v3.8.0.1

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Primary Risks Managed by Derivatives

The table below provides a summary of the gross notional amount and fair value of derivatives contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlyings. The fair value amounts below represent the gross fair value of derivative contracts prior to taking into account the netting effects of master netting agreements, cash collateral and NPR. This netting impact results in total derivative assets of $1,205 million and $1,367 million as of December 31, 2017 and 2016, respectively, and total derivative liabilities of $643 million and $345 million as of December 31, 2017 and 2016, respectively, reflected in the Consolidated Statements of Financial Position.

	December 31, 2017												December 31, 2016
Primary Underlying/ Instrument Type					Gross Fair Value												Gross Fair Value
	Notional				Assets				Liabilities				Notional				Assets				Liabilities
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	3,204			$	271			$	(88	)		$	1,117			$	17			$	(111	)
Foreign Currency
Foreign Currency Forwards	545				0				(8		)		167				3				(1		)
Currency/Interest Rate
Foreign Currency Swaps	17,732				766				(735		)		14,737				1,956				(54		)
Total Qualifying Hedges	$	21,481			$	1,037			$	(831	)		$	16,021			$	1,976			$	(166	)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	158,552			$	7,958			$	(3,509	)		$	162,131			$	8,969			$	(4,274	)
Interest Rate Futures	23,792				25				(1		)		31,183				55				(1		)
Interest Rate Options	18,456				167				(203		)		13,290				289				(132		)
Interest Rate Forwards	1,498				6				(2		)		321				0				(1		)
Foreign Currency
Foreign Currency Forwards	23,905				164				(254		)		21,042				372				(892		)
Foreign Currency Options	59				0				0				93				0				0
Currency/Interest Rate
Foreign Currency Swaps	13,777				822				(414		)		12,336				1,218				(311		)
Credit
Credit Default Swaps	1,314				21				(5		)		918				1				(25		)
Equity
Equity Futures	710				2				(2		)		1,371				0				(5		)
Equity Options	36,007				588				(364		)		12,020				102				(93		)
Total Return Swaps	15,558				17				(369		)		18,167				101				(390		)
Commodity
Commodity Futures	0				0				0				1				0				0
Synthetic GICs	77,290				0				(1		)		77,197				5				0
Total Non-Qualifying Derivatives	$	370,918			$	9,770			$	(5,124	)		$	350,070			$	11,112			$	(6,124	)
Total Derivatives(1)	$	392,399			$	10,807			$	(5,955	)		$	366,091			$	13,088			$	(6,290	)

 __________

(1) Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlyings. The fair value of these embedded derivatives was a net liability of $8,748 million and $8,252 million as of December 31, 2017, and 2016, respectively, primarily included in “Future policy benefits.”

Offsetting 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 Consolidated 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 Consolidated Statements of Financial Position.

		December 31, 2017
		Gross Amounts of Recognized Financial Instruments				Gross Amounts Offset in the Statements of Financial Position				Net Amounts Presented in the Statements of Financial Position				Financial Instruments/ Collateral(1)				Net Amount
		(in millions)
Offsetting of Financial Assets:
Derivatives(1)		$	10,710			$	(9,600	)		$	1,110			$	(625	)		$	485
Securities purchased under agreement to resell		240				0				240				(240		)		0
Total Assets		$	10,950			$	(9,600	)		$	1,350			$	(865	)		$	485
Offsetting of Financial Liabilities:
Derivatives(1)		$	5,948			$	(5,312	)		$	636			$	(588	)		$	48
Securities sold under agreement to repurchase		8,400				0				8,400				(8,400		)		0
Total Liabilities		$	14,348			$	(5,312	)		$	9,036			$	(8,988	)		$	48

		December 31, 2016
		Gross Amounts of Recognized Financial Instruments				Gross Amounts Offset in the Statements of Financial Position				Net Amounts Presented in the Statements of Financial Position				Financial Instruments/ Collateral(1)				Net Amount
		(in millions)
Offsetting of Financial Assets:
Derivatives(1)		$	12,987			$	(11,716	)		$	1,271			$	(399	)		$	872
Securities purchased under agreement to resell		1,016				0				1,016				(1,016		)		0
Total Assets		$	14,003			$	(11,716	)		$	2,287			$	(1,415	)		$	872
Offsetting of Financial Liabilities:
Derivatives(1)		$	6,281			$	(5,945	)		$	336			$	(299	)		$	37
Securities sold under agreement to repurchase		7,606				0				7,606				(7,606		)		0
Total Liabilities		$	13,887			$	(5,945	)		$	7,942			$	(7,905	)		$	37

 __________

(1) Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Offsetting 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 Consolidated 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 Consolidated Statements of Financial Position.

		December 31, 2017
		Gross Amounts of Recognized Financial Instruments				Gross Amounts Offset in the Statements of Financial Position				Net Amounts Presented in the Statements of Financial Position				Financial Instruments/ Collateral(1)				Net Amount
		(in millions)
Offsetting of Financial Assets:
Derivatives(1)		$	10,710			$	(9,600	)		$	1,110			$	(625	)		$	485
Securities purchased under agreement to resell		240				0				240				(240		)		0
Total Assets		$	10,950			$	(9,600	)		$	1,350			$	(865	)		$	485
Offsetting of Financial Liabilities:
Derivatives(1)		$	5,948			$	(5,312	)		$	636			$	(588	)		$	48
Securities sold under agreement to repurchase		8,400				0				8,400				(8,400		)		0
Total Liabilities		$	14,348			$	(5,312	)		$	9,036			$	(8,988	)		$	48

		December 31, 2016
		Gross Amounts of Recognized Financial Instruments				Gross Amounts Offset in the Statements of Financial Position				Net Amounts Presented in the Statements of Financial Position				Financial Instruments/ Collateral(1)				Net Amount
		(in millions)
Offsetting of Financial Assets:
Derivatives(1)		$	12,987			$	(11,716	)		$	1,271			$	(399	)		$	872
Securities purchased under agreement to resell		1,016				0				1,016				(1,016		)		0
Total Assets		$	14,003			$	(11,716	)		$	2,287			$	(1,415	)		$	872
Offsetting of Financial Liabilities:
Derivatives(1)		$	6,281			$	(5,945	)		$	336			$	(299	)		$	37
Securities sold under agreement to repurchase		7,606				0				7,606				(7,606		)		0
Total Liabilities		$	13,887			$	(5,945	)		$	7,942			$	(7,905	)		$	37

 __________

(1) Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table provides 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, 2017
		Realized Investment Gains (Losses)				Net Investment Income				Other Income				Interest Expense				Interest Credited To Policyholders’ Account Balances				AOCI(1)
																										(in millions)
																									Derivatives Designated as Hedge Accounting Instruments:
																									Fair value hedges
																									Interest Rate	$	16			$	(19	)		$	0			$	0			$	(1	)		$	0
	Currency	(6		)		0				0				0				0				0
	Total fair value hedges	10				(19		)		0				0				(1		)		0
	Cash flow hedges
	Interest Rate	0				0				0				(3		)		0				7
	Currency	0				0				0				0				0				(3		)
	Currency/Interest Rate	0				189				(303		)		0				0				(1,359		)
	Total cash flow hedges	0				189				(303		)		(3		)		0				(1,355		)
	Net investment hedges
	Currency	0				0				0				0				0				(9		)
	Currency/Interest Rate	0				0				0				0				0				0
	Total net investment hedges	0				0				0				0				0				(9		)
	Derivatives Not Qualifying as Hedge Accounting Instruments:
	Interest Rate	1,161				0				0				0				0				0
	Currency	(340		)		0				0				0				0				0
	Currency/Interest Rate	(250		)		0				(5		)		0				0				0
	Credit	13				0				0				0				0				0
	Equity	(2,498		)		0				0				0				0				0
	Commodity	0				0				0				0				0				0
	Embedded Derivatives	644				0				0				0				0				0
	Total non-qualifying hedges	(1,270		)		0				(5		)		0				0				0
	Total	$	(1,260	)		$	170			$	(308	)		$	(3	)		$	(1	)		$	(1,364	)

	Year Ended December 31, 2016
	Realized Investment Gains (Losses)				Net Investment Income				Other Income				Interest Expense				Interest Credited To Policyholders’ Account Balances				AOCI(1)
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Interest Rate	$	26			$	(31	)		$	0			$	0			$	0			$	0
Currency	21				(1		)		0				0				0				0
Total fair value hedges	47				(32		)		0				0				0				0
Cash flow hedges
Interest Rate	0				0				0				(5		)		0				(1		)
Currency/Interest Rate	0				123				269				0				0				152
Total cash flow hedges	0				123				269				(5		)		0				151
Net investment hedges
Currency(2)	5				0				0				0				0				(5		)
Currency/Interest Rate	0				0				0				0				0				0
Total net investment hedges	5				0				0				0				0				(5		)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	1,564				0				0				0				0				0
Currency	463				0				1				0				0				0
Currency/Interest Rate	10				0				3				0				0				0
Credit	32				0				0				0				0				0
Equity	(2,171		)		0				0				0				0				0
Commodity	(1		)		0				0				0				0				0
Embedded Derivatives	1,260				0				0				0				0				0
Total non-qualifying hedges	1,157				0				4				0				0				0
Total	$	1,209			$	91			$	273			$	(5	)		$	0			$	146

		Year Ended December 31, 2015
		Realized Investment Gains  (Losses)				Net Investment Income				Other Income				Interest Expense				Interest Credited To  Policyholders’ Account Balances				AOCI(1)
																										(in millions)
																									Derivatives Designated as Hedge Accounting Instruments:
																									Fair value hedges
																									Interest Rate	$	29			$	(44	)		$	0			$	0			$	0			$	0
	Currency	18				(1		)		0				0				0				0
	Total fair value hedges	47				(45		)		0				0				0				0
	Cash flow hedges
	Interest Rate	0				0				0				(7		)		0				2
	Currency/Interest Rate	0				75				146				0				0				957
	Total cash flow hedges	0				75				146				(7		)		0				959
	Net investment hedges
	Currency	0				0				0				0				0				9
	Currency/Interest Rate	0				0				0				0				0				31
	Total net investment hedges	0				0				0				0				0				40
	Derivatives Not Qualifying as Hedge Accounting Instruments:
	Interest Rate	1,394				0				0				0				0				0
	Currency	(124		)		0				(2		)		0				0				0
	Currency/Interest Rate	563				0				7				0				0				0
	Credit	(5		)		0				0				0				0				0
	Equity	(591		)		0				0				0				0				0
	Commodity	0				0				0				0				0				0
	Embedded Derivatives	724				0				0				0				0				0
	Total non-qualifying hedges	1,961				0				5				0				0				0
	Total	$	2,008			$	30			$	151			$	(7	)		$	0			$	999

 __________

(1) Amounts deferred in AOCI.

(2) Relates to the sale of equity method investments.

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 millions)
Balance, December 31, 2014	$	206
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2015	1,199
Amount reclassified into current period earnings	(240		)
Balance, December 31, 2015	1,165
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2016	602
Amount reclassified into current period earnings	(451		)
Balance, December 31, 2016	1,316
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2017	(1,373		)
Amount reclassified into current period earnings	18
Balance, December 31, 2017	$	(39	)

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