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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The carrying amounts of derivative instruments, including derivative instruments embedded in FIA and reinsurance contracts, as of June 30, 2021 and December 31, 2020 is as follows (in millions):
| June 30, 2021 |  | December 31, 2020 |  |
Assets: |  |  |  |  |
Derivative investments: |  |  |  |  |
Call options | $ | 690 |  |  | $ | 548 |  |  |
Futures contracts | 1 |  |  | — |  |  |
Foreign currency forward | 1 |  |  | — |  |  |
Other long-term investments: |  |  |  |  |
Other embedded derivatives | 30 |  |  | 27 |  |  |
| $ | 722 |  |  | $ | 575 |  |  |
Liabilities: |  |  |  |  |
Contractholder funds: |  |  |  |  |
FIA embedded derivative | $ | 3,759 |  |  | $ | 3,404 |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |
Reinsurance related embedded derivative | 107 |  |  | 101 |  |  |
| $ | 3,866 |  |  | $ | 3,505 |  |  |
Change in Fair Value of Derivative Instruments | The change in fair value of derivative instruments included in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows (in millions):
| Three Months Ended |  | Three Months Ended |  | Six Months Ended
| June 30, 2021 |  | June 30, 2020 |  | June 30, 2021 |  |
Net investment gains (losses): |  |  |  |  |  |  |
Call options | $ | 257 |  |  | $ | 12 |  |  | $ | 279 |  |  |
Futures contracts | 4 |  |  | 2 |  |  | 4 |  |  |
Foreign currency forward | — |  |  | — |  |  | 4 |  |  |
Other derivatives and embedded derivatives | 3 |  |  | 1 |  |  | 3 |  |  |
Reinsurance related embedded derivatives | (27) |  |  | (21) |  |  | — |  |  |
Total net investment gains (losses) | $ | 237 |  |  | $ | (6) |  |  | $ | 290 |  |  |
Benefits and other changes in policy reserves: |  |  |  |  |  |  |
FIA embedded derivatives | $ | 466 |  |  | $ | 100 |  |  | $ | 355 |  |  |
Exposure to Credit Loss on Call Options Held | Information regarding our exposure to credit loss on the call options we hold as of June 30, 2021 and December 31, 2020, is presented in the following table (in millions):
|  |  | June 30, 2021
Counterparty | Credit Rating (Fitch/Moody's/S&P) (1) |  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
Merrill Lynch | AA/*/A+ |  | $ | 1,899 |  |  | $ | 87 |  |  | $ | 45 |  |  | $ | 42 |
Morgan Stanley | */Aa3/A+ |  | 1,561 |  |  | 77 |  |  | 79 |  |  | — |
Barclay's Bank | A+/A1/A |  | 5,342 |  |  | 154 |  |  | 144 |  |  | 10 |
Canadian Imperial Bank of Commerce | AA/Aa2/A+ |  | 2,263 |  |  | 99 |  |  | 98 |  |  | 1 |
Wells Fargo | A+/A2/BBB+ |  | 2,436 |  |  | 93 |  |  | 92 |  |  | 1 |
Goldman Sachs | A/A2/BBB+ |  | 307 |  |  | 11 |  |  | 11 |  |  | — |
Credit Suisse | A/A1/A+ |  | 2,559 |  |  | 124 |  |  | 122 |  |  | 2 |
Truist | A+/A2/A |  | 1,197 |  |  | 45 |  |  | 45 |  |  | — |
Total |  |  | $ | 17,564 |  |  | $ | 690 |  |  | $ | 636 |  |  | $ | 56 |
|  |  | December 31, 2020
Counterparty | Credit Rating (Fitch/Moody's/S&P) (1) |  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
Merrill Lynch | AA-/*/A+ |  | $ | 1,932 |  |  | $ | 75 |  |  | $ | 32 |  |  | $ | 43 |
Morgan Stanley | A/A2/BBB+ |  | 1,503 |  |  | 40 |  |  | 41 |  |  | — |
Barclay's Bank | A+/A1/A |  | 4,639 |  |  | 180 |  |  | 169 |  |  | 11 |
Canadian Imperial Bank of Commerce | AA/Aa2/A+ |  | 2,276 |  |  | 86 |  |  | 85 |  |  | 1 |
Wells Fargo | A+/A2/BBB+ |  | 2,900 |  |  | 106 |  |  | 105 |  |  | 1 |
Goldman Sachs | A/A3/BBB+ |  | 634 |  |  | 15 |  |  | 15 |  |  | — |
Credit Suisse | A/Aa3/A+ |  | 1,373 |  |  | 27 |  |  | 25 |  |  | 2 |
Truist | A+/A2/A |  | 652 |  |  | 19 |  |  | 19 |  |  | — |
Total |  |  | $ | 15,909 |  |  | $ | 548 |  |  | $ | 491 |  |  | $ | 58 |
(1) An * represents credit ratings that were not available.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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