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Derivative Financial Instruments (Tables)

3 Months Ended

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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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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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