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Derivative Financial Instruments (Tables)

3 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4C
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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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