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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 IUL contracts, and reinsurance is as follows (in millions):

			December 31, 2021						December 31, 2020
Assets:
Derivative investments:
Call options			$	816					$	548
Other long-term investments:
Other embedded derivatives			33						27
			$	849					$	575

Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives			$	3,883					$	3,404
Accounts payable and accrued liabilities:
Reinsurance related embedded derivatives			73						101
			$	3,956					$	3,505

Derivative Instruments, Gain (Loss)

The change in fair value of derivative instruments included in the accompanying Consolidated Statements of Earnings is as follows (in millions):

									Year Ended						Seven Months Ended
															December 31, 2021						December 31, 2020
Net investment gains (losses):
Call options															$	597					$	229
Futures contracts															8						15
Foreign currency forwards															9						(7)
Other derivatives and embedded derivatives															5						8
Reinsurance related embedded derivatives															34						(53)
Total net investment gains															$	653					$	192
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives															$	479					$	552

Information Regarding Exposure to Credit Loss on Call Options Held

Information regarding our exposure to credit loss on the call options we hold is presented in the following table (in millions):

									December 31, 2021
Counterparty			Credit Rating (Fitch/Moody's/S&P) (1)						Notional Amount						Fair Value						Collateral						Net Credit Risk
Merrill Lynch			AA/*/A+						$	3,307					$	128					$	86					$	42
Morgan Stanley			*/Aa3/A+						2,184						86						92						—
Barclay's Bank			A+/A1/A						5,197						231						233						—
Canadian Imperial Bank of Commerce			AA/Aa2/A+						2,936						147						151						—
Wells Fargo			A+/A1/BBB+						2,445						89						90						—
Goldman Sachs			A/A2/BBB+						307						10						10						—
Credit Suisse			A/A1/A+						1,485						74						75						—
Truist			A+/A2/A						1,543						51						53						—
Total									$	19,404					$	816					$	790					$	42
									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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-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

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-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

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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