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Derivative Financial Instruments (Tables)

12 Months Ended

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

			December 31, 2022						December 31, 2021
Assets:
Derivative investments:
Call options			$	244					$	816
Other long-term investments:
Other embedded derivatives			23						33
Prepaid expenses and other assets:
Reinsurance related embedded derivatives			279						—
			$	546					$	849

Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives			$	3,115					$	3,883
Accounts payable and accrued liabilities:
Reinsurance related embedded derivatives			—						73
			$	3,115					$	3,956

Derivative Instruments, Gain (Loss)

The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings is as follows (in millions):

			Year Ended												Seven Months Ended
			December 31, 2022						December 31, 2021						December 31, 2020
Net investment gains (losses):
Call options			$	(862)					$	597					$	229
Futures contracts			(7)						8						15
Foreign currency forwards			12						10						(7)
Other derivatives and embedded derivatives			(10)						5						8
Reinsurance related embedded derivatives			352						34						(53)
Total net investment gains			$	(515)					$	654					$	192
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives increase (decrease)			$	(768)					$	479					$	552

Information Regarding Exposure to Credit Loss on Call Options Held

												December 31, 2022
Counterparty						Credit Rating (Fitch/Moody's/S&P) (1)						Notional Amount						Fair Value						Collateral						Net Credit Risk
Merrill Lynch						AA/*/A+						$	3,563					$	23					$	—					$	23
Morgan Stanley						*/Aa3/A+						1,699						14						19						—
Barclay's Bank						A+/A1/A						6,049						65						59						6
Canadian Imperial Bank of Commerce						AA/Aa2/A+						5,169						68						64						4
Wells Fargo						A+/A1/BBB+						1,361						17						17						—
Goldman Sachs						A/A2/BBB+						1,133						9						10						—
Credit Suisse						BBB+/A3/A-						1,039						5						5						—
Truist						A+/A2/A						2,489						35						36						—
Citibank						A+/Aa3/A+						795						8						9						—
Total												$	23,297					$	244					$	219					$	33

												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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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