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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of December 31, 2021 and 2020 (dollars in millions):
|  |  |  | December 31, 2021 |  | December 31, 2020
|  | Primary Underlying Risk |  | Notional |  | Carrying Value/Fair Value |  | Notional |  | Carrying Value/Fair Value
|  |  | Amount |  | Assets |  | Liabilities |  | Amount |  | Assets |  | Liabilities
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest rate |  | $ | 1,273 |  |  | $ | 66 |  |  | $ | 1 |  |  | $ | 1,084 |  |  | $ | 93 |  |  | $ | 1 |
Financial futures |  | Equity |  | 240 |  |  | — |  |  | — |  |  | 258 |  |  | — |  |  | — |
Foreign currency swaps |  | Foreign currency |  | 150 |  |  | 1 |  |  | — |  |  | 150 |  |  | — |  |  | 18 |
Foreign currency forwards |  | Foreign currency |  | 395 |  |  | 2 |  |  | 4 |  |  | 347 |  |  | 4 |  |  | 2 |
CPI swaps |  | CPI |  | 563 |  |  | 34 |  |  | 7 |  |  | 612 |  |  | 11 |  |  | 19 |
Credit default swaps |  | Credit |  | 1,321 |  |  | 29 |  |  | 1 |  |  | 1,517 |  |  | 13 |  |  | — |
Equity options |  | Equity |  | 472 |  |  | 29 |  |  | — |  |  | 395 |  |  | 29 |  |  | — |
Synthetic GICs |  | Interest rate |  | 16,143 |  |  | — |  |  | — |  |  | 16,644 |  |  | — |  |  | — |
Embedded derivatives in: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Modco or funds withheld arrangements |  |  |  | — |  |  | 227 |  |  | 62 |  |  | — |  |  | 58 |  |  | — |
Indexed annuity products |  |  |  | — |  |  | — |  |  | 693 |  |  | — |  |  | — |  |  | 752 |
Variable annuity products |  |  |  | — |  |  | — |  |  | 162 |  |  | — |  |  | — |  |  | 155 |
Total non-hedging derivatives |  |  |  | 20,557 |  |  | 388 |  |  | 930 |  |  | 21,007 |  |  | 208 |  |  | 947 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Foreign currency/Interest rate |  | 941 |  |  | 4 |  |  | 33 |  |  | 802 |  |  | 3 |  |  | 24 |
Foreign currency swaps |  | Foreign currency |  | 153 |  |  | 1 |  |  | — |  |  | 234 |  |  | 8 |  |  | 1 |
Foreign currency forwards |  | Foreign currency |  | 1,320 |  |  | 14 |  |  | 11 |  |  | 1,255 |  |  | 10 |  |  | 15 |
Forward bond purchase commitments |  | Interest rate |  | 545 |  |  | 14 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Total hedging derivatives |  |  |  | 2,959 |  |  | 33 |  |  | 45 |  |  | 2,291 |  |  | 21 |  |  | 40 |
Total derivatives |  |  |  | $ | 23,516 |  |  | $ | 421 |  |  | $ | 975 |  |  | $ | 23,298 |  |  | $ | 229 |  |  | $ | 987 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps for the years ended December 31, 2021, 2020 and 2019 were (dollars in millions):
Type of Fair Value Hedge |  | Hedged Item |  | Gains (Losses) Recognized for Derivatives |  | Gains (Losses) Recognized for Hedged Items
|  |  |  | Investment Related Gains (Losses)
For the Year Ended December 31, 2021:
Foreign currency swaps |  | Foreign-denominated fixed maturity securities |  | $ | (4) |  |  | $ | 6 |
For the Year Ended December 31, 2020:
Foreign currency swaps |  | Foreign-denominated fixed maturity securities |  | $ | 8 |  |  | $ | (10) |
For the Year Ended December 31, 2019:
Foreign currency swaps |  | Foreign-denominated fixed maturity securities |  | $ | (4) |  |  | $ | — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2021, 2020 and 2019 (dollars in millions):
|  | Amounts Included in AOCI
Balance December 31, 2018 |  | $ | 9 |
Gains (losses) deferred in other comprehensive income (loss) |  | (34) |
Amounts reclassified to investment income |  | — |
Amounts reclassified to interest expense |  | (1) |
Balance December 31, 2019 |  | (26) |
Gains (losses) deferred in other comprehensive income (loss) |  | (27) |
Amounts reclassified to investment income |  | — |
Amounts reclassified to interest expense |  | 4 |
Balance December 31, 2020 |  | (49) |
Gains (losses) deferred in other comprehensive income (loss) |  | 20 |
Amounts reclassified to investment income |  | — |
Amounts reclassified to interest expense |  | 7 |
Balance December 31, 2021 |  | $ | (22) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2021, 2020 and 2019 (dollars in millions):
Derivative Type |  | Gains (Losses) Deferred in OCI |  | Gains (Losses) Reclassified into Income from AOCI
For the year ended December 31, 2021: |  |  |  | Investment Related Gains (Losses) |  | Investment Income |  | Interest Expense
Interest rate |  | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | (7) |
Foreign currency/Interest rate |  | (8) |  |  | — |  |  | — |  |  | — |
Total |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | (7) |
For the year ended December 31, 2020: |  |  |  |  |  |  |  |
Interest rate |  | $ | (33) |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |
Foreign currency/Interest rate |  | 6 |  |  | — |  |  | — |  |  | — |
Total |  | $ | (27) |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |
For the year ended December 31, 2019: |  |  |  |  |  |  |  |
Interest rate |  | $ | (32) |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Foreign currency/Interest rate |  | (2) |  |  | — |  |  | — |  |  | — |
Total |  | $ | (34) |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the years ended December 31, 2021, 2020 and 2019 (dollars in millions):
|  | Derivative Gains (Losses) Deferred in OCI
|  | For the years ended December 31,
Type of NIFO Hedge |  | 2021 |  | 2020 |  | 2019
Foreign currency swaps |  | $ | (2) |  |  | $ | 1 |  |  | $ | (9) |
Foreign currency forwards |  | — |  |  | (30) |  |  | (24) |
Total |  | $ | (2) |  |  | $ | (29) |  |  | $ | (33) |
Derivative Instruments Gain Loss By Income Statement Location [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 is as follows (dollars in millions):
|  |  |  | Gains (Losses) for the years ended December 31,
Type of Non-hedging Derivative |  | Income Statement Location of Gains (Losses) |  | 2021 |  | 2020 |  | 2019
Interest rate swaps |  | Investment related gains (losses), net |  | $ | (34) |  |  | $ | 76 |  |  | $ | 65 |
Financial futures |  | Investment related gains (losses), net |  | (24) |  |  | (47) |  |  | (46) |
Foreign currency swaps |  | Investment related gains (losses), net |  | 20 |  |  | (7) |  |  | — |
Foreign currency forwards |  | Investment related gains (losses), net |  | (20) |  |  | 5 |  |  | 1 |
Consumer price index swaps |  | Investment related gains (losses), net |  | 46 |  |  | 16 |  |  | (18) |
Credit default swaps |  | Investment related gains (losses), net |  | 33 |  |  | 16 |  |  | 30 |
Equity options |  | Investment related gains (losses), net |  | (33) |  |  | — |  |  | (40) |
Longevity swaps |  | Other revenues |  | — |  |  | — |  |  | 13 |
Mortality swaps |  | Other revenues |  | — |  |  | — |  |  | (1) |
Subtotal |  |  |  | (12) |  |  | 59 |  |  | 4 |
Embedded derivatives in: |  |  |  |  |  |  |  |
Modco or funds withheld arrangements |  | Investment related gains (losses), net |  | 107 |  |  | (62) |  |  | 11 |
Indexed annuity products |  | Interest credited |  | 10 |  |  | (30) |  |  | (57) |
Variable annuity products |  | Investment related gains (losses), net |  | (7) |  |  | 8 |  |  | 5 |
Total non-hedging derivatives |  |  |  | $ | 98 |  |  | $ | (25) |  |  | $ | (37) |
Disclosure Of Credit Derivatives [Table Text Block] | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company as of December 31, 2021 and 2020 (dollars in millions):
|  | 2021 |  | 2020
Rating Agency Designation of Referenced Credit Obligations(1) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3)
AAA/AA+/AA/AA-/A+/A/A- |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | $ | 28 |  |  | $ | 600 |  |  | 14.2 |  | $ | 11 |  |  | $ | 287 |  |  | 15.0
Subtotal |  | 28 |  |  | 600 |  |  | 14.2 |  | 11 |  |  | 287 |  |  | 15.0
BBB+/BBB/BBB- |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | 1 |  |  | 141 |  |  | 2.4 |  | 2 |  |  | 232 |  |  | 1.6
Credit default swaps referencing indices |  | — |  |  | 565 |  |  | 5.1 |  | — |  |  | 988 |  |  | 3.9
Subtotal |  | 1 |  |  | 706 |  |  | 4.6 |  | 2 |  |  | 1,220 |  |  | 3.5
BB+/BB/BB- |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | (1) |  |  | 15 |  |  | 3.5 |  | — |  |  | 10 |  |  | 0.7
Subtotal |  | (1) |  |  | 15 |  |  | 3.5 |  | — |  |  | 10 |  |  | 0.7
Total |  | $ | 28 |  |  | $ | 1,321 |  |  | 9.0 |  | $ | 13 |  |  | $ | 1,517 |  |  | 5.6
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2)Assumes the value of the referenced credit obligations is zero. (3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Offsetting Assets [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2021 and December 31, 2020 (dollars in millions):
|  | Gross Amounts Recognized |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts Presented in the Balance Sheet |  | Financial Instruments/Collateral (1) |  | Net Amount
December 31, 2021: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 194 |  |  | $ | (19) |  |  | $ | 175 |  |  | $ | (175) |  |  | $ | — |
Derivative liabilities |  | 58 |  |  | (19) |  |  | 39 |  |  | (39) |  |  | $ | — |
December 31, 2020: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 171 |  |  | $ | (31) |  |  | $ | 140 |  |  | $ | (128) |  |  | $ | 12 |
Derivative liabilities |  | 80 |  |  | (31) |  |  | 49 |  |  | (193) |  |  | (144) |
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2021 and December 31, 2020 (dollars in millions):
|  | Gross Amounts Recognized |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts Presented in the Balance Sheet |  | Financial Instruments/Collateral (1) |  | Net Amount
December 31, 2021: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 194 |  |  | $ | (19) |  |  | $ | 175 |  |  | $ | (175) |  |  | $ | — |
Derivative liabilities |  | 58 |  |  | (19) |  |  | 39 |  |  | (39) |  |  | $ | — |
December 31, 2020: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 171 |  |  | $ | (31) |  |  | $ | 140 |  |  | $ | (128) |  |  | $ | 12 |
Derivative liabilities |  | 80 |  |  | (31) |  |  | 49 |  |  | (193) |  |  | (144) |
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.

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- Definition The location and amount of gains and losses reported in the statements of income on derivative instruments not designated or qualifying as hedging instruments, including embedded derivatives, by income statement location. + References No definition available. + Details
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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5708773-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5708775-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5708777-113959 + Details
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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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