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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Carrying Amount of Derivative Instruments | The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows:
| March 31, 2023 |  |  |  | December 31, 2022
Assets: | (In millions)
Derivative investments: |  |  |  |  |
Call options | $ | 432 |  |  |  |  | $ | 244 |
Other long-term investments: |  |  |  |  |
Other embedded derivatives | 25 |  |  |  |  | 23 |
Prepaid expenses and other assets: |  |  |  |  |
Reinsurance related embedded derivatives | 260 |  |  |  |  | 279 |
| $ | 717 |  |  |  |  | $ | 546 |
Liabilities: |  |  |  |  |
Contractholder funds: |  |  |  |  |
FIA/ IUL embedded derivatives | $ | 3,569 |  |  | $ | 3,115 |  |  |
| $ | 3,569 |  |  | $ | 3,115 |  |  |
Change in Fair Value of Derivative Instruments | The change in fair value of derivative instruments in the accompanying unaudited Condensed Consolidated Statements of Operations is as follows:
|  |  | Three months ended
|  |  |  |  | March 31, 2023 |  | March 31, 2022
Recognized gains and losses, net |  |  |  |  | (In millions)
Net investment gains (losses): |  |  |  |  |  |  |
Call options |  |  |  |  | $ | 55 |  |  | $ | (314) |
Futures contracts |  |  |  |  | 5 |  |  | 3 |
Foreign currency forwards |  |  |  |  | (1) |  |  | 3 |
Other derivatives and embedded derivatives |  |  |  |  | 1 |  |  | (3) |
Reinsurance related embedded derivatives |  |  |  |  | (19) |  |  | 122 |
Total net investment gains (losses) |  |  |  |  | $ | 41 |  |  | $ | (189) |
Benefits and other changes in policy reserves: |  |  |  |  |  |  |
FIA/ IUL embedded derivatives (decrease) increase |  |  |  |  | $ | 454 |  |  | $ | (488) |
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 tables.
|  |  | March 31, 2023
|  |  | (In millions)
Counterparty | Credit Rating (Fitch/Moody's/S&P) (1) |  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
Merrill Lynch | AA/*/A+ |  | $ | 3,834 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |
Morgan Stanley | */Aa3/A+ |  | 2,038 |  |  | 22 |  |  | 24 |  |  | — |
Barclay's Bank | A+/A1/A |  | 5,939 |  |  | 106 |  |  | 95 |  |  | 11 |
Canadian Imperial Bank of Commerce | AA/Aa2/A+ |  | 6,006 |  |  | 129 |  |  | 113 |  |  | 16 |
Wells Fargo | A+/A1/BBB+ |  | 1,270 |  |  | 31 |  |  | 29 |  |  | 2 |
Goldman Sachs | A/A2/BBB+ |  | 1,178 |  |  | 16 |  |  | 14 |  |  | 2 |
Credit Suisse | BBB+/A3/A- |  | 672 |  |  | 7 |  |  | 7 |  |  | — |
Truist | A+/A2/A |  | 2,204 |  |  | 60 |  |  | 54 |  |  | 6 |
Citibank | A+/Aa3/A+ |  | 1,207 |  |  | 17 |  |  | 15 |  |  | 2 |
Total |  |  | $ | 24,348 |  |  | $ | 432 |  |  | $ | 351 |  |  | $ | 83 |
|  |  | December 31, 2022
|  |  | (In millions)
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 |
(a)An * represents credit ratings that were not available.

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