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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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:
| September 30, 2023 |  | December 31, 2022
Assets: | (In millions)
Derivative investments: |  |  |
Call options | $ | 420 |  |  | $ | 244 |
Other long-term investments: |  |  |
Other embedded derivatives | 23 |  |  | 23 |
Prepaid expenses and other assets: |  |  |
Reinsurance related embedded derivatives | 313 |  |  | 279 |
| $ | 756 |  |  | $ | 546 |
Liabilities: |  |  |
Contractholder funds: |  |  |
FIA/ IUL embedded derivatives | $ | 3,556 |  |  | $ | 3,115 |
Accounts payable and accrued liabilities: |  |  |
Interest rate swaps | 16 |  |  | — |
Call options | 2 |  |  | — |
| $ | 3,572 |  |  | $ | 3,115 |
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:
| Three months ended |  | Nine months ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Recognized gains and losses, net | (In millions) |  | (In millions)
Net investment (losses) gains: |  |  |  |  |  |  |
Call options | $ | (308) |  |  | $ | (149) |  |  | $ | (155) |  |  | $ | (858) |
Interest rate swaps | (19) |  |  | — |  |  | (19) |  |  | — |
Futures contracts | (4) |  |  | (5) |  |  | 1 |  |  | (10) |
Foreign currency forwards | 4 |  |  | 10 |  |  | 3 |  |  | 22 |
Other derivatives and embedded derivatives | (3) |  |  | (2) |  |  | — |  |  | (10) |
Reinsurance related embedded derivatives | 36 |  |  | 94 |  |  | 34 |  |  | 357 |
Total net investment losses | $ | (294) |  |  | $ | (52) |  |  | $ | (136) |  |  | $ | (499) |
Benefits and other changes in policy reserves: |  |  |  |  |  |  |
FIA/ IUL embedded derivatives (decrease) increase | $ | (265) |  |  | $ | (166) |  |  | $ | 441 |  |  | $ | (1,108) |
Exposure to Credit Loss on Call Options Held | Information regarding our exposure to credit loss on the call options and interest rate swaps we hold is presented in the following tables.
|  |  | September 30, 2023
|  |  | (In millions)
Counterparty | Credit Rating (Fitch/Moody's/S&P) (a) |  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
Merrill Lynch | AA/*/A+ |  | $ | 4,131 |  |  | $ | 47 |  |  | $ | 8 |  |  | $ | 39 |
Morgan Stanley | */Aa3/A+ |  | 2,865 |  |  | 32 |  |  | 38 |  |  | — |
Barclay's Bank | A+/A1/A+ |  | 6,809 |  |  | 73 |  |  | 81 |  |  | — |
Canadian Imperial Bank of Commerce | AA-/A2/A- |  | 6,903 |  |  | 92 |  |  | 94 |  |  | — |
Wells Fargo | AA-/Aa2/A+ |  | 1,300 |  |  | 37 |  |  | 38 |  |  | — |
Goldman Sachs | A+/A1/A+ |  | 1,520 |  |  | 16 |  |  | 16 |  |  | — |
Credit Suisse | A+/A3/A+ |  | 198 |  |  | 6 |  |  | 6 |  |  | — |
Truist | A+/A2/A |  | 2,853 |  |  | 78 |  |  | 77 |  |  | 1 |
Citibank | A+/Aa3/A+ |  | 1,400 |  |  | 11 |  |  | 11 |  |  | — |
JP Morgan | AA/Aa2/A+ |  | 543 |  |  | 12 |  |  | 12 |  |  | — |
Total |  |  | $ | 28,522 |  |  | $ | 404 |  |  | $ | 381 |  |  | $ | 40 |
|  |  | December 31, 2022
|  |  | (In millions)
Counterparty | Credit Rating (Fitch/Moody's/S&P) (a) |  | 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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