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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $1,103 million and $1,455 million as of December 31, 2023 and 2022, respectively, and total derivative liabilities of $4,181 million and $3,055 million as of December 31, 2023 and 2022, respectively, reflected in the Consolidated Statements of Financial Position.
| December 31, 2023 |  | December 31, 2022
Primary Underlying Risk / Instrument Type |  |  | Fair Value |  |  |  | Fair Value
Gross Notional |  | Assets |  | Liabilities |  | Gross Notional |  | Assets |  | Liabilities
| (in millions)
Derivatives Designated as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |
Interest Rate |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps | $ | 3,582 |  |  | $ | 55 |  |  | $ | (252) |  |  | $ | 3,627 |  |  | $ | 66 |  |  | $ | (245) |
Interest Rate Forwards | 0 |  |  | 0 |  |  | 0 |  |  | 398 |  |  | 0 |  |  | (85) |
Foreign Currency |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Forwards | 4,748 |  |  | 43 |  |  | (195) |  |  | 4,830 |  |  | 155 |  |  | (262) |
Currency/Interest Rate |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Swaps | 27,933 |  |  | 1,952 |  |  | (676) |  |  | 25,636 |  |  | 3,469 |  |  | (333) |
Total Derivatives Designated as Hedge Accounting Instruments | $ | 36,263 |  |  | $ | 2,050 |  |  | $ | (1,123) |  |  | $ | 34,491 |  |  | $ | 3,690 |  |  | $ | (925) |
Derivatives Not Qualifying as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |
Interest Rate |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps | $ | 224,445 |  |  | $ | 8,604 |  |  | $ | (21,599) |  |  | $ | 212,934 |  |  | $ | 9,097 |  |  | $ | (21,154) |
Interest Rate Futures | 10,448 |  |  | 7 |  |  | (26) |  |  | 18,080 |  |  | 13 |  |  | (24) |
Interest Rate Options | 32,718 |  |  | 292 |  |  | (1,095) |  |  | 9,778 |  |  | 224 |  |  | (280) |
Interest Rate Forwards | 3,678 |  |  | 39 |  |  | (14) |  |  | 2,354 |  |  | 21 |  |  | (42) |
Foreign Currency |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Forwards | 27,686 |  |  | 965 |  |  | (954) |  |  | 31,317 |  |  | 1,556 |  |  | (1,924) |
Foreign Currency Options | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Currency/Interest Rate |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Swaps | 7,771 |  |  | 502 |  |  | (164) |  |  | 8,410 |  |  | 813 |  |  | (170) |
Credit |  |  |  |  |  |  |  |  |  |  |
Credit Default Swaps | 3,446 |  |  | 64 |  |  | 0 |  |  | 6,351 |  |  | 27 |  |  | (57) |
Equity |  |  |  |  |  |  |  |  |  |  |
Equity Futures | 672 |  |  | 1 |  |  | (2) |  |  | 1,372 |  |  | 1 |  |  | (2) |
Equity Options | 51,792 |  |  | 1,688 |  |  | (1,662) |  |  | 38,323 |  |  | 708 |  |  | (1,590) |
Total Return Swaps | 9,237 |  |  | 48 |  |  | (514) |  |  | 11,806 |  |  | 106 |  |  | (184) |
Other |  |  |  |  |  |  |  |  |  |  |
Other(1) | 1,250 |  |  | 0 |  |  | 0 |  |  | 1,250 |  |  | 0 |  |  | 0 |
Synthetic GICs | 78,009 |  |  | 1 |  |  | (1) |  |  | 84,338 |  |  | 1 |  |  | (1) |
Total Derivatives Not Qualifying as Hedge Accounting Instruments | $ | 451,152 |  |  | $ | 12,211 |  |  | $ | (26,031) |  |  | $ | 426,313 |  |  | $ | 12,567 |  |  | $ | (25,428) |
Total Derivatives(2)(3) | $ | 487,415 |  |  | $ | 14,261 |  |  | $ | (27,154) |  |  | $ | 460,804 |  |  | $ | 16,257 |  |  | $ | (26,353) |
__________ (1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount. (2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $8,096 million (including the Prismic funds withheld-related embedded derivative net liability of $508 million) and $2,997 million as of December 31, 2023, and 2022, respectively, primarily included in “Policyholder account balances” and “Reinsurance and funds withheld payables.” (3)Recorded in “Other invested assets” and “Other liabilities” on the Consolidated Statements of Financial Position.
Schedule of financial instruments in a fair value hedge accounting relationship | As of December 31, 2023, the following amounts were recorded on the Consolidated Statements of Financial Position 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, 2023 |  | December 31, 2022 |
Balance Sheet Line Item in which Hedged Item is Recorded | Carrying Amount of the Hedged Assets (Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1) |  | Carrying Amount of the Hedged Assets (Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1) |
| (in millions)
Fixed maturities, available-for-sale, at fair value | $ | 224 |  |  | $ | 19 |  |  | $ | 297 |  |  | $ | 27 |  |
Policyholders’ account balances | $ | (810) |  |  | $ | 219 |  |  | $ | (966) |  |  | $ | 217 |  |
Future policy benefits | $ | (2,441) |  |  | $ | 298 |  |  | $ | (2,354) |  |  | $ | 391 |  |
__________ (1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.
Offsetting Assets | The following tables present recognized derivative instruments (excluding embedded derivatives), 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, 2023
|  | 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 |  | $ | 14,169 |  |  | $ | (13,158) |  |  | $ | 1,011 |  |  | $ | (240) |  |  | $ | 771 |
Securities purchased under agreement to resell |  | 388 |  |  | 0 |  |  | 388 |  |  | (363) |  |  | 25 |
Total Assets |  | $ | 14,557 |  |  | $ | (13,158) |  |  | $ | 1,399 |  |  | $ | (603) |  |  | $ | 796 |
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 27,154 |  |  | $ | (22,973) |  |  | $ | 4,181 |  |  | $ | (3,775) |  |  | $ | 406 |
Securities sold under agreement to repurchase |  | 6,056 |  |  | 0 |  |  | 6,056 |  |  | (5,811) |  |  | 245 |
Total Liabilities |  | $ | 33,210 |  |  | $ | (22,973) |  |  | $ | 10,237 |  |  | $ | (9,586) |  |  | $ | 651 |
|  | December 31, 2022
|  | 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 |  | $ | 16,178 |  |  | $ | (14,802) |  |  | $ | 1,376 |  |  | $ | (702) |  |  | $ | 674 |
Securities purchased under agreement to resell |  | 385 |  |  | 0 |  |  | 385 |  |  | (385) |  |  | 0 |
Total Assets |  | $ | 16,563 |  |  | $ | (14,802) |  |  | $ | 1,761 |  |  | $ | (1,087) |  |  | $ | 674 |
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 26,352 |  |  | $ | (23,298) |  |  | $ | 3,054 |  |  | $ | (3,054) |  |  | $ | 0 |
Securities sold under agreement to repurchase |  | 6,589 |  |  | 0 |  |  | 6,589 |  |  | (6,589) |  |  | 0 |
Total Liabilities |  | $ | 32,941 |  |  | $ | (23,298) |  |  | $ | 9,643 |  |  | $ | (9,643) |  |  | $ | 0 |
__________ (1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities | The following tables present recognized derivative instruments (excluding embedded derivatives), 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, 2023
|  | 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 |  | $ | 14,169 |  |  | $ | (13,158) |  |  | $ | 1,011 |  |  | $ | (240) |  |  | $ | 771 |
Securities purchased under agreement to resell |  | 388 |  |  | 0 |  |  | 388 |  |  | (363) |  |  | 25 |
Total Assets |  | $ | 14,557 |  |  | $ | (13,158) |  |  | $ | 1,399 |  |  | $ | (603) |  |  | $ | 796 |
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 27,154 |  |  | $ | (22,973) |  |  | $ | 4,181 |  |  | $ | (3,775) |  |  | $ | 406 |
Securities sold under agreement to repurchase |  | 6,056 |  |  | 0 |  |  | 6,056 |  |  | (5,811) |  |  | 245 |
Total Liabilities |  | $ | 33,210 |  |  | $ | (22,973) |  |  | $ | 10,237 |  |  | $ | (9,586) |  |  | $ | 651 |
|  | December 31, 2022
|  | 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 |  | $ | 16,178 |  |  | $ | (14,802) |  |  | $ | 1,376 |  |  | $ | (702) |  |  | $ | 674 |
Securities purchased under agreement to resell |  | 385 |  |  | 0 |  |  | 385 |  |  | (385) |  |  | 0 |
Total Assets |  | $ | 16,563 |  |  | $ | (14,802) |  |  | $ | 1,761 |  |  | $ | (1,087) |  |  | $ | 674 |
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 26,352 |  |  | $ | (23,298) |  |  | $ | 3,054 |  |  | $ | (3,054) |  |  | $ | 0 |
Securities sold under agreement to repurchase |  | 6,589 |  |  | 0 |  |  | 6,589 |  |  | (6,589) |  |  | 0 |
Total Liabilities |  | $ | 32,941 |  |  | $ | (23,298) |  |  | $ | 9,643 |  |  | $ | (9,643) |  |  | $ | 0 |
__________ (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 tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.
| Year Ended December 31, 2023
| Realized Investment Gains (Losses) |  | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) |  | Net Investment Income |  | Other Income (Loss) |  | Interest Expense |  | Interest Credited to Policyholders’ Account Balances |  | Policyholders’ Benefits |  | Change in AOCI(1)
| (in millions)
Derivatives Designated as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on derivatives designated as hedge instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | $ | 2 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (31) |  |  | $ | (39) |  |  | $ | 0 |
Currency | (1) |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 104 |  |  | 0 |
Total gains (losses) on derivatives designated as hedge instruments | 1 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | (31) |  |  | 65 |  |  | 0 |
Gains (losses) on the hedged item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (2) |  |  | 0 |  |  | 13 |  |  | 0 |  |  | 0 |  |  | 2 |  |  | 10 |  |  | 0 |
Currency | 1 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (102) |  |  | 0 |
Total gains (losses) on hedged item | (1) |  |  | 0 |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 2 |  |  | (92) |  |  | 0 |
Amortization for gains (losses) excluded from assessment of the effectiveness |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (8) |  |  | (6) |
Total amortization for gain (loss) excluded from assessment of the effectiveness | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (8) |  |  | (6) |
Total gains (losses) on fair value hedges net of hedged item | 0 |  |  | 0 |  |  | 13 |  |  | 0 |  |  | 0 |  |  | (29) |  |  | (35) |  |  | (6) |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (21) |  |  | 0 |  |  | (16) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 23 |
Currency | 8 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (122) |
Currency/Interest Rate | 74 |  |  | 0 |  |  | 315 |  |  | (189) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,648) |
Total gains (losses) on cash flow hedges | 61 |  |  | 0 |  |  | 299 |  |  | (189) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,747) |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 12 |
Currency/Interest Rate | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total gains (losses) on net investment hedges | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 12 |
Derivatives Not Qualifying as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (285) |  |  | (1,657) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Currency | (567) |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Currency/Interest Rate | (211) |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Credit | 164 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Equity | 1,751 |  |  | (929) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Other | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Embedded Derivatives (3) | (3,133) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | (2,281) |  |  | (2,586) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total | $ | (2,220) |  |  | $ | (2,586) |  |  | $ | 312 |  |  | $ | (189) |  |  | $ | 0 |  |  | $ | (29) |  |  | $ | (35) |  |  | $ | (1,741) |
| Year Ended December 31, 2022(2)
| Realized Investment Gains (Losses) |  | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) |  | Net Investment Income |  | Other Income (Loss) |  | Interest Expense |  | Interest Credited to Policyholders’ Account Balances |  | Policyholders’ Benefits |  | Change in AOCI(1)
| (in millions)
Derivatives Designated as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on derivatives designated as hedge instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | $ | 39 |  |  | $ | 0 |  |  | $ | (5) |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (375) |  |  | $ | (438) |  |  | $ | 0 |
Currency | (28) |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (224) |  |  | 0 |
Total gains (losses) on derivatives designated as hedge instruments | 11 |  |  | 0 |  |  | (7) |  |  | 0 |  |  | 0 |  |  | (375) |  |  | (662) |  |  | 0 |
Gains (losses) on the hedged item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (39) |  |  | 0 |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 387 |  |  | 448 |  |  | 0 |
Currency | 31 |  |  | 0 |  |  | 9 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 225 |  |  | 0 |
Total gains (losses) on hedged item | (8) |  |  | 0 |  |  | 23 |  |  | 0 |  |  | 0 |  |  | 387 |  |  | 673 |  |  | 0 |
Amortization for gains (losses) excluded from assessment of the effectiveness |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | (19) |
Total amortization for gain (loss) excluded from assessment of the effectiveness | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | (19) |
Total gains (losses) on fair value hedges net of hedged item | 3 |  |  | 0 |  |  | 16 |  |  | 0 |  |  | 0 |  |  | 12 |  |  | 7 |  |  | (19) |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (4) |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (217) |
Currency | 15 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 191 |
Currency/Interest Rate | 121 |  |  | 0 |  |  | 299 |  |  | 477 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,623 |
Total gains (losses) on cash flow hedges | 132 |  |  | 0 |  |  | 296 |  |  | 477 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,597 |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2 |
Currency/Interest Rate | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total gains (losses) on net investment hedges | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2 |
Derivatives Not Qualifying as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (3,410) |  |  | (6,483) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Currency | (400) |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Currency/Interest Rate | 854 |  |  | 0 |  |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Credit | 5 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Equity | 6 |  |  | 1,403 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Other | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Embedded Derivatives (3) | (26) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | (2,969) |  |  | (5,080) |  |  | 0 |  |  | 3 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total | $ | (2,834) |  |  | $ | (5,080) |  |  | $ | 312 |  |  | $ | 480 |  |  | $ | 0 |  |  | $ | 12 |  |  | $ | 7 |  |  | $ | 1,580 |
| Year Ended December 31, 2021(2)
| Realized Investment Gains (Losses) |  | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) |  | Net Investment Income |  | Other Income (Loss) |  | Interest Expense |  | Interest Credited to Policyholders’ Account Balances |  | Policyholders’ Benefits |  | Change in AOCI(1)
| (in millions)
Derivatives Designated as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on derivatives designated as hedge instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | $ | 20 |  |  | $ | 0 |  |  | $ | (9) |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (98) |  |  | $ | (73) |  |  | $ | 0 |
Currency | (8) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 6 |  |  | 0 |
Total gains (losses) on derivatives designated as hedge instruments | 12 |  |  | 0 |  |  | (9) |  |  | 0 |  |  | 0 |  |  | (98) |  |  | (67) |  |  | 0 |
Gains (losses) on the hedged item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (24) |  |  | 0 |  |  | 16 |  |  | 0 |  |  | 0 |  |  | 133 |  |  | 96 |  |  | 0 |
Currency | 7 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (6) |  |  | 0 |
Total gains (losses) on hedged item | (17) |  |  | 0 |  |  | 18 |  |  | 0 |  |  | 0 |  |  | 133 |  |  | 90 |  |  | 0 |
Amortization for gains (losses) excluded from assessment of the effectiveness |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (6) |  |  | (46) |
Total amortization for gain (loss) excluded from assessment of the effectiveness | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (6) |  |  | (46) |
Total gains (losses) on fair value hedges net of hedged item | (5) |  |  | 0 |  |  | 9 |  |  | 0 |  |  | 0 |  |  | 35 |  |  | 17 |  |  | (46) |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | (2) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (13) |
Currency | (4) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 48 |
Currency/Interest Rate | 105 |  |  | 0 |  |  | 271 |  |  | 181 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,152 |
Total gains (losses) on cash flow hedges | 99 |  |  | 0 |  |  | 273 |  |  | 181 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,187 |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (9) |
Currency/Interest Rate | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total gains (losses) on net investment hedges | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (9) |
Derivatives Not Qualifying as Hedge Accounting Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate | 717 |  |  | (2,592) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Currency | (364) |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Currency/Interest Rate | 802 |  |  | 0 |  |  | 0 |  |  | 5 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Credit | 61 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Equity | (283) |  |  | (2,318) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Other | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Embedded Derivatives (3) | (1,145) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | (211) |  |  | (4,910) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total | $ | (117) |  |  | $ | (4,910) |  |  | $ | 282 |  |  | $ | 183 |  |  | $ | 0 |  |  | $ | 35 |  |  | $ | 17 |  |  | $ | 1,132 |
__________ (1)Excludes changes related to net investment hedges using non-derivative instruments of $28 million for year ended December 31, 2023, $134 million for year ended December 31, 2022, and $25 million for year ended December 31, 2021. (2)Prior period amounts have been updated to conform to current period presentation. (3)Includes the Prismic funds withheld-related embedded derivative realized gain (loss) of $(508) million for the year ended December 31, 2023.
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, 2020 | $ | (168) |
Amount recorded in AOCI |
Interest Rate | (13) |
Currency | 44 |
Currency/Interest Rate | 1,709 |
Total amount recorded in AOCI | 1,740 |
Amount reclassified from AOCI to income |
Interest Rate | 0 |
Currency | 4 |
Currency/Interest Rate | (557) |
Total amount reclassified from AOCI to income | (553) |
Balance, December 31, 2021 | $ | 1,019 |
Amount recorded in AOCI |
Interest Rate | (224) |
Currency | 206 |
Currency/Interest Rate | 2,520 |
Total amount recorded in AOCI | 2,502 |
Amount reclassified from AOCI to income |
Interest Rate | 7 |
Currency | (15) |
Currency/Interest Rate | (897) |
Total amount reclassified from AOCI to income | (905) |
Balance, December 31, 2022 | $ | 2,616 |
Amount recorded in AOCI |
Interest Rate | (15) |
Currency | (108) |
Currency/Interest Rate | (1,448) |
Total amount recorded in AOCI | (1,571) |
Amount reclassified from AOCI to income |
Interest Rate | 38 |
Currency | (14) |
Currency/Interest Rate | (200) |
Total amount reclassified from AOCI to income | (176) |
Balance, December 31, 2023 | $ | 869 |
Disclosure of Credit Derivatives | The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 24 years for index reference.
| December 31, 2023
| NAIC Rating Designation of Underlying Credit Obligation(1)
| NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6(2) | Total
| Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value
| (in millions)
Single name reference(3) | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Index reference(3) | 0 |  | 0 |  | 0 |  | 0 |  | 2,723 |  | 19 |  | 0 |  | 0 |  | 89 |  | 5 |  | 634 |  | 40 |  | 3,446 |  | 64 |
Total | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 2,723 |  | $ | 19 |  | $ | 0 |  | $ | 0 |  | $ | 89 |  | $ | 5 |  | $ | 634 |  | $ | 40 |  | $ | 3,446 |  | $ | 64 |
| December 31, 2022
| NAIC Rating Designation of Underlying Credit Obligation(1)
| NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6(2) | Total
| Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value
| (in millions)
Single name reference(3) | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Index reference(3) | 48 |  | 0 |  | 0 |  | 0 |  | 5,197 |  | (46) |  | 0 |  | 0 |  | 0 |  | 0 |  | 782 |  | 15 |  | 6,027 |  | (31) |
Total | $ | 48 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 5,197 |  | $ | (46) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 782 |  | $ | 15 |  | $ | 6,027 |  | $ | (31) |
__________ (1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used. (2)The NAIC rating designation is due to approximately 3% and 2% as of December 31, 2023, and 2022, respectively, of the index reference name rated as NAIC 6. (3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4J Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4K Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4L + Details
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