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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2021 and December 31, 2020 is as follows (in millions):

			September 30, 2021						December 31, 2020
Assets:
Derivative investments:
Call options			$	580					$	548
Futures contracts			—						—
Foreign currency forward			1						—
Other long-term investments:
Other embedded derivatives			30						27
			$	611					$	575

Liabilities:
Contractholder funds:
FIA embedded derivative			$	3,439					$	3,404
Accounts payable and accrued liabilities:
Reinsurance related embedded derivative			84						101
			$	3,523					$	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												Nine Months Ended						Four Months Ended
			September 30, 2021						September 30, 2020						September 30, 2021						September 30, 2020
Net investment gains (losses):
Call options			$	(6)					$	43					$	273					$	55
Futures contracts			—						7						4						9
Foreign currency forward			3						(4)						7						(4)
Other derivatives and embedded derivatives			(1)						2						2						3
Reinsurance related embedded derivatives			23						(14)						23						(35)
Total net investment gains (losses)			$	19					$	34					$	309					$	28
Benefits and other changes in policy reserves:
FIA embedded derivatives			$	(320)					$	209					$	35					$	309

Exposure to Credit Loss on Call Options Held

Information regarding our exposure to credit loss on the call options we hold as of September 30, 2021 and December 31, 2020, is presented in the following table (in millions):

									September 30, 2021
Counterparty			Credit Rating (Fitch/Moody's/S&P) (1)						Notional Amount						Fair Value						Collateral						Net Credit Risk
Merrill Lynch			AA/*/A+						$	2,180					$	67					$	27					$	40
Morgan Stanley			*/Aa3/A+						2,051						61						67						—
Barclay's Bank			A+/A1/A						5,508						154						165						—
Canadian Imperial Bank of Commerce			AA/Aa2/A+						2,499						87						94						—
Wells Fargo			A+/A1/BBB+						2,575						87						90						—
Goldman Sachs			A/A2/BBB+						383						11						13						—
Credit Suisse			A/A1/A+						2,184						78						89						—
Truist			A+/A2/A						1,135						35						37						—
Total									$	18,515					$	580					$	582					$	40

									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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Schedule of exposure to credit loss on derivative instrument.

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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

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Name Accounting Standards Codification
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-SubTopic 10
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