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Derivatives and Hedging Activities - Notional Value and Gross Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020
--- | --- | ---
Derivatives and Hedging Activities |  |  |
Notional |  | $ 144,256 | $ 140,957
Gross Fair Value Assets, freestanding derivatives |  | 5,687 | 5,870
Gross Fair Value Liabilities, freestanding derivatives |  | 4,114 | 4,312
Liabilities embedded derivatives, net | [1],[2] | 2,633 | 3,381
Total Gross Fair Value, derivative assets | [3] | 5,743 | 5,870
Total Gross Fair Value, derivative liabilities | [1],[2] | 6,747 | 7,693
Derivative liability after application of master netting arrangements and cash collateral including embedded derivative liabilities |  | 2,900 | 3,700
Fair value of investment securities received as collateral |  | 448 | 325
Fair value of investment securities received as collateral that can be repledged |  | 448 | 325
Fair value of investment securities received as collateral that were repledged |  | 0 | 0
Receivables |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, Embedded Derivatives | [3] | 56 |
GMWB and GMAB embedded derivatives |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, Embedded Derivatives |  | 142 | 67
Gross Fair Value Liabilities, embedded derivatives |  | 1,600 | 2,400
GMWB and GMAB embedded derivatives | Policyholder account balances, future policy benefits and claims |  |  |
Derivatives and Hedging Activities |  |  |
Liabilities embedded derivatives, net | [1],[2],[4] | 1,436 | 2,316
IUL embedded derivatives | Policyholder account balances, future policy benefits and claims |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, embedded derivatives | [1],[2] | 917 | 935
Fixed Deferred Indexed Annuity Ceded Embedded Derivatives | Receivables |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, Embedded Derivatives | [3] | 56 |
Fixed deferred indexed annuity embedded derivatives | Policyholder account balances, future policy benefits and claims |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, embedded derivatives | [1],[2] | 58 | 52
Structured variable annuity embedded derivatives | Policyholder account balances, future policy benefits and claims |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, embedded derivatives | [1],[2] | 217 | 70
Customer deposits - SMC embedded derivatives | Customer deposits |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, embedded derivatives | [1],[2] | 5 | 8
Designated as hedging instruments |  |  |
Derivatives and Hedging Activities |  |  |
Notional |  | 58 | 32
Designated as hedging instruments | Other assets |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, freestanding derivatives | [3] | 1 |
Designated as hedging instruments | Other liabilities |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, freestanding derivatives | [1],[2] |  | 2
Designated as hedging instruments | Foreign exchange contracts |  |  |
Derivatives and Hedging Activities |  |  |
Notional |  | 58 | 32
Designated as hedging instruments | Foreign exchange contracts | Other assets |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, freestanding derivatives | [3] | 1 |
Designated as hedging instruments | Foreign exchange contracts | Other liabilities |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, freestanding derivatives | [1],[2] |  | 2
Not designated as hedging instruments |  |  |
Derivatives and Hedging Activities |  |  |
Notional |  | 144,198 | 140,925
Not designated as hedging instruments | Other assets |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, freestanding derivatives | [3] | 5,686 | 5,870
Not designated as hedging instruments | Other liabilities |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, freestanding derivatives | [1],[2] | 4,114 | 4,310
Not designated as hedging instruments | Interest rate contracts |  |  |
Derivatives and Hedging Activities |  |  |
Notional |  | 79,350 | 77,951
Not designated as hedging instruments | Interest rate contracts | Other assets |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, freestanding derivatives | [3] | 1,185 | 1,755
Not designated as hedging instruments | Interest rate contracts | Other liabilities |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, freestanding derivatives | [1],[2] | 476 | 734
Not designated as hedging instruments | Equity contracts |  |  |
Derivatives and Hedging Activities |  |  |
Notional |  | 59,856 | 57,254
Not designated as hedging instruments | Equity contracts | Other assets |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, freestanding derivatives | [3] | 4,465 | 4,090
Not designated as hedging instruments | Equity contracts | Other liabilities |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, freestanding derivatives | [1],[2] | 3,619 | 3,571
Not designated as hedging instruments | Credit contracts |  |  |
Derivatives and Hedging Activities |  |  |
Notional |  | 1,758 | 2,297
Not designated as hedging instruments | Credit contracts | Other assets |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, freestanding derivatives | [3] | 18 | 2
Not designated as hedging instruments | Credit contracts | Other liabilities |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, freestanding derivatives | [1],[2] |  | 1
Not designated as hedging instruments | Foreign exchange contracts |  |  |
Derivatives and Hedging Activities |  |  |
Notional |  | 3,234 | 3,423
Not designated as hedging instruments | Foreign exchange contracts | Other assets |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Assets, freestanding derivatives | [3] | 18 | 23
Not designated as hedging instruments | Foreign exchange contracts | Other liabilities |  |  |
Derivatives and Hedging Activities |  |  |
Gross Fair Value Liabilities, freestanding derivatives | [1],[2] | $ 19 | $ 4
[1] | The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. The fair value of the SMC embedded derivative liability is included in Customer deposits on the Consolidated Balance Sheets.
[2] | The fair value of the Company’s derivative liabilities after considering the effects of master netting arrangements, cash collateral held by the same counterparty and the fair value of net embedded derivatives was $2.9 billion and $3.7 billion as of September 30, 2021 and December 31, 2020, respectively. See Note 13 for additional information related to master netting arrangements and cash collateral.
[3] | The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables on the Consolidated Balance Sheets.
[4] | The fair value of the GMWB and GMAB embedded derivatives as of September 30, 2021 included $1.6 billion of individual contracts in a liability position and $142 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2020 included $2.4 billion of individual contracts in a liability position and $67 million of individual contracts in an asset position.

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