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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments [Abstract] |
Outstanding Derivative Instruments With Off-Balance-Sheet Risks |
| As of September 30, 2022 |  | As of December 31, 2021 |
| Notional |  | Fair Value |  | Notional |  | Fair Value |
| Amounts |  | Asset |  | Liability |  | Amounts |  | Asset |  | Liability |
Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | $ | 2,953 |  | $ | 103 |  | $ | 303 |  | $ | 3,222 |  | $ | 98 |  | $ | 436 |
Foreign currency contracts (1) |  | 4,323 |  |  | 959 |  |  | 4 |  |  | 3,979 |  |  | 283 |  |  | 51 |
Total cash flow hedges |  | 7,276 |  |  | 1,062 |  |  | 307 |  |  | 7,201 |  |  | 381 |  |  | 487 |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (1) |  | 1,155 |  |  | 1 |  |  | 57 |  |  | 1,157 |  |  | - |  |  | 213 |
Non-Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (1) |  | 98,366 |  |  | 957 |  |  | 955 |  |  | 82,786 |  |  | 897 |  |  | 176 |
Foreign currency contracts (1) |  | 504 |  |  | 51 |  |  | 5 |  |  | 487 |  |  | 7 |  |  | 2 |
Equity market contracts (1) |  | 91,951 |  |  | 4,950 |  |  | 2,262 |  |  | 92,641 |  |  | 6,461 |  |  | 2,108 |
Commodity contracts (1) |  | 10 |  |  | 15 |  |  | 11 |  |  | - |  |  | - |  |  | - |
Credit contracts (1) |  | 258 |  |  | - |  |  | - |  |  | 49 |  |  | - |  |  | - |
Embedded derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GLB direct (2) |  | - |  |  | 1,442 |  |  | - |  |  | - |  |  | 1,963 |  |  | - |
GLB ceded (2) |  | - |  |  | 37 |  |  | 149 |  |  | - |  |  | 56 |  |  | 182 |
Reinsurance-related (3) |  | - |  |  | 479 |  |  | - |  |  | - |  |  | - |  |  | 206 |
Indexed annuity and IUL contracts (2) (4) |  | - |  |  | 456 |  |  | 3,194 |  |  | - |  |  | 528 |  |  | 6,131 |
Total derivative instruments | $ | 199,520 |  | $ | 9,450 |  | $ | 6,940 |  | $ | 184,321 |  | $ | 10,293 |  | $ | 9,505 |
(1)Reported in derivative investments and other liabilities on our Consolidated Balance Sheets. (2)Reported in other assets and other liabilities on our Consolidated Balance Sheets. (3)Reported in other assets and reinsurance-related embedded derivatives on our Consolidated Balance Sheets. (4)Reported in future contract benefits on our Consolidated Balance Sheets.
Maturity Of The Notional Amounts Of Derivative Financial Instruments |
| Remaining Life as of September 30, 2022 |
| Less Than |  | 1 - 5 |  | 6 - 10 |  | 11 - 30 |  | Over 30 |  |  |
| 1 Year |  | Years |  | Years |  | Years |  | Years |  | Total |
Interest rate contracts (1) | $ | 30,996 |  | $ | 30,208 |  | $ | 21,979 |  | $ | 18,078 |  | $ | 1,213 |  | $ | 102,474 |
Foreign currency contracts (2) |  | 321 |  |  | 707 |  |  | 1,710 |  |  | 1,892 |  |  | 197 |  |  | 4,827 |
Equity market contracts |  | 51,238 |  |  | 22,177 |  |  | 7,741 |  |  | 10 |  |  | 10,785 |  |  | 91,951 |
Commodity contracts |  | 10 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 10 |
Credit contracts |  | - |  |  | 6 |  |  | 252 |  |  | - |  |  | - |  |  | 258 |
Total derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with notional amounts | $ | 82,565 |  | $ | 53,098 |  | $ | 31,682 |  | $ | 19,980 |  | $ | 12,195 |  | $ | 199,520 |
(1)As of September 30, 2022, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 20, 2067. (2)As of September 30, 2022, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.
Cumulative Basis Adjustments For Fair Value Hedges |
|  |  |  |  |  |  |  |  | Cumulative Fair Value |  |
|  |  |  |  |  |  |  |  | Hedging Adjustment |  |
|  |  |  |  |  |  |  |  | Included in the |  |
| Amortized Cost of the |  |  | Amortized Cost of the |  |
| Hedged |  |  | Hedged |  |
| Assets / (Liabilities) |  |  | Assets / (Liabilities) |  |
| As of |  |  | As of |  |  | As of |  |  | As of |  |
| September 30, |  | December 31, |  |  | September 30, |  | December 31, |  |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |
Line Item in the Consolidated Balance Sheets in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
which the Hedged Item is Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities, at fair value | $ | 597 |  |  | $ | 764 |  |  | $ | 47 |  |  | $ | 211 |  |
Long-term debt (1) |  | (699 | ) |  |  | (854 | ) |  |  | 176 |  |  |  | 21 |  |
(1)Includes $(345) million and $(356) million of unamortized adjustments from discontinued hedges as of September 30, 2022, and December 31, 2021, respectively.
Change In Our Unrealized Gain On Derivative Instruments In Accumulated OCI |
| For the Nine |
| Months Ended |
| September 30, |
| 2022 |  | 2021 |
Unrealized Gain (Loss) on Derivative Instruments |  |  |  |  |  |
Balance as of beginning-of-year | $ | (103 | ) | $ | (402 | )
Other comprehensive income (loss): |  |  |  |  |  |
Unrealized holding gains (losses) arising during the period: |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |
Interest rate contracts |  | 123 |  |  | 116 |
Foreign currency contracts |  | 178 |  |  | 113 |
Change in foreign currency exchange rate adjustment |  | 623 |  |  | 129 |
Change in DAC, VOBA, DSI and DFEL |  | 34 |  |  | - |
Income tax benefit (expense) |  | (201 | ) |  | (76 | )
Less: |  |  |  |  |  |
Reclassification adjustment for gains (losses) |  |  |  |  |  |
included in net income (loss): |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |
Interest rate contracts (1) |  | 1 |  |  | 2 |
Interest rate contracts (2) |  | (11 | ) |  | (18 | )
Foreign currency contracts (1) |  | 48 |  |  | 34 |
Foreign currency contracts (3) |  | 29 |  |  | (2 | )
Associated amortization of DAC, VOBA, DSI and DFEL |  | (3 | ) |  | (1 | )
Income tax benefit (expense) |  | (13 | ) |  | (3 | )
Balance as of end-of-period | $ | 603 |  | $ | (132 | )
(1)The OCI offset is reported within net investment income on our Consolidated Statements of Comprehensive Income (Loss). (2)The OCI offset is reported within interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss). (3)The OCI offset is reported within realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).
Effects Of Qualifying And Non-Qualifying Hedges |
| Gain (Loss) Recognized in Income |
| For the Three Months Ended September 30, |
| 2022 |  | 2021 |
| Realized |  | Net |  | Interest |  | Realized |  | Net |  | Interest |
| Gain |  | Investment |  | and Debt |  | Gain |  | Investment |  | and Debt |
| (Loss) |  | Income |  | Expense |  | (Loss) |  | Income |  | Expense |
Total Line Items in which the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effects of Fair Value or Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flow Hedges are Recorded | $ | 220 |  | $ | 1,326 |  | $ | 71 |  | $ | 85 |  | $ | 1,576 |  | $ | 73 |
Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain or (loss) on fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items |  | - |  |  | (42 | ) |  | 36 |  |  | - |  |  | (10 | ) |  | 8 |
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging instruments |  | - |  |  | 42 |  |  | (36 | ) |  | - |  |  | 10 |  |  | (8 | )
Gain or (loss) on cash flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
reclassified from AOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
into income |  | - |  |  | - |  |  | (1 | ) |  | - |  |  | 1 |  |  | (6 | )
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
reclassified from AOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
into income |  | 25 |  |  | 19 |  |  | - |  |  | - |  |  | 13 |  |  | - |
Non-Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | (552 | ) |  | - |  |  | - |  |  | (149 | ) |  | - |  |  | - |
Foreign currency contracts |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Equity market contracts |  | (188 | ) |  | - |  |  | - |  |  | 387 |  |  | - |  |  | - |
Commodity contracts |  | (6 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Credit contracts |  | (2 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Embedded derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GLB |  | 25 |  |  | - |  |  | - |  |  | (61 | ) |  | - |  |  | - |
Reinsurance-related |  | 174 |  |  | - |  |  | - |  |  | 24 |  |  | - |  |  | - |
Indexed annuity and IUL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts |  | 347 |  |  | - |  |  | - |  |  | 33 |  |  | - |  |  | - |
Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash |
|  | As of September 30, 2022 |  | As of December 31, 2021 |
|  | Collateral |  | Collateral |  | Collateral |  | Collateral |
|  | Posted by |  | Posted by |  | Posted by |  | Posted by |
S&P |  | Counter- |  | LNC |  | Counter- |  | LNC |
Credit |  | Party |  | (Held by |  | Party |  | (Held by |
Rating of |  | (Held by |  | Counter- |  | (Held by |  | Counter- |
Counterparty |  | LNC) |  | Party) |  | LNC) |  | Party) |
AA- |  | $ | 614 |  | $ | (6 | ) | $ | 2,346 |  | $ | (281 | )
A+ |  |  | 2,758 |  |  | (180 | ) |  | 2,772 |  |  | (251 | )
A |  |  | 56 |  |  | - |  |  | 456 |  |  | (189 | )
|  | $ | 3,428 |  | $ | (186 | ) | $ | 5,574 |  | $ | (721 | )
Schedule Of Offsetting Assets And Liabilities |
|  | As of September 30, 2022 |
|  |  |  |  |  | Embedded |  |  |  |
|  | Derivative |  |  | Derivative |  |  |  |
|  | Instruments |  |  | Instruments |  | Total |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Gross amount of recognized assets |  | $ | 6,556 |  |  | $ | 2,414 |  |  | $ | 8,970 |
Gross amounts offset |  |  | (3,174 | ) |  |  | - |  |  |  | (3,174 | )
Net amount of assets (1) |  |  | 3,382 |  |  |  | 2,414 |  |  |  | 5,796 |
Gross amounts not offset: |  |  |  |  |  |  |  |  |  |  |  |
Cash collateral (2) |  |  | (3,382 | ) |  |  | - |  |  |  | (3,382 | )
Non-cash collateral |  |  | - |  |  |  | - |  |  |  | - |
Net amount |  | $ | - |  |  | $ | 2,414 |  |  | $ | 2,414 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Gross amount of recognized liabilities |  | $ | 287 |  |  | $ | 3,343 |  |  | $ | 3,630 |
Gross amounts offset |  |  | (181 | ) |  |  | - |  |  |  | (181 | )
Net amount of liabilities |  |  | 106 |  |  |  | 3,343 |  |  |  | 3,449 |
Gross amounts not offset: |  |  |  |  |  |  |  |  |  |  |  |
Cash collateral (2) |  |  | (106 | ) |  |  | - |  |  |  | (106 | )
Non-cash collateral |  |  | - |  |  |  | - |  |  |  | - |
Net amount |  | $ | - |  |  | $ | 3,343 |  |  | $ | 3,343 |
(1)Includes deferred premiums receivable (payable) of $(299) million reported in other assets and other liabilities on our Consolidated Balance Sheets. (2)Excludes excess cash collateral received of $46 million and excess cash collateral pledged of $80 million, as the cash collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
|  | As of December 31, 2021 |
|  |  |  |  |  | Embedded |  |  |  |
|  | Derivative |  |  | Derivative |  |  |  |
|  | Instruments |  |  | Instruments |  | Total |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Gross amount of recognized assets |  | $ | 7,938 |  |  | $ | 2,547 |  |  | $ | 10,485 |
Gross amounts offset |  |  | (2,241 | ) |  |  | - |  |  |  | (2,241 | )
Net amount of assets (1) |  |  | 5,697 |  |  |  | 2,547 |  |  |  | 8,244 |
Gross amounts not offset: |  |  |  |  |  |  |  |  |  |  |  |
Cash collateral (2) |  |  | (5,574 | ) |  |  | - |  |  |  | (5,574 | )
Non-cash collateral |  |  | (123 | ) |  |  | - |  |  |  | (123 | )
Net amount |  | $ | - |  |  | $ | 2,547 |  |  | $ | 2,547 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Gross amount of recognized liabilities |  | $ | 777 |  |  | $ | 6,519 |  |  | $ | 7,296 |
Gross amounts offset |  |  | (68 | ) |  |  | - |  |  |  | (68 | )
Net amount of liabilities |  |  | 709 |  |  |  | 6,519 |  |  |  | 7,228 |
Gross amounts not offset: |  |  |  |  |  |  |  |  |  |  |  |
Cash collateral (2) |  |  | (709 | ) |  |  | - |  |  |  | (709 | )
Non-cash collateral |  |  | - |  |  |  | - |  |  |  | - |
Net amount |  | $ | - |  |  | $ | 6,519 |  |  | $ | 6,519 |
(1)Includes deferred premiums receivable (payable) of $260 million reported in other assets on our Consolidated Balance Sheets. (2)Excludes excess cash collateral pledged of $12 million, as the cash collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

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