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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
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/IUL contracts, and reinsurance is as follows (in millions):
| March 31, 2022 |  |  |  | December 31, 2021
Assets: |  |  |  |  |
Derivative investments: |  |  |  |  |
Call options | $ | 487 |  |  |  |  | $ | 816 |
Other long-term investments: |  |  |  |  |
Other embedded derivatives | 30 |  |  |  |  | 33 |
Prepaid expenses and other assets: |  |  |  |  |
Reinsurance related embedded derivatives | 50 |  |  |  |  | — |
| $ | 567 |  |  |  |  | $ | 849 |
Liabilities: |  |  |  |  |
Contractholder funds: |  |  |  |  |
FIA/ IUL embedded derivatives | $ | 3,395 |  |  | $ | 3,883 |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |
Reinsurance related embedded derivatives | 1 |  |  | 73 |  |  |
| $ | 3,396 |  |  | $ | 3,956 |  |  |
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 |  |  |  |
| March 31, 2022 |  | March 31, 2021 |  |  |  |
Net investment gains (losses): |  |  |  |  |  |  |
Call options | $ | (314) |  |  | $ | 22 |  |  |  |  |
Futures contracts | 3 |  |  | — |  |  |  |  |
Foreign currency forwards | 3 |  |  | 4 |  |  |  |  |
Other derivatives and embedded derivatives | (3) |  |  | — |  |  |  |  |
Reinsurance related embedded derivatives | 122 |  |  | 27 |  |  |  |  |
Total net investment gains (losses) | $ | (189) |  |  | $ | 53 |  |  |  |  |
Benefits and other changes in policy reserves: |  |  |  |  |  |  |
FIA/ IUL embedded derivatives | $ | (488) |  |  | $ | (111) |  |  |  |  |
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):
|  |  | March 31, 2022
Counterparty | Credit Rating (Fitch/Moody's/S&P) (1) |  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
Merrill Lynch | AA/*/A+ |  | $ | 3,745 |  |  | $ | 79 |  |  | $ | 39 |  |  | $ | 40 |
Morgan Stanley | */Aa3/A+ |  | 1,679 |  |  | 14 |  |  | 17 |  |  | — |
Barclay's Bank | A+/A1/A |  | 5,324 |  |  | 161 |  |  | 166 |  |  | — |
Canadian Imperial Bank of Commerce | AA/Aa2/A+ |  | 3,178 |  |  | 84 |  |  | 93 |  |  | — |
Wells Fargo | A+/A1/BBB+ |  | 2,535 |  |  | 73 |  |  | 77 |  |  | — |
Goldman Sachs | A/A2/BBB+ |  | 410 |  |  | 11 |  |  | 11 |  |  | — |
Credit Suisse | A/A1/A+ |  | 1,289 |  |  | 16 |  |  | 16 |  |  | — |
Truist | A+/A2/A |  | 1,880 |  |  | 49 |  |  | 53 |  |  | — |
Total |  |  | $ | 20,040 |  |  | $ | 487 |  |  | $ | 472 |  |  | $ | 40 |
|  |  | 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 |
(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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