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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of 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
March 31, 2023December 31, 2022
  Fair ValueFair Value
  Notional Amount Derivative Assets Derivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
(in millions)
Derivatives: designated for hedge accounting (1)
 Cash flow hedges:
 Currency swaps $1,580 $98 $87 $1,431 $99 $85 
 Interest swaps955 — 335 955 — 294 
 Total: designated for hedge accounting 2,535 98 422 2,386 99 379 
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures 5,515 — 5 5,151 2 — 
Swaps 12,281 58 9 11,188 39 9 
Options51,196 8,814 2,955 40,122 7,583 3,412 
Interest rate contracts:
Futures12,191 — — 12,693 — — 
Swaps1,980 17 92 1,515 — 166 
Credit contracts:
Credit default swaps321 12 7 327 18 9 
Currency contracts:
Currency swaps548 4 10 397 4 13 
Currency forwards37 14 15 62 31 32 
Other freestanding contracts:
Margin— 242 — — 226 — 
Collateral— 149 5,233 — 142 4,472 
Total: not designated for hedge accounting84,069 9,310 8,326 71,455 8,045 8,113 
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)— — 6,063 — — 4,164 
Total embedded derivatives— — 6,063 — — 4,164 
Total derivative instruments$86,604 $9,408 $14,811 $73,841 $8,144 $12,656 
___________
(1)Reported in other invested assets in the consolidated balance sheets.
(2)Reported in policyholders’ account balances in the consolidated balance sheets.
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 March 31, 2023Three Months Ended March 31, 2022
Net Derivatives Gain (Losses) (1)Net Investment IncomeInterest Credited To Policyholders Account BalancesAOCINet Derivatives Gain (Losses) (1)Net Investment IncomeInterest Credited To Policyholders Account BalancesAOCI
(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps$7 $3 $(34)$25 $(4)$— $(18)$13 
Interest swaps(4)— — (28)(14)— — (20)
Total: designated for hedge accounting3 3 (34)(3)(18)— (18)(7)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures(143)— — — 58 — — — 
Swaps(605)— — — 734 — — — 
Options1,501 — — — (284)— — — 
Interest rate contracts:
Futures(22)— — — (512)— — — 
Swaps48 — — — (149)— — — 
Credit contracts:
Credit default swaps(2)— — — 2 — — — 
Currency contracts:
Currency swaps(10)— — — 5 — — — 
Currency forwards— — — — 1 — — — 
Other freestanding contracts:
Margin— — — — — — — — 
Collateral— — — — — — — — 
Total: not designated for hedge accounting767 — — — (145)— — — 
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features(1,611)— — — 322 — — — 
Total embedded derivatives(1,611)— — — 322 — — — 
Total derivative instruments$(841)$3 $(34)$(3)$159 $— $(18)$(7)
______________
(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).
.
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 March 31,
20232022
(in millions)
Balance, beginning of period $22 $(208)
Amount recorded in AOCI
Currency swaps(7)(3)
Interest swaps(37)(39)
Total amount recorded in AOCI(44)(42)
Amount reclassified from AOCI to income
Currency swaps (1)32 16 
Interest swaps (1)9 19 
Total amount reclassified from AOCI to income41 35 
Balance, end of period (2)$19 $(215)
_______________
(1)    Currency swaps reclassified from AOCI to income are reported in net investment income in the consolidated statements of income (loss). Interest swaps reclassified from AOCI to income are reported in net derivative gains (losses) in the consolidated statements of income (loss).
(2)    The Company does not estimate the amount of the deferred losses in AOCI at three months ended March 31, 2023 and 2022 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.
Schedule of 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 March 31, 2023 and December 31, 2022:
Offsetting of Financial Assets and Liabilities and Derivative Instruments
As of March 31, 2023

Gross Amount RecognizedGross Amount Offset in the Balance SheetsNet Amount Presented in the Balance SheetsGross Amount not Offset in the Balance Sheets (3)Net Amount
(in millions)
Assets:
Derivative assets (1)$9,408 $7,783 $1,625 $(945)$680 
Other financial assets2,986 — 2,986 — 2,986 
Other invested assets$12,394 $7,783 $4,611 $(945)$3,666 
Liabilities:
Derivative liabilities (2)$7,802 $7,783 $19 $— $19 
Other financial liabilities6,277 — 6,277 — 6,277 
Other liabilities$14,079 $7,783 $6,296 $— $6,296 
______________
(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, 2022

Gross Amount RecognizedGross Amount Offset in the Balance SheetsNet Amount Presented in the Balance SheetsGross Amount not Offset in the Balance Sheets (3)Net Amount
(in millions)
Assets:
Derivative assets (1)$8,143 $7,047 $1,096 $(848)$248 
Other financial assets2,789 — 2,789 — 2,789 
Other invested assets$10,932 $7,047 $3,885 $(848)$3,037 
Liabilities:
Derivative liabilities (2)$7,645 $7,047 $598 $— $598 
Other financial liabilities6,510 — 6,510 — 6,510 
Other liabilities$14,155 $7,047 $7,108 $— $7,108 
______________
(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).