817445(916)
Net realized gains (losses) on Fortitude Re funds withheld assets(121)33398
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives6,347(687)(3,978)
Policyholder benefits(19)(4)12
Change in the fair value of market risk benefits(b)(c)
(1,386)(1,817)—
Total(a)
$5,689$(1,962)$(4,420)
(a)    Includes gains (losses) with related parties of $(2.5) billion, $(363) million and $2.4 billion for the years ended December 31, 2022, 2021, and 2020, respectively.
(b) This represents activity related to derivatives that economically hedged changes in the fair value of certain MRBs.
(c) The results for the years ended December 31, 2022 and 2021 have been updated to reflect the adoption of LDTI. No updates have been made to the results for the year ended December 31, 2020 as our effective date for LDTI adoption was January 1, 2021.