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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments by Category | The following table presents the gross notional amount and estimated fair value of the Company’s derivatives: Derivative Instruments by Category
| September 30, 2022 |  | December 31, 2021 |  |
|  |  | Fair Value |  |  |  | Fair Value |  |
| Notional Amount |  | Derivative Assets |  | Derivative Liabilities |  | Notional Amount |  | Derivative Assets |  | Derivative Liabilities |  |
| (in millions) |
Derivatives: designated for hedge accounting (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | $ | 1,267 |  |  | $ | 178 |  |  | $ | 118 |  |  | $ | 921 |  |  | $ | 7 |  |  | $ | 42 |  |  |
Interest swaps | 955 |  |  | 1 |  |  | 252 |  |  | 955 |  |  | — |  |  | 395 |  |  |
Total: designated for hedge accounting | 2,222 |  |  | 179 |  |  | 370 |  |  | 1,876 |  |  | 7 |  |  | 437 |  |  |
Derivatives: not designated for hedge accounting (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | 4,022 |  |  | 8 |  |  | — |  |  | 2,640 |  |  | — |  |  | 1 |  |  |
Swaps | 9,814 |  |  | 28 |  |  | 13 |  |  | 13,378 |  |  | 6 |  |  | 4 |  |  |
Options | 36,788 |  |  | 6,209 |  |  | 3,899 |  |  | 48,489 |  |  | 12,024 |  |  | 5,065 |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | 5,612 |  |  | — |  |  | — |  |  | 12,575 |  |  | — |  |  | — |  |  |
Swaps | 1,134 |  |  | — |  |  | 134 |  |  | 1,889 |  |  | — |  |  | 46 |  |  |
Swaptions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Credit contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps | 315 |  |  | 20 |  |  | 8 |  |  | 774 |  |  | 9 |  |  | 10 |  |  |
Currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | 326 |  |  | 24 |  |  | — |  |  | 541 |  |  | 1 |  |  | — |  |  |
Currency forwards | 60 |  |  | 20 |  |  | 20 |  |  | 79 |  |  | 8 |  |  | 7 |  |  |
Other freestanding contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Margin | — |  |  | 116 |  |  | — |  |  | — |  |  | 125 |  |  | — |  |  |
Collateral | — |  |  | 140 |  |  | 3,323 |  |  | — |  |  | 178 |  |  | 6,160 |  |  |
Total: not designated for hedge accounting | 58,071 |  |  | 6,565 |  |  | 7,397 |  |  | 80,365 |  |  | 12,351 |  |  | 11,293 |  |  |
Embedded derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Amounts due from reinsurers (5) | — |  |  | 4,312 |  |  | — |  |  | — |  |  | 5,813 |  |  | — |  |  |
GMIB reinsurance contracts (2) | — |  |  | 1,289 |  |  | — |  |  | — |  |  | 1,848 |  |  | — |  |  |
GMxB derivative features liability (3) | — |  |  | — |  |  | 5,825 |  |  | — |  |  | — |  |  | 8,525 |  |  |
SCS, SIO, MSO and IUL indexed features (4) | — |  |  | — |  |  | 2,086 |  |  | — |  |  | — |  |  | 6,773 |  |  |
Total embedded derivatives | — |  |  | 5,601 |  |  | 7,911 |  |  | — |  |  | 7,661 |  |  | 15,298 |  |  |
Total derivative instruments | $ | 60,293 |  |  | $ | 12,345 |  |  | $ | 15,678 |  |  | $ | 82,241 |  |  | $ | 20,019 |  |  | $ | 27,028 |  |  |
___________ (1)Reported in other invested assets in the consolidated balance sheets. (2)Reported in GMIB reinsurance contract asset in the consolidated balance sheets. (3)Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (4)Reported in policyholders’ account balances in the consolidated balance sheets. (5)Represents GMIB NLG ceded related to the Venerable Transaction. The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss). Derivative Instruments by Category
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
| (in millions)
| Net Derivatives Gain(Losses) (1) |  | Net Investment Income | Interest Credited To Policyholders Account Balances |  | AOCI |  | Net Derivatives Gain(Losses) (1) |  | Net Investment Income | Interest Credited To Policyholders Account Balances |  | AOCI
Derivatives: designated for hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | $ | 7 |  |  | $ | 5 |  | $ | (36) |  |  | $ | 111 |  |  | $ | 21 |  |  | $ | 7 |  | $ | (46) |  |  | $ | 116 |
Interest swaps | (38) |  |  | — |  | — |  |  | 94 |  |  | (79) |  |  | — |  | — |  |  | 242 |
Total: designated for hedge accounting | (31) |  |  | 5 |  | (36) |  |  | 205 |  |  | (58) |  |  | 7 |  | (46) |  |  | 358 |
Derivatives: not Designated for hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | 31 |  |  | — |  | — |  |  | — |  |  | 486 |  |  | — |  | — |  |  | — |
Swaps | 596 |  |  | — |  | — |  |  | — |  |  | 3,374 |  |  | — |  | — |  |  | — |
Options | (649) |  |  | — |  | — |  |  | — |  |  | (4,379) |  |  | — |  | — |  |  | — |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | (428) |  |  | — |  | — |  |  | — |  |  | (1,486) |  |  | — |  | — |  |  | — |
Swaps | (125) |  |  | — |  | — |  |  | — |  |  | (428) |  |  | — |  | — |  |  | — |
Swaptions | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Credit contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps | (1) |  |  | — |  | — |  |  | — |  |  | 13 |  |  | — |  | — |  |  | — |
Currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | 23 |  |  | — |  | — |  |  | — |  |  | 41 |  |  | — |  | — |  |  | — |
Currency forwards | 2 |  |  | — |  | — |  |  | — |  |  | 5 |  |  | — |  | — |  |  | — |
Other freestanding contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Margin | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Collateral | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Total: not designated for hedge accounting | (551) |  |  | — |  | — |  |  | — |  |  | (2,374) |  |  | — |  | — |  |  | — |
Embedded derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Amounts due from reinsurers | (364) |  |  | — |  | — |  |  | — |  |  | (1,506) |  |  | — |  | — |  |  | — |
GMIB reinsurance contracts | (196) |  |  | — |  | — |  |  | — |  |  | (535) |  |  | — |  | — |  |  | — |
GMxB derivative features liability (2) | 429 |  |  | — |  | — |  |  | — |  |  | 2,943 |  |  | — |  | — |  |  | — |
SCS, SIO,MSO and IUL indexed features | 781 |  |  | — |  | — |  |  | — |  |  | 4,648 |  |  | — |  | — |  |  | — |
Total embedded derivatives | $ | 650 |  |  | $ | — |  | $ | — |  |  | $ | — |  |  | $ | 5,550 |  |  | $ | — |  | $ | — |  |  | $ | — |
Total derivative instruments | $ | 68 |  |  | $ | 5 |  | $ | (36) |  |  | $ | 205 |  |  | $ | 3,118 |  |  | $ | 7 |  | $ | (46) |  |  | $ | 358 |
| Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
| (in millions)
| Net Derivatives Gain(Losses) (1) |  | Net Investment Income | Interest Credited To Policyholders Account Balances |  | AOCI |  | Net Derivatives Gain(Losses) (1) |  | Net Investment Income | Interest Credited To Policyholders Account Balances |  | AOCI
Derivatives: designated for hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Currency/interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | $ | — |  |  | $ | — |  | $ | (15) |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  | $ | (32) |  |  | $ | 8 |
Interest swaps | $ | (26) |  |  | $ | — |  |  |  | $ | (9) |  |  | $ | (54) |  |  | $ | — |  | $ | — |  |  | $ | (42) |
Total: designated for hedge accounting | (26) |  |  | — |  | (15) |  |  | (1) |  |  | (54) |  |  | — |  | (32) |  |  | (34) |
Derivatives: not designated for hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | (2) |  |  | — |  | — |  |  | — |  |  | (451) |  |  | — |  | — |  |  | — |
Swaps | (3) |  |  | — |  | — |  |  | — |  |  | (2,613) |  |  | — |  | — |  |  | — |
Options | (169) |  |  | — |  | — |  |  | — |  |  | 2,177 |  |  | — |  | — |  |  | — |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | (93) |  |  | — |  | — |  |  | — |  |  | (891) |  |  | — |  | — |  |  | — |
Swaps | 67 |  |  | — |  | — |  |  | — |  |  | (2,375) |  |  | — |  | — |  |  | — |
Swaptions | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Credit contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | 3 |  |  | — |  | — |  |  | — |  |  | 3 |  |  | — |  | — |  |  | — |
Currency forwards | 1 |  |  | — |  | — |  |  | — |  |  | 2 |  |  | — |  | — |  |  | — |
Other freestanding contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Margin | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Collateral | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Total: not designated for hedge accounting | (196) |  |  | — |  | — |  |  | — |  |  | (4,148) |  |  | — |  | — |  |  | — |
Embedded derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Amounts due from reinsurers | 344 |  |  | — |  | — |  |  | — |  |  | 586 |  |  | — |  | — |  |  | — |
GMIB reinsurance contracts | (84) |  |  | — |  | — |  |  | — |  |  | (542) |  |  | — |  | — |  |  | — |
GMxB derivative features liability (2) | (395) |  |  | — |  | — |  |  | — |  |  | 2,340 |  |  | — |  | — |  |  | — |
SCS, SIO,MSO and IUL indexed features | 172 |  |  | — |  | — |  |  | — |  |  | (2,157) |  |  | — |  | — |  |  | — |
Total embedded derivatives | $ | 37 |  |  | $ | — |  | $ | — |  |  | $ | — |  |  | $ | 227 |  |  | $ | — |  | $ | — |  |  | $ | — |
Total derivative instruments | $ | (185) |  |  | $ | — |  | $ | (15) |  |  | $ | (1) |  |  | $ | (3,975) |  |  | $ | — |  | $ | (32) |  |  | $ | (34) |
______________ (1)Reported in net derivative gains (losses) in the consolidated statements of income (loss). (2)Excludes settlement fees of $45 million on CS Life reinsurance contract for the nine months ended September 30, 2021.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents a roll-forward of cash flow hedges recognized in AOCI. Roll-forward of Cash flow hedges in AOCI
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
| (in millions)
Balance, beginning of period | $ | (55) |  |  | $ | (158) |  |  | $ | (208) |  |  | $ | (126) |  |  |
Amount recorded in AOCI |  |  |  |  |  |  |  |  |
Currency swaps | 77 |  |  | 7 |  |  | 77 |  |  | 7 |  |  |
Interest swaps | 51 |  |  | (40) |  |  | 149 |  |  | (118) |  |  |
Total amount recorded in AOCI | 128 |  |  | (33) |  |  | 226 |  |  | (111) |  |  |
Amount reclassified from AOCI to income |  |  |  |  |  |  |  |  |
Currency swaps | 34 |  |  | — |  |  | 39 |  |  | — |  |  |
Interest swaps | 43 |  |  | 31 |  |  | 93 |  |  | 77 |  |  |
Total amount reclassified from AOCI to income | 77 |  |  | 31 |  |  | 132 |  |  | 77 |  |  |
Balance, end of period (1) | $ | 150 |  |  | $ | (160) |  |  | $ | 150 |  |  | $ | (160) |  |  |
_______________ (1) The Company does not estimate the amount of the deferred losses in AOCI at three and nine months ended September 30, 2022 and 2021 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.
Offsetting Financial Assets and Liabilities and Derivative Instruments | The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of September 30, 2022 and December 31, 2021: Offsetting of Financial Assets and Liabilities and Derivative Instruments As of September 30, 2022
| Gross Amount Recognized |  | Gross Amount Offset in the Balance Sheets |  | Net Amount Presented in the Balance Sheets |  | Gross Amount not Offset in the Balance Sheets (3) |  | Net Amount
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Derivative assets (1) | $ | 6,745 |  |  | $ | 6,012 |  |  | $ | 733 |  |  | $ | (596) |  |  | $ | 137 |
Other financial assets | 2,116 |  |  | — |  |  | 2,116 |  |  | — |  |  | 2,116 |
Other invested assets | $ | 8,861 |  |  | $ | 6,012 |  |  | $ | 2,849 |  |  | $ | (596) |  |  | $ | 2,253 |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative liabilities (2) | $ | 7,172 |  |  | $ | 6,012 |  |  | $ | 1,160 |  |  | $ | — |  |  | $ | 1,160 |
Other financial liabilities | 4,838 |  |  | — |  |  | 4,838 |  |  | — |  |  | 4,838 |
Other liabilities | $ | 12,010 |  |  | $ | 6,012 |  |  | $ | 5,998 |  |  | $ | — |  |  | $ | 5,998 |
______________ (1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs. (2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs. (3)Financial instruments/Collateral sent (held). As of December 31, 2021
| Gross Amount Recognized |  | Gross Amount Offset in the Balance Sheets |  | Net Amount Presented in the Balance Sheets |  | Gross Amount not Offset in the Balance Sheets (3) |  | Net Amount |  |
| (in millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Derivative assets (1) | $ | 12,358 |  |  | $ | 10,756 |  |  | $ | 1,602 |  |  | $ | (961) |  |  | $ | 641 |  |  |
Other financial assets | 1,989 |  |  | — |  |  | 1,989 |  |  | — |  |  | 1,989 |  |  |
Other invested assets | $ | 14,347 |  |  | $ | 10,756 |  |  | $ | 3,591 |  |  | $ | (961) |  |  | $ | 2,630 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (2) | $ | 10,770 |  |  | $ | 10,756 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  |
Other financial liabilities | 3,919 |  |  | — |  |  | 3,919 |  |  | — |  |  | 3,919 |  |  |
Other liabilities | $ | 14,689 |  |  | $ | 10,756 |  |  | $ | 3,933 |  |  | $ | — |  |  | $ | 3,933 |  |  |
______________ (1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs. (2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs. (3)Financial instruments sent (held).

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