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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
| Primary Underlying Risk Exposure |  | December 31,
| 2023 |  | 2022
|  |  | Estimated Fair Value |  |  |  | Estimated Fair Value
| Gross Notional Amount |  | Assets |  | Liabilities |  | Gross Notional Amount |  | Assets |  | Liabilities
|  |  | (In millions)
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | Interest rate |  | $ | 4,550 |  |  | $ | 1,257 |  |  | $ | 535 |  |  | $ | 4,143 |  |  | $ | 1,353 |  |  | $ | 467 |
Foreign currency swaps | Foreign currency exchange rate |  | 1,475 |  |  | 55 |  |  | — |  |  | 602 |  |  | 82 |  |  | — |
Foreign currency forwards | Foreign currency exchange rate |  | 450 |  |  | — |  |  | 65 |  |  | 1,336 |  |  | 10 |  |  | 89 |
Subtotal |  | 6,475 |  |  | 1,312 |  |  | 600 |  |  | 6,081 |  |  | 1,445 |  |  | 556 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | Interest rate |  | 4,156 |  |  | 1 |  |  | 265 |  |  | 4,107 |  |  | 8 |  |  | 262 |
Interest rate forwards | Interest rate |  | 6,115 |  |  | 51 |  |  | 938 |  |  | 7,447 |  |  | 1 |  |  | 1,354 |
Foreign currency swaps | Foreign currency exchange rate |  | 43,906 |  |  | 2,457 |  |  | 1,509 |  |  | 42,608 |  |  | 3,554 |  |  | 1,699 |
Subtotal |  | 54,177 |  |  | 2,509 |  |  | 2,712 |  |  | 54,162 |  |  | 3,563 |  |  | 3,315 |
NIFO hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Foreign currency exchange rate |  | 503 |  |  | — |  |  | 8 |  |  | 680 |  |  | — |  |  | 38 |
Currency options | Foreign currency exchange rate |  | 3,000 |  |  | 394 |  |  | — |  |  | 3,000 |  |  | 236 |  |  | — |
Subtotal |  | 3,503 |  |  | 394 |  |  | 8 |  |  | 3,680 |  |  | 236 |  |  | 38 |
Total qualifying hedges |  | 64,155 |  |  | 4,215 |  |  | 3,320 |  |  | 63,923 |  |  | 5,244 |  |  | 3,909 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | Interest rate |  | 29,801 |  |  | 1,497 |  |  | 1,102 |  |  | 31,661 |  |  | 1,660 |  |  | 1,354 |
Interest rate floors | Interest rate |  | 15,321 |  |  | 41 |  |  | — |  |  | 25,270 |  |  | 125 |  |  | — |
Interest rate caps | Interest rate |  | 30,016 |  |  | 373 |  |  | — |  |  | 48,290 |  |  | 950 |  |  | — |
Interest rate futures | Interest rate |  | 1,243 |  |  | 1 |  |  | 5 |  |  | 1,453 |  |  | 2 |  |  | 1 |
Interest rate options | Interest rate |  | 43,926 |  |  | 385 |  |  | 103 |  |  | 44,391 |  |  | 473 |  |  | 88 |
Interest rate forwards | Interest rate |  | 2,383 |  |  | 69 |  |  | 36 |  |  | 381 |  |  | — |  |  | 32 |
Synthetic GICs | Interest rate |  | 49,066 |  |  | — |  |  | — |  |  | 46,316 |  |  | — |  |  | — |
Foreign currency swaps | Foreign currency exchange rate |  | 11,891 |  |  | 1,200 |  |  | 356 |  |  | 12,815 |  |  | 1,454 |  |  | 383 |
Foreign currency forwards | Foreign currency exchange rate |  | 14,128 |  |  | 310 |  |  | 806 |  |  | 16,195 |  |  | 544 |  |  | 661 |
Currency futures | Foreign currency exchange rate |  | 314 |  |  | 2 |  |  | — |  |  | 333 |  |  | 8 |  |  | — |
Currency options | Foreign currency exchange rate |  | 50 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit default swaps — purchased | Credit |  | 2,877 |  |  | 3 |  |  | 79 |  |  | 2,925 |  |  | 18 |  |  | 79 |
Credit default swaps — written | Credit |  | 12,468 |  |  | 233 |  |  | 5 |  |  | 11,512 |  |  | 133 |  |  | 28 |
Equity futures | Equity market |  | 2,163 |  |  | 8 |  |  | 11 |  |  | 2,988 |  |  | 8 |  |  | 4 |
Equity index options | Equity market |  | 19,421 |  |  | 399 |  |  | 255 |  |  | 16,701 |  |  | 765 |  |  | 323 |
Equity variance swaps | Equity market |  | 99 |  |  | — |  |  | 2 |  |  | 163 |  |  | 4 |  |  | 1 |
Equity total return swaps | Equity market |  | 1,912 |  |  | 1 |  |  | 218 |  |  | 2,799 |  |  | 23 |  |  | 112 |
Total non-designated or nonqualifying derivatives |  | 237,079 |  |  | 4,522 |  |  | 2,978 |  |  | 264,193 |  |  | 6,167 |  |  | 3,066 |
Total |  | $ | 301,234 |  |  | $ | 8,737 |  |  | $ | 6,298 |  |  | $ | 328,116 |  |  | $ | 11,411 |  |  | $ | 6,975 |
Included in the table above, the Company uses various OTC and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:
|  | December 31, 2023 |  | December 31, 2022
Primary Underlying Risk Exposure |  | Gross Notional Amount |  | Estimated Fair Value |  | Gross Notional Amount |  | Estimated Fair Value
Assets |  | Liabilities |  | Assets |  | Liabilities
|  | (In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  | $ | 9,096 |  |  | $ | 13 |  |  | $ | 663 |  |  | $ | 9,098 |  |  | $ | 41 |  |  | $ | 764 |
Foreign currency exchange rate |  | 716 |  |  | 22 |  |  | 2 |  |  | 887 |  |  | 26 |  |  | 2 |
Equity market |  | 5,189 |  |  | 77 |  |  | 373 |  |  | 8,829 |  |  | 233 |  |  | 381 |
|  | $ | 15,001 |  |  | $ | 112 |  |  | $ | 1,038 |  |  | $ | 18,814 |  |  | $ | 300 |  |  | $ | 1,147 |
The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), was ($596) million and ($640) million for the years ended December 31, 2023 and 2022, respectively.
Components of Net Derivatives Gains (Losses) | The following table presents the consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:
|  | Year Ended December 31, 2023
|  | Net Investment Income |  | Net Investment Gains (Losses) |  | Net Derivative Gains (Losses) |  | Policyholder Benefits and Claims |  | Interest Credited to Policyholder Account Balances |  | Other Expenses |  | OCI
|  | (In millions)
Gain (Loss) on Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments (1) |  | $ | (3) |  |  | $ | — |  |  | N/A |  | $ | — |  |  | $ | 29 |  |  | $ | — |  |  | N/A
Hedged items |  | 3 |  |  | — |  |  | N/A |  | (26) |  |  | (31) |  |  | — |  |  | N/A
Foreign currency exchange rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments (1) |  | (39) |  |  | (41) |  |  | N/A |  | — |  |  | 20 |  |  | — |  |  | N/A
Hedged items |  | 38 |  |  | 33 |  |  | N/A |  | — |  |  | (24) |  |  | — |  |  | N/A
Amount excluded from the assessment of hedge effectiveness |  | — |  |  | (20) |  |  | N/A |  | — |  |  | — |  |  | — |  |  | N/A
Subtotal |  | (1) |  |  | (28) |  |  | N/A |  | (26) |  |  | (6) |  |  | — |  |  | N/A
Gain (Loss) on Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | $ | 109 |
Amount of gains (losses) reclassified from AOCI into income |  | 50 |  |  | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (140) |
Foreign currency exchange rate derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | (1,215) |
Amount of gains (losses) reclassified from AOCI into income |  | 4 |  |  | 558 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | (564) |
Foreign currency transaction gains (losses) on hedged items |  | — |  |  | (547) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | — |
Amount of gains (losses) reclassified from AOCI into income |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Subtotal |  | 54 |  |  | 102 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | (1,811) |
Gain (Loss) on NIFO Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange rate derivatives (1) |  | N/A |  | 5 |  |  | N/A |  | N/A |  | N/A |  | N/A |  | 226 |
Non-derivative hedging instruments |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 20 |
Subtotal |  | N/A |  | 5 |  |  | N/A |  | N/A |  | N/A |  | N/A |  | 246 |
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives (1) |  | — |  |  | N/A |  | (979) |  |  | N/A |  | N/A |  | N/A |  | N/A
Foreign currency exchange rate derivatives (1) |  | — |  |  | N/A |  | (1,443) |  |  | N/A |  | N/A |  | N/A |  | N/A
Credit derivatives — purchased (1) |  | — |  |  | N/A |  | (17) |  |  | N/A |  | N/A |  | N/A |  | N/A
Credit derivatives — written (1) |  | — |  |  | N/A |  | 135 |  |  | N/A |  | N/A |  | N/A |  | N/A
Equity derivatives (1) |  | (52) |  |  | N/A |  | (1,296) |  |  | N/A |  | N/A |  | N/A |  | N/A
Foreign currency transaction gains (losses) on hedged items |  | — |  |  | N/A |  | 366 |  |  | N/A |  | N/A |  | N/A |  | N/A
Subtotal |  | (52) |  |  | N/A |  | (3,234) |  |  | N/A |  | N/A |  | N/A |  | N/A
Earned income on derivatives |  | 178 |  |  | — |  |  | 1,055 |  |  | 4 |  |  | (149) |  |  | — |  |  | — |
Synthetic GICs |  | N/A |  | N/A |  | 75 |  |  | N/A |  | N/A |  | N/A |  | N/A
Embedded derivatives |  | N/A |  | N/A |  | (36) |  |  | N/A |  | N/A |  | N/A |  | N/A
Total |  | $ | 179 |  |  | $ | 79 |  |  | $ | (2,140) |  |  | $ | (22) |  |  | $ | (155) |  |  | $ | 2 |  |  | $ | (1,565) |
|  | Year Ended December 31, 2022
|  | Net Investment Income |  | Net Investment Gains (Losses) |  | Net Derivative Gains (Losses) |  | Policyholder Benefits and Claims |  | Interest Credited to Policyholder Account Balances |  | Other Expenses |  | OCI
|  | (In millions)
Gain (Loss) on Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments (1) |  | $ | 9 |  |  | $ | — |  |  | N/A |  | $ | (959) |  |  | $ | (254) |  |  | $ | — |  |  | N/A
Hedged items |  | (9) |  |  | — |  |  | N/A |  | 905 |  |  | 249 |  |  | — |  |  | N/A
Foreign currency exchange rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments (1) |  | 109 |  |  | (220) |  |  | N/A |  | — |  |  | — |  |  | — |  |  | N/A
Hedged items |  | (110) |  |  | 217 |  |  | N/A |  | — |  |  | — |  |  | — |  |  | N/A
Amount excluded from the assessment of hedge effectiveness |  | — |  |  | 46 |  |  | N/A |  | — |  |  | — |  |  | — |  |  | N/A
Subtotal |  | (1) |  |  | 43 |  |  | N/A |  | (54) |  |  | (5) |  |  | — |  |  | N/A
Gain (Loss) on Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | $ | (2,367) |
Amount of gains (losses) reclassified from AOCI into income |  | 59 |  |  | 41 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | (104) |
Foreign currency exchange rate derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 1,784 |
Amount of gains (losses) reclassified from AOCI into income |  | 6 |  |  | (609) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 602 |
Foreign currency transaction gains (losses) on hedged items |  | — |  |  | 587 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | — |
Amount of gains (losses) reclassified from AOCI into income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal |  | 65 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | (85) |
Gain (Loss) on NIFO Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange rate derivatives (1) |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 85 |
Non-derivative hedging instruments |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 47 |
Subtotal |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 132 |
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives (1) |  | 3 |  |  | N/A |  | (3,967) |  |  | N/A |  | N/A |  | N/A |  | N/A
Foreign currency exchange rate derivatives (1) |  | 2 |  |  | N/A |  | (372) |  |  | N/A |  | N/A |  | N/A |  | N/A
Credit derivatives — purchased (1) |  | — |  |  | N/A |  | 75 |  |  | N/A |  | N/A |  | N/A |  | N/A
Credit derivatives — written (1) |  | — |  |  | N/A |  | (92) |  |  | N/A |  | N/A |  | N/A |  | N/A
Equity derivatives (1) |  | 45 |  |  | N/A |  | 673 |  |  | N/A |  | N/A |  | N/A |  | N/A
Foreign currency transaction gains (losses) on hedged items |  | — |  |  | N/A |  | 282 |  |  | N/A |  | N/A |  | N/A |  | N/A
Subtotal |  | 50 |  |  | N/A |  | (3,401) |  |  | N/A |  | N/A |  | N/A |  | N/A
Earned income on derivatives |  | 376 |  |  | — |  |  | 1,029 |  |  | 112 |  |  | (120) |  |  | — |  |  | — |
Synthetic GICs |  | N/A |  | N/A |  | — |  |  | N/A |  | N/A |  | N/A |  | N/A
Embedded derivatives |  | N/A |  | N/A |  | 121 |  |  | N/A |  | N/A |  | N/A |  | N/A
Total |  | $ | 490 |  |  | $ | 62 |  |  | $ | (2,251) |  |  | $ | 58 |  |  | $ | (125) |  |  | $ | 5 |  |  | $ | 47 |
|  | Year Ended December 31, 2021
|  | Net Investment Income |  | Net Investment Gains (Losses) |  | Net Derivative Gains (Losses) |  | Policyholder Benefits and Claims |  | Interest Credited to Policyholder Account Balances |  | Other Expenses |  | OCI
|  | (In millions)
Gain (Loss) on Fair Value Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments (1) |  | $ | 6 |  |  | $ | — |  |  | N/A |  | $ | (373) |  |  | $ | (83) |  |  | $ | — |  |  | N/A
Hedged items |  | (6) |  |  | — |  |  | N/A |  | 328 |  |  | 78 |  |  | — |  |  | N/A
Foreign currency exchange rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments (1) |  | 50 |  |  | (191) |  |  | N/A |  | — |  |  | — |  |  | — |  |  | N/A
Hedged items |  | (44) |  |  | 185 |  |  | N/A |  | — |  |  | — |  |  | — |  |  | N/A
Amount excluded from the assessment of hedge effectiveness |  | — |  |  | — |  |  | N/A |  | — |  |  | — |  |  | — |  |  | N/A
Subtotal |  | 6 |  |  | (6) |  |  | N/A |  | (45) |  |  | (5) |  |  | — |  |  | N/A
Gain (Loss) on Cash Flow Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | $ | (599) |
Amount of gains (losses) reclassified from AOCI into income |  | 56 |  |  | 84 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | (143) |
Foreign currency exchange rate derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 500 |
Amount of gains (losses) reclassified from AOCI into income |  | 8 |  |  | (403) |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 393 |
Foreign currency transaction gains (losses) on hedged items |  | — |  |  | 401 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit derivatives: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) deferred in AOCI |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | (14) |
Amount of gains (losses) reclassified from AOCI into income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal |  | 64 |  |  | 82 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 137 |
Gain (Loss) on NIFO Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange rate derivatives (1) |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 97 |
Non-derivative hedging instruments |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 42 |
Subtotal |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 139 |
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives (1) |  | 2 |  |  | N/A |  | (2,041) |  |  | N/A |  | N/A |  | N/A |  | N/A
Foreign currency exchange rate derivatives (1) |  | — |  |  | N/A |  | (983) |  |  | N/A |  | N/A |  | N/A |  | N/A
Credit derivatives — purchased (1) |  | — |  |  | N/A |  | 9 |  |  | N/A |  | N/A |  | N/A |  | N/A
Credit derivatives — written (1) |  | — |  |  | N/A |  | 41 |  |  | N/A |  | N/A |  | N/A |  | N/A
Equity derivatives (1) |  | (56) |  |  | N/A |  | (1,580) |  |  | N/A |  | N/A |  | N/A |  | N/A
Foreign currency transaction gains (losses) on hedged items |  | — |  |  | N/A |  | 249 |  |  | N/A |  | N/A |  | N/A |  | N/A
Subtotal |  | (54) |  |  | N/A |  | (4,305) |  |  | N/A |  | N/A |  | N/A |  | N/A
Earned income on derivatives |  | 151 |  |  | — |  |  | 993 |  |  | 166 |  |  | (121) |  |  | — |  |  | — |
Synthetic GICs |  | N/A |  | N/A |  | — |  |  | N/A |  | N/A |  | N/A |  | N/A
Embedded derivatives |  | N/A |  | N/A |  | 55 |  |  | — |  |  | N/A |  | N/A |  | N/A
Total |  | $ | 167 |  |  | $ | 76 |  |  | $ | (3,257) |  |  | $ | 121 |  |  | $ | (126) |  |  | $ | 5 |  |  | $ | 276 |
__________________ (1)Excludes earned income on derivatives.
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items | The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
Balance Sheet Line Item |  | Carrying Amount of the Hedged Assets/(Liabilities) |  |  |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1) |  |
|  | December 31, 2023 |  | December 31, 2022 |  |  |  | December 31, 2023 |  | December 31, 2022 |  |
|  | (In millions) |  |
Fixed maturity securities AFS |  | $ | 454 |  |  | $ | 1,411 |  |  |  |  | $ | 3 |  |  | $ | 1 |  |  |
Mortgage loans |  | $ | 359 |  |  | $ | 331 |  |  |  |  | $ | (11) |  |  | $ | (19) |  |  |
Future policy benefits |  | $ | (2,863) |  |  | $ | (2,816) |  |  |  |  | $ | 191 |  |  | $ | 199 |  |  |
Policyholder account balances |  | $ | (1,911) |  |  | $ | (1,789) |  |  |  |  | $ | 25 |  |  | $ | 104 |  |  |
__________________ (1)Includes ($111) million and ($136) million of hedging adjustments on discontinued hedging relationships at December 31, 2023 and 2022, respectively. For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
|  | December 31,
|  | 2023 |  | 2022
Rating Agency Designation of Referenced Credit Obligations (1) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps |  | Weighted Average Years to Maturity (2) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps |  | Weighted Average Years to Maturity (2)
|  | (Dollars in millions)
Aaa/Aa/A |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps (3) |  | $ | 2 |  |  | $ | 150 |  |  | 1.6 |  | $ | 3 |  |  | $ | 158 |  |  | 2.2
Credit default swaps referencing indices |  | 80 |  |  | 3,830 |  |  | 2.7 |  | 79 |  |  | 4,251 |  |  | 3.4
Subtotal |  | 82 |  |  | 3,980 |  |  | 2.6 |  | 82 |  |  | 4,409 |  |  | 3.4
Baa |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps (3) |  | 1 |  |  | 99 |  |  | 2.1 |  | 1 |  |  | 81 |  |  | 2.5
Credit default swaps referencing indices |  | 145 |  |  | 8,188 |  |  | 5.4 |  | 28 |  |  | 6,775 |  |  | 5.6
Subtotal |  | 146 |  |  | 8,287 |  |  | 5.3 |  | 29 |  |  | 6,856 |  |  | 5.5
Ba |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps (3) |  | — |  |  | 17 |  |  | 2.1 |  | — |  |  | 62 |  |  | 1.3
Credit default swaps referencing indices |  | 2 |  |  | 25 |  |  | 3.0 |  | 2 |  |  | 25 |  |  | 4.0
Subtotal |  | 2 |  |  | 42 |  |  | 2.6 |  | 2 |  |  | 87 |  |  | 2.1
B |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps referencing indices |  | 2 |  |  | 129 |  |  | 5.0 |  | 2 |  |  | 130 |  |  | 4.7
Subtotal |  | 2 |  |  | 129 |  |  | 5.0 |  | 2 |  |  | 130 |  |  | 4.7
Caa |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps referencing indices |  | (4) |  |  | 30 |  |  | 2.5 |  | (10) |  |  | 30 |  |  | 3.5
Subtotal |  | (4) |  |  | 30 |  |  | 2.5 |  | (10) |  |  | 30 |  |  | 3.5
Total |  | $ | 228 |  |  | $ | 12,468 |  |  | 4.5 |  | $ | 105 |  |  | $ | 11,512 |  |  | 4.7
__________________ (1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used. (2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts. (3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral | The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
|  | December 31,
|  | 2023 |  | 2022
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement |  | Assets |  | Liabilities |  | Assets |  | Liabilities
|  | (In millions)
Gross estimated fair value of derivatives: |  |  |  |  |  |  |  |
OTC-bilateral (1) |  | $ | 8,749 |  |  | $ | 6,014 |  |  | $ | 11,438 |  |  | $ | 6,628 |
OTC-cleared (1) |  | 158 |  |  | 277 |  |  | 121 |  |  | 342 |
Exchange-traded |  | 11 |  |  | 16 |  |  | 18 |  |  | 5 |
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1) |  | 8,918 |  |  | 6,307 |  |  | 11,577 |  |  | 6,975 |
Gross amounts not offset on the consolidated balance sheets: |  |  |  |  |  |  |  |
Gross estimated fair value of derivatives: (2) |  |  |  |  |  |  |  |
OTC-bilateral |  | (3,568) |  |  | (3,568) |  |  | (4,579) |  |  | (4,579) |
OTC-cleared |  | (5) |  |  | (5) |  |  | (33) |  |  | (33) |
Exchange-traded |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |
Cash collateral: (3), (4) |  |  |  |  |  |  |  |
OTC-bilateral |  | (3,448) |  |  | — |  |  | (5,432) |  |  | — |
OTC-cleared |  | (150) |  |  | (239) |  |  | (35) |  |  | (295) |
Exchange-traded |  | — |  |  | (5) |  |  | — |  |  | (3) |
Securities collateral: (5) |  |  |  |  |  |  |  |
OTC-bilateral |  | (1,563) |  |  | (2,427) |  |  | (1,322) |  |  | (2,024) |
OTC-cleared |  | — |  |  | (33) |  |  | — |  |  | (14) |
Exchange-traded |  | — |  |  | (10) |  |  | — |  |  | (1) |
Net amount after application of master netting agreements and collateral |  | $ | 183 |  |  | $ | 19 |  |  | $ | 175 |  |  | $ | 25 |
__________________ (1)At December 31, 2023 and 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $181 million and $166 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $9 million and $0, respectively. (2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals. (3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives. (4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2023 and 2022, the Company received excess cash collateral of $163 million and $252 million, respectively, and provided excess cash collateral of $98 million and $125 million, respectively, which is not included in the table above due to the foregoing limitation. (5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2023, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At December 31, 2023 and 2022, the Company received excess securities collateral with an estimated fair value of $298 million and $398 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2023 and 2022, the Company provided excess securities collateral with an estimated fair value of $1.5 billion and $1.2 billion, respectively, for its OTC-bilateral derivatives, $945 million and $1.0 billion, respectively, for its OTC-cleared derivatives, and $137 million and $184 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
Derivative Instruments, Gain (Loss) [Line Items] |
Schedule of Derivative Instruments |
|  | December 31,
|  | 2023 |  | 2022
|  | Derivatives Subject to Credit-Contingent Provisions |  | Derivatives Not Subject to Credit-Contingent Provisions |  | Total |  | Derivatives Subject to Credit-Contingent Provisions |  | Derivatives Not Subject to Credit-Contingent Provisions |  | Total
|  | (In millions)
Estimated fair value of derivatives in a net liability position (1) |  | $ | 2,443 |  |  | $ | 4 |  |  | $ | 2,447 |  |  | $ | 2,049 |  |  | $ | — |  |  | $ | 2,049 |
Estimated fair value of collateral provided: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities AFS |  | $ | 3,011 |  |  | $ | 6 |  |  | $ | 3,017 |  |  | $ | 2,267 |  |  | $ | — |  |  | $ | 2,267 |
__________________ (1)After taking into consideration the existence of netting agreements.
Net Embedded Derivatives |
Derivative Instruments, Gain (Loss) [Line Items] |
Schedule of Derivative Instruments | The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
|  |  |  | December 31,
|  | Balance Sheet Location |  | 2023 |  | 2022
|  |  |  | (In millions)
Funds withheld on ceded reinsurance |  | Other liabilities |  | $ | (70) |  |  | $ | (123) |
Fixed annuities with equity indexed returns |  | Policyholder account balances |  | 163 |  |  | 140 |
Total |  | $ | 93 |  |  | $ | 17 |

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