Jackson Financial (JXN) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40274
Entity Registrant Name	Jackson Financial Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0486152
Entity Address, Address Line One	1 Corporate Way
Entity Address, City or Town	Lansing
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48951
City Area Code	517
Local Phone Number	381-5500
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 Per Share
Trading Symbol	JXN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		84,864,727
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001822993

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments:
Debt Securities, available-for-sale, net of allowance for credit losses of $43 and $9 at June 30, 2022 and December 31, 2021, respectively (amortized cost: 2022 $48,223; 2021 $49,378)	$ 43,478	$ 51,547
Debt Securities, at fair value under fair value option	2,005	1,711
Debt Securities, trading, at fair value	103	117
Equity securities, at fair value	260	279
Mortgage loans, net of allowance for credit losses of $80 and $94 at June 30, 2022 and December 31, 2021, respectively	11,574	11,482
Mortgage loans, at fair value under fair value option	357	0
Policy loans (including $3,485 and $3,467 at fair value under the fair value option at June 30, 2022 and December 31, 2021, respectively)	4,459	4,475
Freestanding derivative instruments	1,243	1,417
Other invested assets	3,648	3,199
Total investments	67,127	74,227
Cash and cash equivalents	5,258	2,623
Accrued investment income	504	503
Deferred acquisition costs	13,115	14,249
Reinsurance recoverable, net of allowance for credit losses of $11 and $12 at June 30, 2022 and December 31, 2021, respectively	31,667	33,126
Deferred income taxes, net	981	954
Other assets	1,369	853
Separate account assets	196,184	248,949
Total assets	316,205	375,484
Liabilities
Reserves for future policy benefits and claims payable	16,053	17,629
Other contract holder funds	59,576	59,689
Funds withheld payable under reinsurance treaties (including $3,649 and $3,639 at fair value under the fair value option at June 30, 2022 and December 31, 2021, respectively)	25,506	29,007
Long-term debt	2,634	2,649
Securities lending payable	32	1,589
Collateral payable for derivative instruments	621	913
Freestanding derivative instruments	1,217	41
Other liabilities	4,072	3,944
Separate account liabilities	196,184	248,949
Total liabilities	305,895	364,410
Commitments, Contingencies, and Guarantees (Note 14)
Equity
Common stock, (i) Class A Common Stock 900,000,000 shares authorized, $0.01 par value per share and 84,864,727 and 88,046,833 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively and (ii) No authorized Class B Common Stock at June 30, 2022 and 100,000,000 shares authorized, $0.01 par value per share and 638,861 shares issued and outstanding at December 31, 2021 (See Note 18)	1	1
Additional paid-in capital	6,020	6,051
Treasury stock, at cost; 9,608,399 and 5,778,649 shares at June 30, 2022 and December 31, 2021, respectively	(371)	(211)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(907) and $194 at June 30, 2022 and December 31, 2021, respectively	(3,722)	1,744
Retained earnings	7,635	2,809
Total shareholders' equity	9,563	10,394
Noncontrolling interests	747	680
Total equity	10,310	11,074
Total liabilities and equity	$ 316,205	$ 375,484

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt securities, available for sale, allowance for credit losses	$ 43	$ 9
Debt securities, available for sale, amortized cost	48,223	49,378
Mortgage loans, allowance for credit loss	80	94
Policy loans, fair value under fair value option	3,485	3,467
Reinsurance recoverable, allowance for credit losses	11	12
Funds withheld payable under reinsurance treaties, fair value under fair value option	$ 3,649	$ 3,639
Common stock, par value (in usd per share)	$ 0.01
Common stock, outstanding (in shares)	84,864,727	88,685,694
Treasury stock (in shares)	9,608,399	5,778,649
Accumulated other comprehensive income, tax expense (benefit)	$ (907)	$ 194
Class A common stock
Common stock, authorized (in shares)	900,000,000	900,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	84,864,727	88,046,833
Common stock, outstanding (in shares)	84,864,727	88,046,833
Class B common stock
Common stock, authorized (in shares)	0	100,000,000
Common stock, par value (in usd per share)		$ 0.01
Common stock, issued (in shares)		638,861
Common stock, outstanding (in shares)		638,861

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Fee income	$ 1,852	$ 1,896	$ 3,774	$ 3,712
Premiums	32	31	66	65
Net investment income	747	796	1,467	1,724
Net gains (losses) on derivatives and investments	3,867	(2,521)	5,472	185
Other income	21	30	41	53
Total revenues	6,519	232	10,820	5,739
Benefits, Losses and Expenses [Abstract]
Death, other policy benefits and change in policy reserves, net of deferrals	912	210	1,479	493
Interest credited on other contract holder funds, net of deferrals	217	217	423	440
Interest expense	24	7	44	13
Operating costs and other expenses, net of deferrals	517	600	1,124	1,198
Amortization of deferred acquisition and sales inducement costs	1,198	(264)	1,713	548
Total benefits and expenses	2,868	770	4,783	2,692
Pretax income (loss)	3,651	(538)	6,037	3,047
Income tax expense (benefit)	717	(54)	1,047	531
Net income (loss)	2,934	(484)	4,990	2,516
Less: Net income (loss) attributable to noncontrolling interests	31	56	62	124
Net income (loss) attributable to Jackson Financial Inc.	$ 2,903	$ (540)	$ 4,928	$ 2,392
Earnings per share
Basic (in usd per share)	$ 33.77	$ (5.72)	$ 56.87	$ 25.32
Diluted (in usd per share)	$ 32.56	$ (5.72)	$ 54.72	$ 25.32

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,934	$ (484)	$ 4,990	$ 2,516
Other comprehensive income (loss), net of tax:
Securities with no credit impairment net of tax expense (benefit) of: $(363) and $260, for the three months ended June 30, 2022 and 2021, respectively, and $(1,108) and $(397), for the six months ended June 30, 2022 and 2021, respectively	(2,791)	948	(5,488)	(1,432)
Securities with credit impairment, net of tax expense (benefit) of: $2 and nil for the three months ended June 30, 2022 and 2021, respectively, and $6 and $1, for the six months ended June 30, 2022 and 2021, respectively	8	0	22	2
Total other comprehensive income (loss)	(2,783)	948	(5,466)	(1,430)
Comprehensive income (loss)	151	464	(476)	1,086
Less: Comprehensive income (loss) attributable to noncontrolling interests	31	56	62	124
Comprehensive income (loss) attributable to Jackson Financial Inc.	$ 120	$ 408	$ (538)	$ 962

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Change in net unrealized gains (losses) on securities not impaired, tax expense (benefit)	$ (363)	$ 260	$ (1,108)	$ (397)
Change in unrealized gains (losses) on securities for which an allowance for credit losses has been recorded, tax expense (benefit)	$ 2	$ 0	$ 6	$ 1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Stock at Cost	Shares Held In Trust	Equity Compensation Reserve	Accumulated Other Comprehensive Income	Retained Earnings	Total Shareholders' Equity	Non-Controlling Interests
Balance at Dec. 31, 2020	$ 9,923	$ 1	$ 5,927	$ 0	$ (4)	$ 8	$ 3,821	$ (324)	$ 9,429	$ 494
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,516							2,392	2,392	124
Change in unrealized investment gains and losses, net of tax	(1,430)						(1,430)		(1,430)
Change in equity of noncontrolling interests	(19)									(19)
Reserve for equity compensation plans	1					1			1
Balance at Jun. 30, 2021	10,991	1	5,927	0	(4)	9	2,391	2,068	10,392	599
Balance at Dec. 31, 2020	9,923	1	5,927	0	(4)	8	3,821	(324)	9,429	494
Balance at Dec. 31, 2021	11,074	1	6,051	(211)	0	0	1,744	2,809	10,394	680
Balance at Mar. 31, 2021	10,570	1	5,927	0	(4)	10	1,443	2,608	9,985	585
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(484)							(540)	(540)	56
Change in unrealized investment gains and losses, net of tax	948						948		948
Change in equity of noncontrolling interests	(42)									(42)
Reserve for equity compensation plans	(1)					(1)			(1)
Balance at Jun. 30, 2021	10,991	1	5,927	0	(4)	9	2,391	2,068	10,392	599
Balance at Dec. 31, 2021	11,074	1	6,051	(211)	0	0	1,744	2,809	10,394	680
Balance at Mar. 31, 2022	10,289	1	6,081	(351)	0	0	(939)	4,782	9,574	715
Balance at Dec. 31, 2021	11,074	1	6,051	(211)	0	0	1,744	2,809	10,394	680
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,990							4,928	4,928	62
Change in unrealized investment gains and losses, net of tax	(5,466)						(5,466)		(5,466)
Change in equity of noncontrolling interests	5									5
Treasury stock acquired in connection with share repurchases	(240)			(240)					(240)
Dividends on common stock	(102)							(102)	(102)
Share based compensation	49		(31)	80					49
Balance at Jun. 30, 2022	10,310	1	6,020	(371)	0	0	(3,722)	7,635	9,563	747
Balance at Mar. 31, 2022	10,289	1	6,081	(351)	0	0	(939)	4,782	9,574	715
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,934							2,903	2,903	31
Change in unrealized investment gains and losses, net of tax	(2,783)						(2,783)		(2,783)
Change in equity of noncontrolling interests	1									1
Treasury stock acquired in connection with share repurchases	(100)			(100)					(100)
Dividends on common stock	(50)							(50)	(50)
Share based compensation	19		(61)						19
Balance at Jun. 30, 2022	$ 10,310	$ 1	$ 6,020	$ (371)	$ 0	$ 0	$ (3,722)	$ 7,635	$ 9,563	$ 747

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 4,990	$ 2,516
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized losses (gains) on investments	125	(168)
Net losses (gains) on derivatives	(3,492)	113
Net losses (gains) on funds withheld reinsurance	(2,105)	(130)
Interest credited on other contract holder funds, gross	423	440
Mortality, expense and surrender charges	(269)	(280)
Amortization of discount and premium on investments	13	27
Deferred income tax expense (benefit)	1,075	563
Share-based compensation	69	46
Change in:
Accrued investment income	(2)	39
Deferred acquisition costs and sales inducements	1,364	148
Funds withheld, net of reinsurance	(90)	(398)
Other assets and liabilities, net	(5)	(768)
Net cash provided by (used in) operating activities	2,096	2,148
Sales, maturities and repayments of:
Debt securities	6,942	10,325
Equity securities	43	25
Mortgage loans	551	682
Purchases of:
Debt securities	(5,981)	(5,502)
Equity securities	(25)	(51)
Mortgage loans	(1,039)	(1,557)
Settlements related to derivatives and collateral on investments	2,570	(2,948)
Other investing activities	(446)	(394)
Net cash provided by (used in) investing activities	2,615	580
Policyholders' account balances:
Deposits	10,285	9,759
Withdrawals	(12,983)	(15,184)
Net transfers from (to) separate accounts	2,554	1,191
Proceeds from (payments on) repurchase agreements and securities lending	(1,557)	1,157
Net proceeds from (payments on) Federal Home Loan Bank notes	0	(130)
Net proceeds from (payments on) debt	(783)	(4)
Net proceeds from issuance of senior notes	750	0
Debt issuance costs	(7)	0
Dividends on common stock	(102)	0
Other financing activities	(240)	0
Other financing activities	7	0
Net cash provided by (used in) financing activities	(2,076)	(3,211)
Net increase (decrease) in cash, cash equivalents, and restricted cash	2,635	(483)
Cash, cash equivalents, and restricted cash at beginning of period	2,631	2,019
Total cash, cash equivalents, and restricted cash at end of period	5,266	1,536
Supplemental cash flow information
Income taxes paid (received)	(2)	34
Interest paid	40	10
Noncash Investing Items [Abstract]
Debt securities acquired from exchanges, payments-in-kind, and similar transactions	214	117
Other invested assets acquired from stock splits and stock distributions	42	99
Reconciliation to Statement of Financial Position
Cash and cash equivalents	5,258	1,536
Restricted cash (included in Other assets)	8	0
Total cash, cash equivalents, and restricted cash	$ 5,266	$ 1,536

Business and Basis of Presentat

Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Jackson Financial Inc. (“Jackson Financial”) along with its subsidiaries (collectively, the “Company,” which also may be referred to as “we,” “our” or “us”), is a financial services company focused on helping Americans grow and protect their retirement savings and income to enable them to pursue financial freedom for life. Jackson Financial, domiciled in the United States (“U.S.”), was a majority-owned subsidiary of Prudential plc (“Prudential”), London, England and was the holding company for Prudential’s U.S. operations. As described below under "Other," the Company's demerger from Prudential was completed on September 13, 2021 ("Demerger"), and the Company is no longer a majority-owned subsidiary of Prudential. Jackson Financial’s primary life insurance subsidiary, Jackson National Life Insurance Company and its insurance subsidiaries (“Jackson”), is licensed to sell group and individual annuity products (including immediate, registered index-linked, deferred fixed, fixed index and variable annuities), and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia. Jackson also participates in the institutional products market through the issuance of guaranteed investment contracts (“GICs”), funding agreements and medium-term note funding agreements. In addition to Jackson, Jackson Financial’s primary operating subsidiaries are as follows: • PPM America, Inc. (“PPM”), is the Company’s investment management operation that manages the life insurance companies’ general account investment funds. PPM also provides investment services to other former affiliated and unaffiliated institutional clients. • Brooke Life Insurance Company (“Brooke Life”), Jackson’s direct parent, is a life insurance company licensed to sell life insurance and annuity products in the state of Michigan. Other subsidiaries, which are wholly owned by Jackson, consist of the following: • Life insurers: Jackson National Life Insurance Company of New York (“JNY”); Squire Reassurance Company LLC (“Squire Re”); Squire Reassurance Company II, Inc. (“Squire Re II”) and VFL International Life Company SPC, LTD; • Broker-dealer, investment management and investment advisor subsidiaries: Jackson National Life Distributors, LLC ("JNLD"); Jackson National Asset Management, LLC ("JNAM"); • PGDS (US One) LLC (“PGDS”), which provides certain services to the Company and certain former affiliates; and • Other insignificant wholly owned subsidiaries. The Condensed Consolidated Financial Statements also include other insignificant partnerships, limited liability companies (“LLCs”) and other variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary. Other On August 6, 2021, the registration statement on Form 10 of the Company's Class A Common Stock filed with the U.S. Securities and Exchange Commission (the "SEC"), became effective under the Securities Exchange Act of 1934, as amended. We refer to that effective Form 10 registration as the "Form 10." The Demerger transaction described in the Form 10 was consummated on September 13, 2021. As of June 30, 2022, Prudential retained a 14.3% remaining interest in the Company. Prudential sold additional shares of the Company’s Class A Common Stock during the third quarter of 2022 and as of August 5, 2022 Prudential retained a 9.0% remaining interest in the Company. On September 9, 2021, the Company effected a 104,960.3836276-for-1 stock split of its Class A Common Stock and Class B Common Stock by way of a reclassification of its Class A Common Stock and Class B Common Stock (the “stock split”). The incremental par value of the newly issued shares was recorded with the offset to additional paid-in capital. All share and earnings per share information presented herein have been retroactively adjusted to reflect the stock split. On June 18, 2020, the Company’s subsidiary, Jackson, announced that it had entered into a funds withheld coinsurance agreement with Athene Life Re Ltd. (“Athene”) effective June 1, 2020 to reinsure on 100% quota share basis, a block of Jackson’s in-force fixed and fixed-index annuity product liabilities in exchange for a $1.2 billion ceding commission ("Athene Reinsurance Agreement"). In addition, we entered into an investment agreement with Athene Life Re Ltd., pursuant to which Athene invested $500 million of capital in return for a 9.9% voting interest corresponding to a 11.1% economic interest in the Company. That investment was completed on July 17, 2020. In August 2020, the Company made a $500 million capital contribution to its subsidiary, Jackson. As of June 30, 2022, Athene retained a 8.9% voting interest and 8.9% economic interest. We continue to closely monitor developments related to the COVID-19 pandemic. The COVID-19 pandemic has caused significant economic and financial turmoil both in the United States and around the world. While there has been a gradual resumption of activity, COVID-19 and its variants continue to affect activity, and those effects could continue and could worsen in the future. The extent to which the COVID-19 pandemic impacts our business, results of operations, financial condition and cash flows will depend on future developments that are highly uncertain and cannot be predicted. The Company implemented business continuity plans that were already in place to ensure the availability of services for our customers, work at home capabilities for our employees, where appropriate, and other ongoing risk management activities. The Company has had employees, as needed or voluntarily, in our offices during this time, as permitted by local and state restrictions. The Company rolled out a broader “return to office plan” for all employees, with many associates in 2022 now working on an “office-centric” hybrid schedule between in-office and remote working arrangements. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but not required for interim reporting purposes, has been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 7, 2022, (the "2021 Annual Report"). The condensed consolidated financial information as of December 31, 2021 included herein has been derived from the audited Consolidated Financial Statements in the 2021 Annual Report, although certain amounts have been reclassified to conform to the 2022 presentation. Certain accounting policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in the Company’s Notes to Consolidated Financial Statements for the year ended December 31, 2021 in the Company’s 2021 Annual Report. In the opinion of management, these financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. All material intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: • Valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary; • Assessments as to whether certain entities are variable interest entities, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; • Assumptions impacting estimated future gross profits, including policyholder behavior, mortality rates, expenses, projected hedging costs, investment returns and policy crediting rates, used in the calculation of amortization of deferred acquisition costs; • Assumptions used in calculating policy reserves and liabilities, including policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; • Assumptions as to future earnings levels being sufficient to realize deferred tax benefits; • Estimates related to expectations of credit losses on certain financial assets and off balance sheet exposures; • Assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company; and • Assumptions used in calculating the value of guaranteed benefits. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the consolidated financial statements in the periods the estimates are changed.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards Changes in Accounting Principles – Adopted in Current Year In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients for applying GAAP to contracts and other transactions affected by reference rate reform and is effective for contract modifications made between March 12, 2020 and December 31, 2022. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. The practical expedient allowed by this standard was elected and will be applied prospectively by the Company as reference rate reform unfolds. The contracts modified to date met the criteria for the practical expedient and therefore had no material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and other transactions through December 31, 2022. Changes in Accounting Principles – Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts,” which includes changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. ASU No. 2018-12 is effective for fiscal years beginning after December 15, 2022. The amendments in ASU 2018-12 contain four significant changes: 1. Market risk benefits: market risk benefits, a new term for certain contracts or features that provide for potential benefits in addition to the account balance which expose us to other than nominal market risk (for example, certain guaranteed benefits on annuity contracts, including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits on variable annuities), will be measured at fair value. Changes in fair value will be recorded and presented separately within the income statement, with the exception of changes in fair value due to instrument-specific credit risk, which will be recognized in other comprehensive income (loss) (“OCI”). See Note 10 for more information regarding guaranteed benefits; 2. Deferred acquisition costs: deferred acquisition costs (“DAC”) will be amortized on a constant-level basis, independent of profitability on the underlying business; 3. Liability for future policy benefits: annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts will be required. These liabilities will be discounted using an upper-medium grade fixed income instrument yield which will be updated quarterly, with related changes in the liability recognized in OCI; and 4. Enhanced disclosures: enhanced disclosures, including disaggregated roll-forwards of certain balance sheet accounts that provide information about actual and expected cash flows, as well as information about significant inputs, judgments, assumptions and methods used in measurement, will be required. The enhanced disclosures are intended to improve the ability of users of the financial statements to evaluate the timing, amount, and uncertainty of cash flows arising from long-duration contracts. The Company will adopt the standard effective January 1, 2023, with a transition date of January 1, 2021, using a modified retrospective approach, except for market risk benefits for which we will apply a full retrospective transition approach. Under the modified retrospective approach, the Company will apply the guidance to contracts in force on the transition date on the basis of their existing carrying value, using updated future cash flow assumptions, and eliminate certain related amounts in accumulated other comprehensive income (loss) (“AOCI”). Under the full retrospective transition approach, the Company will apply the guidance as of the earliest period presented, using actual historical experience information as of contract inception, as if the accounting principle had always been applied. In accordance with its established governance framework, the Company continues to progress with implementation efforts including determining significant accounting policy decisions, modifying actuarial valuation models, revising reporting processes, and updating internal controls over financial reporting. Given the nature and extent of the required changes, the adoption of this standard is expected to have a significant impact on the Company’s consolidated financial statements and disclosures. Based upon the elected transition methods, the Company currently estimates the adoption of the standard will result in a decrease of between approximately $2 billion and $4 billion in the Company’s total equity at the transition date of January 1, 2021. This estimate is based on the economic conditions experienced at the transition date. The most significant drivers of the transition adjustment are expected to be: • changes to the measurement of certain benefits currently accounted for as insurance benefits (e.g., guaranteed minimum death benefits on variable annuities) which will be classified as market risk benefits upon adoption and remeasured at fair value, the impact of which is highly dependent on market conditions, including interest rates; • changes to the discount rate used to measure liabilities for future policyholder benefits that will be remeasured using current upper-medium grade fixed-income instrument yields, which are generally considered to be those on single-A rated public corporate debt; and • the removal of certain balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method.” The new guidance allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If multiple hedged layers are designated, an entity is required to perform an analysis to support its expectation that the aggregate amount of the hedged layers is anticipated to be outstanding for the designated hedge periods. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. An entity may designate multiple hedged layers of a single closed portfolio solely on a prospective basis. All entities are required to apply the amendments related to hedge basis adjustments under the portfolio layer method, except for those related to disclosures, on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Early adoption is permitted. The Company does not anticipate any impact when adopting the new guidance and does not plan to early adopt.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments consisting of Retail Annuities, Institutional Products, Closed Life and Annuity Block, plus its Corporate and Other segment. These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. The following is a brief description of the Company’s reportable segments. Retail Annuities The Company’s Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of products, consisting primarily of variable annuities, fixed index annuities, fixed annuities, immediate payout annuities, and registered index-linked annuities ("RILA"). These products are distributed through various wirehouses, insurance brokers and independent broker-dealers, as well as through banks and financial institutions, primarily to high net worth investors and the mass and affluent markets. The Company’s variable annuities represent an attractive option for retirees and soon-to-be retirees, providing access to equity market appreciation and add-on benefits, including guaranteed lifetime income. A fixed index annuity is designed for investors who desire principal protection with the opportunity to participate in capped upside investment returns linked to a reference market index. The Company also provides access to guaranteed lifetime income as an add-on benefit. A fixed annuity is a guaranteed product designed to build wealth without market exposure, through a crediting rate that is likely to be superior to interest rates offered from banks or money market funds. A RILA product offers customers exposure to market returns through market index-linked investment options, subject to a cap, and offers a variety of guarantees designed to modify or limit losses. The financial results of the variable annuity business within the Company’s Retail Annuities segment are largely dependent on the performance of the contract holder account value, which impacts both the level of fees collected and the benefits paid to the contract holder. The financial results of the Company’s fixed annuities, including the fixed portion of its variable annuity, RILA and fixed index annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders. Institutional Products The Company’s Institutional Products consist of traditional Guaranteed Investment Contracts (GICs), funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) and medium-term note funding agreements. The Company’s GIC products are marketed to defined contribution pension and profit-sharing retirement plans. Funding agreements are marketed to institutional investors, including corporate cash accounts and securities lending funds, as well as money market funds, and are issued to the FHLB in connection with its program. The financial results of the Company’s institutional products business are primarily dependent on the Company’s ability to earn spreads on general account assets. Closed Life and Annuity Blocks The Company's Closed Life and Annuity Blocks segment is primarily composed of blocks of business that have been acquired since 2004. The segment includes various protection products, primarily whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities. The Closed Life and Annuity Blocks segment also includes a block of group payout annuities that we assumed from John Hancock Life Insurance Company (USA) (“John Hancock”) and John Hancock Life Insurance Company of New York (“John Hancock NY”) through reinsurance transactions in 2018 and 2019, respectively. The Company historically offered traditional and interest-sensitive life insurance products but discontinued new sales of life insurance products in 2012, as we believe opportunistically acquiring mature blocks of life insurance policies is a more efficient means of diversifying our in-force business than selling new life insurance products. The profitability of the Company’s Closed Life and Annuity Blocks segment is largely driven by its historical ability to appropriately price its products and purchase appropriately priced blocks of business, as realized through underwriting, expense and net gains (losses) on derivatives and investments, and the ability to earn an assumed rate of return on the assets supporting that business. Corporate and Other The Company’s Corporate and Other segment primarily consists of the operations of its investment management subsidiary, PPM, VIE’s, and unallocated corporate income and expenses. The Corporate and Other segment also includes certain eliminations and consolidation adjustments. Segment Performance Measurement Segment operating revenues and pretax adjusted operating earnings are non-GAAP financial measures that management believes are critical to the evaluation of the financial performance of the Company’s segments. The Company uses the same accounting policies and procedures to measure segment pretax adjusted operating earnings as used in its reporting of consolidated net income. Its primary measure is pretax adjusted operating earnings, which is defined as net income recorded in accordance with GAAP, excluding certain items that may be highly variable from period to period due to accounting treatment under GAAP, or that are non-recurring in nature, as well as certain other revenues and expenses which are not considered to drive underlying performance. Operating revenues and pretax adjusted operating earnings should not be used as a substitute for revenues and net income as calculated in accordance with GAAP. Pretax adjusted operating earnings equals net income adjusted to eliminate the impact of the following items: 1. Guaranteed Benefits and Hedging Results: the fees attributed to guaranteed benefits, the associated movements in optional guaranteed benefit liabilities and related claims and benefit payments are excluded from pretax adjusted operating earnings, as we believe this approach appropriately removes the impact to both revenue and related expenses associated with the guaranteed benefit features that are offered for certain of our variable annuities and fixed index annuities and gives investors a better picture of what is driving our underlying performance. This adjustment includes the following components: • Fees Attributable to Guarantee Benefits : fees earned in conjunction with guaranteed benefit features offered for certain of our variable annuities and fixed index annuities are set at a level intended to mitigate the cost of hedging and funding the liabilities associated with such guaranteed benefit features. The full amount of the fees attributable to guaranteed benefit features have been excluded from pretax adjusted operating earnings as the related net movements in freestanding derivatives and net reserve and embedded derivative movements, as described below, have been excluded from pretax adjusted operating earnings. This adjusted presentation of our earnings is intended to directly align revenue and related expenses associated with the guaranteed benefit features; • Net Movement in Freestanding Derivatives, except earned income (periodic settlements and changes in settlement accruals) on derivatives that are hedges of investments, but do not qualify for hedge accounting treatment : changes in the fair value of our freestanding derivatives used to manage the risk associated with our life and annuity reserves, including those arising from the guaranteed benefit features offered for certain of our variable annuities and fixed index annuities. Net movements in freestanding derivatives have been excluded from pretax adjusted operating earnings as the market value of these derivatives may vary significantly from period to period as a result of near-term market conditions and therefore are not directly comparable or reflective of the underlying performance of our business; • Net Reserve and Embedded Derivative Movements: changes in the valuation of certain life and annuity reserves, a portion of which are accounted for as embedded derivative instruments, and which are primarily composed of variable and fixed index annuity reserves, including those arising from the guaranteed benefit features offered for certain of our variable annuities. Net reserve and embedded derivative movements have been excluded from pretax adjusted operating earnings as the carrying values of these derivatives may vary significantly from period to period as the result of near-term market conditions and policyholder behavior-related inputs and therefore are not directly comparable or reflective of the underlying performance of our business. Movements in reserves attributable to the current period claims and benefit payments in excess of a customer’s account value on these policies are also excluded from pretax adjusted operating earnings as these benefit payments are affected by near-term market conditions and policyholder behavior-related inputs and therefore may vary significantly from period to period; • DAC and Deferred Sales Inducements ("DSI") Impact: amortization of deferred acquisition costs and deferred sales inducements associated with the items excluded from pretax adjusted operating earnings; • Assumption changes : the impact on the valuation of Net Derivative and Reserve Movements, including amortization on DAC, arising from changes in underlying actuarial assumptions on an annual basis; 2. Net Realized Investment Gains and Losses including change in fair value of funds withheld embedded derivative: Realized investment gains and losses associated with the periodic sales or disposals of securities, excluding those held within our trading portfolio, as well as impairments of securities, after adjustment for the non-credit component of the impairment charges and change in fair value of funds withheld embedded derivative related to the Athene Reinsurance Transaction; 3. Loss on Athene Reinsurance Transaction: includes contractual ceding commission, cost of reinsurance write-off and DAC and DSI write-off related to the Athene Reinsurance Transaction; 4. Net investment income on funds withheld assets : includes net investment income on funds withheld assets related to funds withheld reinsurance transactions; 5. Other items : one-time or other non-recurring items, such as costs relating to the Demerger and our separation from Prudential, the impact of discontinued operations and investments that are consolidated on our financial statements due to U.S. GAAP accounting requirements, such as our investments in CLOs, but for which the consolidation effects are not aligned with our economic interest or exposure to those entities. Operating income taxes are calculated using the prevailing corporate federal income tax rate of 21% while taking into account any items recognized differently in our financial statements and federal income tax returns, including the dividends received deduction and other tax credits. For interim reporting periods, the Company uses an estimated annual effective tax rate ("ETR") in computing its tax provision including consideration of discrete items. Set forth in the tables below is certain information with respect to the Company’s segments, as described above (in millions): Three Months Ended June 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 949 $ — $ 119 $ 17 $ 1,085 Premiums — — 35 — 35 Net investment income 124 72 185 35 416 Income (loss) on operating derivatives 7 (4) 13 8 24 Other income 11 — 9 1 21 Total Operating Revenues 1,091 68 361 61 1,581 Operating Benefits and Expenses Death, other policy benefits and change in policy 9 — 217 — 226 Interest credited on other contract holder funds, net 71 47 99 — 217 Interest expense 6 — — 18 24 Operating costs and other expenses, net of deferrals 441 2 39 35 517 Deferred acquisition and sales inducements 346 — — 8 354 Total Operating Benefits and Expenses 873 49 355 61 1,338 Pretax Adjusted Operating Earnings $ 218 $ 19 $ 6 $ — $ 243 Three Months Ended June 30, 2021 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,050 $ — $ 123 $ 19 $ 1,192 Premiums — — 34 — 34 Net investment income 144 57 205 39 445 Income (loss) on operating derivatives 15 — 17 8 40 Other income 11 — 12 7 30 Total Operating Revenues 1,220 57 391 73 1,741 Operating Benefits and Expenses Death, other policy benefits and change in policy 11 — 192 — 203 Interest credited on other contract holder funds, net 66 48 103 — 217 Interest expense 6 1 — — 7 Operating costs and other expenses, net of deferrals 485 2 38 49 574 Deferred acquisition and sales inducements (31) — 2 8 (21) Total Operating Benefits and Expenses 537 51 335 57 980 Pretax Adjusted Operating Earnings $ 683 $ 6 $ 56 $ 16 $ 761 Six Months Ended June 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,965 $ — $ 240 $ 35 $ 2,240 Premiums — — 72 — 72 Net investment income 242 136 381 88 847 Income (loss) on operating derivatives 18 (5) 28 18 59 Other income 22 — 17 2 41 Total Operating Revenues 2,247 131 738 143 3,259 Operating Benefits and Expenses Death, other policy benefits and change in policy 25 — 459 — 484 Interest credited on other contract holder funds, net of deferrals 139 86 198 — 423 Interest expense 11 — — 33 44 Operating costs and other expenses, net of deferrals 945 3 79 96 1,123 Deferred acquisition and sales inducements 503 — 4 17 524 Total Operating Benefits and Expenses 1,623 89 740 146 2,598 Pretax Adjusted Operating Earnings $ 624 $ 42 $ (2) $ (3) $ 661 Six Months Ended June 30, 2021 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 2,046 $ — $ 248 $ 39 $ 2,333 Premiums — — 71 — 71 Net investment income 349 120 461 54 984 Income (loss) on operating derivatives 29 — 38 12 79 Other income 23 — 22 8 53 Total Operating Revenues 2,447 120 840 113 3,520 Operating Benefits and Expenses Death, other policy benefits and change in policy 17 — 413 — 430 Interest credited on other contract holder funds, net 133 100 207 — 440 Interest expense 11 2 — — 13 Operating costs and other expenses, net of deferrals 961 2 78 107 1,148 Deferred acquisition and sales inducements 73 — 7 15 95 Total Operating Benefits and Expenses 1,195 104 705 122 2,126 Pretax Adjusted Operating Earnings $ 1,252 $ 16 $ 135 $ (9) $ 1,394 Intersegment eliminations in the above tables are included in the Corporate and Other segment. These include the elimination of investment income, net of deferred acquisition costs amortization, between Retail Annuities and the Corporate and Other segments, as well as the elimination from fee income and investment income of investment fees paid by Jackson to its affiliate PPM, which were $15 million for both the three months ended June 30, 2022 and 2021 , respectively, and $29 million and $30 million for the six months ended June 30, 2022 and 2021, respectively . The following table summarizes the reconciling items from the non-GAAP measure of operating revenues to the GAAP measure of total revenues attributable to the Company (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total operating revenues $ 1,581 $ 1,741 $ 3,259 $ 3,520 Fees attributed to variable annuity benefit reserves 765 701 1,529 1,373 Net gains (losses) on derivatives and investments 3,843 (2,561) 5,413 106 Net investment income (loss) related to noncontrolling interests 31 56 62 124 Consolidated investments (65) 1 (67) 31 Net investment income on funds withheld assets 364 294 624 585 Total revenues (1) $ 6,519 $ 232 $ 10,820 $ 5,739 (1) Substantially all of the Company's revenues originated in the United States. There were no individual customers that exceeded 10% of total revenues. The following table summarizes the reconciling items from the non-GAAP measure of operating benefits and expenses to the GAAP measure of total benefits and expenses attributable to the Company (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total operating benefits and expenses $ 1,338 $ 980 $ 2,598 $ 2,126 Benefits attributed to variable annuity benefit reserves 54 29 93 66 Amortization of DAC and DSI related to non-operating revenues and expenses 845 (243) 1,190 453 SOP 03-1 reserve movements 632 (21) 901 (4) Other items (1) 25 1 51 Total benefits and expenses $ 2,868 $ 770 $ 4,783 $ 2,692 The following table summarizes the reconciling items, net of deferred acquisition costs and deferred sales inducements, from the non-GAAP measure of pretax adjusted operating earnings to the GAAP measure of net income attributable to the Company (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Pretax adjusted operating earnings $ 243 $ 761 $ 661 $ 1,394 Non-operating adjustments (income) loss: Guaranteed benefits and hedging results: Fees attributable to guarantee benefit reserves 765 701 1,529 1,373 Net movement in freestanding derivatives 2,847 (442) 1,371 (3,473) Net reserve and embedded derivative movements (772) (1,374) 1,067 3,219 DAC and DSI impact (845) 243 (1,190) (453) Assumption changes — — — — Total guaranteed benefits and hedging results 1,995 (872) 2,777 666 Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative 1,082 (752) 1,980 298 Net investment income on funds withheld assets 364 294 624 585 Other items (64) (25) (67) (20) Pretax income (loss) attributable to Jackson Financial Inc. 3,620 (594) 5,975 2,923 Income tax expense (benefit) 717 (54) 1,047 531 Net income (loss) attributable to Jackson Financial Inc. $ 2,903 $ (540) $ 4,928 $ 2,392

Investments

Investments	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments are comprised primarily of fixed-income securities and loans, primarily publicly-traded corporate and government bonds, asset-backed securities and mortgage loans. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and institutional products on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities and loans aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments. Debt Securities The following table sets forth the composition of the fair value of debt securities at June 30, 2022 and December 31, 2021, classified by rating categories as assigned by nationally recognized statistical rating organizations (“NRSRO”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s investment advisors. The Company uses the second lowest rating by an NRSRO when NRSRO ratings are not equivalent and, for purposes of the table, if not otherwise rated by a NRSRO, the NAIC rating of a security is converted to an equivalent NRSRO-style rating. At June 30, 2022 and December 31, 2021, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $76 million and $13 million, respectively. Percent of Total Debt June 30, 2022 December 31, 2021 Investment Rating AAA 12.4% 14.5% AA 9.2% 9.6% A 30.4% 28.5% BBB 40.3% 40.9% Investment grade 92.3% 93.5% BB 4.0% 3.6% B and below 3.7% 2.9% Below investment grade 7.7% 6.5% Total debt securities 100.0% 100.0% At June 30, 2022, based on ratings by NRSROs, of the total carrying value of debt securities in an unrealized loss position, 76% were investment grade, 3% were below investment grade and 21% were not rated. Unrealized losses on debt securities that were below investment grade or not rated were approximately 20% of the aggregate gross unrealized losses on available-for-sale debt securities. At December 31, 2021, based on ratings by NRSROs, of the total carrying value of debt securities in an unrealized loss position, 76% were investment grade, 2% were below investment grade and 22% were not rated. Unrealized losses on debt securities that were below investment grade or not rated were approximately 16% of the aggregate gross unrealized losses on available for sale debt securities. Corporate securities in an unrealized loss position were diversified across industries. As of June 30, 2022, the industries accounting for the largest percentage of unrealized losses included utilities (13% of corporate gross unrealized losses) and energy (10%). The largest unrealized loss related to a single corporate obligor was $52 million at June 30, 2022. As of December 31, 2021, the industries accounting for the largest percentage of unrealized losses included financial services (16% of corporate gross unrealized losses) and consumer goods (15%). The largest unrealized loss related to a single corporate obligor was $16 million at December 31, 2021. At June 30, 2022 and December 31, 2021, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair June 30, 2022 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 3,733 $ — $ — $ 745 $ 2,988 Other government securities 1,659 6 3 155 1,501 Public utilities 5,927 1 57 465 5,518 Corporate securities 30,145 30 84 3,008 27,191 Residential mortgage-backed 479 6 26 29 470 Commercial mortgage-backed 1,769 — — 111 1,658 Other asset-backed securities 6,619 — 14 373 6,260 Total debt securities $ 50,331 $ 43 $ 184 $ 4,886 $ 45,586 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2021 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 4,525 $ — $ 97 $ 301 $ 4,321 Other government securities 1,489 — 147 17 1,619 Public utilities 6,069 — 671 25 6,715 Corporate securities 29,701 — 1,682 237 31,146 Residential mortgage-backed 528 2 46 3 569 Commercial mortgage-backed 1,968 — 76 6 2,038 Other asset-backed securities 6,926 7 71 23 6,967 Total debt securities $ 51,206 $ 9 $ 2,790 $ 612 $ 53,375 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at June 30, 2022, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties. Allowance Gross Gross Amortized for Unrealized Unrealized Fair Cost (1) Credit Loss Gains Losses Value Due in 1 year or less $ 988 $ — $ 2 $ 3 $ 987 Due after 1 year through 5 years 8,792 4 21 253 8,556 Due after 5 years through 10 years 14,468 26 31 1,302 13,171 Due after 10 years through 20 years 9,192 3 83 1,230 8,042 Due after 20 years 8,024 4 7 1,585 6,442 Residential mortgage-backed 479 6 26 29 470 Commercial mortgage-backed 1,769 — — 111 1,658 Other asset-backed securities 6,619 — 14 373 6,260 Total $ 50,331 $ 43 $ 184 $ 4,886 $ 45,586 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. Securities with a carrying value of $98 million and $117 million at June 30, 2022 and December 31, 2021, respectively, were on deposit with regulatory authorities, as required by law in various states in which business is conducted. Residential mortgage-backed securities (“RMBS”) include certain RMBS that are collateralized by residential mortgage loans and are neither explicitly nor implicitly guaranteed by U.S. government agencies (“non-agency RMBS”). The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair June 30, 2022 Cost (1) Credit Loss Gains Losses Value Prime $ 190 $ 4 $ 3 $ 14 $ 175 Alt-A 83 2 12 2 91 Subprime 31 — 11 — 42 Total non-agency RMBS $ 304 $ 6 $ 26 $ 16 $ 308 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2021 Cost (1) Credit Loss Gains Losses Value Prime $ 228 $ 1 $ 10 $ 2 $ 235 Alt-A 94 1 21 — 114 Subprime 39 — 13 — 52 Total non-agency RMBS $ 361 $ 2 $ 44 $ 2 $ 401 (1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities. The Company defines its exposure to non-agency residential mortgage loans as follows: • Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers. • Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. • Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower. The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions): June 30, 2022 December 31, 2021 Less than 12 months Less than 12 months Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 172 $ 1,013 29 $ 2 $ 107 16 Other government securities 154 1,282 153 17 252 23 Public utilities 398 4,453 508 17 721 93 Corporate securities 2,426 20,501 2,585 180 6,343 728 Residential mortgage-backed 26 288 205 3 174 109 Commercial mortgage-backed 97 1,567 203 5 314 37 Other asset-backed securities 360 5,081 625 22 3,224 338 Total temporarily impaired securities $ 3,633 $ 34,185 4,308 $ 246 $ 11,135 1,344 12 months or longer 12 months or longer Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 573 $ 1,801 8 $ 299 $ 3,190 7 Other government securities 1 10 5 — 4 2 Public utilities 67 171 29 7 99 8 Corporate securities 582 1,729 217 58 661 69 Residential mortgage-backed 3 45 47 — 11 12 Commercial mortgage-backed 14 72 6 1 30 3 Other asset-backed securities 13 119 20 1 11 3 Total temporarily impaired securities $ 1,253 $ 3,947 332 $ 366 $ 4,006 104 Total Total Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 745 $ 2,814 33 $ 301 $ 3,297 23 Other government securities 155 1,292 157 17 256 25 Public utilities 465 4,624 530 24 820 101 Corporate securities (1) 3,008 22,230 2,728 238 7,004 797 Residential mortgage-backed 29 333 252 3 185 121 Commercial mortgage-backed 111 1,639 208 6 344 40 Other asset-backed securities 373 5,200 637 23 3,235 341 Total temporarily impaired securities $ 4,886 $ 38,132 4,545 $ 612 $ 15,141 1,448 (1) Certain corporate securities contain multiple lots and fit the criteria of both aging groups. Debt securities in an unrealized loss position as of June 30, 2022 did not require an impairment recognized in earnings as (i) the Company did not intend to sell these debt securities, (ii) it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation, the Company believes it has the ability to generate adequate amounts of cash from normal operations to meet cash requirements with a reasonable margin of safety without requiring the sale of impaired securities. As of June 30, 2022, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk-free rates since purchase. The Company performed a detailed analysis of the financial performance of the underlying issues in an unrealized loss position and determined that recovery of the entire amortized cost of each impaired security is expected. In addition, mortgage-backed and asset-backed securities were assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities, and prepayment rates. The Company estimated losses for a security by forecasting performance in the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. The forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts, and other independent market data. Based upon this assessment of the expected credit losses of the security given the performance of the underlying collateral compared to subordination or other credit enhancement, the Company expects to recover the entire amortized cost of each impaired security. Evaluation of Available-for-Sale Debt Securities for Credit Loss For debt securities in an unrealized loss position, management first assesses whether the Company has the intent to sell, or whether it is more likely than not it will be required to sell the security before the amortized cost basis is fully recovered. If either criteria is met, the amortized cost is written down to fair value through net gains (losses) on derivatives and investments as an impairment. Debt securities in an unrealized loss position for which the Company does not have the intent to sell or is not more likely than not to sell the security before recovery to amortized cost are further evaluated to determine if the cause of the decline in fair value resulted from credit losses or other factors, which includes estimates about the operations of the issuer and future earnings potential. The credit loss evaluation may consider the following: the extent to which the fair value is below amortized cost; changes in ratings of the security; whether a significant covenant related to the security has been breached; whether an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness; judgments about an obligor’s current and projected financial position; an issuer’s current and projected ability to service and repay its debt obligations; the existence of, and realizable value of, any collateral backing the obligations; and the macro-economic and micro-economic outlooks for specific industries and issuers. In addition to the above, the credit loss review of investments in asset-backed securities includes the review of future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against third-party sources. For mortgage-backed securities, credit losses are assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment timing, default rates and loss severity. Specifically, for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against other third-party sources. In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. When a credit loss is determined to exist and the present value of cash flows expected to be collected is less than the amortized cost of the security, an allowance for credit loss is recorded along with a charge to net gains (losses) on derivatives and investments, limited by the amount that the fair value is less than amortized cost. Any remaining unrealized loss after recording the allowance for credit loss is the non-credit amount and is recorded to other comprehensive income. The allowance for credit loss for specific debt securities may be increased or reversed in subsequent periods due to changes in the assessment of the present value of cash flows that are expected to be collected. Any changes to the allowance for credit loss is recorded as a provision for (or reversal of) credit loss expense in net gains (losses) on derivatives and investments. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Accrued interest receivables are presented separate from the amortized cost basis of debt securities. Accrued interest receivables that are determined to be uncollectible are written off with a corresponding reduction to net investment income. Accrued interest of nil was written off both during the three and six months ended June 30, 2022 and 2021. The roll forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions): Three Months Ended June 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at April 1, 2022 $ — $ 6 $ — $ 22 $ 2 $ — $ 2 $ 32 Additions for which credit loss was not previously recorded — — 1 3 2 — — 6 Changes for securities with previously recorded credit loss — — — 5 3 — (2) 6 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — (1) — — (1) Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — — Balance at June 30, 2022 (2) $ — $ 6 $ 1 $ 30 $ 6 $ — $ — $ 43 Three Months Ended June 30, 2021 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at April 1, 2021 $ — $ — $ — $ — $ 1 $ — $ 4 $ 5 Additions for which credit loss was not previously recorded — — — — — — — — Changes for securities with previously recorded credit loss — — — — — — 2 2 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — — Balance at June 30, 2021 (2) $ — $ — $ — $ — $ 1 $ — $ 6 $ 7 Six Months Ended June 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2022 $ — $ — $ — $ — $ 2 $ — $ 7 $ 9 Additions for which credit loss was not previously recorded — 6 1 30 2 — — 39 Changes for securities with previously recorded credit loss — — — 5 3 — (7) 1 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — (1) — — (1) Securities intended/required to be sold before recovery of amortized cost basis — — — (5) — — — (5) Balance at June 30, 2022 (2) $ — $ 6 $ 1 $ 30 $ 6 $ — $ — $ 43 Six Months Ended June 30, 2021 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2021 $ — $ — $ — $ — $ — $ — $ 14 $ 14 Additions for which credit loss was not previously recorded — — — — 1 — — 1 Changes for securities with previously recorded credit loss — — — — — — (8) (8) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — — Balance at June 30, 2021 (2) $ — $ — $ — $ — $ 1 $ — $ 6 $ 7 (1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities. (2) Accrued interest receivable on debt securities totaled $382 million and $397 million as of June 30, 2022 and 2021, respectively, and was excluded from the determination of credit losses for the three and six months ended June 30, 2022 and 2021. Net Investment Income The sources of net investment income were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Debt securities (1) $ 213 $ 277 $ 486 $ 601 Equity securities 6 7 7 7 Mortgage loans 68 80 141 162 Policy loans 17 17 34 36 Limited partnerships 50 150 158 393 Other investment income 10 5 11 8 Total investment income excluding funds withheld assets 364 536 837 1,207 Net investment income on funds withheld assets (see Note 8) 364 294 624 585 Investment expenses: Derivative trading commission (1) (1) (2) (1) Depreciation on real estate (3) (2) (6) (5) Expenses related to consolidated entities (2) (15) (9) (36) (17) Other investment income (expense) (3) 38 (22) 50 (45) Total investment expenses 19 (34) 6 (68) Net investment income $ 747 $ 796 $ 1,467 $ 1,724 (1) Includes unrealized gains and losses on trading securities and includes $(95) million and $(85) million for the three and six months ended June 30, 2022, respectively, and nil and $38 million for the three and six months ended June 30, 2021, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes management fees, administrative fees, legal fees, and other expenses related to the consolidation of certain investments. (3) Includes interest expense and market appreciation on deferred compensation; investment software expense, custodial fees, and other bank fees; institutional product issuance related expenses; and other expenses. Unrealized gains (losses) included in investment income that were recognized on equity securities held were $(13) million and $10 million, for the three months ended June 30, 2022 and 2021, respectively, and $(31) million and $15 million, for the six months ended June 30, 2022 and 2021, respectively. Net Gains (Losses) on Derivatives and Investments The following table summarizes net gains (losses) on derivatives and investments (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Available-for-sale securities Realized gains on sale $ 5 $ 96 $ 29 $ 121 Realized losses on sale (63) (52) (241) (58) Credit loss income (expense) 1 (1) 1 7 Credit loss income (expense) on mortgage loans (9) (10) 3 48 Other (1) 71 (18) 83 50 Net gains (losses) excluding derivatives and funds withheld assets 5 15 (125) 168 Net gains (losses) on derivative instruments (see Note 5) 2,785 (1,768) 3,492 (113) Net gains (losses) on funds withheld reinsurance treaties (see Note 8) 1,077 (768) 2,105 130 Total net gains (losses) on derivatives and investments $ 3,867 $ (2,521) $ 5,472 $ 185 (1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements. Net gains (losses) on funds withheld reinsurance treaties represents income (loss) from the sale of investments held in segregated funds withheld accounts in support of reinsurance agreements for which Jackson retains legal ownership of the underlying investments. These gains (losses) are increased or decreased by changes in the embedded derivative liability related to the Athene Reinsurance Agreement and also include (i) changes in the related funds withheld payable, as all economic performance of the investments held in the segregated accounts inure to the benefit of the reinsurers under the respective reinsurance agreements with each reinsurer, and (ii) amortization of the difference between book value and fair value of the investments as of the effective date of the reinsurance agreements with each reinsurer. The aggregate fair value of securities sold at a loss for the three and six months ended June 30, 2022 was $506 million and $2,898 million, which was approximately 93% and 92% of book value, respectively. The aggregate fair value of securities sold at a loss for the three and six months ended June 30, 2021 was $888 million and $1,184 million, which was approximately 94% of book value in both periods. Proceeds from sales of available-for-sale debt securities were $0.8 billion and $4.9 billion during the three and six months ended June 30, 2022, respectively, and $2.8 billion and $5.6 billion during the three and six months ended June 30, 2021, respectively. There are inherent uncertainties in assessing the fair values assigned to the Company’s investments. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the consolidated financial statements, unrealized losses currently reported in accumulated other comprehensive income (loss) may be recognized in the consolidated income statements in future periods. The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so. However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss. Consolidated Variable Interest Entities ("VIEs") The Company funds affiliated limited liability companies to facilitate the issuance of collateralized loan obligations ("CLOs"). The Company concluded that these limited liability companies are VIEs and that the Company is the primary beneficiary as it has the power to direct the most significant activities affecting the performance of the entity as well as the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. In April 2022, the Company reinvested in collateralized loan obligation issuances resulting in the increase of consolidated assets and liabilities. The Company’s exposure to loss is limited to the capital invested and unfunded capital commitments. Private Equity Funds III – VIII are limited partnership structures that invest the ownership capital in portfolios of various other limited partnership structures. The Company concluded that the Private Equity Funds are VIEs and that the Company is the primary beneficiary as it has the power to direct the most significant activities affecting the performance of the funds as well as the obligation to absorb losses or the right to receive benefits that could potentially be significant to the funds. In the fourth quarter of 2021, the Company entered into a commitment to invest up to $300 million in the newly formed Private Equity Fund VIII. The Company’s exposure to loss is limited to the capital invested and unfunded capital commitments. PPM has created and managed institutional share class mutual funds, where Jackson seeds new funds, or new share classes within a fund, when deemed necessary to develop the requisite track record prior to allowing investment by external parties. Jackson may sell its interest in the fund once opened to investment by external parties. The Company concluded that these funds are VIEs and that the Company is the primary beneficiary as it has both the power to direct the most significant activities of the VIE as well as the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s exposure to loss related to these mutual funds is limited to the capital invested. Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions): June 30, 2022 December 31, 2021 Assets Debt securities, at fair value under fair value option $ 1,991 $ 1,546 Debt securities, trading 103 117 Equity securities 128 129 Limited partnerships 1,491 1,309 Cash and cash equivalents 45 120 Other assets 36 45 Total assets $ 3,794 $ 3,266 Liabilities Debt owed to non-controlling interests $ 1,757 $ 1,404 Other liabilities 417 307 Total other liabilities 2,174 1,711 Securities lending payable 5 4 Total liabilities $ 2,179 $ 1,715 Equity Noncontrolling interests $ 747 $ 680 Unconsolidated VIEs The Company invests in certain limited partnerships ("LPs") and limited liability companies ("LLCs") that it has concluded are VIEs. Based on the analysis of these entities, the Company is not the primary beneficiary of the VIEs as it does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In addition, the Company does not have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entities. Therefore, the Company does not consolidate these VIEs and the carrying amounts of the Company’s investments in these LPs and LLCs are recognized in other invested assets on the consolidated balance sheets. Unfunded capital commitments for these investments are detailed in Note 14. The Company’s exposure to loss is limited to the capital invested and unfunded capital commitments related to the LPs/LLCs, for both consolidated and unconsolidated VIEs, which was $4,276 million and $3,860 million as of June 30, 2022 and December 31, 2021, respectively. The capital invested in an LP or LLC equals the original capital contributed, increased for additional capital contributed after the initial investment, and reduced for any returns of capital from the LP or LLC. LPs and LLCs are carried at fair value. The Company invests in certain mutual funds that it has concluded are VIEs. Based on the analysis of these entities, the Company is not the primary beneficiary of the VIEs. Mutual funds for which the Company does not have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entities are recognized in equity securities on the Condensed Consolidated Balance Sheets and were $28 million and $33 million as of June 30, 2022 and December 31, 2021, respectively. The Company’s maximum exposure to loss on these mutual funds is limited to the amortized cost for these investments. The Company makes investments in structured debt securities issued by VIEs for which they are not the manager. These structured debt securities include RMBS, Commercial Mortgage-Backed Securities ("CMBS"), and asset-backed securities ("ABS"). The Company does not consolidate the securitization trusts utilized in these transactions because they do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. The Company does not consider its continuing involvement with these VIEs to be significant because they either invest in securities issued by the VIE and were not involved in the design of the VIE or no transfers have occurred between the Company and the VIE. The Company’s maximum exposure to loss on these structured debt securities is limited to the amortized cost of these investments. The Company does not have any further contractual obligations to the VIE. The Company recognizes the variable interest in these VIEs at fair value on the consolidated balance sheets. Commercial and Residential Mortgage Loans Commercial mortgage loans of $10.8 billion and $10.5 billion at June 30, 2022 and December 31, 2021, respectively, are reported net of an allowance for credit losses of $77 million and $85 million at each date, respectively. At June 30, 2022, commercial mortgage loans were collateralized by properties located in 38 states, the District of Columbia, and Europe. Accrued interest receivable on commercial mortgage loans was $35 million and $32 million at June 30, 2022 and December 31, 2021, respectively. Residential mortgage loans of $1,170 million and $939 million at June 30, 2022 and December 31, 2021, respectively, are reported net of an allowance for credit losses of $3 million and $9 million at each date, respectively. Loans were collateralized by properties located in 50 states, the District of Columbia, Mexico, and Europe. Accrued interest receivable on residential mortgage loans was $9 million and $13 million at June 30, 2022 and December 31, 2021, respectively. Mortgage Loan Concessions In response to the adverse economic impact of the COVID-19 pandemic, the Company granted concessions to certain of its commercial mortgage loan borrowers, including payment deferrals and other loan modifications. The Company has elected the option under the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act of 2021, and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) issued by bank regulatory agencies, not to account for or report q

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company’s business model includes the acceptance, monitoring and mitigation of risk. Specifically, the Company considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices. The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals. The Company’s derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments. As a result, freestanding derivatives are carried at fair value with changes recorded in net gains (losses) on derivatives and investments. A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions): June 30, 2022 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,802 $ 48 $ 108 $ (60) Equity index call options 24,000 13 — 13 Equity index futures (2) 25,272 — — — Equity index put options 32,500 1,030 — 1,030 Interest rate swaps 7,728 30 60 (30) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 22,000 — 1,029 (1,029) Treasury futures (2) 14 — — — Total return swaps 700 12 4 8 Total freestanding derivatives 115,516 1,133 1,201 (68) Embedded derivatives Variable annuity embedded derivatives (3) N/A — 601 (601) Fixed index annuity embedded derivatives (4) N/A — 1,087 (1,087) Registered index linked annuity embedded derivatives (4) N/A — 4 (4) Total embedded derivatives N/A — 1,692 (1,692) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 24 1 23 Cross-currency forwards 1,190 86 15 71 Funds withheld embedded derivative (5) N/A 2,508 — 2,508 Total derivatives related to funds withheld under reinsurance treaties 1,348 2,618 16 2,602 Total $ 116,864 $ 3,751 $ 2,909 $ 842 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within reserves for future policy benefits and claims payable on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (4) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (5) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. December 31, 2021 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,767 $ 55 $ 35 $ 20 Equity index call options 21,000 606 — 606 Equity index futures (2) 18,258 — — — Equity index put options 27,500 150 — 150 Interest rate swaps 7,728 430 — 430 Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 19,000 133 — 133 Treasury futures (2) 912 — — — Total return swaps — — — — Total freestanding derivatives 97,665 1,374 35 1,339 Embedded derivatives Variable annuity embedded derivatives (3) N/A — 2,626 (2,626) Fixed index annuity embedded derivatives (4) N/A — 1,439 (1,439) Registered index linked annuity embedded derivatives (4) N/A — 6 (6) Total embedded derivatives N/A — 4,071 (4,071) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 10 1 9 Cross-currency forwards 1,119 33 5 28 Funds withheld embedded derivative (5) N/A — 120 (120) Total derivatives related to funds withheld under reinsurance treaties 1,277 43 126 (83) Total $ 98,942 $ 1,417 $ 4,232 $ (2,815) (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within reserves for future policy benefits and claims payable on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (4) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (5) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Derivatives excluding funds withheld under reinsurance treaties Cross-currency swaps $ (50) $ 21 $ (82) $ (44) Equity index call options (642) 667 (1,231) 799 Equity index futures 3,618 (1,377) 4,241 (2,670) Equity index put options 822 (260) 507 (611) Interest rate swaps (150) 117 (411) (148) Interest rate swaps - cleared (49) 36 (137) (50) Put-swaptions (686) 395 (1,154) 103 Treasury futures (1) — (312) (773) Total return swaps 8 — 8 — Fixed index annuity embedded derivatives 4 (2) 5 (2) Registered index linked annuity embedded derivative 60 — 63 — Variable annuity embedded derivatives (149) (1,365) 1,995 3,283 Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties 2,785 (1,768) 3,492 (113) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 12 8 15 6 Cross-currency forwards 51 (6) 69 13 Funds withheld embedded derivative 1,347 (544) 2,628 454 Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties 1,410 (542) 2,712 473 Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties $ 4,195 $ (2,310) $ 6,204 $ 360 All of the Company’s trade agreements for freestanding, over-the-counter derivatives, contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit. At June 30, 2022 and December 31, 2021, the fair value of the Company’s net non-cleared, over-the-counter derivative assets by counterparty were $977 million and $1,376 million, respectively, and held collateral was $879 million and $1,576 million, respectively, related to these agreements. At June 30, 2022 and December 31, 2021, the fair value of the Company’s net non-cleared, over-the-counter derivative liabilities by counterparty were $951 million and nil, respectively, and provided collateral was $1,128 million and nil, respectively, related to these agreements. If all of the downgrade provisions had been triggered at June 30, 2022 and December 31, 2021, in aggregate, the Company would have had to disburse nil and $200 million, respectively, and would have been allowed to claim $275 million and nil, respectively. Offsetting Assets and Liabilities The Company’s derivative instruments, repurchase agreements and securities lending agreements are subject to master netting arrangements and collateral arrangements. A master netting arrangement with a counterparty creates a right of offset for amounts due to and due from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company recognizes amounts subject to master netting arrangements on a gross basis within the Condensed Consolidated Balance Sheets. The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): June 30, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,243 $ — $ 1,243 $ 266 $ 610 $ 246 $ 121 Financial Liabilities: Freestanding derivative liabilities $ 1,217 $ — $ 1,217 $ 266 $ 66 $ 885 $ — Securities loaned 32 — 32 — 32 — — Repurchase agreements — — — — — — — Total financial liabilities $ 1,249 $ — $ 1,249 $ 266 $ 98 $ 885 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2021 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,417 $ — $ 1,417 $ 41 $ 817 $ 555 $ 4 Financial Liabilities: Freestanding derivative liabilities $ 41 $ — $ 41 $ 41 $ — $ — $ — Securities loaned 17 — 17 — 17 — — Repurchase agreements 1,572 — 1,572 — — 1,572 — Total financial liabilities $ 1,630 $ — $ 1,630 $ 41 $ 17 $ 1,572 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets Debt securities (1) $ 45,586 $ 45,586 $ 53,375 $ 53,375 Equity securities 260 260 279 279 Mortgage loans (1) 11,931 11,586 11,482 11,910 Limited partnerships 3,261 3,261 2,831 2,831 Policy loans (1) 4,459 4,459 4,475 4,475 Freestanding derivative instruments 1,243 1,243 1,417 1,417 Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock 146 146 125 125 Cash and cash equivalents 5,258 5,258 2,623 2,623 Guaranteed minimum income benefits ("GMIB") reinsurance recoverable 232 232 262 262 Separate account assets 196,184 196,184 248,949 248,949 Liabilities Annuity reserves (2) 38,787 35,844 40,389 50,116 Reserves for guaranteed investment contracts (3) 1,181 1,156 894 923 Trust instruments supported by funding agreements (3) 5,301 5,174 5,986 6,175 FHLB funding agreements (3) 2,001 2,090 1,950 1,938 Funds withheld payable under reinsurance treaties (1) 25,506 25,506 29,007 29,007 Long-term debt 2,634 2,422 2,649 2,745 Securities lending payable 32 32 17 17 Freestanding derivative instruments 1,217 1,217 41 41 Repurchase agreements — — 1,572 1,572 FHLB advances — — — — Separate account liabilities 196,184 196,184 248,949 248,949 (1) Includes items carried at fair value under the fair value option and trading securities. (2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments. (3) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on both a recurring and nonrecurring basis reported in the following tables. Debt and Equity Securities The fair values for debt and equity securities are determined using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available. Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally. Typical inputs used by these three pricing methods include reported trades, benchmark yields, credit spreads, liquidity premiums and/or estimated cash flows based on default and prepayment assumptions. As a result of typical trading volumes and the lack of specific quoted market prices for most debt securities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and broker-dealers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates. Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models. Additionally, the majority of these quotes are non-binding. Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral. Actual prepayment experience may vary from these estimates. Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These fair value estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument. For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices. These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs. The Company performs an analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include initial and ongoing review of third-party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes. In addition, the Company considers whether prices received from independent broker-dealers represent a reasonable estimate of fair value through the use of internal and external cash flow models, which are developed based on spreads and, when available, market indices. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly. For those securities that were internally valued at June 30, 2022 and December 31, 2021, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security. Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate. Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value. On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services, including broker-dealer quotes, are classified into Level 2 due to their use of market observable inputs. Limited Partnerships Fair values for limited partnership interests, which are included in other invested assets, is generally determined using the proportion of the Company’s investment in the value of the net assets of each fund (“NAV equivalent”) as a practical expedient for fair value, and generally, are recorded on a three-month lag. No adjustments to these amounts were deemed necessary at June 30, 2022 and December 31, 2021. As a result of using the net asset value per share practical expedient, limited partnership interests are not classified in the fair value hierarchy. The Company’s limited partnership interests are not redeemable and distributions received are generally the result of liquidation of the underlying assets of the partnerships. The Company generally has the ability under the partnership agreements to sell its interest to another limited partner with the prior written consent of the general partner. In cases when the Company expects to sell the limited partnership interest, the estimated sales price is used to determine the fair value rather than the practical expedient. These limited partnership interests are classified as Level 2 in the fair value hierarchy. In cases when a limited partnership’s financial statements are unavailable and a NAV equivalent is not available or practical, an internally developed model is used to determine fair value for that fund. These investments are classified as Level 3 in the fair value hierarchy. Policy Loans Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled – the then current carrying value. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value. The reinsurance related component of policy loans at fair value under the fair value option have been classified as Level 3 within the fair value hierarchy. Freestanding Derivative Instruments Freestanding derivative instruments are reported at fair value, which reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. Changes in fair value are included in net gains (losses) on derivatives and investments. Freestanding derivatives priced using third party pricing services incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels. Freestanding derivative instruments classified as Level 1 include futures, which are traded on active exchanges. Freestanding derivative instruments classified as Level 2 include interest rate swaps, cross currency swaps, cross-currency forwards, credit default swaps, total return swaps, put-swaptions and certain equity index call and put options. These derivative valuations are determined by third-party pricing services using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Freestanding derivative instruments classified as Level 3 include interest rate contingent options that are valued by third-party pricing services utilizing significant unobservable inputs. Cash and Cash Equivalents Cash and cash equivalents primarily include money market instruments and bank deposits. Cash equivalents also includes all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase. Certain money market instruments are valued using unadjusted quoted prices in active markets and are classified as Level 1. Funds Withheld Payable Under Reinsurance Treaties The funds withheld payable under reinsurance treaties includes both the funds withheld payable which are held at fair value under the fair value option and the funds withheld embedded derivative liability. The fair value of the funds withheld payable which are held at fair value under the fair value option is equal to the fair value of the assets held as collateral, which primarily consists of policy loans using industry standard valuation techniques. The funds withheld embedded derivative liability is determined based upon a total return swap technique referencing the fair value of the investments held under the reinsurance contract and requires certain significant unobservable inputs. The funds withheld payable which are held at fair value under the fair value option and the funds withheld embedded derivative are considered Level 3 in the fair value hierarchy. Separate Account Assets Separate account assets are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available, and, are categorized as Level 2 assets. Variable Annuity Guarantees Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. Certain benefits, including non-life contingent components of guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum withdrawal benefits for life (“GMWB for Life”), guaranteed minimum accumulation benefits (“GMAB”), and the reinsurance recoverable on the Company’s GMIB, are recorded at fair value. Guaranteed benefits that are not subject to fair value accounting are accounted for as insurance benefits. The Company discontinued offering the GMIB in 2009 and GMAB in 2011. GMABs and non-life contingent components of GMWB and GMWB for Life contracts are recorded at fair value with changes in fair value recorded in net gains (losses) on derivatives and investments. The fair value of the reserve is based on the expectations of future benefit payments and certain future fees associated with the benefits. At the inception of the contract, the Company attributes to the embedded derivative a portion of rider fees collected from the contract holder, which is then held static in future valuations. Those fees, generally referred to as the attributed fees, are set such that the present value of the attributed fees is equal to the present value of future claims expected to be paid under the guaranteed benefit at the inception of the contract. In subsequent valuations, both the present value of future benefits and the present value of attributed fees are revalued based on current market conditions and policyholder behavior assumptions. The difference between each of the two components represents the fair value of the embedded derivative. Thus, when unfavorable equity market movements cause declines in the contract holder’s account value relative to the guarantee benefit, the valuation of future expected claims would generally increase relative to the measurement performed at the inception of the contract, resulting in an increase in the fair value of the embedded derivative liability (and vice versa). The Company’s GMIB book is reinsured through an unrelated party, and due to the net settlement provisions of the reinsurance agreement, this contract meets the definition of a derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value, with changes in fair value recorded in net gains (losses) on derivatives and investments. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009. Fair values for GMWB, GMWB for Life, and GMAB embedded derivatives, as well as GMIB reinsurance recoverables, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits. The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance and discount rates. The more significant actuarial assumptions include benefit utilization by policyholders, lapse, mortality, and withdrawal rates. Best estimate assumptions plus risk margins are used as applicable. At each valuation date, the fair value calculation reflects expected returns based on the greater of LIBOR swap rates and constant maturity treasury rates as of that date to determine the value of expected future cash flows produced in a stochastic process. Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, grading to a historical volatility level by year 15, where such long-term historical volatility levels contain an explicit risk margin. Additionally, non-performance risk is incorporated into the calculation through the use of discount rates based on a blend of yields on similarly-rated peer debt and yields on JFI debt (adjusted to operating company levels). Risk margins are also incorporated into the model assumptions, particularly for policyholder behavior. Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience. As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions for this component of the fair value model. The use of the models and assumptions described above requires a significant amount of judgment. Management believes the aggregation of each of these components results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the asset or liability, which is currently unknown, could likely be significantly different than this fair value. Fixed Index Annuities The fair value of the fixed index annuities embedded option, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires, is calculated using the closed form Black-Scholes Option Pricing model or Monte Carlo simulations, as appropriate for the type of option. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders. RILA The fair value of the RILA embedded option, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires, is calculated using the closed form Black-Scholes Option Pricing model. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders. Fair Value Option The Company elected the fair value option for debt securities related to certain consolidated investments totaling $1,991 million and $1,546 million at June 30, 2022 and December 31, 2021, respectively. These debt securities are reflected on the Company’s Condensed Consolidated Balance Sheets as debt securities, at fair value under the fair value option. The Company has elected the fair value option for certain funds withheld assets, which are held as collateral for reinsurance, totaling $3,999 million and $3,632 million at June 30, 2022 and December 31, 2021, respectively, as discussed above, and includes mortgage loans as discussed below. The Company elected the fair value option for certain mortgage loans held under the funds withheld reinsurance agreement. The fair value option was elected for these mortgage loans, purchased or funded after December 31, 2021, to mitigate inconsistency in earnings that would otherwise result between these mortgage loan assets and the funds withheld liability, including the associated embedded derivative, and are valued using third-party pricing services. Changes in fair value are reflected in net investment income on the Condensed Consolidated Income Statements. The fair value and aggregate contractual principal for mortgage loans where the fair value option was elected after December 31, 2021, were as follows (in millions): June 30, 2022 Fair value $ 357 Aggregate contractual principal 362 As of June 30, 2022, no loans for which the fair value option was elected were in non-accrual status, and no loans were more than 90 days past due and still accruing interest. Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s Condensed Consolidated Financial Statements. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions): June 30, 2022 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 2,988 $ 2,988 $ — $ — Other government securities 1,501 — 1,501 — Public utilities 5,518 — 5,518 — Corporate securities 27,191 — 27,144 47 Residential mortgage-backed 470 — 470 — Commercial mortgage-backed 1,658 — 1,658 — Other asset-backed securities 6,260 — 6,260 — Equity securities 260 81 55 124 Mortgage loans 357 — — 357 Limited partnerships (1) 1 — — 1 Policy loans 3,485 — — 3,485 Freestanding derivative instruments 1,243 — 1,243 — Cash and cash equivalents 5,258 5,258 — — GMIB reinsurance recoverable 232 — — 232 Separate account assets 196,184 — 196,184 — Total $ 252,606 $ 8,327 $ 240,033 $ 4,246 Liabilities Embedded derivative liabilities (2) $ 1,692 $ — $ 1,091 $ 601 Funds withheld payable under reinsurance treaties (3) 1,141 — — 1,141 Freestanding derivative instruments 1,217 — 1,217 — Total $ 4,050 $ — $ 2,308 $ 1,742 (1) Excludes $3,260 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $601 million related to GMWB reserves included in reserves for future policy benefits and claims payable, $4 million of RILA and $1,087 million of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $2,508 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2021 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 4,321 $ 4,321 $ — $ — Other government securities 1,619 — 1,619 — Public utilities 6,715 — 6,715 — Corporate securities 31,146 — 31,137 9 Residential mortgage-backed 569 — 569 — Commercial mortgage-backed 2,038 — 2,038 — Other asset-backed securities 6,967 — 6,967 — Equity securities 279 111 56 112 Limited partnerships (1) 18 — 17 1 Policy loans 3,467 — — 3,467 Freestanding derivative instruments 1,417 — 1,417 — Cash and cash equivalents 2,623 2,623 — — GMIB reinsurance recoverable 262 — — 262 Separate account assets 248,949 — 248,949 — Total $ 310,390 $ 7,055 $ 299,484 $ 3,851 Liabilities Embedded derivative liabilities (2) $ 4,071 $ — $ 1,445 $ 2,626 Funds withheld payable under reinsurance treaties (3) 3,759 — — 3,759 Freestanding derivative instruments 41 — 41 — Total $ 7,871 $ — $ 1,486 $ 6,385 (1) Excludes $2,813 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $2,626 million related to GMWB reserves included in reserves for future policy benefits and claims payable, $6 million of RILA and $1,439 million of fixed index annuities, both included in other contract holder funds on the consolidated balance sheets. (3) Includes the Athene embedded derivative liability of $120 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) Level 3 Assets and Liabilities by Price Source The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions): June 30, 2022 Assets Total Internal External Debt securities: Corporate $ 47 $ — $ 47 Equity securities 124 1 123 Mortgage loans 357 — 357 Limited partnerships 1 1 — Policy loans 3,485 3,485 — GMIB reinsurance recoverable 232 232 — Total $ 4,246 $ 3,719 $ 527 Liabilities Embedded derivative liabilities (1) $ 601 $ 601 $ — Funds withheld payable under reinsurance treaties (2) 1,141 1,141 — Total $ 1,742 $ 1,742 $ — (1) Includes the embedded derivative related to GMWB reserves. (2) Includes the Athene embedded derivative asset of $2,508 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2021 Assets Total Internal External Debt securities: Corporate $ 9 $ — $ 9 Equity securities 112 1 111 Limited partnerships 1 1 — Policy loans 3,467 3,467 — GMIB reinsurance recoverable 262 262 — Total $ 3,851 $ 3,731 $ 120 Liabilities Embedded derivative liabilities (1) $ 2,626 $ 2,626 $ — Funds withheld payable under reinsurance treaties (2) 3,759 3,759 — Total $ 6,385 $ 6,385 $ — (1) Includes the embedded derivative related to GMWB reserves. (2) Includes the Athene embedded derivative liability of $120 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. External pricing sources for securities represent unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities The table below presents quantitative information on significant internally-priced Level 3 assets and liabilities (in millions): As of June 30, 2022 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets GMIB reinsurance recoverable $ 232 Discounted cash flow Mortality (1) 0.01% - 23.42% Decrease Lapse (2) 3.30% - 9.00% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 3.75% - 4.50% Increase Nonperformance risk (5) 0.00% - 2.32% Decrease Long-term Equity Volatility (6) 18.50% - 23.00% Increase Liabilities Embedded derivative liabilities $ 601 Discounted cash flow Mortality (1) 0.04% - 21.45% Decrease Lapse (2) 0.20% - 30.90% Decrease Utilization (3) 5.00% - 100.00% Increase Withdrawal (4) 58.00% - 97.00% Increase Nonperformance risk (5) 0.00% - 2.32% Decrease Long-term Equity Volatility (6) 18.50% - 23.00% Increase (1) Mortality rates vary by attained age, tax qualification status, GMWB benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when GMWB benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the utilization rate of the contract’s free partial withdrawal provision (GMIB) or the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount (GMWB). Withdrawal rates on contracts with a GMIB vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Nonperformance risk spread varies by projection year. (6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available. As of December 31, 2021 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets GMIB reinsurance recoverable $ 262 Discounted cash flow Mortality (1) 0.01% - 23.42% Decrease Lapse (2) 3.30% - 9.00% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 3.75% - 4.50% Increase Nonperformance risk (5) 0.11% - 1.50% Decrease Long-term Equity Volatility (6) 18.50% - 22.06% Increase Liabilities Embedded derivative liabilities $ 2,626 Discounted cash flow Mortality (1) 0.04% - 21.45% Decrease Lapse (2) 0.20% - 30.90% Decrease Utilization (3) 5.00% - 100.00% Increase Withdrawal (4) 58.00% - 97.00% Increase Nonperformance risk (5) 0.11% - 1.50% Decrease Long-term Equity Volatility (6) 18.50% - 22.06% Increase (1) Mortality rates vary by attained age, tax qualification status, GMWB benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when GMWB benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the utilization rate of the contract’s free partial withdrawal provision (GMIB) or the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount (GMWB). Withdrawal rates on contracts with a GMIB vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Nonperformance risk spread varies by projection year. (6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available. Sensitivity to Changes in Unobservable Inputs The following is a general description of sensitivities of significant unobservable inputs and their impact on the fair value measurement for the assets and liabilities reflected in the tables above. At both June 30, 2022 and December 31, 2021, securities of $2 million are fair valued using techniques incorporating unobservable inputs and are classified in Level 3 of the fair value hierarchy. For these assets, their unobservable inputs and ranges of possible inputs do not materially affect their fair valuations and have been excluded from the quantitative information in the tables above. Policy loans that support funds withheld reinsurance agreements that are held at fair value under the fair value option on the Company’s Condensed Consolidated Balance Sheets are excluded from the tables above. These policy loans do not have a stated maturity and the balances, plus accrued investment income, are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans, which includes accrued investment income, approximates fair value and have been classified as Level 3 within the fair value hierarchy. Funds withheld payable under reinsurance treaties, for funds withheld payable held at fair value under the fair value option and the Athene embedded derivative, are excluded from the tables above. The fair value of Funds withheld payable under reinsurance treaties, excluding the Athene embedded derivative, is determined based upon the fair value of the investments held by the Company related to the Company’s funds withheld payable under reinsurance treaties. The Athene embedded derivative utilizes a total return swap technique which incorporates the fair value of the invested assets supporting the reinsurance agreement as a component of the valuation. As a result, these valuations for the funds withheld payable under reinsurance treaties and the Athene embedded derivative require certain significant inputs which are generally not observable and, accordingly, the valuation is considered Level 3 in the fair value hierarchy. The GMIB reinsurance recoverable fair value calculation is based on the present value of future cash flows comprised of future expected reinsurance benefit receipts, less future

Deferred Acquisition Costs

Deferred Acquisition Costs	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Deferred Acquisition Costs	Deferred Acquisition Costs The balances of, and changes, in deferred acquisition costs were as follows (in millions): . Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 14,249 $ 13,897 Deferrals of acquisition costs 349 400 Amortization (1,713) (548) Unrealized investment (gains) losses 230 64 Balance, end of period $ 13,115 $ 13,813 See Note 7 of Notes to Consolidated Financial Statements in Part II, Item 8, Financial Statements and Supplementary Data of the Company’s 2021 Annual Report, for more information regarding deferred acquisition costs.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Reinsurance	Reinsurance The Company assumes and cedes reinsurance from and to other insurance companies in order to limit losses from large exposures. However, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability. The Company reinsures certain of its risks to other reinsurers under a coinsurance, modified coinsurance, or yearly renewable term basis. The Company regularly monitors the financial strength ratings of its reinsurers. The Company has also acquired certain lines of business that are wholly ceded to non-affiliates. These include both direct and assumed accident and health business, direct and assumed life insurance business, and certain institutional annuities. Athene Reinsurance The Company entered into a funds withheld coinsurance agreement with Athene effective June 1, 2020 to reinsure on 100% quota share basis, a block of Jackson’s in-force fixed and fixed-index annuity product liabilities in exchange for a $1.2 billion ceding commission. The coinsurance with funds withheld agreement required Jackson to establish a segregated account in which the investments supporting the ceded obligations are maintained. While the economic benefits of the investments flow to Athene, Jackson retains physical possession and legal ownership of the investments supporting the reserve. Further, the investments in the segregated account are not available to settle any policyholder obligations other than those specifically covered by the coinsurance agreement and are not available to settle obligations to general creditors of Jackson. The profit and loss with respect to obligations ceded to Athene are included in periodic net settlements pursuant to the coinsurance agreement. To further support its obligations under the coinsurance agreement, Athene procured $1.2 billion in letters of credit for Jackson’s benefit and established a trust account for Jackson’s benefit, which had a book value of approximately $303 million at June 30, 2022. Swiss Re Reinsurance The Company has three retrocession reinsurance agreements (“retro treaties”) with Swiss Reinsurance Company Ltd. (“SRZ”). Pursuant to these retro treaties, the Company ceded certain blocks of business to SRZ on a 100% coinsurance basis, subject to pre-existing reinsurance with other parties. The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items in the Condensed Consolidated Balance Sheets (in millions): June 30, December 31, 2022 2021 Assets Debt securities, available-for-sale $ 15,451 $ 19,094 Debt securities, at fair value under the fair value option 157 164 Equity securities 88 116 Mortgage loans 4,639 4,739 Mortgage loans, at fair value under the fair value option 357 — Policy loans 3,500 3,483 Freestanding derivative instruments, net 94 37 Other invested assets 889 715 Cash and cash equivalents 324 438 Accrued investment income 165 162 Other assets and liabilities, net (46) (56) Total assets (1) $ 25,618 $ 28,892 Liabilities Funds held under reinsurance treaties (2) $ 25,506 $ 29,007 Total liabilities $ 25,506 $ 29,007 (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability. (2) Includes funds withheld embedded derivative asset (liability) of $2,508 million and $(120) million at June 30, 2022 and December 31, 2021, respectively. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Debt securities (1) $ 180 $ 194 $ 330 $ 398 Equity securities (9) 4 (25) 2 Mortgage loans (2) 49 43 101 78 Policy loans 79 81 159 162 Limited partnerships 86 (2) 102 1 Other investment income 1 — 1 — Total investment income on funds withheld assets 386 320 668 641 Other investment expenses on funds withheld assets (3) (22) (26) (44) (56) Total net investment income on funds withheld reinsurance treaties $ 364 $ 294 $ 624 $ 585 (1) Includes $(2) million and $(8) million for the three and six months ended June 30, 2022, respectively, and nil and $(1) million for the three and six months ended June 30, 2021, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(5) million and $(3) million for the three and six months ended June 30, 2022, respectively, and nil both for the three and six months ended June 30, 2021, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees. The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Available-for-sale securities Realized gains on sale $ 3 $ 85 $ 40 $ 258 Realized losses on sale (4) (11) (31) (13) Credit loss expense (12) (1) (40) (1) Credit loss expense on mortgage loans 13 (12) 11 (5) Other (43) (2) (59) (11) Net gains (losses) on non-derivative investments (43) 59 (79) 228 Net gains (losses) on derivative instruments 63 2 84 19 Net gains (losses) on funds withheld payable under reinsurance treaties (1) 1,057 (829) 2,100 (117) Total net gains (losses) on derivatives and investments $ 1,077 $ (768) $ 2,105 $ 130 (1) Includes the Athene embedded derivative gain (loss) of $1,347 million and $2,628 million for the three and six months ended June 30, 2022, respectively, and $(544) million and $454 million for the three and six months ended June 30, 2021, respectively. While the economic benefits of the funds withheld assets flow to the respective reinsurers, Jackson retains physical possession and legal ownership of the investments supporting the reserves. Net investment income and net gains (losses) on derivatives and investments related to the funds withheld assets are included in periodic settlements under the reinsurance agreements which results in the flow of returns on the assets to the reinsurers. Net gains (losses) on the funds withheld assets are increased or decreased by changes in the embedded derivative liability related to the Athene Reinsurance Agreement and also include (i) changes in the related funds withheld payable and (ii) amortization of the basis difference between book value and fair value of the investments as of the effective date of the reinsurance agreements. Components of the Company’s reinsurance recoverable were as follows (in millions): June 30, December 31, 2022 2021 Reserves: Life $ 5,728 $ 5,829 Accident and health 538 547 Guaranteed minimum income benefits 232 262 Other annuity benefits (1) 24,347 25,625 Claims liability and other 822 863 Total $ 31,667 $ 33,126 (1)

Reserves for Future Policy Bene

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds	Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds For traditional life insurance contracts, which include term and whole life, reserves for future policy benefits are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest, lapse and expenses, plus provisions for adverse deviations. These assumptions are not unlocked unless the reserve is determined to be deficient. Interest rate assumptions range from 2.5% to 6.0%. Lapse, mortality, and expense assumptions for recoverability are based primarily on Company experience. The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 10. Group payout annuities consist of a closed block of defined benefit annuity plans. The liability for future benefits for these limited payment contracts is calculated using assumptions as of the acquisition date as to mortality and expense plus provisions for adverse deviation. In conjunction with a prior acquisition, the Company recorded a fair value adjustment at acquisition related to certain annuity and interest sensitive liability blocks of business to reflect the cost of the interest guarantees within the in-force liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate at acquisition. This adjustment was recorded in reserves for future policy benefits and claims payable. This reserve is reassessed at the end of each period, taking into account changes in the in-force block. Any resulting change in the reserve is recorded as a change in policy reserve through the consolidated income statements. The following table sets forth the Company’s reserves for future policy benefits and claims payable balances (in millions): June 30, December 31, 2022 2021 Traditional life $ 4,076 $ 4,187 Guaranteed benefits (1) 4,231 5,477 Claims payable 1,041 1,050 Accident and health 1,177 1,204 Group payout annuities 4,734 4,895 Other 794 816 Total $ 16,053 $ 17,629 (1) Primarily i ncludes the embedded derivative liabilities related to the GMWB reserve. The following table sets forth the Company’s liabilities for other contract holder funds balances (in millions): June 30, December 31, 2022 2021 Interest-sensitive life $ 11,363 $ 11,570 Variable annuity fixed option 11,060 10,030 RILA (1) 735 110 Fixed annuity 15,320 15,816 Fixed index annuity (2) 12,615 13,333 GICs, funding agreements and FHLB advances 8,483 8,830 Total $ 59,576 $ 59,689 (1) Includes the embedded derivative liabilities related to RILA of $4 million and $6 million at June 30, 2022 and December 31, 2021, respectively. (2) Includes the embedded derivative liabilities related to fixed index annuity of $1,087 million and $1,439 million at June 30, 2022 and December 31, 2021, respectively. For interest-sensitive life contracts, liabilities approximate the policyholder’s account value, plus the remaining balance of the fair value adjustment related to previously acquired business, which is further discussed below. The liability for fixed index annuities and registered index linked annuities is based on three components: 1) the imputed value of the underlying guaranteed host contract, 2) the fair value of the embedded option component of the contract, and 3) the liability for guaranteed benefits related to the optional lifetime income rider. For fixed annuities, variable annuity fixed option, and other investment contracts, as included in the above table, the liability is the account value, plus the unamortized balance of the fair value adjustment related to previously acquired business. For payout annuities, as included in the above table, reserves are determined under the methodology for limited-payment contracts (for those with significant life contingencies) or using a constant yield method and assumptions as of the issue date for mortality, interest rates, lapse and expenses plus provisions for adverse deviations. At June 30, 2022, the Company had interest sensitive life business with minimum guaranteed interest rates ranging from 2.5% to 6.0% with a 4.68% average guaranteed rate and fixed interest rate annuities with minimum guaranteed rates ranging from 1.0% to 5.5% and a 1.95% average guaranteed rate. At June 30, 2022 and December 31, 2021, approximately 92% and 94%, respectively, of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following tables show the distribution of the annuity account values within the presented ranges of minimum guaranteed interest rates, excluding the reinsured business (in millions): June 30,2022 Minimum Account Value Fixed Fixed Index RILA Variable Total 1.0% $ 178 $ 309 $ 10 $ 6,911 $ 7,408 >1.0% - 2.0% 53 1 — 211 265 >2.0% - 3.0% 1,091 169 — 3,347 4,607 >3.0% - 4.0% 581 — — — 581 >4.0% - 5.0% 273 — — — 273 >5.0% - 5.5% 72 — — — 72 Subtotal 2,248 479 10 10,469 13,206 Ceded reinsurance 11,626 12,136 — — 23,762 Total $ 13,874 $ 12,615 $ 10 $ 10,469 $ 36,968 December 31, 2021 Minimum Account Value Fixed Fixed Index RILA Variable Total 1.0% $ 156 $ 279 $ 1 $ 5,988 $ 6,424 >1.0% - 2.0% 57 1 — 214 272 >2.0% - 3.0% 1,113 183 — 3,254 4,550 >3.0% - 4.0% 594 — — — 594 >4.0% - 5.0% 276 — — — 276 >5.0% - 5.5% 72 — — — 72 Subtotal 2,268 463 1 9,456 12,188 Ceded reinsurance 12,086 12,870 — — 24,956 Total $ 14,354 $ 13,333 $ 1 $ 9,456 $ 37,144 At both June 30, 2022 and December 31, 2021, approximately 80% of the Company’s interest sensitive life business account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following table shows the distribution of the interest sensitive life business account values within the presented ranges of minimum guaranteed interest rates, excluding the business that is subject to the previously mentioned retro treaties (in millions): June 30, December 31, Minimum 2022 2021 Account Value - Interest Sensitive Life >2.0% - 3.0% $ 247 $ 252 >3.0% - 4.0% 2,686 2,742 >4.0% - 5.0% 2,338 2,387 >5.0% - 6.0% 1,923 1,967 Subtotal 7,194 7,348 Retro treaties 4,169 4,222 Total $ 11,363 $ 11,570 The Company has established a $27 billion aggregate Global Medium Term Note ("MTN") program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements. The carrying values at June 30, 2022 and December 31, 2021 totaled $5.3 billion and $6.0 billion, respectively. Those Medium-Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps. The unrealized foreign currency gains and losses on those Medium-Term Note instruments are included in the carrying value of the trust instruments supported by funding agreements. Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date. Foreign currency translation gains and losses are included in net gains (losses) on derivatives and investments. Jackson is a member of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with long-term funding facilities. Advances are in the form of long-term notes or funding agreements issued to FHLBI. At June 30, 2022 and December 31, 2021, the Company held $146 million and $125 million of FHLBI capital stock, respectively, supporting $2.1 billion and $2.0 billion in funding agreements and long-term borrowings at June 30, 2022 and December 31, 2021, respectively. The Company’s institutional products business is comprised of the traditional guaranteed investment contracts, medium-term funding agreement-backed notes and funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) described above.

Certain Nontraditional Long-Dur

Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees	Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (“traditional variable annuities”). The Company also issues variable annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (“variable contracts with guarantees”) either a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (guaranteed minimum death benefits, or "GMDB"), at annuitization (GMIB), upon the depletion of funds (GMWB) or at the end of a specified period (GMAB). The assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities. Liabilities for guaranteed benefits are general account obligations and are reported in reserves for future policy benefits and claims payable. Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue as fee income. Changes in liabilities for minimum guarantees are reported within death, other policy benefits and change in policy reserves within the Condensed Consolidated Income Statements with the exception of changes in embedded derivatives, which are included in net gains (losses) on derivatives and investments. Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the Condensed Consolidated Income Statements. At June 30, 2022 and December 31, 2021, the Company provided variable annuity contracts with guarantees, for which the net amount at risk is defined as the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions): Minimum Return Account Net Amount at Risk Weighted Average Attained Age Average Period until Expected Annuitization June 30, 2022 Return of net deposits plus a minimum return GMDB 0-6% $ 152,355 $ 8,287 69 years GMWB - Premium only 0% 2,224 63 GMWB 0-5%* 179 15 Highest specified anniversary account value minus withdrawals post-anniversary GMDB 11,351 2,567 70.2 years GMWB - Highest anniversary only 2,985 591 GMWB 877 137 Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary GMDB 0-6% 7,727 2,332 72.1 years GMIB 0-6% 1,256 751 0.6 years GMWB 0-8%* 142,263 38,815 Weighted Average Attained Age Average Period until Expected Annuitization Minimum Return Account Net Amount at Risk December 31, 2021 Return of net deposits plus a minimum return GMDB 0-6% $ 194,060 $ 2,124 68.7 years GMWB - Premium only 0% 2,937 7 GMWB 0-5%* 245 8 Highest specified anniversary account value minus withdrawals post-anniversary GMDB 14,806 93 69.8 years GMWB - Highest anniversary only 3,919 33 GMWB 643 44 Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary GMDB 0-6% 9,896 522 71.9 years GMIB 0-6% 1,662 463 0.5 years GMWB 0-8%* 181,457 4,295 * Ranges shown based on simple interest. The upper limits of 5% or 8% simple interest are approximately equal to 4.1% and 6.0%, respectively, on a compound interest basis over a typical 10-year bonus period. The combination GMWB category also includes benefits with a defined increase in the withdrawal percentage under pre-defined non-market conditions. Amounts shown as GMWB above include a ‘not-for-life’ component up to the point at which the guaranteed withdrawal benefit is exhausted, after which benefits paid are considered to be ‘for-life’ benefits. The liability related to this ‘not-for-life’ portion is valued as an embedded derivative, while the ‘for-life’ benefits are valued as an insurance liability (see below). For this table, the net amount at risk of the ‘not-for-life’ component is the undiscounted excess of the guaranteed withdrawal benefit over the account value, and that of the ‘for-life’ component is the estimated value of additional life contingent benefits paid after the guaranteed withdrawal benefit is exhausted. Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions): June 30, December 31, 2022 2021 Fund type: Equity $ 117,636 $ 154,368 Bond 16,834 20,207 Balanced 35,325 43,185 Money market 2,256 1,564 Total $ 172,051 $ 219,324 GMDB liabilities reflected in the general account were as follows (in millions): Six Months Ended June 30, 2022 2021 Balance as of beginning of period $ 1,370 $ 1,418 Incurred guaranteed benefits 812 47 Paid guaranteed benefits (86) (57) Balance as of end of period $ 2,096 $ 1,408 The GMDB liability is determined by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the liability balance through the Condensed Consolidated Income Statements, within death, other policy benefits and change in policy reserves, if actual experience or other evidence suggests that earlier assumptions should be revised. The following assumptions and methodology were used to determine the GMDB liability at both June 30, 2022 and December 31, 2021 (except where otherwise noted): • Use of a series of stochastic investment performance scenarios, based on historical average market volatility. • Mean investment performance assumption of 7.15%, after investment management fees, but before external investment advisory fees and mortality and expense charges. • Mortality equal to 38% to 100% of the 2012 Individual Annuity Mortality basic table improved using Scale G2 through 2020. • Lapse rates varying by contract type, duration and degree the benefit is in-the-money and ranging from 0.3% to 27.9% (before application of dynamic adjustments). • Discount rates: 7.15% on 2020 and later issues, 7.4% on 2013 through 2019 issues, 8.4% on 2012 and prior issues. Most GMWB reserves are considered to be derivatives under current accounting guidance and are recognized at fair value, as previously defined, with the change in fair value reported in net income (as net gains (losses) on derivatives and investments). The fair value of these liabilities is determined using stochastic modeling and inputs as further described in Note 6. The fair valued GMWB had a reserve liability of $601 million and $2,626 million at June 30, 2022 and December 31, 2021, respectively, and was reported in reserves for future policy benefits and claims payable. The Company has also issued certain GMWB products that guarantee payments over a lifetime. Reserves for the portion of these benefits after the point where the guaranteed withdrawal balance is exhausted are calculated using assumptions and methodology similar to the GMDB liability. At June 30, 2022 and December 31, 2021, these GMWB reserves totaled $306 million and $196 million, respectively, and were reported in reserves for future policy benefits and claims payable. GMAB benefits were offered on some variable annuity products. However, the Company no longer offers these benefits and all have expired as of June 30, 2021. The direct GMIB liability is determined at each period end by estimating the expected value of the annuitization benefits in excess of the projected account balance at the date of annuitization and recognizing the excess ratably over the accumulation period based on total expected assessments. The assumptions used for calculating the direct GMIB liability are consistent with those used for calculating the GMDB liability. At June 30, 2022 and December 31, 2021, GMIB reserves before reinsurance totaled $132 million and $78 million, respectively. Other Liabilities – Insurance and Annuitization Benefits The Company has established additional reserves for life insurance business for universal life plans with secondary guarantees, interest-sensitive life plans that exhibit “profits followed by loss” patterns and account balance adjustments to tabular guaranteed cash values on one interest-sensitive life plan. Liabilities for these benefits, as established according to the methodologies described below, are as follows: June 30, 2022 December 31, 2021 Benefit Type Liability Net Amount Weighted Average Attained Age Liability Net Amount Weighted Average Attained Age Insurance benefits * $ 949 $ 17,905 64.4 years $ 943 $ 18,506 64.0 years Account balance adjustments 143 N/A N/A 141 N/A N/A * Amounts for the universal life benefits are for the total of the plans containing any policies having projected non-zero excess benefits, and thus may include some policies with zero projected excess benefits. The following assumptions and methodology were used to determine the universal life insurance benefit liability for the periods referenced in the table above: • Use of a series of deterministic premium persistency scenarios. • Other experience assumptions similar to those used in amortization of deferred acquisition costs. • Discount rates equal to credited interest rates, approximately 3.0% to 5.5% at both June 30, 2022 and December 31, 2021.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Liabilities for the Company’s debt are primarily carried at an amount equal to the unpaid principal balance. Original issuance discount or premium and any debt issue costs, if applicable, are recognized as a component of interest expense over the period the debt is expected to be outstanding. The aggregate carrying value of long-term debt were as follows (in millions): June 30, December 31, 2022 2021 Long-Term Debt Senior Notes due 2023 $ 596 $ 596 Senior Notes due 2027 397 — Senior Notes due 2031 493 495 Senior Notes due 2032 347 — Senior Notes due 2051 488 490 Term loan due 2023 — 751 Surplus notes 250 250 FHLBI bank loans 63 67 Total long-term debt $ 2,634 $ 2,649 The following table presents the contractual maturities of the Company's long-term debt as of June 30, 2022 (in millions): Calendar Year 2023 2024 2025 2026 2027 and thereafter Total Long-term debt $ 596 $ — $ — $ — $ 2,038 $ 2,634 Senior Notes On June 8, 2022, the Company issued $750 million aggregate principal amount of its senior unsecured notes, consisting of $400 million aggregate principal amount of 5.170% Senior Notes due June 8, 2027 (the “2027 Notes”) and $350 million aggregate principal amount of 5.670% Senior Notes due June 8, 2032 (the “2032 Notes”). The net proceeds of the 2027 Notes and 2032 Notes were used, together with cash on hand, to repay the Company’s $750 million aggregate principal senior unsecured amount term loan due February 2023 (the “2023 DDTL Facility”). On November 23, 2021, the Company issued $1.6 billion aggregate principal amount of its senior unsecured notes consisting of $600 million aggregate principal amount of 1.1% Senior Notes due November 22, 2023 (the “2023 Senior Notes”), $500 million aggregate principal amount of 3.1% Senior Notes due November 23, 2031 (the “2031 Senior Notes”) and $500 million aggregate principal amount of 4.0% Senior Notes due November 23, 2051 (the “2051 Senior Notes” and, together with the 2023 Senior Notes and the 2031 Senior Notes, the “Senior Notes”). The proceeds of the Senior Notes were used, together with cash on hand, to repay the Company’s $1.6 billion aggregate principal amount senior unsecured term loan due May 2022 (the “2022 DDTL Facility”), as described below.

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
Federal Home Loan Bank Advances	Federal Home Loan Bank AdvancesThe Company, through its subsidiary, Jackson, entered into an advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates. Advances of nil were outstanding at both June 30, 2022 and December 31, 2021, respectively, and were recorded in other liabilities.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company uses the estimated annual effective tax rate (“ETR”) method in computing the interim tax provision. Certain items, including those deemed unusual, infrequent, or that cannot be reliably estimated, are treated as discrete items and excluded from the estimated annual ETR. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual ETR, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions and are recorded in the period in which the change occurs. The estimated annual ETR is revised, as necessary, at the end of successive interim reporting periods. The Company’s effective income tax rate was 19.8% and 17.5% for the three and six months ended June 30, 2022, compared with 9.2% and 18.2% for the same periods in 2021. The ETR differs from the statutory rate of 21% primarily due to the dividends received deduction and utilization of foreign tax credits. The change in the ETR for the three and six months ended June 30, 2022 was due to the relationship of taxable income to consolidated pre-tax income. The ETR differs for the six months ended June 30, 2022 from the full year-ended December 31, 2021 ETR of 15.9% due to the relationship of taxable income to consolidated pre-tax income, the provision-to-return adjustments recorded in 2021 and the net interest related to income taxes recorded in 2021. The Company is required to evaluate the recoverability of its deferred tax assets and establish a valuation allowance, if necessary, to reduce its deferred tax asset to an amount that is more likely than not to be realizable. Considerable judgment and the use of estimates are required when determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. When evaluating the need for a valuation allowance, the Company considers many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies the Company would employ to avoid a tax benefit from expiring unused. For the three month period ended June 30, 2022, recent changes in market conditions, including rising interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolio resulting in deferred tax assets related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of June 30, 2022, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized losses that are not more-likely-than-not to be realized. For the three months ending June 30, 2022, the Company established $320 million of valuation allowance associated with the unrealized tax losses in the companies’ available for sale securities portfolio. All of the valuation allowance establishment was allocated to other comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse effect on the Company's financial condition. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers including allegations of misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable.At June 30, 2022, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $1,676 million. At June 30, 2022, unfunded commitments related to fixed-rate mortgage loans and other debt securities totaled $1,596 million.

Other Related Party Transaction

Other Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party Transactions The Company's investment management operation, PPM, provides investment services to certain Prudential affiliated entities. The Company recognized $9 million and $9 million of revenue during the three months ended June 30, 2022, and 2021, and $18 million and $19 million of revenue during the six months ended June 30, 2022 and 2021, associated with these investment services. This revenue was included in fee income in the accompanying Condensed Consolidated Income Statements.

Operating Costs and Other Expen

Operating Costs and Other Expenses	6 Months Ended
	Jun. 30, 2022
Operating Costs And Other Expenses [Abstract]
Operating Costs and Other Expenses	Operating Costs and Other Expenses The following table is a summary of the Company’s operating costs and other expenses (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Asset-based commission expenses $ 250 $ 281 $ 525 $ 548 Other commission expenses 229 264 469 530 General and administrative expenses 208 257 479 521 Deferral of acquisition costs (170) (202) (349) (401) Total operating costs and other expenses $ 517 $ 600 $ 1,124 $ 1,198

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period (1) $ (939) $ 1,443 $ 1,744 $ 3,821 Change in unrealized appreciation (depreciation) of investments (3,290) 1,440 (6,871) (1,652) Change in unrealized appreciation (depreciation) - other 141 (84) 312 71 Change in deferred tax asset 362 (293) 1,100 343 Other comprehensive income (loss) before reclassifications (2,787) 1,063 (5,459) (1,238) Reclassifications from AOCI, net of tax 4 (115) (7) (192) Other comprehensive income (loss) (2,783) 948 (5,466) (1,430) Balance, end of period (1) $ (3,722) $ 2,391 $ (3,722) $ 2,391 (1) Includes $(1,677) million, $287 million and $632 million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of June 30, 2022, December 31, 2021 and June 30, 2021, respectively. The following table represents amounts reclassified out of AOCI (in millions): AOCI Components Amounts Affected Line Item in the Condensed Three Months Ended June 30, 2022 2021 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ (7) $ (166) Net gains (losses) on derivatives and investments Other impaired securities 12 — Net gains (losses) on derivatives and investments Net unrealized gain (loss) 5 (166) Amortization of deferred acquisition costs 2 18 Reclassifications, before income taxes 7 (148) Income tax expense (benefit) 3 (33) Reclassifications, net of income taxes $ 4 $ (115) AOCI Components Amounts Affected Line Item in the Condensed Six Months Ended June 30, 2022 2021 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ (38) $ (268) Net gains (losses) on derivatives and investments Other impaired securities 30 — Net gains (losses) on derivatives and investments Net unrealized gain (loss) (8) (268) Amortization of deferred acquisition costs — 23 Reclassifications, before income taxes (8) (245) Income tax expense (benefit) (1) (53) Reclassifications, net of income taxes $ (7) $ (192)

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	Equity Common Stock The Company had two classes of common stock: Class A Common Stock and Class B Common Stock. Both classes had a par value of $0.01 per share. Each share of Class A Common Stock is entitled to one vote per share. Each share of Class B Common Stock was entitled to one-tenth of one vote per share. Except for voting rights, the Company’s Class A Common Stock and Class B Common Stock had the same dividend rights, were equal in all respects, and were otherwise treated as if they were one class of shares. On June 9, 2022, our Second Amended and Restated Certificate of Incorporation was further amended and restated, following shareholder approval, to eliminate the Class B Common Stock. At June 30, 2022 and December 31, 2021, the Company was authorized to issue up to 900 million shares of common stock (formerly known as the Class A Common Stock). At June 30, 2022 and December 31, 2021, the Company was authorized to issue nil and 100 million shares of Class B Common Stock, respectively. Share Repurchase Program On February 28, 2022, our Board of Directors authorized an increase of $300 million in our existing authorization to repurchase shares of our outstanding Class A Common Stock as part of the Company's share repurchase program. As of August 3, 2022, the Company had remaining authority to purchase $183 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company's capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time. It does not have an expiration date. There can be no assurance that we will continue share repurchases or approve any increase to, or approve any new, stock repurchase program, or as to the amount of any repurchases made pursuant to such programs. The following table represents share repurchase activities as part of this share repurchase program: Period Number of Shares Repurchased Total Payments Average Price Paid Per Share 2021(October 1 - December 31) 5,778,649 $ 211 $ 36.51 Total 2021 5,778,649 211 36.51 2022 (January 1- March 31) 3,433,610 140 40.84 2022 (April 1- June 30) 1,870,854 66 35.15 Total 2022 5,304,464 $ 206 $ 38.83 The following table represents changes in the balance of common stock outstanding: Common Stock Issued Treasury Stock Total Common Stock Outstanding Shares at December 31, 2021 94,464,343 (5,778,649) 88,685,694 Share-based compensation programs 8,783 1,474,714 (1) 1,483,497 Shares repurchased under repurchase program — (5,304,464) (5,304,464) Shares at June 30, 2022 94,473,126 (9,608,399) 84,864,727 (1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs. On December 13, 2021, we repurchased 2,242,516 shares of our Class A Common Stock from Prudential and 1,134,767 shares of our Class A Common Stock from Athene. The price per share in the repurchase was $37.01. On December 13, 2021, Athene converted a total of 725,623 shares of its Class B common stock to Class A Common Stock on a one-for-one basis. On February 1, 2022, Athene converted the remaining 638,861 shares of its Class B Common Stock to Class A Common Stock on a one-for-one basis. On March 12, 2022, we repurchased 750,000 shares of our Class A Common Stock from Athene. The price per share in the repurchase was $37.89. Dividends to Shareholders Any declaration of cash dividends will be at the discretion of JFI’s Board of Directors and will depend on our financial condition, earnings, liquidity and capital requirements, regulatory constraints, level of indebtedness, contractual restrictions with respect to paying cash dividends, restrictions imposed by Delaware law, general business conditions and any other factors that JFI’s Board of Directors deems relevant in making any such determination. Therefore, there can be no assurance that we will pay any cash dividends to holders of our common stock or as to the amount of any such cash dividend. The following table presents declaration date, record date, payment date and dividends paid on per JFI’s Class A and Class B common shares: Declaration Date Record Date Payment Date Dividends Paid Per Share 03/31/2022 February 28, 2022 March 14, 2022 March 23, 2022 $0.55 06/30/2022 May 9, 2022 June 2, 2022 June 16, 2022 $0.55

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) attributable to Jackson Financial Inc. shareholders by the weighted-average number of Class A and Class B common shares outstanding during the period. Except for voting rights, the Company’s Class A Common Stock and Class B Common Stock had the same dividend rights, were equal in all respects, and were otherwise treated as if they were one class of shares, including the treatment for the earnings per share calculations. Diluted earnings per share is calculated by dividing the net income (loss) attributable to Jackson Financial Inc. shareholders, by the weighted-average number of shares of Class A Common Stock and Class B Common Stock outstanding for the period, plus shares representing the dilutive effect of share-based awards. For the three and six months ended June 30, 2021, the Company did not have any outstanding share-based awards involving the issuance of the Company’s equity and, therefore, no impact to the diluted earnings per share calculation. The Company grants share-based awards subject to vesting provisions as provided in the Company's 2021 Omnibus Incentive Plan, which have a dilutive effect. See Note 16 for further description of share-based awards in the Company's 2021 Annual Report. The following table sets forth the calculation of earnings per common share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions, except share and per share data) Net income (loss) attributable to Jackson Financial Inc. $ 2,903 $ (540) $ 4,928 $ 2,392 Weighted average shares of common stock outstanding - basic 85,968,564 94,464,343 86,649,493 94,464,343 Dilutive common shares 3,200,211 — 3,402,618 — Weighted average shares of common stock outstanding - diluted 89,168,775 94,464,343 90,052,111 94,464,343 Earnings per share—common stock Basic $ 33.77 $ (5.72) $ 56.87 $ 25.32 Diluted $ 32.56 $ (5.72) $ 54.72 $ 25.32

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date these Condensed Consolidated Financial Statements were issued. Dividends Declared to Shareholders On August 8, 2022, our Board of Directors approved a third quarter cash dividend on JFI's Common Stock of $0.55 per share, payable on September 15, 2022 to shareholders of record on September 1, 2022.

New Accounting Standards (Polic

New Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but not required for interim reporting purposes, has been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 7, 2022, (the "2021 Annual Report"). The condensed consolidated financial information as of December 31, 2021 included herein has been derived from the audited Consolidated Financial Statements in the 2021 Annual Report, although certain amounts have been reclassified to conform to the 2022 presentation. Certain accounting policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in the Company’s Notes to Consolidated Financial Statements for the year ended December 31, 2021 in the Company’s 2021 Annual Report.
Consolidation	All material intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: • Valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary; • Assessments as to whether certain entities are variable interest entities, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; • Assumptions impacting estimated future gross profits, including policyholder behavior, mortality rates, expenses, projected hedging costs, investment returns and policy crediting rates, used in the calculation of amortization of deferred acquisition costs; • Assumptions used in calculating policy reserves and liabilities, including policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; • Assumptions as to future earnings levels being sufficient to realize deferred tax benefits; • Estimates related to expectations of credit losses on certain financial assets and off balance sheet exposures; • Assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company; and • Assumptions used in calculating the value of guaranteed benefits. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the consolidated financial statements in the periods the estimates are changed.
New Accounting Standards	Changes in Accounting Principles – Adopted in Current Year In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients for applying GAAP to contracts and other transactions affected by reference rate reform and is effective for contract modifications made between March 12, 2020 and December 31, 2022. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. The practical expedient allowed by this standard was elected and will be applied prospectively by the Company as reference rate reform unfolds. The contracts modified to date met the criteria for the practical expedient and therefore had no material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and other transactions through December 31, 2022. Changes in Accounting Principles – Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts,” which includes changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. ASU No. 2018-12 is effective for fiscal years beginning after December 15, 2022. The amendments in ASU 2018-12 contain four significant changes: 1. Market risk benefits: market risk benefits, a new term for certain contracts or features that provide for potential benefits in addition to the account balance which expose us to other than nominal market risk (for example, certain guaranteed benefits on annuity contracts, including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits on variable annuities), will be measured at fair value. Changes in fair value will be recorded and presented separately within the income statement, with the exception of changes in fair value due to instrument-specific credit risk, which will be recognized in other comprehensive income (loss) (“OCI”). See Note 10 for more information regarding guaranteed benefits; 2. Deferred acquisition costs: deferred acquisition costs (“DAC”) will be amortized on a constant-level basis, independent of profitability on the underlying business; 3. Liability for future policy benefits: annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts will be required. These liabilities will be discounted using an upper-medium grade fixed income instrument yield which will be updated quarterly, with related changes in the liability recognized in OCI; and 4. Enhanced disclosures: enhanced disclosures, including disaggregated roll-forwards of certain balance sheet accounts that provide information about actual and expected cash flows, as well as information about significant inputs, judgments, assumptions and methods used in measurement, will be required. The enhanced disclosures are intended to improve the ability of users of the financial statements to evaluate the timing, amount, and uncertainty of cash flows arising from long-duration contracts. The Company will adopt the standard effective January 1, 2023, with a transition date of January 1, 2021, using a modified retrospective approach, except for market risk benefits for which we will apply a full retrospective transition approach. Under the modified retrospective approach, the Company will apply the guidance to contracts in force on the transition date on the basis of their existing carrying value, using updated future cash flow assumptions, and eliminate certain related amounts in accumulated other comprehensive income (loss) (“AOCI”). Under the full retrospective transition approach, the Company will apply the guidance as of the earliest period presented, using actual historical experience information as of contract inception, as if the accounting principle had always been applied. In accordance with its established governance framework, the Company continues to progress with implementation efforts including determining significant accounting policy decisions, modifying actuarial valuation models, revising reporting processes, and updating internal controls over financial reporting. Given the nature and extent of the required changes, the adoption of this standard is expected to have a significant impact on the Company’s consolidated financial statements and disclosures. Based upon the elected transition methods, the Company currently estimates the adoption of the standard will result in a decrease of between approximately $2 billion and $4 billion in the Company’s total equity at the transition date of January 1, 2021. This estimate is based on the economic conditions experienced at the transition date. The most significant drivers of the transition adjustment are expected to be: • changes to the measurement of certain benefits currently accounted for as insurance benefits (e.g., guaranteed minimum death benefits on variable annuities) which will be classified as market risk benefits upon adoption and remeasured at fair value, the impact of which is highly dependent on market conditions, including interest rates; • changes to the discount rate used to measure liabilities for future policyholder benefits that will be remeasured using current upper-medium grade fixed-income instrument yields, which are generally considered to be those on single-A rated public corporate debt; and • the removal of certain balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method.” The new guidance allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If multiple hedged layers are designated, an entity is required to perform an analysis to support its expectation that the aggregate amount of the hedged layers is anticipated to be outstanding for the designated hedge periods. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. An entity may designate multiple hedged layers of a single closed portfolio solely on a prospective basis. All entities are required to apply the amendments related to hedge basis adjustments under the portfolio layer method, except for those related to disclosures, on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Early adoption is permitted. The Company does not anticipate any impact when adopting the new guidance and does not plan to early adopt.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Certain Information with Respect to Segments	Set forth in the tables below is certain information with respect to the Company’s segments, as described above (in millions): Three Months Ended June 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 949 $ — $ 119 $ 17 $ 1,085 Premiums — — 35 — 35 Net investment income 124 72 185 35 416 Income (loss) on operating derivatives 7 (4) 13 8 24 Other income 11 — 9 1 21 Total Operating Revenues 1,091 68 361 61 1,581 Operating Benefits and Expenses Death, other policy benefits and change in policy 9 — 217 — 226 Interest credited on other contract holder funds, net 71 47 99 — 217 Interest expense 6 — — 18 24 Operating costs and other expenses, net of deferrals 441 2 39 35 517 Deferred acquisition and sales inducements 346 — — 8 354 Total Operating Benefits and Expenses 873 49 355 61 1,338 Pretax Adjusted Operating Earnings $ 218 $ 19 $ 6 $ — $ 243 Three Months Ended June 30, 2021 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,050 $ — $ 123 $ 19 $ 1,192 Premiums — — 34 — 34 Net investment income 144 57 205 39 445 Income (loss) on operating derivatives 15 — 17 8 40 Other income 11 — 12 7 30 Total Operating Revenues 1,220 57 391 73 1,741 Operating Benefits and Expenses Death, other policy benefits and change in policy 11 — 192 — 203 Interest credited on other contract holder funds, net 66 48 103 — 217 Interest expense 6 1 — — 7 Operating costs and other expenses, net of deferrals 485 2 38 49 574 Deferred acquisition and sales inducements (31) — 2 8 (21) Total Operating Benefits and Expenses 537 51 335 57 980 Pretax Adjusted Operating Earnings $ 683 $ 6 $ 56 $ 16 $ 761 Six Months Ended June 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,965 $ — $ 240 $ 35 $ 2,240 Premiums — — 72 — 72 Net investment income 242 136 381 88 847 Income (loss) on operating derivatives 18 (5) 28 18 59 Other income 22 — 17 2 41 Total Operating Revenues 2,247 131 738 143 3,259 Operating Benefits and Expenses Death, other policy benefits and change in policy 25 — 459 — 484 Interest credited on other contract holder funds, net of deferrals 139 86 198 — 423 Interest expense 11 — — 33 44 Operating costs and other expenses, net of deferrals 945 3 79 96 1,123 Deferred acquisition and sales inducements 503 — 4 17 524 Total Operating Benefits and Expenses 1,623 89 740 146 2,598 Pretax Adjusted Operating Earnings $ 624 $ 42 $ (2) $ (3) $ 661 Six Months Ended June 30, 2021 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 2,046 $ — $ 248 $ 39 $ 2,333 Premiums — — 71 — 71 Net investment income 349 120 461 54 984 Income (loss) on operating derivatives 29 — 38 12 79 Other income 23 — 22 8 53 Total Operating Revenues 2,447 120 840 113 3,520 Operating Benefits and Expenses Death, other policy benefits and change in policy 17 — 413 — 430 Interest credited on other contract holder funds, net 133 100 207 — 440 Interest expense 11 2 — — 13 Operating costs and other expenses, net of deferrals 961 2 78 107 1,148 Deferred acquisition and sales inducements 73 — 7 15 95 Total Operating Benefits and Expenses 1,195 104 705 122 2,126 Pretax Adjusted Operating Earnings $ 1,252 $ 16 $ 135 $ (9) $ 1,394
Reconciliation of Segment Operating Revenues to Total Revenues	The following table summarizes the reconciling items from the non-GAAP measure of operating revenues to the GAAP measure of total revenues attributable to the Company (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total operating revenues $ 1,581 $ 1,741 $ 3,259 $ 3,520 Fees attributed to variable annuity benefit reserves 765 701 1,529 1,373 Net gains (losses) on derivatives and investments 3,843 (2,561) 5,413 106 Net investment income (loss) related to noncontrolling interests 31 56 62 124 Consolidated investments (65) 1 (67) 31 Net investment income on funds withheld assets 364 294 624 585 Total revenues (1) $ 6,519 $ 232 $ 10,820 $ 5,739 (1) Substantially all of the Company's revenues originated in the United States. There were no individual customers that exceeded 10% of total revenues.
Reconciliation of Segment Operating Benefits and Expenses to Total Benefits and Expenses	The following table summarizes the reconciling items from the non-GAAP measure of operating benefits and expenses to the GAAP measure of total benefits and expenses attributable to the Company (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total operating benefits and expenses $ 1,338 $ 980 $ 2,598 $ 2,126 Benefits attributed to variable annuity benefit reserves 54 29 93 66 Amortization of DAC and DSI related to non-operating revenues and expenses 845 (243) 1,190 453 SOP 03-1 reserve movements 632 (21) 901 (4) Other items (1) 25 1 51 Total benefits and expenses $ 2,868 $ 770 $ 4,783 $ 2,692
Reconciliation of Segment Pretax Adjusted Operating Earnings to Net Income	The following table summarizes the reconciling items, net of deferred acquisition costs and deferred sales inducements, from the non-GAAP measure of pretax adjusted operating earnings to the GAAP measure of net income attributable to the Company (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Pretax adjusted operating earnings $ 243 $ 761 $ 661 $ 1,394 Non-operating adjustments (income) loss: Guaranteed benefits and hedging results: Fees attributable to guarantee benefit reserves 765 701 1,529 1,373 Net movement in freestanding derivatives 2,847 (442) 1,371 (3,473) Net reserve and embedded derivative movements (772) (1,374) 1,067 3,219 DAC and DSI impact (845) 243 (1,190) (453) Assumption changes — — — — Total guaranteed benefits and hedging results 1,995 (872) 2,777 666 Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative 1,082 (752) 1,980 298 Net investment income on funds withheld assets 364 294 624 585 Other items (64) (25) (67) (20) Pretax income (loss) attributable to Jackson Financial Inc. 3,620 (594) 5,975 2,923 Income tax expense (benefit) 717 (54) 1,047 531 Net income (loss) attributable to Jackson Financial Inc. $ 2,903 $ (540) $ 4,928 $ 2,392

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule Of Composition Of Fair Value Of Debt Securities Classified By Rating	At June 30, 2022 and December 31, 2021, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $76 million and $13 million, respectively. Percent of Total Debt June 30, 2022 December 31, 2021 Investment Rating AAA 12.4% 14.5% AA 9.2% 9.6% A 30.4% 28.5% BBB 40.3% 40.9% Investment grade 92.3% 93.5% BB 4.0% 3.6% B and below 3.7% 2.9% Below investment grade 7.7% 6.5% Total debt securities 100.0% 100.0%
Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance for Credit Loss and Maturities	At June 30, 2022 and December 31, 2021, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair June 30, 2022 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 3,733 $ — $ — $ 745 $ 2,988 Other government securities 1,659 6 3 155 1,501 Public utilities 5,927 1 57 465 5,518 Corporate securities 30,145 30 84 3,008 27,191 Residential mortgage-backed 479 6 26 29 470 Commercial mortgage-backed 1,769 — — 111 1,658 Other asset-backed securities 6,619 — 14 373 6,260 Total debt securities $ 50,331 $ 43 $ 184 $ 4,886 $ 45,586 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2021 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 4,525 $ — $ 97 $ 301 $ 4,321 Other government securities 1,489 — 147 17 1,619 Public utilities 6,069 — 671 25 6,715 Corporate securities 29,701 — 1,682 237 31,146 Residential mortgage-backed 528 2 46 3 569 Commercial mortgage-backed 1,968 — 76 6 2,038 Other asset-backed securities 6,926 7 71 23 6,967 Total debt securities $ 51,206 $ 9 $ 2,790 $ 612 $ 53,375 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at June 30, 2022, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties. Allowance Gross Gross Amortized for Unrealized Unrealized Fair Cost (1) Credit Loss Gains Losses Value Due in 1 year or less $ 988 $ — $ 2 $ 3 $ 987 Due after 1 year through 5 years 8,792 4 21 253 8,556 Due after 5 years through 10 years 14,468 26 31 1,302 13,171 Due after 10 years through 20 years 9,192 3 83 1,230 8,042 Due after 20 years 8,024 4 7 1,585 6,442 Residential mortgage-backed 479 6 26 29 470 Commercial mortgage-backed 1,769 — — 111 1,658 Other asset-backed securities 6,619 — 14 373 6,260 Total $ 50,331 $ 43 $ 184 $ 4,886 $ 45,586 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.
Residential Mortgage-Backed Securities	The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair June 30, 2022 Cost (1) Credit Loss Gains Losses Value Prime $ 190 $ 4 $ 3 $ 14 $ 175 Alt-A 83 2 12 2 91 Subprime 31 — 11 — 42 Total non-agency RMBS $ 304 $ 6 $ 26 $ 16 $ 308 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2021 Cost (1) Credit Loss Gains Losses Value Prime $ 228 $ 1 $ 10 $ 2 $ 235 Alt-A 94 1 21 — 114 Subprime 39 — 13 — 52 Total non-agency RMBS $ 361 $ 2 $ 44 $ 2 $ 401 (1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities.
Debt Securities in Continuous Unrealized Loss Position	The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions): June 30, 2022 December 31, 2021 Less than 12 months Less than 12 months Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 172 $ 1,013 29 $ 2 $ 107 16 Other government securities 154 1,282 153 17 252 23 Public utilities 398 4,453 508 17 721 93 Corporate securities 2,426 20,501 2,585 180 6,343 728 Residential mortgage-backed 26 288 205 3 174 109 Commercial mortgage-backed 97 1,567 203 5 314 37 Other asset-backed securities 360 5,081 625 22 3,224 338 Total temporarily impaired securities $ 3,633 $ 34,185 4,308 $ 246 $ 11,135 1,344 12 months or longer 12 months or longer Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 573 $ 1,801 8 $ 299 $ 3,190 7 Other government securities 1 10 5 — 4 2 Public utilities 67 171 29 7 99 8 Corporate securities 582 1,729 217 58 661 69 Residential mortgage-backed 3 45 47 — 11 12 Commercial mortgage-backed 14 72 6 1 30 3 Other asset-backed securities 13 119 20 1 11 3 Total temporarily impaired securities $ 1,253 $ 3,947 332 $ 366 $ 4,006 104 Total Total Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 745 $ 2,814 33 $ 301 $ 3,297 23 Other government securities 155 1,292 157 17 256 25 Public utilities 465 4,624 530 24 820 101 Corporate securities (1) 3,008 22,230 2,728 238 7,004 797 Residential mortgage-backed 29 333 252 3 185 121 Commercial mortgage-backed 111 1,639 208 6 344 40 Other asset-backed securities 373 5,200 637 23 3,235 341 Total temporarily impaired securities $ 4,886 $ 38,132 4,545 $ 612 $ 15,141 1,448 (1) Certain corporate securities contain multiple lots and fit the criteria of both aging groups.
Rollforward of Debt Securities Allowance for Credit Loss	The roll forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions): Three Months Ended June 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at April 1, 2022 $ — $ 6 $ — $ 22 $ 2 $ — $ 2 $ 32 Additions for which credit loss was not previously recorded — — 1 3 2 — — 6 Changes for securities with previously recorded credit loss — — — 5 3 — (2) 6 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — (1) — — (1) Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — — Balance at June 30, 2022 (2) $ — $ 6 $ 1 $ 30 $ 6 $ — $ — $ 43 Three Months Ended June 30, 2021 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at April 1, 2021 $ — $ — $ — $ — $ 1 $ — $ 4 $ 5 Additions for which credit loss was not previously recorded — — — — — — — — Changes for securities with previously recorded credit loss — — — — — — 2 2 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — — Balance at June 30, 2021 (2) $ — $ — $ — $ — $ 1 $ — $ 6 $ 7 Six Months Ended June 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2022 $ — $ — $ — $ — $ 2 $ — $ 7 $ 9 Additions for which credit loss was not previously recorded — 6 1 30 2 — — 39 Changes for securities with previously recorded credit loss — — — 5 3 — (7) 1 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — (1) — — (1) Securities intended/required to be sold before recovery of amortized cost basis — — — (5) — — — (5) Balance at June 30, 2022 (2) $ — $ 6 $ 1 $ 30 $ 6 $ — $ — $ 43 Six Months Ended June 30, 2021 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2021 $ — $ — $ — $ — $ — $ — $ 14 $ 14 Additions for which credit loss was not previously recorded — — — — 1 — — 1 Changes for securities with previously recorded credit loss — — — — — — (8) (8) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — — — — — — Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — — Balance at June 30, 2021 (2) $ — $ — $ — $ — $ 1 $ — $ 6 $ 7 (1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities. (2) Accrued interest receivable on debt securities totaled $382 million and $397 million as of June 30, 2022 and 2021, respectively, and was excluded from the determination of credit losses for the three and six months ended June 30, 2022 and 2021.
Sources of Net Investment Income	The sources of net investment income were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Debt securities (1) $ 213 $ 277 $ 486 $ 601 Equity securities 6 7 7 7 Mortgage loans 68 80 141 162 Policy loans 17 17 34 36 Limited partnerships 50 150 158 393 Other investment income 10 5 11 8 Total investment income excluding funds withheld assets 364 536 837 1,207 Net investment income on funds withheld assets (see Note 8) 364 294 624 585 Investment expenses: Derivative trading commission (1) (1) (2) (1) Depreciation on real estate (3) (2) (6) (5) Expenses related to consolidated entities (2) (15) (9) (36) (17) Other investment income (expense) (3) 38 (22) 50 (45) Total investment expenses 19 (34) 6 (68) Net investment income $ 747 $ 796 $ 1,467 $ 1,724 (1) Includes unrealized gains and losses on trading securities and includes $(95) million and $(85) million for the three and six months ended June 30, 2022, respectively, and nil and $38 million for the three and six months ended June 30, 2021, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes management fees, administrative fees, legal fees, and other expenses related to the consolidation of certain investments. (3) Includes interest expense and market appreciation on deferred compensation; investment software expense, custodial fees, and other bank fees; institutional product issuance related expenses; and other expenses. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Debt securities (1) $ 180 $ 194 $ 330 $ 398 Equity securities (9) 4 (25) 2 Mortgage loans (2) 49 43 101 78 Policy loans 79 81 159 162 Limited partnerships 86 (2) 102 1 Other investment income 1 — 1 — Total investment income on funds withheld assets 386 320 668 641 Other investment expenses on funds withheld assets (3) (22) (26) (44) (56) Total net investment income on funds withheld reinsurance treaties $ 364 $ 294 $ 624 $ 585 (1) Includes $(2) million and $(8) million for the three and six months ended June 30, 2022, respectively, and nil and $(1) million for the three and six months ended June 30, 2021, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(5) million and $(3) million for the three and six months ended June 30, 2022, respectively, and nil both for the three and six months ended June 30, 2021, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees.
Net Gains (Losses) on Derivatives and Investments	The following table summarizes net gains (losses) on derivatives and investments (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Available-for-sale securities Realized gains on sale $ 5 $ 96 $ 29 $ 121 Realized losses on sale (63) (52) (241) (58) Credit loss income (expense) 1 (1) 1 7 Credit loss income (expense) on mortgage loans (9) (10) 3 48 Other (1) 71 (18) 83 50 Net gains (losses) excluding derivatives and funds withheld assets 5 15 (125) 168 Net gains (losses) on derivative instruments (see Note 5) 2,785 (1,768) 3,492 (113) Net gains (losses) on funds withheld reinsurance treaties (see Note 8) 1,077 (768) 2,105 130 Total net gains (losses) on derivatives and investments $ 3,867 $ (2,521) $ 5,472 $ 185 (1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.
Asset and Liability Information for Consolidated VIEs	Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions): June 30, 2022 December 31, 2021 Assets Debt securities, at fair value under fair value option $ 1,991 $ 1,546 Debt securities, trading 103 117 Equity securities 128 129 Limited partnerships 1,491 1,309 Cash and cash equivalents 45 120 Other assets 36 45 Total assets $ 3,794 $ 3,266 Liabilities Debt owed to non-controlling interests $ 1,757 $ 1,404 Other liabilities 417 307 Total other liabilities 2,174 1,711 Securities lending payable 5 4 Total liabilities $ 2,179 $ 1,715 Equity Noncontrolling interests $ 747 $ 680
Rollforward of Mortgagees Allowance for Credit Loss	The following table provides a summary of the allowance for credit losses in the Company’s mortgage loan portfolios (in millions): Three Months Ended June 30, 2022 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at April 1, 2022 $ 21 $ 9 $ 22 $ 14 $ 12 $ 6 $ 84 Charge offs, net of recoveries — — — — — — — Provision (release) — 9 (6) (1) (3) (3) (4) Balance at June 30, 2022 (1) $ 21 $ 18 $ 16 $ 13 $ 9 $ 3 $ 80 Three Months Ended June 30, 2021 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at April 1, 2021 $ 27 $ 22 $ 16 $ 15 $ 13 $ 20 $ 113 Charge offs, net of recoveries — — — — — — — Provision (release) — 11 4 8 (1) 1 23 Balance at June 30, 2021 (1) $ 27 $ 33 $ 20 $ 23 $ 12 $ 21 $ 136 Six Months Ended June 30, 2022 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at January 1, 2022 $ 19 $ 9 $ 28 $ 17 $ 12 $ 9 $ 94 Charge offs, net of recoveries — — — — — — — Provision (release) 2 9 (12) (4) (3) (6) (14) Balance at June 30, 2022 (1) $ 21 $ 18 $ 16 $ 13 $ 9 $ 3 $ 80 Six Months Ended June 30, 2021 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at January 1, 2021 $ 58 $ 34 $ 25 $ 24 $ 24 $ 14 $ 179 Charge offs, net of recoveries — — — — — — — Provision (release) (31) (1) (5) (1) (12) 7 (43) Balance at June 30, 2021 (1) $ 27 $ 33 $ 20 $ 23 $ 12 $ 21 $ 136 (1) Accrued interest receivable totaled $44 million and $40 million as of June 30, 2022 and 2021, respectively, and was excluded from the determination of credit losses.
Information About Credit Quality and Vintage Year of Commercial Mortgage Loans	The following tables provide information about the credit quality with vintage year and category of mortgage loans (in millions): June 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Total % of Commercial mortgage loans Loan to value ratios: Less than 70% $ 396 $ 1,376 $ 1,343 $ 1,542 $ 1,498 $ 3,866 $ 4 $ 10,025 93 % 70% - 80% 80 374 33 — 52 144 — 683 6 % 80% - 100% — — — 38 5 — — 43 — % Greater than 100% — — — — — 10 — 10 — % Total commercial mortgage loans 476 1,750 1,376 1,580 1,555 4,020 4 10,761 100 % Debt service coverage ratios: Greater than 1.20x 442 963 859 1,453 1,347 3,727 4 8,795 82 % 1.00x - 1.20x 34 529 375 85 79 144 — 1,246 12 % Less than 1.00x — 258 142 42 129 149 — 720 7 % Total commercial mortgage loans 476 1,750 1,376 1,580 1,555 4,020 4 10,761 100 % Residential mortgage loans Performing 96 465 54 43 17 416 — 1,091 93 % Nonperforming (2) — 3 10 6 8 52 — 79 7 % Total residential mortgage loans 96 468 64 49 25 468 — 1,170 100 % Total mortgage loans $ 572 $ 2,218 $ 1,440 $ 1,629 $ 1,580 $ 4,488 $ 4 $ 11,931 100 % December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total % of Commercial mortgage loans Loan to value ratios: Less than 70% $ 1,270 $ 1,346 $ 1,592 $ 1,599 $ 1,305 $ 2,703 $ 4 $ 9,819 93 % 70% - 80% 345 35 — 52 85 153 — 670 6 % 80% - 100% — — 39 5 — — — 44 — % Greater than 100% — — — — — 10 — 10 — % Total commercial mortgage loans 1,615 1,381 1,631 1,656 1,390 2,866 4 10,543 100 % Debt service coverage ratios: Greater than 1.20x 796 974 1,532 1,293 1,257 2,609 4 8,465 80 % 1.00x - 1.20x 651 329 81 90 11 68 — 1,230 12 % Less than 1.00x 168 78 18 273 122 189 — 848 8 % Total commercial mortgage loans 1,615 1,381 1,631 1,656 1,390 2,866 4 10,543 100 % Residential mortgage loans Performing 268 22 18 16 7 396 — 727 77 % Nonperforming (2) 4 44 22 19 23 100 — 212 23 % Total residential mortgage loans 272 66 40 35 30 496 — 939 100 % Total mortgage loans $ 1,887 $ 1,447 $ 1,671 $ 1,691 $ 1,420 $ 3,362 $ 4 $ 11,482 100 % June 30, 2022 In Good Standing (1) Restructured Greater than 90 Days Delinquent In the Process of Foreclosure Total Carrying Value Apartment $ 3,920 $ — $ — $ — $ 3,920 Hotel 1,067 — — — 1,067 Office 1,894 — — — 1,894 Retail 2,134 — — — 2,134 Warehouse 1,746 — — — 1,746 Total commercial 10,761 — — — 10,761 Residential (2) 1,091 — 61 18 1,170 Total $ 11,852 $ — $ 61 $ 18 $ 11,931 December 31, 2021 In Good Standing (1) Restructured Greater than 90 Days Delinquent In the Process of Foreclosure Total Carrying Value Apartment $ 3,755 $ — $ — $ — $ 3,755 Hotel 1,054 — — — 1,054 Office 1,889 — — — 1,889 Retail 2,104 — — — 2,104 Warehouse 1,741 — — — 1,741 Total commercial 10,543 — — — 10,543 Residential (2) 727 — 206 6 939 Total $ 11,270 $ — $ 206 $ 6 $ 11,482 (1) At June 30, 2022 and December 31, 2021, includes mezzanine loans of $420 million and $278 million in the Apartment category, $69 million and $75 million in the Hotel category, $259 million and $252 million in the Office category, $27 million and $27 million in the Retail category, and $55 million and $26 million in the Warehouse category, respectively. (2) At June 30, 2022 and December 31, 2021, includes $56 million and $202 million of loans purchased when the loans were greater than 90 days delinquent and $15 million and $5 million of loans in process of foreclosure, and are supported with insurance or other guarantees provided by various governmental programs, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate Contractual Notional Amounts and Fair Values of Derivatives	A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions): June 30, 2022 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,802 $ 48 $ 108 $ (60) Equity index call options 24,000 13 — 13 Equity index futures (2) 25,272 — — — Equity index put options 32,500 1,030 — 1,030 Interest rate swaps 7,728 30 60 (30) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 22,000 — 1,029 (1,029) Treasury futures (2) 14 — — — Total return swaps 700 12 4 8 Total freestanding derivatives 115,516 1,133 1,201 (68) Embedded derivatives Variable annuity embedded derivatives (3) N/A — 601 (601) Fixed index annuity embedded derivatives (4) N/A — 1,087 (1,087) Registered index linked annuity embedded derivatives (4) N/A — 4 (4) Total embedded derivatives N/A — 1,692 (1,692) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 24 1 23 Cross-currency forwards 1,190 86 15 71 Funds withheld embedded derivative (5) N/A 2,508 — 2,508 Total derivatives related to funds withheld under reinsurance treaties 1,348 2,618 16 2,602 Total $ 116,864 $ 3,751 $ 2,909 $ 842 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within reserves for future policy benefits and claims payable on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (4) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (5) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. December 31, 2021 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,767 $ 55 $ 35 $ 20 Equity index call options 21,000 606 — 606 Equity index futures (2) 18,258 — — — Equity index put options 27,500 150 — 150 Interest rate swaps 7,728 430 — 430 Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 19,000 133 — 133 Treasury futures (2) 912 — — — Total return swaps — — — — Total freestanding derivatives 97,665 1,374 35 1,339 Embedded derivatives Variable annuity embedded derivatives (3) N/A — 2,626 (2,626) Fixed index annuity embedded derivatives (4) N/A — 1,439 (1,439) Registered index linked annuity embedded derivatives (4) N/A — 6 (6) Total embedded derivatives N/A — 4,071 (4,071) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 10 1 9 Cross-currency forwards 1,119 33 5 28 Funds withheld embedded derivative (5) N/A — 120 (120) Total derivatives related to funds withheld under reinsurance treaties 1,277 43 126 (83) Total $ 98,942 $ 1,417 $ 4,232 $ (2,815) (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within reserves for future policy benefits and claims payable on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (4) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The nonperformance risk adjustment is included in the balance above. (5) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets.
Gains and Losses, and Change in Fair Value of Derivatives	The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Derivatives excluding funds withheld under reinsurance treaties Cross-currency swaps $ (50) $ 21 $ (82) $ (44) Equity index call options (642) 667 (1,231) 799 Equity index futures 3,618 (1,377) 4,241 (2,670) Equity index put options 822 (260) 507 (611) Interest rate swaps (150) 117 (411) (148) Interest rate swaps - cleared (49) 36 (137) (50) Put-swaptions (686) 395 (1,154) 103 Treasury futures (1) — (312) (773) Total return swaps 8 — 8 — Fixed index annuity embedded derivatives 4 (2) 5 (2) Registered index linked annuity embedded derivative 60 — 63 — Variable annuity embedded derivatives (149) (1,365) 1,995 3,283 Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties 2,785 (1,768) 3,492 (113) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 12 8 15 6 Cross-currency forwards 51 (6) 69 13 Funds withheld embedded derivative 1,347 (544) 2,628 454 Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties 1,410 (542) 2,712 473 Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties $ 4,195 $ (2,310) $ 6,204 $ 360
Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Assets	The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): June 30, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,243 $ — $ 1,243 $ 266 $ 610 $ 246 $ 121 Financial Liabilities: Freestanding derivative liabilities $ 1,217 $ — $ 1,217 $ 266 $ 66 $ 885 $ — Securities loaned 32 — 32 — 32 — — Repurchase agreements — — — — — — — Total financial liabilities $ 1,249 $ — $ 1,249 $ 266 $ 98 $ 885 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2021 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,417 $ — $ 1,417 $ 41 $ 817 $ 555 $ 4 Financial Liabilities: Freestanding derivative liabilities $ 41 $ — $ 41 $ 41 $ — $ — $ — Securities loaned 17 — 17 — 17 — — Repurchase agreements 1,572 — 1,572 — — 1,572 — Total financial liabilities $ 1,630 $ — $ 1,630 $ 41 $ 17 $ 1,572 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.
Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Liabilities	The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): June 30, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,243 $ — $ 1,243 $ 266 $ 610 $ 246 $ 121 Financial Liabilities: Freestanding derivative liabilities $ 1,217 $ — $ 1,217 $ 266 $ 66 $ 885 $ — Securities loaned 32 — 32 — 32 — — Repurchase agreements — — — — — — — Total financial liabilities $ 1,249 $ — $ 1,249 $ 266 $ 98 $ 885 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2021 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,417 $ — $ 1,417 $ 41 $ 817 $ 555 $ 4 Financial Liabilities: Freestanding derivative liabilities $ 41 $ — $ 41 $ 41 $ — $ — $ — Securities loaned 17 — 17 — 17 — — Repurchase agreements 1,572 — 1,572 — — 1,572 — Total financial liabilities $ 1,630 $ — $ 1,630 $ 41 $ 17 $ 1,572 $ — (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value and Carrying Value of Financial Instruments	The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets Debt securities (1) $ 45,586 $ 45,586 $ 53,375 $ 53,375 Equity securities 260 260 279 279 Mortgage loans (1) 11,931 11,586 11,482 11,910 Limited partnerships 3,261 3,261 2,831 2,831 Policy loans (1) 4,459 4,459 4,475 4,475 Freestanding derivative instruments 1,243 1,243 1,417 1,417 Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock 146 146 125 125 Cash and cash equivalents 5,258 5,258 2,623 2,623 Guaranteed minimum income benefits ("GMIB") reinsurance recoverable 232 232 262 262 Separate account assets 196,184 196,184 248,949 248,949 Liabilities Annuity reserves (2) 38,787 35,844 40,389 50,116 Reserves for guaranteed investment contracts (3) 1,181 1,156 894 923 Trust instruments supported by funding agreements (3) 5,301 5,174 5,986 6,175 FHLB funding agreements (3) 2,001 2,090 1,950 1,938 Funds withheld payable under reinsurance treaties (1) 25,506 25,506 29,007 29,007 Long-term debt 2,634 2,422 2,649 2,745 Securities lending payable 32 32 17 17 Freestanding derivative instruments 1,217 1,217 41 41 Repurchase agreements — — 1,572 1,572 FHLB advances — — — — Separate account liabilities 196,184 196,184 248,949 248,949 (1) Includes items carried at fair value under the fair value option and trading securities. (2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments. (3) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets.
Fair Value Option	The fair value and aggregate contractual principal for mortgage loans where the fair value option was elected after December 31, 2021, were as follows (in millions): June 30, 2022 Fair value $ 357 Aggregate contractual principal 362
Assets and Liabilities Carried at Fair Value by Hierarchy Levels	The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions): June 30, 2022 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 2,988 $ 2,988 $ — $ — Other government securities 1,501 — 1,501 — Public utilities 5,518 — 5,518 — Corporate securities 27,191 — 27,144 47 Residential mortgage-backed 470 — 470 — Commercial mortgage-backed 1,658 — 1,658 — Other asset-backed securities 6,260 — 6,260 — Equity securities 260 81 55 124 Mortgage loans 357 — — 357 Limited partnerships (1) 1 — — 1 Policy loans 3,485 — — 3,485 Freestanding derivative instruments 1,243 — 1,243 — Cash and cash equivalents 5,258 5,258 — — GMIB reinsurance recoverable 232 — — 232 Separate account assets 196,184 — 196,184 — Total $ 252,606 $ 8,327 $ 240,033 $ 4,246 Liabilities Embedded derivative liabilities (2) $ 1,692 $ — $ 1,091 $ 601 Funds withheld payable under reinsurance treaties (3) 1,141 — — 1,141 Freestanding derivative instruments 1,217 — 1,217 — Total $ 4,050 $ — $ 2,308 $ 1,742 (1) Excludes $3,260 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $601 million related to GMWB reserves included in reserves for future policy benefits and claims payable, $4 million of RILA and $1,087 million of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $2,508 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2021 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 4,321 $ 4,321 $ — $ — Other government securities 1,619 — 1,619 — Public utilities 6,715 — 6,715 — Corporate securities 31,146 — 31,137 9 Residential mortgage-backed 569 — 569 — Commercial mortgage-backed 2,038 — 2,038 — Other asset-backed securities 6,967 — 6,967 — Equity securities 279 111 56 112 Limited partnerships (1) 18 — 17 1 Policy loans 3,467 — — 3,467 Freestanding derivative instruments 1,417 — 1,417 — Cash and cash equivalents 2,623 2,623 — — GMIB reinsurance recoverable 262 — — 262 Separate account assets 248,949 — 248,949 — Total $ 310,390 $ 7,055 $ 299,484 $ 3,851 Liabilities Embedded derivative liabilities (2) $ 4,071 $ — $ 1,445 $ 2,626 Funds withheld payable under reinsurance treaties (3) 3,759 — — 3,759 Freestanding derivative instruments 41 — 41 — Total $ 7,871 $ — $ 1,486 $ 6,385 (1) Excludes $2,813 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $2,626 million related to GMWB reserves included in reserves for future policy benefits and claims payable, $6 million of RILA and $1,439 million of fixed index annuities, both included in other contract holder funds on the consolidated balance sheets. (3) Includes the Athene embedded derivative liability of $120 million and funds withheld payable under reinsurance treaties at fair value under the fair value option.
Balances of Level 3 Assets and Liabilities Measured at Fair Value with Corresponding Pricing Sources	The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions): June 30, 2022 Assets Total Internal External Debt securities: Corporate $ 47 $ — $ 47 Equity securities 124 1 123 Mortgage loans 357 — 357 Limited partnerships 1 1 — Policy loans 3,485 3,485 — GMIB reinsurance recoverable 232 232 — Total $ 4,246 $ 3,719 $ 527 Liabilities Embedded derivative liabilities (1) $ 601 $ 601 $ — Funds withheld payable under reinsurance treaties (2) 1,141 1,141 — Total $ 1,742 $ 1,742 $ — (1) Includes the embedded derivative related to GMWB reserves. (2) Includes the Athene embedded derivative asset of $2,508 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2021 Assets Total Internal External Debt securities: Corporate $ 9 $ — $ 9 Equity securities 112 1 111 Limited partnerships 1 1 — Policy loans 3,467 3,467 — GMIB reinsurance recoverable 262 262 — Total $ 3,851 $ 3,731 $ 120 Liabilities Embedded derivative liabilities (1) $ 2,626 $ 2,626 $ — Funds withheld payable under reinsurance treaties (2) 3,759 3,759 — Total $ 6,385 $ 6,385 $ — (1) Includes the embedded derivative related to GMWB reserves. (2) Includes the Athene embedded derivative liability of $120 million and funds withheld payable under reinsurance treaties at fair value under the fair value option.
Quantitative Information on Significant Internally-Priced Level 3 Assets and Liabilities	The table below presents quantitative information on significant internally-priced Level 3 assets and liabilities (in millions): As of June 30, 2022 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets GMIB reinsurance recoverable $ 232 Discounted cash flow Mortality (1) 0.01% - 23.42% Decrease Lapse (2) 3.30% - 9.00% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 3.75% - 4.50% Increase Nonperformance risk (5) 0.00% - 2.32% Decrease Long-term Equity Volatility (6) 18.50% - 23.00% Increase Liabilities Embedded derivative liabilities $ 601 Discounted cash flow Mortality (1) 0.04% - 21.45% Decrease Lapse (2) 0.20% - 30.90% Decrease Utilization (3) 5.00% - 100.00% Increase Withdrawal (4) 58.00% - 97.00% Increase Nonperformance risk (5) 0.00% - 2.32% Decrease Long-term Equity Volatility (6) 18.50% - 23.00% Increase (1) Mortality rates vary by attained age, tax qualification status, GMWB benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when GMWB benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the utilization rate of the contract’s free partial withdrawal provision (GMIB) or the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount (GMWB). Withdrawal rates on contracts with a GMIB vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Nonperformance risk spread varies by projection year. (6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available. As of December 31, 2021 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets GMIB reinsurance recoverable $ 262 Discounted cash flow Mortality (1) 0.01% - 23.42% Decrease Lapse (2) 3.30% - 9.00% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 3.75% - 4.50% Increase Nonperformance risk (5) 0.11% - 1.50% Decrease Long-term Equity Volatility (6) 18.50% - 22.06% Increase Liabilities Embedded derivative liabilities $ 2,626 Discounted cash flow Mortality (1) 0.04% - 21.45% Decrease Lapse (2) 0.20% - 30.90% Decrease Utilization (3) 5.00% - 100.00% Increase Withdrawal (4) 58.00% - 97.00% Increase Nonperformance risk (5) 0.11% - 1.50% Decrease Long-term Equity Volatility (6) 18.50% - 22.06% Increase (1) Mortality rates vary by attained age, tax qualification status, GMWB benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when GMWB benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the utilization rate of the contract’s free partial withdrawal provision (GMIB) or the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount (GMWB). Withdrawal rates on contracts with a GMIB vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Nonperformance risk spread varies by projection year.
Rollforwards of Financial Instruments for Which Significant Unobservable Inputs (Level 3) are Used - Assets	The tables below provide rollforwards for the three and six months ended June 30, 2022 and 2021 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the tables below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments. Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of April 1, Net Comprehensive and (out of) June 30, Three Months Ended June 30, 2022 2022 Income Income Settlements Level 3 2022 Assets Debt securities Corporate securities $ 14 $ 5 $ — $ 1 $ 27 $ 47 Equity securities 115 13 — (4) — 124 Mortgage loans 190 (5) — 172 — 357 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 232 — — — — 232 Policy loans 3,472 76 — (63) — 3,485 Liabilities Embedded derivative liabilities $ (452) $ (149) $ — $ — $ — $ (601) Funds withheld payable under reinsurance treaties (2,479) 1,272 — 66 — (1,141) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of April 1, Net Comprehensive and (out of) June 30, Three Months Ended June 30, 2021 2021 Income Income Settlements Level 3 2021 Assets Debt securities Corporate securities $ 19 $ 1 $ — $ 5 $ 7 $ 32 Equity securities 102 9 — (8) — 103 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 266 1 — — — 267 Policy loans 3,486 70 — (18) — 3,538 Liabilities Embedded derivative liabilities $ (869) $ (1,367) $ — $ — $ — $ (2,236) Funds withheld payable under reinsurance treaties (3,486) (585) — (11) — (4,082) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) June 30, Six Months Ended June 30, 2022 2022 Income Income Settlements Level 3 2022 Assets Debt securities Corporate securities $ 9 $ 5 $ — $ 3 $ 30 $ 47 Equity securities 112 16 — (4) — 124 Mortgage loans — (3) — 360 — 357 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 262 (30) — — — 232 Policy loans 3,467 136 — (118) — 3,485 Liabilities Embedded derivative liabilities $ (2,626) $ 2,025 $ — $ — $ — $ (601) Funds withheld payable under reinsurance treaties (3,759) 2,492 — 126 — (1,141) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) June 30, Six Months Ended June 30, 2021 2021 Income Income Settlements Level 3 2021 Assets Debt securities Corporate securities $ 29 $ 2 $ — $ 6 $ (5) $ 32 Equity securities 104 7 — (8) — 103 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 340 (73) — — — 267 Policy loans 3,454 125 — (41) — 3,538 Liabilities Embedded derivative liabilities $ (5,592) $ 3,356 $ — $ — $ — $ (2,236) Funds withheld payable under reinsurance treaties (4,453) 329 2 40 — (4,082)
Rollforwards of Financial Instruments for Which Significant Unobservable Inputs (Level 3) are Used - Liabilities	The tables below provide rollforwards for the three and six months ended June 30, 2022 and 2021 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the tables below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments. Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of April 1, Net Comprehensive and (out of) June 30, Three Months Ended June 30, 2022 2022 Income Income Settlements Level 3 2022 Assets Debt securities Corporate securities $ 14 $ 5 $ — $ 1 $ 27 $ 47 Equity securities 115 13 — (4) — 124 Mortgage loans 190 (5) — 172 — 357 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 232 — — — — 232 Policy loans 3,472 76 — (63) — 3,485 Liabilities Embedded derivative liabilities $ (452) $ (149) $ — $ — $ — $ (601) Funds withheld payable under reinsurance treaties (2,479) 1,272 — 66 — (1,141) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of April 1, Net Comprehensive and (out of) June 30, Three Months Ended June 30, 2021 2021 Income Income Settlements Level 3 2021 Assets Debt securities Corporate securities $ 19 $ 1 $ — $ 5 $ 7 $ 32 Equity securities 102 9 — (8) — 103 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 266 1 — — — 267 Policy loans 3,486 70 — (18) — 3,538 Liabilities Embedded derivative liabilities $ (869) $ (1,367) $ — $ — $ — $ (2,236) Funds withheld payable under reinsurance treaties (3,486) (585) — (11) — (4,082) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) June 30, Six Months Ended June 30, 2022 2022 Income Income Settlements Level 3 2022 Assets Debt securities Corporate securities $ 9 $ 5 $ — $ 3 $ 30 $ 47 Equity securities 112 16 — (4) — 124 Mortgage loans — (3) — 360 — 357 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 262 (30) — — — 232 Policy loans 3,467 136 — (118) — 3,485 Liabilities Embedded derivative liabilities $ (2,626) $ 2,025 $ — $ — $ — $ (601) Funds withheld payable under reinsurance treaties (3,759) 2,492 — 126 — (1,141) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Other Issuances in and/or as of January 1, Net Comprehensive and (out of) June 30, Six Months Ended June 30, 2021 2021 Income Income Settlements Level 3 2021 Assets Debt securities Corporate securities $ 29 $ 2 $ — $ 6 $ (5) $ 32 Equity securities 104 7 — (8) — 103 Limited partnerships 1 — — — — 1 GMIB reinsurance recoverable 340 (73) — — — 267 Policy loans 3,454 125 — (41) — 3,538 Liabilities Embedded derivative liabilities $ (5,592) $ 3,356 $ — $ — $ — $ (2,236) Funds withheld payable under reinsurance treaties (4,453) 329 2 40 — (4,082)
Components of Amounts Included in Purchases, Sales, Issuances and Settlements	The components of the amounts included in purchases, sales, issuances and settlements for the three and six months ended June 30, 2022 and 2021 shown above are as follows (in millions): Three Months Ended June 30, 2022 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 1 $ — $ — $ — $ 1 Equity securities — (4) — — (4) Mortgage loans 172 — — — 172 Policy loans — — 1 (64) (63) Total $ 173 $ (4) $ 1 $ (64) $ 106 Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (1) $ 67 $ 66 Three Months Ended June 30, 2021 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 5 $ — $ — $ — $ 5 Equity securities — (8) — — (8) Policy loans — — 8 (26) (18) Total $ 5 $ (8) $ 8 $ (26) $ (21) Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (129) $ 118 $ (11) Six Months Ended June 30, 2022 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 3 $ — $ — $ — $ 3 Equity securities — (4) — — (4) Mortgage loans 360 — — — 360 Policy loans — — 31 (149) (118) Total $ 363 $ (4) $ 31 $ (149) $ 241 Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (32) $ 158 $ 126 Six Months Ended June 30, 2021 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 6 $ — $ — $ — $ 6 Equity securities — (8) — — (8) Policy loans — — 36 (77) (41) Total $ 6 $ (8) $ 36 $ (77) $ (43) Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (211) $ 251 $ 40
Portion of Gains (Losses) Included in Net Income or Other Comprehensive Income	The portion of gains (losses) included in net income (loss) or other comprehensive income (loss) ("OCI") attributable to the change in unrealized gains and losses on Level 3 financial instruments still held was as follows (in millions): Three Months Ended June 30, 2022 2021 Included in Included in OCI Included in Included in OCI Assets Debt securities Corporate securities $ 5 $ — $ 1 $ — Equity securities 13 — 9 — Mortgage loans (5) — — — GMIB reinsurance recoverable — — 1 — Policy loans 76 — 70 — Liabilities Embedded derivative liabilities $ (149) $ — $ (1,367) $ — Funds withheld payable under reinsurance treaties 1,272 — (543) — Six Months Ended June 30, 2022 2021 Included in Included in OCI Included in Included in OCI Assets Debt securities Corporate securities $ 5 $ — $ 2 $ — Equity securities 16 — 7 — Mortgage loans (3) — — — GMIB reinsurance recoverable (30) — (73) — Policy loans 136 — 125 — Liabilities Embedded derivative liabilities $ 2,025 $ — $ 3,356 $ — Funds withheld payable under reinsurance treaties 2,492 — 456 —
Carrying Amount and Fair Value by Hierarchy of Certain Financial Instruments Not Reported at Fair Value	The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value (in millions). June 30, 2022 Fair Value Carrying Total Level 1 Level 2 Level 3 Assets Mortgage loans $ 11,574 $ 11,229 $ — $ — $ 11,229 Policy loans 974 974 — — 974 FHLBI capital stock 146 146 146 — — Liabilities Annuity reserves (1) $ 37,095 $ 34,152 $ — $ — $ 34,152 Reserves for guaranteed investment contracts (2) 1,181 1,156 — — 1,156 Trust instruments supported by funding agreements (2) 5,301 5,174 — — 5,174 FHLB funding agreements (2) 2,001 2,090 — — 2,090 Funds withheld payable under reinsurance treaties (3)(4) 23,496 23,496 422 17,927 5,147 Debt 2,634 2,422 — 2,422 — Securities lending payable 32 32 — 32 — Repurchase agreements — — — — — Separate Account Liabilities (5) 196,184 196,184 — 196,184 — December 31, 2021 Fair Value Carrying Total Level 1 Level 2 Level 3 Assets Mortgage loans $ 11,482 $ 11,910 $ — $ — $ 11,910 Policy loans 1,008 1,008 — — 1,008 FHLBI capital stock 125 125 125 — — Liabilities Annuity reserves (1) $ 36,318 $ 46,045 $ — $ — $ 46,045 Reserves for guaranteed investment contracts (2) 894 923 — — 923 Trust instruments supported by funding agreements (2) 5,986 6,175 — — 6,175 FHLB funding agreements (2) 1,950 1,938 — — 1,938 Funds withheld payable under reinsurance treaties (3) 24,533 24,533 537 19,127 4,869 Debt 2,649 2,745 — 2,745 — Securities lending payable 17 17 — 17 — Repurchase agreements 1,572 1,572 — 1,572 — Separate Account Liabilities (5) 248,949 248,949 — 248,949 — (1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments. (2) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Excludes $753 million and $715 million of limited partnership investments measured at NAV at June 30, 2022 and December 31, 2021, respectively. (4) Excludes $117 million of non-financial instruments at June 30, 2022. (5) The values of separate account liabilities are set equal to the values of separate account assets.

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Deferred Acquisition Costs	The balances of, and changes, in deferred acquisition costs were as follows (in millions): . Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 14,249 $ 13,897 Deferrals of acquisition costs 349 400 Amortization (1,713) (548) Unrealized investment (gains) losses 230 64 Balance, end of period $ 13,115 $ 13,813

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Assets and Liabilities Held in Support of Reserves Associated with Funds Withheld Reinsurance Agreements	The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items in the Condensed Consolidated Balance Sheets (in millions): June 30, December 31, 2022 2021 Assets Debt securities, available-for-sale $ 15,451 $ 19,094 Debt securities, at fair value under the fair value option 157 164 Equity securities 88 116 Mortgage loans 4,639 4,739 Mortgage loans, at fair value under the fair value option 357 — Policy loans 3,500 3,483 Freestanding derivative instruments, net 94 37 Other invested assets 889 715 Cash and cash equivalents 324 438 Accrued investment income 165 162 Other assets and liabilities, net (46) (56) Total assets (1) $ 25,618 $ 28,892 Liabilities Funds held under reinsurance treaties (2) $ 25,506 $ 29,007 Total liabilities $ 25,506 $ 29,007 (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability. (2) Includes funds withheld embedded derivative asset (liability) of $2,508 million and $(120) million at June 30, 2022 and December 31, 2021, respectively.
Sources of Income Related to Funds Withheld Under Reinsurance Treaties	The sources of net investment income were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Debt securities (1) $ 213 $ 277 $ 486 $ 601 Equity securities 6 7 7 7 Mortgage loans 68 80 141 162 Policy loans 17 17 34 36 Limited partnerships 50 150 158 393 Other investment income 10 5 11 8 Total investment income excluding funds withheld assets 364 536 837 1,207 Net investment income on funds withheld assets (see Note 8) 364 294 624 585 Investment expenses: Derivative trading commission (1) (1) (2) (1) Depreciation on real estate (3) (2) (6) (5) Expenses related to consolidated entities (2) (15) (9) (36) (17) Other investment income (expense) (3) 38 (22) 50 (45) Total investment expenses 19 (34) 6 (68) Net investment income $ 747 $ 796 $ 1,467 $ 1,724 (1) Includes unrealized gains and losses on trading securities and includes $(95) million and $(85) million for the three and six months ended June 30, 2022, respectively, and nil and $38 million for the three and six months ended June 30, 2021, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes management fees, administrative fees, legal fees, and other expenses related to the consolidation of certain investments. (3) Includes interest expense and market appreciation on deferred compensation; investment software expense, custodial fees, and other bank fees; institutional product issuance related expenses; and other expenses. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Debt securities (1) $ 180 $ 194 $ 330 $ 398 Equity securities (9) 4 (25) 2 Mortgage loans (2) 49 43 101 78 Policy loans 79 81 159 162 Limited partnerships 86 (2) 102 1 Other investment income 1 — 1 — Total investment income on funds withheld assets 386 320 668 641 Other investment expenses on funds withheld assets (3) (22) (26) (44) (56) Total net investment income on funds withheld reinsurance treaties $ 364 $ 294 $ 624 $ 585 (1) Includes $(2) million and $(8) million for the three and six months ended June 30, 2022, respectively, and nil and $(1) million for the three and six months ended June 30, 2021, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(5) million and $(3) million for the three and six months ended June 30, 2022, respectively, and nil both for the three and six months ended June 30, 2021, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees.
Gains And Losses On Funds Withheld Reinsurance Treaties	The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Available-for-sale securities Realized gains on sale $ 3 $ 85 $ 40 $ 258 Realized losses on sale (4) (11) (31) (13) Credit loss expense (12) (1) (40) (1) Credit loss expense on mortgage loans 13 (12) 11 (5) Other (43) (2) (59) (11) Net gains (losses) on non-derivative investments (43) 59 (79) 228 Net gains (losses) on derivative instruments 63 2 84 19 Net gains (losses) on funds withheld payable under reinsurance treaties (1) 1,057 (829) 2,100 (117) Total net gains (losses) on derivatives and investments $ 1,077 $ (768) $ 2,105 $ 130 (1) Includes the Athene embedded derivative gain (loss) of $1,347 million and $2,628 million for the three and six months ended June 30, 2022, respectively, and $(544) million and $454 million for the three and six months ended June 30, 2021, respectively.
Components of Reinsurance Recoverable, and Premiums and Benefits	Components of the Company’s reinsurance recoverable were as follows (in millions): June 30, December 31, 2022 2021 Reserves: Life $ 5,728 $ 5,829 Accident and health 538 547 Guaranteed minimum income benefits 232 262 Other annuity benefits (1) 24,347 25,625 Claims liability and other 822 863 Total $ 31,667 $ 33,126 (1)

Reserves for Future Policy Be_2

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds (Tables)	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Reserves for Future Policy Benefits and Claims Payable Balances	The following table sets forth the Company’s reserves for future policy benefits and claims payable balances (in millions): June 30, December 31, 2022 2021 Traditional life $ 4,076 $ 4,187 Guaranteed benefits (1) 4,231 5,477 Claims payable 1,041 1,050 Accident and health 1,177 1,204 Group payout annuities 4,734 4,895 Other 794 816 Total $ 16,053 $ 17,629 (1) Primarily i ncludes the embedded derivative liabilities related to the GMWB reserve.
Liabilities for Other Contract Holder Funds Balances	The following table sets forth the Company’s liabilities for other contract holder funds balances (in millions): June 30, December 31, 2022 2021 Interest-sensitive life $ 11,363 $ 11,570 Variable annuity fixed option 11,060 10,030 RILA (1) 735 110 Fixed annuity 15,320 15,816 Fixed index annuity (2) 12,615 13,333 GICs, funding agreements and FHLB advances 8,483 8,830 Total $ 59,576 $ 59,689 (1) Includes the embedded derivative liabilities related to RILA of $4 million and $6 million at June 30, 2022 and December 31, 2021, respectively. (2) Includes the embedded derivative liabilities related to fixed index annuity of $1,087 million and $1,439 million at June 30, 2022 and December 31, 2021, respectively.
Distribution of Fixed Interest Rate Annuities' Account Values	The following tables show the distribution of the annuity account values within the presented ranges of minimum guaranteed interest rates, excluding the reinsured business (in millions): June 30,2022 Minimum Account Value Fixed Fixed Index RILA Variable Total 1.0% $ 178 $ 309 $ 10 $ 6,911 $ 7,408 >1.0% - 2.0% 53 1 — 211 265 >2.0% - 3.0% 1,091 169 — 3,347 4,607 >3.0% - 4.0% 581 — — — 581 >4.0% - 5.0% 273 — — — 273 >5.0% - 5.5% 72 — — — 72 Subtotal 2,248 479 10 10,469 13,206 Ceded reinsurance 11,626 12,136 — — 23,762 Total $ 13,874 $ 12,615 $ 10 $ 10,469 $ 36,968 December 31, 2021 Minimum Account Value Fixed Fixed Index RILA Variable Total 1.0% $ 156 $ 279 $ 1 $ 5,988 $ 6,424 >1.0% - 2.0% 57 1 — 214 272 >2.0% - 3.0% 1,113 183 — 3,254 4,550 >3.0% - 4.0% 594 — — — 594 >4.0% - 5.0% 276 — — — 276 >5.0% - 5.5% 72 — — — 72 Subtotal 2,268 463 1 9,456 12,188 Ceded reinsurance 12,086 12,870 — — 24,956 Total $ 14,354 $ 13,333 $ 1 $ 9,456 $ 37,144
Distribution of Interest Sensitive Life Business Account Values	The following table shows the distribution of the interest sensitive life business account values within the presented ranges of minimum guaranteed interest rates, excluding the business that is subject to the previously mentioned retro treaties (in millions): June 30, December 31, Minimum 2022 2021 Account Value - Interest Sensitive Life >2.0% - 3.0% $ 247 $ 252 >3.0% - 4.0% 2,686 2,742 >4.0% - 5.0% 2,338 2,387 >5.0% - 6.0% 1,923 1,967 Subtotal 7,194 7,348 Retro treaties 4,169 4,222 Total $ 11,363 $ 11,570

Certain Nontraditional Long-D_2

Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (Tables)	6 Months Ended
	Jun. 30, 2022
Insurance [Abstract]
Net Amount At Risk	At June 30, 2022 and December 31, 2021, the Company provided variable annuity contracts with guarantees, for which the net amount at risk is defined as the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions): Minimum Return Account Net Amount at Risk Weighted Average Attained Age Average Period until Expected Annuitization June 30, 2022 Return of net deposits plus a minimum return GMDB 0-6% $ 152,355 $ 8,287 69 years GMWB - Premium only 0% 2,224 63 GMWB 0-5%* 179 15 Highest specified anniversary account value minus withdrawals post-anniversary GMDB 11,351 2,567 70.2 years GMWB - Highest anniversary only 2,985 591 GMWB 877 137 Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary GMDB 0-6% 7,727 2,332 72.1 years GMIB 0-6% 1,256 751 0.6 years GMWB 0-8%* 142,263 38,815 Weighted Average Attained Age Average Period until Expected Annuitization Minimum Return Account Net Amount at Risk December 31, 2021 Return of net deposits plus a minimum return GMDB 0-6% $ 194,060 $ 2,124 68.7 years GMWB - Premium only 0% 2,937 7 GMWB 0-5%* 245 8 Highest specified anniversary account value minus withdrawals post-anniversary GMDB 14,806 93 69.8 years GMWB - Highest anniversary only 3,919 33 GMWB 643 44 Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary GMDB 0-6% 9,896 522 71.9 years GMIB 0-6% 1,662 463 0.5 years GMWB 0-8%* 181,457 4,295 * Ranges shown based on simple interest. The upper limits of 5% or 8% simple interest are approximately equal to 4.1% and 6.0%, respectively, on a compound interest basis over a typical 10-year bonus period. The combination GMWB category also includes benefits with a defined increase in the withdrawal percentage under pre-defined non-market conditions. Liabilities for these benefits, as established according to the methodologies described below, are as follows: June 30, 2022 December 31, 2021 Benefit Type Liability Net Amount Weighted Average Attained Age Liability Net Amount Weighted Average Attained Age Insurance benefits * $ 949 $ 17,905 64.4 years $ 943 $ 18,506 64.0 years Account balance adjustments 143 N/A N/A 141 N/A N/A
Separate Account Balances	Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions): June 30, December 31, 2022 2021 Fund type: Equity $ 117,636 $ 154,368 Bond 16,834 20,207 Balanced 35,325 43,185 Money market 2,256 1,564 Total $ 172,051 $ 219,324
GMDB liabilities in the General Account	GMDB liabilities reflected in the general account were as follows (in millions): Six Months Ended June 30, 2022 2021 Balance as of beginning of period $ 1,370 $ 1,418 Incurred guaranteed benefits 812 47 Paid guaranteed benefits (86) (57) Balance as of end of period $ 2,096 $ 1,408

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Aggregate Carrying Value of Long-Term Debt	The aggregate carrying value of long-term debt were as follows (in millions): June 30, December 31, 2022 2021 Long-Term Debt Senior Notes due 2023 $ 596 $ 596 Senior Notes due 2027 397 — Senior Notes due 2031 493 495 Senior Notes due 2032 347 — Senior Notes due 2051 488 490 Term loan due 2023 — 751 Surplus notes 250 250 FHLBI bank loans 63 67 Total long-term debt $ 2,634 $ 2,649
Contractual Maturities of Long-term Debt	The following table presents the contractual maturities of the Company's long-term debt as of June 30, 2022 (in millions): Calendar Year 2023 2024 2025 2026 2027 and thereafter Total Long-term debt $ 596 $ — $ — $ — $ 2,038 $ 2,634

Operating Costs and Other Exp_2

Operating Costs and Other Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Operating Costs And Other Expenses [Abstract]
Summary of Operating Costs and Other Expenses	The following table is a summary of the Company’s operating costs and other expenses (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Asset-based commission expenses $ 250 $ 281 $ 525 $ 548 Other commission expenses 229 264 469 530 General and administrative expenses 208 257 479 521 Deferral of acquisition costs (170) (202) (349) (401) Total operating costs and other expenses $ 517 $ 600 $ 1,124 $ 1,198

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period (1) $ (939) $ 1,443 $ 1,744 $ 3,821 Change in unrealized appreciation (depreciation) of investments (3,290) 1,440 (6,871) (1,652) Change in unrealized appreciation (depreciation) - other 141 (84) 312 71 Change in deferred tax asset 362 (293) 1,100 343 Other comprehensive income (loss) before reclassifications (2,787) 1,063 (5,459) (1,238) Reclassifications from AOCI, net of tax 4 (115) (7) (192) Other comprehensive income (loss) (2,783) 948 (5,466) (1,430) Balance, end of period (1) $ (3,722) $ 2,391 $ (3,722) $ 2,391 (1) Includes $(1,677) million, $287 million and $632 million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of June 30, 2022, December 31, 2021 and June 30, 2021, respectively.
Amounts Reclassified Out of AOCI	The following table represents amounts reclassified out of AOCI (in millions): AOCI Components Amounts Affected Line Item in the Condensed Three Months Ended June 30, 2022 2021 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ (7) $ (166) Net gains (losses) on derivatives and investments Other impaired securities 12 — Net gains (losses) on derivatives and investments Net unrealized gain (loss) 5 (166) Amortization of deferred acquisition costs 2 18 Reclassifications, before income taxes 7 (148) Income tax expense (benefit) 3 (33) Reclassifications, net of income taxes $ 4 $ (115) AOCI Components Amounts Affected Line Item in the Condensed Six Months Ended June 30, 2022 2021 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ (38) $ (268) Net gains (losses) on derivatives and investments Other impaired securities 30 — Net gains (losses) on derivatives and investments Net unrealized gain (loss) (8) (268) Amortization of deferred acquisition costs — 23 Reclassifications, before income taxes (8) (245) Income tax expense (benefit) (1) (53) Reclassifications, net of income taxes $ (7) $ (192)

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Share Repurchase Activities	The following table represents share repurchase activities as part of this share repurchase program: Period Number of Shares Repurchased Total Payments Average Price Paid Per Share 2021(October 1 - December 31) 5,778,649 $ 211 $ 36.51 Total 2021 5,778,649 211 36.51 2022 (January 1- March 31) 3,433,610 140 40.84 2022 (April 1- June 30) 1,870,854 66 35.15 Total 2022 5,304,464 $ 206 $ 38.83
Schedule of Changes in the Balance of Common Shares Outstanding	The following table represents changes in the balance of common stock outstanding: Common Stock Issued Treasury Stock Total Common Stock Outstanding Shares at December 31, 2021 94,464,343 (5,778,649) 88,685,694 Share-based compensation programs 8,783 1,474,714 (1) 1,483,497 Shares repurchased under repurchase program — (5,304,464) (5,304,464) Shares at June 30, 2022 94,473,126 (9,608,399) 84,864,727 (1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs.
Schedule of Dividends Paid	The following table presents declaration date, record date, payment date and dividends paid on per JFI’s Class A and Class B common shares: Declaration Date Record Date Payment Date Dividends Paid Per Share 03/31/2022 February 28, 2022 March 14, 2022 March 23, 2022 $0.55 06/30/2022 May 9, 2022 June 2, 2022 June 16, 2022 $0.55

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Calculation of Earnings Per Common Share	The following table sets forth the calculation of earnings per common share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions, except share and per share data) Net income (loss) attributable to Jackson Financial Inc. $ 2,903 $ (540) $ 4,928 $ 2,392 Weighted average shares of common stock outstanding - basic 85,968,564 94,464,343 86,649,493 94,464,343 Dilutive common shares 3,200,211 — 3,402,618 — Weighted average shares of common stock outstanding - diluted 89,168,775 94,464,343 90,052,111 94,464,343 Earnings per share—common stock Basic $ 33.77 $ (5.72) $ 56.87 $ 25.32 Diluted $ 32.56 $ (5.72) $ 54.72 $ 25.32

Business and Basis of Present_2

Business and Basis of Presentation (Details) $ in Millions			1 Months Ended
	Sep. 09, 2021	Jun. 01, 2020 USD ($)	Aug. 31, 2020 USD ($)	Aug. 05, 2022	Jun. 30, 2022
Class of Stock [Line Items]
Stock split conversion ratio	104,960.3836276
Jackson
Class of Stock [Line Items]
Capital contribution to subsidiary			$ 500
Athene
Class of Stock [Line Items]
Reinsurance quota share basis		100%
Reinsurance agreement, ceding commission		$ 1,200
Prudential | Jackson Financial
Class of Stock [Line Items]
Ownership interest					14.30%
Prudential | Jackson Financial | Subsequent Event
Class of Stock [Line Items]
Ownership interest				9%
Athene | Jackson Financial
Class of Stock [Line Items]
Ownership interest		9.90%			8.90%
Investment agreement, committed capital		$ 500
Economic ownership percentage		11.10%			8.90%

New Accounting Standards (Detai

New Accounting Standards (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity	$ 9,563	$ 10,394
Cumulative effect of change in accounting principle | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity			$ 2,000
Cumulative effect of change in accounting principle | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity			$ 4,000

Segment Information - Segment R

Segment Information - Segment Results (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
Segment Reporting Information [Line Items]
Fee income	$ 1,852	$ 1,896	$ 3,774	$ 3,712
Premiums	32	31	66	65
Net investment income	747	796	1,467	1,724
Income (loss) on operating derivatives	3,867	(2,521)	5,472	185
Other income	21	30	41	53
Total revenues	6,519	232	10,820	5,739
Death, other policy benefits and change in policy reserves, net of deferrals	912	210	1,479	493
Interest credited on other contract holder funds, net of deferrals	217	217	423	440
Interest expense	24	7	44	13
Operating costs and other expenses, net of deferrals	517	600	1,124	1,198
Deferred acquisition and sales inducements amortization	1,198	(264)	1,713	548
Total benefits and expenses	2,868	770	4,783	2,692
Pretax income (loss)	3,651	(538)	6,037	3,047
Operating Segments
Segment Reporting Information [Line Items]
Fee income	1,085	1,192	2,240	2,333
Premiums	35	34	72	71
Net investment income	416	445	847	984
Income (loss) on operating derivatives	24	40	59	79
Other income	21	30	41	53
Total revenues	1,581	1,741	3,259	3,520
Death, other policy benefits and change in policy reserves, net of deferrals	226	203	484	430
Interest credited on other contract holder funds, net of deferrals	217	217	423	440
Interest expense	24	7	44	13
Operating costs and other expenses, net of deferrals	517	574	1,123	1,148
Deferred acquisition and sales inducements amortization	354	(21)	524	95
Total benefits and expenses	1,338	980	2,598	2,126
Pretax income (loss)	243	761	661	1,394
Operating Segments | Retail Annuities
Segment Reporting Information [Line Items]
Fee income	949	1,050	1,965	2,046
Premiums	0	0	0	0
Net investment income	124	144	242	349
Income (loss) on operating derivatives	7	15	18	29
Other income	11	11	22	23
Total revenues	1,091	1,220	2,247	2,447
Death, other policy benefits and change in policy reserves, net of deferrals	9	11	25	17
Interest credited on other contract holder funds, net of deferrals	71	66	139	133
Interest expense	6	6	11	11
Operating costs and other expenses, net of deferrals	441	485	945	961
Deferred acquisition and sales inducements amortization	346	(31)	503	73
Total benefits and expenses	873	537	1,623	1,195
Pretax income (loss)	218	683	624	1,252
Operating Segments | Institutional Products
Segment Reporting Information [Line Items]
Fee income	0	0	0	0
Premiums	0	0	0	0
Net investment income	72	57	136	120
Income (loss) on operating derivatives	(4)	0	(5)	0
Other income	0	0	0	0
Total revenues	68	57	131	120
Death, other policy benefits and change in policy reserves, net of deferrals	0	0	0	0
Interest credited on other contract holder funds, net of deferrals	47	48	86	100
Interest expense	0	1	0	2
Operating costs and other expenses, net of deferrals	2	2	3	2
Deferred acquisition and sales inducements amortization	0	0	0	0
Total benefits and expenses	49	51	89	104
Pretax income (loss)	19	6	42	16
Operating Segments | Closed Life and Annuity Blocks
Segment Reporting Information [Line Items]
Fee income	119	123	240	248
Premiums	35	34	72	71
Net investment income	185	205	381	461
Income (loss) on operating derivatives	13	17	28	38
Other income	9	12	17	22
Total revenues	361	391	738	840
Death, other policy benefits and change in policy reserves, net of deferrals	217	192	459	413
Interest credited on other contract holder funds, net of deferrals	99	103	198	207
Interest expense	0	0	0	0
Operating costs and other expenses, net of deferrals	39	38	79	78
Deferred acquisition and sales inducements amortization	0	2	4	7
Total benefits and expenses	355	335	740	705
Pretax income (loss)	6	56	(2)	135
Corporate and Other
Segment Reporting Information [Line Items]
Fee income	17	19	35	39
Premiums	0	0	0	0
Net investment income	35	39	88	54
Income (loss) on operating derivatives	8	8	18	12
Other income	1	7	2	8
Total revenues	61	73	143	113
Death, other policy benefits and change in policy reserves, net of deferrals	0	0	0	0
Interest credited on other contract holder funds, net of deferrals	0	0	0	0
Interest expense	18	0	33	0
Operating costs and other expenses, net of deferrals	35	49	96	107
Deferred acquisition and sales inducements amortization	8	8	17	15
Total benefits and expenses	61	57	146	122
Pretax income (loss)	0	16	(3)	(9)
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (15)	$ (15)	$ (29)	$ (30)

Segment Information - Reconcili

Segment Information - Reconciliation of Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 6,519	$ 232	$ 10,820	$ 5,739
Net gains (losses) on derivatives and investments	3,867	(2,521)	5,472	185
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,581	1,741	3,259	3,520
Net gains (losses) on derivatives and investments	24	40	59	79
Segment Reconciling Items
Segment Reporting Information [Line Items]
Fees attributed to variable annuity benefit reserves	765	701	1,529	1,373
Net gains (losses) on derivatives and investments	3,843	(2,561)	5,413	106
Net investment income (loss) related to noncontrolling interests	31	56	62	124
Consolidated investments	(65)	1	(67)	31
Net investment income on funds withheld assets	$ 364	$ 294	$ 624	$ 585

Segment Information - Reconci_2

Segment Information - Reconciliation of Benefits and Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total benefits and expenses	$ 2,868	$ 770	$ 4,783	$ 2,692
Operating Segments
Segment Reporting Information [Line Items]
Total benefits and expenses	1,338	980	2,598	2,126
Segment Reconciling Items
Segment Reporting Information [Line Items]
Benefits attributed to variable annuity benefit reserves	54	29	93	66
Amortization of DAC and DSI related to non-operating revenues and expenses	845	(243)	1,190	453
SOP 03-1 reserve movements	632	(21)	901	(4)
Other items	$ (1)	$ 25	$ 1	$ 51

Segment Information - Reconci_3

Segment Information - Reconciliation of Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Pretax adjusted operating earnings	$ 3,651	$ (538)	$ 6,037	$ 3,047
Guaranteed Benefits And Hedging Results [Abstract]
Net movement in freestanding derivatives			3,492	(113)
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative			(125)	168
Pretax income (loss) attributable to Jackson Financial Inc.	3,620	(594)	5,975	2,923
Income tax expense (benefit)	717	(54)	1,047	531
Net income (loss) attributable to Jackson Financial Inc.	2,903	(540)	4,928	2,392
Operating Segments
Segment Reporting Information [Line Items]
Pretax adjusted operating earnings	243	761	661	1,394
Segment Reconciling Items
Guaranteed Benefits And Hedging Results [Abstract]
Fees attributed to variable annuity benefit reserves	765	701	1,529	1,373
Net movement in freestanding derivatives	2,847	(442)	1,371	(3,473)
Net reserve and embedded derivative movements	(772)	(1,374)	1,067	3,219
DAC and DSI impact	(845)	243	(1,190)	(453)
Assumption changes	0	0	0	0
Total guaranteed benefits and hedging results	1,995	(872)	2,777	666
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative	1,082	(752)	1,980	298
Net investment income on funds withheld assets	364	294	624	585
Other items	$ (64)	$ (25)	$ (67)	$ (20)

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions			3 Months Ended			6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) state	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) state	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) state	Jun. 30, 2021 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary of Investment Holdings [Line Items]
Debt securities, rated by investment advisor	$ 76	$ 13	$ 76			$ 76			$ 13
Securities on deposit with regulatory authorities	98	117	98			98			117
Aggregate fair value of securities sold at a loss			$ 506		$ 888	$ 2,898	$ 1,184
Aggregate fair value of securities sold at a loss, percentage of book value			93%		94%	92%	94%
Proceeds from sales of available-for-sale debt securities			$ 800		$ 2,800	$ 4,900	$ 5,600
Unconsolidated VIEs, exposure to loss	4,276	3,860	4,276			4,276			3,860
Equity securities	260	279	260			260			279
Mortgage loans	11,574	11,482	11,574			11,574			11,482
Mortgage loans, allowance for credit loss	80	94	80		136	80	136		94	$ 84	$ 113	$ 179
Financing receivables, accrued interest receivable	44		44		40	$ 44	40
Deferral of interest and principal payments, repayment period, COVID-19						1 year
Deferred interest and principal payments, COVID-19	11		11			$ 11
Recorded investment	18	6	18			18			6
Unpaid principal balance, no related allowance	19	7	19			19			7
Average recorded investment	12	2
Investment income	0	0
Stressed loans	3	3	3			3			3
Other invested assets	3,648	3,199	3,648			3,648			3,199
Sale of limited partnership investments				$ 168	236			$ 420
Securities loaned	$ 31	17	$ 31			$ 31			17
Securities loaned, minimum percent of fair value required as collateral	102%		102%			102%
Securities loaned, cash collateral	$ 32	17	$ 32			$ 32			$ 17
Repurchase agreements, weighted average interest rate						0.19%			0.07%
Repurchase agreement balance	0	1,572	0			$ 0			$ 1,572
Interest expense			24		7	44	13
Repurchase agreements, highest level of amount outstanding						584	2,257
Unfunded partnership investment commitment
Summary of Investment Holdings [Line Items]
Unfunded commitments	1,676	300	1,676			$ 1,676			300
Minimum
Summary of Investment Holdings [Line Items]
Deferral of interest and principal payments, period, COVID-19						6 months
Maximum
Summary of Investment Holdings [Line Items]
Deferral of interest and principal payments, period, COVID-19						14 months
Repurchase agreements
Summary of Investment Holdings [Line Items]
Short term borrowings, average outstanding amount						$ 271			1,548
Commercial mortgage loans
Summary of Investment Holdings [Line Items]
Mortgage loans	10,800	10,500	10,800			10,800			10,500
Mortgage loans, allowance for credit loss	$ 77	85	$ 77			$ 77			85
Financing receivables, collateralized by properties, number of states | state	38		38			38
Financing receivables, accrued interest receivable	$ 35	32	$ 35			$ 35			32
Residential mortgage loans
Summary of Investment Holdings [Line Items]
Mortgage loans	1,170	939	1,170			1,170			939
Mortgage loans, allowance for credit loss	$ 3	9	$ 3			$ 3			9
Financing receivables, collateralized by properties, number of states | state	50		50			50
Financing receivables, accrued interest receivable	$ 9	13	$ 9			$ 9			13
Unconsolidated VIEs
Summary of Investment Holdings [Line Items]
Equity securities	28	33	28			28			33
Corporate securities | Single corporate obligor
Summary of Investment Holdings [Line Items]
Debt securities, unrealized loss	$ 52	$ 16	$ 52			$ 52			$ 16
Corporate securities, healthcare
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	13%		13%			13%
Corporate securities, financial services
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	10%	16%	10%			10%			16%
Corporate securities, consumer goods
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage		15%							15%
Equity securities
Summary of Investment Holdings [Line Items]
Unrealized gains (losses)			$ (13)		10	$ (31)	15
Federal Home Loan Bank capital stock
Summary of Investment Holdings [Line Items]
Other invested assets	$ 146	$ 125	146			146			$ 125
Real estate
Summary of Investment Holdings [Line Items]
Other invested assets	241	243	241			241			243
Real estate, foreclosed properties
Summary of Investment Holdings [Line Items]
Other invested assets	1	1	1			1			1
Limited partnerships
Summary of Investment Holdings [Line Items]
Other invested assets	$ 3,261	$ 2,831	3,261			$ 3,261			$ 2,831
Repurchase agreements
Summary of Investment Holdings [Line Items]
Interest expense			$ 0		$ 0		$ 1
Investment grade
Summary of Investment Holdings [Line Items]
Debt securities in an unrealized loss position, percentage	76%	76%	76%			76%			76%
Below investment grade
Summary of Investment Holdings [Line Items]
Debt securities in an unrealized loss position, percentage	3%	2%	3%			3%			2%
Not rated
Summary of Investment Holdings [Line Items]
Debt securities in an unrealized loss position, percentage	21%	22%	21%			21%			22%
Below investment grade or not rated
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	20%	16%	20%			20%			16%

Investments - Composition of Fa

Investments - Composition of Fair Value of Debt Securities Classified by Rating (Details)	Jun. 30, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Percent of total debt securities carrying value	100%	100%
Investment grade
Investment Holdings [Line Items]
Percent of total debt securities carrying value	92.30%	93.50%
Investment grade | AAA
Investment Holdings [Line Items]
Percent of total debt securities carrying value	12.40%	14.50%
Investment grade | AA
Investment Holdings [Line Items]
Percent of total debt securities carrying value	9.20%	9.60%
Investment grade | A
Investment Holdings [Line Items]
Percent of total debt securities carrying value	30.40%	28.50%
Investment grade | BBB
Investment Holdings [Line Items]
Percent of total debt securities carrying value	40.30%	40.90%
Below investment grade
Investment Holdings [Line Items]
Percent of total debt securities carrying value	7.70%	6.50%
Below investment grade | BB
Investment Holdings [Line Items]
Percent of total debt securities carrying value	4%	3.60%
Below investment grade | B and below
Investment Holdings [Line Items]
Percent of total debt securities carrying value	3.70%	2.90%

Investments - Debt Securities -

Investments - Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance For Credit Loss (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 50,331	$ 51,206
Allowance for Credit Loss	43	9
Gross Unrealized Gains	184	2,790
Gross Unrealized Losses	4,886	612
Fair Value	45,586	53,375
U.S. government securities
Summary of Investment Holdings [Line Items]
Amortized Cost	3,733	4,525
Allowance for Credit Loss	0	0
Gross Unrealized Gains	0	97
Gross Unrealized Losses	745	301
Fair Value	2,988	4,321
Other government securities
Summary of Investment Holdings [Line Items]
Amortized Cost	1,659	1,489
Allowance for Credit Loss	6	0
Gross Unrealized Gains	3	147
Gross Unrealized Losses	155	17
Fair Value	1,501	1,619
Public utilities
Summary of Investment Holdings [Line Items]
Amortized Cost	5,927	6,069
Allowance for Credit Loss	1	0
Gross Unrealized Gains	57	671
Gross Unrealized Losses	465	25
Fair Value	5,518	6,715
Corporate securities
Summary of Investment Holdings [Line Items]
Amortized Cost	30,145	29,701
Allowance for Credit Loss	30	0
Gross Unrealized Gains	84	1,682
Gross Unrealized Losses	3,008	237
Fair Value	27,191	31,146
Residential mortgage-backed
Summary of Investment Holdings [Line Items]
Amortized Cost	479	528
Allowance for Credit Loss	6	2
Gross Unrealized Gains	26	46
Gross Unrealized Losses	29	3
Fair Value	470	569
Commercial mortgage-backed
Summary of Investment Holdings [Line Items]
Amortized Cost	1,769	1,968
Allowance for Credit Loss	0	0
Gross Unrealized Gains	0	76
Gross Unrealized Losses	111	6
Fair Value	1,658	2,038
Other asset-backed securities
Summary of Investment Holdings [Line Items]
Amortized Cost	6,619	6,926
Allowance for Credit Loss	0	7
Gross Unrealized Gains	14	71
Gross Unrealized Losses	373	23
Fair Value	$ 6,260	$ 6,967

Investments - Debt Securities M

Investments - Debt Securities Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in 1 year or less	$ 988
Due after 1 year through 5 years	8,792
Due after 5 years through 10 years	14,468
Due after 10 years through 20 years	9,192
Due after 20 years	8,024
Total	50,331	$ 51,206
Allowance for Credit Loss
Due in 1 year or less	0
Due after 1 year through 5 years	4
Due after 5 years through 10 years	26
Due after 10 years through 20 years	3
Due after 20 years	4
Total	43	9
Gross Unrealized Gains
Due in 1 year or less	2
Due after 1 year through 5 years	21
Due after 5 years through 10 years	31
Due after 10 years through 20 years	83
Due after 20 years	7
Total	184	2,790
Gross Unrealized Losses
Due in 1 year or less	3
Due after 1 year through 5 years	253
Due after 5 years through 10 years	1,302
Due after 10 years through 20 years	1,230
Due after 20 years	1,585
Total	4,886	612
Fair Value
Due in 1 year or less	987
Due after 1 year through 5 years	8,556
Due after 5 years through 10 years	13,171
Due after 10 years through 20 years	8,042
Due after 20 years	6,442
Debt securities	45,586	53,375
Residential mortgage-backed
Amortized Cost
Without single maturity	479
Total	479	528
Allowance for Credit Loss
Without single maturity	6
Total	6	2
Gross Unrealized Gains
Without single maturity	26
Total	26	46
Gross Unrealized Losses
Without single maturity	29
Total	29	3
Fair Value
Without single maturity	470
Debt securities	470	569
Commercial mortgage-backed
Amortized Cost
Without single maturity	1,769
Total	1,769	1,968
Allowance for Credit Loss
Without single maturity	0
Total	0	0
Gross Unrealized Gains
Without single maturity	0
Total	0	76
Gross Unrealized Losses
Without single maturity	111
Total	111	6
Fair Value
Without single maturity	1,658
Debt securities	1,658	2,038
Other asset-backed securities
Amortized Cost
Without single maturity	6,619
Total	6,619	6,926
Allowance for Credit Loss
Without single maturity	0
Total	0	7
Gross Unrealized Gains
Without single maturity	14
Total	14	71
Gross Unrealized Losses
Without single maturity	373
Total	373	23
Fair Value
Without single maturity	6,260
Debt securities	$ 6,260	$ 6,967

Investments - Residential Mortg

Investments - Residential Mortgage-Backed Securities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 50,331	$ 51,206
Allowance for Credit Loss	43	9
Gross Unrealized Gains	184	2,790
Gross Unrealized Losses	4,886	612
Fair Value	45,586	53,375
Non-agency RMBS
Summary of Investment Holdings [Line Items]
Amortized Cost	304	361
Allowance for Credit Loss	6	2
Gross Unrealized Gains	26	44
Gross Unrealized Losses	16	2
Fair Value	308	401
Non-agency RMBS | Prime
Summary of Investment Holdings [Line Items]
Amortized Cost	190	228
Allowance for Credit Loss	4	1
Gross Unrealized Gains	3	10
Gross Unrealized Losses	14	2
Fair Value	175	235
Non-agency RMBS | Alt-A
Summary of Investment Holdings [Line Items]
Amortized Cost	83	94
Allowance for Credit Loss	2	1
Gross Unrealized Gains	12	21
Gross Unrealized Losses	2	0
Fair Value	91	114
Non-agency RMBS | Subprime
Summary of Investment Holdings [Line Items]
Amortized Cost	31	39
Allowance for Credit Loss	0	0
Gross Unrealized Gains	11	13
Gross Unrealized Losses	0	0
Fair Value	$ 42	$ 52

Investments - Debt Securities i

Investments - Debt Securities in Continuous Unrealized Loss Position (Details) $ in Millions	Jun. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 3,633	$ 246
Less than 12 months, fair value	$ 34,185	$ 11,135
Less than 12 months, # of securities | security	4,308	1,344
12 months or longer, gross unrealized losses	$ 1,253	$ 366
12 months or longer, fair value	$ 3,947	$ 4,006
12 months or longer, # of securities | security	332	104
Total, gross unrealized losses	$ 4,886	$ 612
Total, fair value	$ 38,132	$ 15,141
Total, # of securities | security	4,545	1,448
U.S. government securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 172	$ 2
Less than 12 months, fair value	$ 1,013	$ 107
Less than 12 months, # of securities | security	29	16
12 months or longer, gross unrealized losses	$ 573	$ 299
12 months or longer, fair value	$ 1,801	$ 3,190
12 months or longer, # of securities | security	8	7
Total, gross unrealized losses	$ 745	$ 301
Total, fair value	$ 2,814	$ 3,297
Total, # of securities | security	33	23
Other government securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 154	$ 17
Less than 12 months, fair value	$ 1,282	$ 252
Less than 12 months, # of securities | security	153	23
12 months or longer, gross unrealized losses	$ 1	$ 0
12 months or longer, fair value	$ 10	$ 4
12 months or longer, # of securities | security	5	2
Total, gross unrealized losses	$ 155	$ 17
Total, fair value	$ 1,292	$ 256
Total, # of securities | security	157	25
Public utilities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 398	$ 17
Less than 12 months, fair value	$ 4,453	$ 721
Less than 12 months, # of securities | security	508	93
12 months or longer, gross unrealized losses	$ 67	$ 7
12 months or longer, fair value	$ 171	$ 99
12 months or longer, # of securities | security	29	8
Total, gross unrealized losses	$ 465	$ 24
Total, fair value	$ 4,624	$ 820
Total, # of securities | security	530	101
Corporate securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 2,426	$ 180
Less than 12 months, fair value	$ 20,501	$ 6,343
Less than 12 months, # of securities | security	2,585	728
12 months or longer, gross unrealized losses	$ 582	$ 58
12 months or longer, fair value	$ 1,729	$ 661
12 months or longer, # of securities | security	217	69
Total, gross unrealized losses	$ 3,008	$ 238
Total, fair value	$ 22,230	$ 7,004
Total, # of securities | security	2,728	797
Residential mortgage-backed
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 26	$ 3
Less than 12 months, fair value	$ 288	$ 174
Less than 12 months, # of securities | security	205	109
12 months or longer, gross unrealized losses	$ 3	$ 0
12 months or longer, fair value	$ 45	$ 11
12 months or longer, # of securities | security	47	12
Total, gross unrealized losses	$ 29	$ 3
Total, fair value	$ 333	$ 185
Total, # of securities | security	252	121
Commercial mortgage-backed
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 97	$ 5
Less than 12 months, fair value	$ 1,567	$ 314
Less than 12 months, # of securities | security	203	37
12 months or longer, gross unrealized losses	$ 14	$ 1
12 months or longer, fair value	$ 72	$ 30
12 months or longer, # of securities | security	6	3
Total, gross unrealized losses	$ 111	$ 6
Total, fair value	$ 1,639	$ 344
Total, # of securities | security	208	40
Other asset-backed securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 360	$ 22
Less than 12 months, fair value	$ 5,081	$ 3,224
Less than 12 months, # of securities | security	625	338
12 months or longer, gross unrealized losses	$ 13	$ 1
12 months or longer, fair value	$ 119	$ 11
12 months or longer, # of securities | security	20	3
Total, gross unrealized losses	$ 373	$ 23
Total, fair value	$ 5,200	$ 3,235
Total, # of securities | security	637	341

Investments - Rollforward of Al

Investments - Rollforward of Allowance for Debt Securities Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	$ 32	$ 5	$ 9	$ 14
Additions for which credit loss was not previously recorded	6	0	39	1
Changes for securities with previously recorded credit loss	6	2	1	(8)
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	(1)	0	0	0
Reductions for securities disposed	0	0	(1)	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	(5)	0
Balance	43	7	43	7
Accrued interest receivable on debt securities	382	397	382	397
U.S. government securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0	0	0
Additions for which credit loss was not previously recorded	0	0	0	0
Changes for securities with previously recorded credit loss	0	0	0	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	0	0	0	0
Other government securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	6	0	0	0
Additions for which credit loss was not previously recorded	0	0	6	0
Changes for securities with previously recorded credit loss	0	0	0	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	6	0	6	0
Public utilities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0	0	0
Additions for which credit loss was not previously recorded	1	0	1	0
Changes for securities with previously recorded credit loss	0	0	0	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	1	0	1	0
Corporate securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	22	0	0	0
Additions for which credit loss was not previously recorded	3	0	30	0
Changes for securities with previously recorded credit loss	5	0	5	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	(5)	0
Balance	30	0	30	0
Residential mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	2	1	2	0
Additions for which credit loss was not previously recorded	2	0	2	1
Changes for securities with previously recorded credit loss	3	0	3	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	(1)	0	0	0
Reductions for securities disposed	0	0	(1)	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	6	1	6	1
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0	0	0
Additions for which credit loss was not previously recorded	0	0	0	0
Changes for securities with previously recorded credit loss	0	0	0	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	0	0	0	0
Other asset-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	2	4	7	14
Additions for which credit loss was not previously recorded	0	0	0	0
Changes for securities with previously recorded credit loss	(2)	2	(7)	(8)
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	$ 0	$ 6	$ 0	$ 6

Investments - Sources of Net In

Investments - Sources of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investment expenses:
Derivative trading commission	$ (1)	$ (1)	$ (2)	$ (1)
Depreciation on real estate	(3)	(2)	(6)	(5)
Expenses related to consolidated entities	(15)	(9)	(36)	(17)
Other investment expenses	38	(22)	50	(45)
Total investment expenses	19	(34)	6	(68)
Net investment income	747	796	1,467	1,724
Debt securities
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	213	277	486	601
Debt securities, fair value option
Investment expenses:
Net investment income	(95)	0	(85)	38
Equity securities
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	6	7	7	7
Mortgage loans
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	68	80	141	162
Policy loans
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	17	17	34	36
Limited partnerships
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	50	150	158	393
Other investments
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	10	5	11	8
Investments, excluding funds withheld assets
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	364	536	837	1,207
Funds withheld assets
Investment expenses:
Net investment income	$ 364	$ 294	$ 624	$ 585

Investments - Net Gains (Losses

Investments - Net Gains (Losses) on Derivatives and Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Available-for-sale securities
Realized gains on sale	$ 5	$ 96	$ 29	$ 121
Realized losses on sale	(63)	(52)	(241)	(58)
Credit loss income (expense)	1	(1)	1	7
Credit loss income (expense) on mortgage loans	(9)	(10)	3	48
Other	71	(18)	83	50
Net gains (losses) excluding derivatives and funds withheld assets	5	15	(125)	168
Net gains (losses) on derivative instruments	4,195	(2,310)	6,204	360
Total net gains (losses) on derivatives and investments	3,867	(2,521)	5,472	185
Derivatives excluding funds withheld under reinsurance treaties
Available-for-sale securities
Net gains (losses) on derivative instruments	2,785	(1,768)	3,492	(113)
Derivatives related to funds withheld under reinsurance treaties
Available-for-sale securities
Net gains (losses) on derivative instruments	1,410	(542)	2,712	473
Net gains (losses) on funds withheld reinsurance treaties	$ 1,077	$ (768)	$ 2,105	$ 130

Investments - Asset and Liabili

Investments - Asset and Liability Information for Consolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Summary of Investment Holdings [Line Items]
Debt securities, trading	$ 103		$ 117
Equity securities	260		279
Other assets	1,369		853
Total assets	316,205		375,484
Total other liabilities	4,072		3,944
Securities lending payable	32		17
Total liabilities	305,895		364,410
Equity	10,310	$ 10,289	11,074	$ 10,991	$ 10,570	$ 9,923
Variable Interest Entity, Primary Beneficiary
Summary of Investment Holdings [Line Items]
Debt securities, at fair value under fair value option	1,991		1,546
Debt securities, trading	103		117
Equity securities	128		129
Limited partnerships	1,491		1,309
Cash and cash equivalents	45		120
Other assets	36		45
Total assets	3,794		3,266
Debt owed to non-controlling interests	1,757		1,404
Other liabilities	417		307
Total other liabilities	2,174		1,711
Securities lending payable	5		4
Total liabilities	2,179		1,715
Equity	$ 747		$ 680

Investments - Rollforward of Mo

Investments - Rollforward of Mortgages Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	$ 84	$ 113	$ 94	$ 179
Charge offs, net of recoveries	0	0	0	0
Provision (release)	(4)	23	(14)	(43)
Balance	80	136	80	136
Financing receivables, accrued interest receivable	44	40	44	40
Apartment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	21	27	19	58
Charge offs, net of recoveries	0	0	0	0
Provision (release)	0	0	2	(31)
Balance	21	27	21	27
Hotel
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	9	22	9	34
Charge offs, net of recoveries	0	0	0	0
Provision (release)	9	11	9	(1)
Balance	18	33	18	33
Office
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	22	16	28	25
Charge offs, net of recoveries	0	0	0	0
Provision (release)	(6)	4	(12)	(5)
Balance	16	20	16	20
Retail
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	14	15	17	24
Charge offs, net of recoveries	0	0	0	0
Provision (release)	(1)	8	(4)	(1)
Balance	13	23	13	23
Warehouse
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	12	13	12	24
Charge offs, net of recoveries	0	0	0	0
Provision (release)	(3)	(1)	(3)	(12)
Balance	9	12	9	12
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	6	20	9	14
Charge offs, net of recoveries	0	0	0	0
Provision (release)	(3)	1	(6)	7
Balance	$ 3	$ 21	$ 3	$ 21

Investments - Information About

Investments - Information About Credit Quality and Vintage Year of Commercial Mortgage Loans (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 572	$ 1,887
Year two	2,218	1,447
Year three	1,440	1,671
Year four	1,629	1,691
Year five	1,580	1,420
Prior	4,488	3,362
Revolving Loans	4	4
Total	$ 11,931	$ 11,482
% of Total	100%	100%
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 476	$ 1,615
Year two	1,750	1,381
Year three	1,376	1,631
Year four	1,580	1,656
Year five	1,555	1,390
Prior	4,020	2,866
Revolving Loans	4	4
Total	$ 10,761	$ 10,543
% of Total	100%	100%
Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 96	$ 272
Year two	468	66
Year three	64	40
Year four	49	35
Year five	25	30
Prior	468	496
Revolving Loans	0	0
Total	$ 1,170	$ 939
% of Total	100%	100%
Residential mortgage loans | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 96	$ 268
Year two	465	22
Year three	54	18
Year four	43	16
Year five	17	7
Prior	416	396
Revolving Loans	0	0
Total	$ 1,091	$ 727
% of Total	93%	77%
Residential mortgage loans | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 4
Year two	3	44
Year three	10	22
Year four	6	19
Year five	8	23
Prior	52	100
Revolving Loans	0	0
Total	$ 79	$ 212
% of Total	7%	23%
Greater than 1.20x | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 442	$ 796
Year two	963	974
Year three	859	1,532
Year four	1,453	1,293
Year five	1,347	1,257
Prior	3,727	2,609
Revolving Loans	4	4
Total	$ 8,795	$ 8,465
% of Total	82%	80%
1.00x - 1.20x | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 34	$ 651
Year two	529	329
Year three	375	81
Year four	85	90
Year five	79	11
Prior	144	68
Revolving Loans	0	0
Total	$ 1,246	$ 1,230
% of Total	12%	12%
Less than 1.00x | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 168
Year two	258	78
Year three	142	18
Year four	42	273
Year five	129	122
Prior	149	189
Revolving Loans	0	0
Total	$ 720	$ 848
% of Total	7%	8%
Less than 70% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 396	$ 1,270
Year two	1,376	1,346
Year three	1,343	1,592
Year four	1,542	1,599
Year five	1,498	1,305
Prior	3,866	2,703
Revolving Loans	4	4
Total	$ 10,025	$ 9,819
% of Total	93%	93%
70% - 80% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 80	$ 345
Year two	374	35
Year three	33	0
Year four	0	52
Year five	52	85
Prior	144	153
Revolving Loans	0	0
Total	$ 683	$ 670
% of Total	6%	6%
80% - 100% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	0	0
Year three	0	39
Year four	38	5
Year five	5	0
Prior	0	0
Revolving Loans	0	0
Total	$ 43	$ 44
% of Total	0%	0%
Greater than 100% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	10	10
Revolving Loans	0	0
Total	$ 10	$ 10
% of Total	0%	0%

Investments - Mortgages by Stan

Investments - Mortgages by Standing (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 11,931	$ 11,482
Restructured	0	0
In the Process of Foreclosure	18	6
In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	11,852	11,270
Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	61	206
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	10,761	10,543
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	10,761	10,543
Commercial mortgage loans | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Apartment
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	3,920	3,755
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Apartment | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	3,920	3,755
Commercial mortgage loans | Apartment | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,067	1,054
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Hotel | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,067	1,054
Commercial mortgage loans | Hotel | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,894	1,889
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Office | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,894	1,889
Commercial mortgage loans | Office | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,134	2,104
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Retail | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,134	2,104
Commercial mortgage loans | Retail | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Warehouse
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,746	1,741
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Warehouse | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,746	1,741
Commercial mortgage loans | Warehouse | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,170	939
Residential mortgage loans | Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,170	939
Restructured	0	0
In the Process of Foreclosure	18	6
Residential mortgage loans | Residential | Financial Asset Acquired with Credit Deterioration
Financing Receivable, Credit Quality Indicator [Line Items]
In the Process of Foreclosure	15	5
Residential mortgage loans | Residential | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,091	727
Residential mortgage loans | Residential | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	61	206
Residential mortgage loans | Residential | Greater than 90 Days Delinquent | Financial Asset Acquired with Credit Deterioration
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	56	202
Mezzanine loans | Apartment | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	420	278
Mezzanine loans | Hotel | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	69	75
Mezzanine loans | Office | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	259	252
Mezzanine loans | Retail | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	27	27
Mezzanine loans | Warehouse | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 55	$ 26

Derivative Instruments - Aggreg

Derivative Instruments - Aggregate Contractual Notional Amounts and Fair Values of Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Fair Value	$ 1,243	$ 1,417
Liabilities
Fair Value	1,217	41
Freestanding derivatives
Derivative [Line Items]
Contractual/Notional Amount	115,516	97,665
Assets
Fair Value	1,133	1,374
Liabilities
Fair Value	1,201	35
Net Fair Value, Asset (Liability)	(68)	1,339
Freestanding derivatives | Cross-currency swaps
Derivative [Line Items]
Contractual/Notional Amount	1,802	1,767
Assets
Fair Value	48	55
Liabilities
Fair Value	108	35
Net Fair Value, Asset (Liability)	(60)	20
Freestanding derivatives | Equity index call options
Derivative [Line Items]
Contractual/Notional Amount	24,000	21,000
Assets
Fair Value	13	606
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	13	606
Freestanding derivatives | Equity index futures
Derivative [Line Items]
Contractual/Notional Amount	25,272	18,258
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives | Equity index put options
Derivative [Line Items]
Contractual/Notional Amount	32,500	27,500
Assets
Fair Value	1,030	150
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	1,030	150
Freestanding derivatives | Interest rate swaps
Derivative [Line Items]
Contractual/Notional Amount	7,728	7,728
Assets
Fair Value	30	430
Liabilities
Fair Value	60	0
Net Fair Value, Asset (Liability)	(30)	430
Freestanding derivatives | Interest rate swaps - cleared
Derivative [Line Items]
Contractual/Notional Amount	1,500	1,500
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives | Put-swaptions
Derivative [Line Items]
Contractual/Notional Amount	22,000	19,000
Assets
Fair Value	0	133
Liabilities
Fair Value	1,029	0
Net Fair Value, Asset (Liability)	(1,029)	133
Freestanding derivatives | Treasury futures
Derivative [Line Items]
Contractual/Notional Amount	14	912
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives | Total return swaps
Derivative [Line Items]
Contractual/Notional Amount	700	0
Assets
Fair Value	12	0
Liabilities
Fair Value	4	0
Net Fair Value, Asset (Liability)	8	0
Embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	1,692	4,071
Net Fair Value, Asset (Liability)	(1,692)	(4,071)
Embedded derivatives | Variable annuity embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	601	2,626
Net Fair Value, Asset (Liability)	(601)	(2,626)
Embedded derivatives | Fixed index annuity embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	1,087	1,439
Net Fair Value, Asset (Liability)	(1,087)	(1,439)
Embedded derivatives | RILA embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	4	6
Net Fair Value, Asset (Liability)	(4)	(6)
Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Contractual/Notional Amount	1,348	1,277
Assets
Fair Value	2,618	43
Liabilities
Fair Value	16	126
Net Fair Value, Asset (Liability)	2,602	(83)
Derivatives related to funds withheld under reinsurance treaties | Cross-currency swaps
Derivative [Line Items]
Contractual/Notional Amount	158	158
Assets
Fair Value	24	10
Liabilities
Fair Value	1	1
Net Fair Value, Asset (Liability)	23	9
Derivatives related to funds withheld under reinsurance treaties | Cross-currency forwards
Derivative [Line Items]
Contractual/Notional Amount	1,190	1,119
Assets
Fair Value	86	33
Liabilities
Fair Value	15	5
Net Fair Value, Asset (Liability)	71	28
Derivatives related to funds withheld under reinsurance treaties | Funds withheld embedded derivative
Assets
Fair Value	2,508	0
Liabilities
Fair Value	0	120
Net Fair Value, Asset (Liability)	2,508	(120)
Derivative assets
Derivative [Line Items]
Contractual/Notional Amount	116,864	98,942
Assets
Fair Value	3,751	1,417
Derivative liabilities
Liabilities
Fair Value	2,909	4,232
Derivative
Liabilities
Net Fair Value, Asset (Liability)	$ 842	$ (2,815)

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses, and Change in Fair Value of Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	$ 4,195	$ (2,310)	$ 6,204	$ 360
Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	2,785	(1,768)	3,492	(113)
Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	1,410	(542)	2,712	473
Cross-currency swaps | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(50)	21	(82)	(44)
Cross-currency swaps | Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	12	8	15	6
Equity index call options | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(642)	667	(1,231)	799
Equity index futures | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	3,618	(1,377)	4,241	(2,670)
Equity index put options | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	822	(260)	507	(611)
Interest rate swaps | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(150)	117	(411)	(148)
Interest rate swaps - cleared | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(49)	36	(137)	(50)
Put-swaptions | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(686)	395	(1,154)	103
Cross-currency forwards | Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	51	(6)	69	13
Treasury futures | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(1)	0	(312)	(773)
Total return swaps | Freestanding derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	8	0	8	0
Fixed index annuity embedded derivatives | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	4	(2)	5	(2)
RILA embedded derivatives | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	60	0	63	0
Variable annuity embedded derivatives | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(149)	(1,365)	1,995	3,283
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	$ 1,347	$ (544)	$ 2,628	$ 454

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative assets by counterparty	$ 977	$ 1,376
Derivative assets, held collateral	879	1,576
Derivative liabilities by counterparty	951	0
Derivative liabilities, held collateral	1,128	0
Derivative disbursement obligation	0	200
Derivative amount allowed to claim	275	0
Embedded derivatives
Derivative [Line Items]
Net fair value, derivative asset (liability)	(1,692)	(4,071)
Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Net fair value, derivative asset (liability)	2,602	(83)
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Net fair value, derivative asset (liability)	$ 2,508	$ (120)

Derivative Instruments - Gross

Derivative Instruments - Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Freestanding derivative assets
Gross Amounts Recognized	$ 1,243	$ 1,417
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	1,243	1,417
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	266	41
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	610	817
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	246	555
Net Amount	121	4
Freestanding derivative liabilities
Gross Amounts Recognized	1,217	41
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Fair Value	1,217	41
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	266	41
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	66	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	885	0
Net Amount	0	0
Securities loaned
Gross Amounts Recognized	32	17
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	32	17
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	32	17
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	0	0
Net Amount	0	0
Repurchase agreements
Gross Amounts Recognized	0	1,572
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	0	1,572
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	0	1,572
Net Amount	0	0
Total financial liabilities
Gross Amounts Recognized	1,249	1,630
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	1,249	1,630
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	266	41
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	98	17
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	885	1,572
Net Amount	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value and Carrying Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Debt securities	$ 45,586	$ 53,375
Equity securities	260	279
Mortgage loans (1)	11,574	11,482
Policy loans	4,459	4,475
Freestanding derivative instruments	1,243	1,417
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146	125
Cash and cash equivalents	5,258	2,623
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	31,667	33,126
Separate account assets	196,184	248,949
Liabilities
Other	794	816
Reserves for guaranteed investment contracts	1,181	894
Trust instruments supported by funding agreements	5,301	5,986
FHLB funding agreements	2,001	1,950
Funds withheld payable under reinsurance treaties	25,506	29,007
Long-term debt	2,634	2,649
Securities lending payable	32	17
Freestanding derivative instruments	1,217	41
Repurchase agreements	0	1,572
Separate account liabilities	196,184	248,949
Carrying Value
Assets
Debt securities	45,586	53,375
Equity securities	260	279
Mortgage loans (1)	11,931	11,482
Limited partnerships	3,261	2,831
Policy loans	4,459	4,475
Freestanding derivative instruments	1,243	1,417
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146	125
Cash and cash equivalents	5,258	2,623
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	232	262
Separate account assets	196,184	248,949
Liabilities
Other	38,787	40,389
Reserves for guaranteed investment contracts	1,181	894
Trust instruments supported by funding agreements	5,301	5,986
FHLB funding agreements	2,001	1,950
Funds withheld payable under reinsurance treaties	25,506	29,007
Long-term debt	2,634	2,649
Securities lending payable	32	17
Freestanding derivative instruments	1,217	41
Repurchase agreements	0	1,572
FHLB advances	0	0
Separate account liabilities	196,184	248,949
Fair Value
Assets
Debt securities	45,586	53,375
Equity securities	260	279
Mortgage loans (1)	11,586	11,910
Limited partnerships	3,261	2,831
Policy loans	4,459	4,475
Freestanding derivative instruments	1,243	1,417
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146	125
Cash and cash equivalents	5,258	2,623
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	232	262
Separate account assets	196,184	248,949
Liabilities
Other	35,844	50,116
Reserves for guaranteed investment contracts	1,156	923
Trust instruments supported by funding agreements	5,174	6,175
FHLB funding agreements	2,090	1,938
Funds withheld payable under reinsurance treaties	25,506	29,007
Long-term debt	2,422	2,745
Securities lending payable	32	17
Freestanding derivative instruments	1,217	41
Repurchase agreements	0	1,572
FHLB advances	0	0
Separate account liabilities	$ 196,184	$ 248,949

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, debt securities	$ 2,005		$ 2,005		$ 1,711
Debt securities	45,586		45,586		53,375
Transfers from Level 3 to Level 2	1	$ 13	5	$ 23
Transfers from Level 2 to Level 3	$ 28	$ 21	$ 35	$ 18
FHLBI capital stock, stock price (in usd per share)	$ 100		$ 100
Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, debt securities	$ 1,991		$ 1,991		1,546
Funds withheld assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, assets carrying amount	3,999		3,999		3,632
Unobservable Inputs | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	$ 2		$ 2		$ 2

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Option (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value	$ 357	$ 0
Aggregate contractual principal	11,574	$ 11,482
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate contractual principal	$ 362

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value by Hierarchy (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Debt securities	$ 45,586	$ 53,375
Equity securities	260	279
Mortgage loans	357	0
Limited partnerships	1	18
Policy loans	3,485	3,467
Freestanding derivative instruments	1,243	1,417
Cash and cash equivalents	5,258	2,623
GMIB reinsurance recoverable	232	262
Separate account assets	196,184	248,949
Total	252,606	310,390
Liabilities
Embedded derivative liabilities	1,692	4,071
Funds withheld payable under reinsurance treaties	1,141	3,759
Freestanding derivative instruments	1,217	41
Total	4,050	7,871
Limited partnership investments measured at NAV	3,260	2,813
U.S. government securities
Assets
Debt securities	2,988	4,321
Other government securities
Assets
Debt securities	1,501	1,619
Public utilities
Assets
Debt securities	5,518	6,715
Corporate securities
Assets
Debt securities	27,191	31,146
Residential mortgage-backed
Assets
Debt securities	470	569
Commercial mortgage-backed
Assets
Debt securities	1,658	2,038
Other asset-backed securities
Assets
Debt securities	6,260	6,967
Derivatives related to funds withheld under reinsurance treaties
Assets
Freestanding derivative instruments	2,618	43
Liabilities
Freestanding derivative instruments	16	126
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Assets
Freestanding derivative instruments	2,508	0
Liabilities
Freestanding derivative instruments	0	120
Level 1
Assets
Equity securities	81	111
Mortgage loans	0
Limited partnerships	0	0
Policy loans	0	0
Freestanding derivative instruments	0	0
Cash and cash equivalents	5,258	2,623
GMIB reinsurance recoverable	0	0
Separate account assets	0	0
Total	8,327	7,055
Liabilities
Embedded derivative liabilities	0	0
Funds withheld payable under reinsurance treaties	0	0
Freestanding derivative instruments	0	0
Total	0	0
Level 1 | U.S. government securities
Assets
Debt securities	2,988	4,321
Level 1 | Other government securities
Assets
Debt securities	0	0
Level 1 | Public utilities
Assets
Debt securities	0	0
Level 1 | Corporate securities
Assets
Debt securities	0	0
Level 1 | Residential mortgage-backed
Assets
Debt securities	0	0
Level 1 | Commercial mortgage-backed
Assets
Debt securities	0	0
Level 1 | Other asset-backed securities
Assets
Debt securities	0	0
Level 2
Assets
Equity securities	55	56
Mortgage loans	0
Limited partnerships	0	17
Policy loans	0	0
Freestanding derivative instruments	1,243	1,417
Cash and cash equivalents	0	0
GMIB reinsurance recoverable	0	0
Separate account assets	196,184	248,949
Total	240,033	299,484
Liabilities
Embedded derivative liabilities	1,091	1,445
Funds withheld payable under reinsurance treaties	0	0
Freestanding derivative instruments	1,217	41
Total	2,308	1,486
Level 2 | U.S. government securities
Assets
Debt securities	0	0
Level 2 | Other government securities
Assets
Debt securities	1,501	1,619
Level 2 | Public utilities
Assets
Debt securities	5,518	6,715
Level 2 | Corporate securities
Assets
Debt securities	27,144	31,137
Level 2 | Residential mortgage-backed
Assets
Debt securities	470	569
Level 2 | Commercial mortgage-backed
Assets
Debt securities	1,658	2,038
Level 2 | Other asset-backed securities
Assets
Debt securities	6,260	6,967
Level 3
Assets
Equity securities	124	112
Mortgage loans	357
Limited partnerships	1	1
Policy loans	3,485	3,467
Freestanding derivative instruments	0	0
Cash and cash equivalents	0	0
GMIB reinsurance recoverable	232	262
Separate account assets	0	0
Total	4,246	3,851
Liabilities
Embedded derivative liabilities	601	2,626
Funds withheld payable under reinsurance treaties	1,141	3,759
Freestanding derivative instruments	0	0
Total	1,742	6,385
Level 3 | U.S. government securities
Assets
Debt securities	0	0
Level 3 | Other government securities
Assets
Debt securities	0	0
Level 3 | Public utilities
Assets
Debt securities	0	0
Level 3 | Corporate securities
Assets
Debt securities	47	9
Level 3 | Residential mortgage-backed
Assets
Debt securities	0	0
Level 3 | Commercial mortgage-backed
Assets
Debt securities	0	0
Level 3 | Other asset-backed securities
Assets
Debt securities	0	0
Level 3 | GMWB Derivative
Liabilities
Embedded derivative liabilities	601
Level 3 | RILA embedded derivatives
Liabilities
Embedded derivative liabilities	4	6
Level 3 | Fixed index annuity embedded derivatives
Liabilities
Embedded derivative liabilities	$ 1,087	$ 1,439

Fair Value Measurements - Balan

Fair Value Measurements - Balances of Level 3 Assets and Liabilities Measured at Fair Value with Corresponding Price Sources (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Debt securities	$ 45,586	$ 53,375
Equity securities	260	279
Mortgage loans	357	0
Limited partnerships	1	18
Policy loans	4,459	4,475
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	31,667	33,126
Total	252,606	310,390
Liabilities
Embedded derivative liabilities	1,692	4,071
Funds withheld payable under reinsurance treaties	25,506	29,007
Total	4,050	7,871
Freestanding derivative instruments	1,243	1,417
Freestanding derivative instruments	1,217	41
Corporate securities
Assets
Debt securities	27,191	31,146
Derivatives related to funds withheld under reinsurance treaties
Liabilities
Freestanding derivative instruments	2,618	43
Freestanding derivative instruments	16	126
Derivatives related to funds withheld under reinsurance treaties | Funds withheld embedded derivative
Liabilities
Freestanding derivative instruments	2,508	0
Freestanding derivative instruments	0	120
Level 3
Assets
Equity securities	124	112
Mortgage loans	357
Limited partnerships	1	1
Policy loans	3,485	3,467
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	232	262
Total	4,246	3,851
Liabilities
Embedded derivative liabilities	601	2,626
Funds withheld payable under reinsurance treaties	1,141	3,759
Total	1,742	6,385
Freestanding derivative instruments	0	0
Freestanding derivative instruments	0	0
Level 3 | Corporate securities
Assets
Debt securities	47	9
Level 3 | Internal
Assets
Equity securities	1	1
Mortgage loans	0
Limited partnerships	1	1
Policy loans	3,485	3,467
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	232	262
Total	3,719	3,731
Liabilities
Embedded derivative liabilities	601	2,626
Funds withheld payable under reinsurance treaties	1,141	3,759
Total	1,742	6,385
Level 3 | Internal | Corporate securities
Assets
Debt securities	0	0
Level 3 | External
Assets
Equity securities	123	111
Mortgage loans	357
Limited partnerships	0	0
Policy loans	0	0
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	0	0
Total	527	120
Liabilities
Embedded derivative liabilities	0	0
Funds withheld payable under reinsurance treaties	0	0
Total	0	0
Level 3 | External | Corporate securities
Assets
Debt securities	$ 47	$ 9

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information on Significant Internally-Priced Level 3 Assets and Liabilities (Details) $ in Millions	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	$ 31,667	$ 33,126
Embedded derivative liabilities	1,692	4,071
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	232	262
Embedded derivative liabilities	601	2,626
Level 3 | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guaranteed minimum income benefits ("GMIB") reinsurance recoverable	232	262
Embedded derivative liabilities	$ 601	$ 2,626
Level 3 | Minimum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0001	0.0001
Embedded derivative liabilities, measurement input	0.0004	0.0004
Level 3 | Minimum | Discounted cash flow | Lapse
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0330	0.0330
Embedded derivative liabilities, measurement input	0.0020	0.0020
Level 3 | Minimum | Discounted cash flow | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0	0
Embedded derivative liabilities, measurement input	0.0500	0.0500
Level 3 | Minimum | Discounted cash flow | Withdrawal
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0375	0.0375
Embedded derivative liabilities, measurement input	0.5800	0.5800
Level 3 | Minimum | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0	0.0011
Embedded derivative liabilities, measurement input	0	0.0011
Level 3 | Minimum | Discounted cash flow | Long-term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.1850	0.1850
Embedded derivative liabilities, measurement input	0.1850	0.1850
Level 3 | Maximum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2342	0.2342
Embedded derivative liabilities, measurement input	0.2145	0.2145
Level 3 | Maximum | Discounted cash flow | Lapse
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0900	0.0900
Embedded derivative liabilities, measurement input	0.3090	0.3090
Level 3 | Maximum | Discounted cash flow | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2000	0.2000
Embedded derivative liabilities, measurement input	1	1
Level 3 | Maximum | Discounted cash flow | Withdrawal
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0450	0.0450
Embedded derivative liabilities, measurement input	0.9700	0.9700
Level 3 | Maximum | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0232	0.0150
Embedded derivative liabilities, measurement input	0.0232	0.0150
Level 3 | Maximum | Discounted cash flow | Long-term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2300	0.2206
Embedded derivative liabilities, measurement input	0.2300	0.2206

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Rollforwards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases, sales, issuances and settlements	$ 106	$ (21)	$ 241	$ (43)
Embedded derivative liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	(452)	(869)	(2,626)	(5,592)
Total Realized/Unrealized Gains (Losses) Included in Net Income	(149)	(1,367)	2,025	3,356
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	0
Purchases, sales, issuances and settlements	0	0	0	0
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	(601)	(2,236)	(601)	(2,236)
Funds withheld payable under reinsurance treaties
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	(2,479)	(3,486)	(3,759)	(4,453)
Total Realized/Unrealized Gains (Losses) Included in Net Income	1,272	(585)	2,492	329
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	2
Purchases, sales, issuances and settlements	66	(11)	126	40
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	(1,141)	(4,082)	(1,141)	(4,082)
Debt securities | Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	14	19	9	29
Total Realized/Unrealized Gains (Losses) Included in Net Income	5	1	5	2
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	0
Purchases, sales, issuances and settlements	1	5	3	6
Transfers in and/or (out of ) Level 3	27	7	30	(5)
Fair Value	47	32	47	32
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	115	102	112	104
Total Realized/Unrealized Gains (Losses) Included in Net Income	13	9	16	7
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	0
Purchases, sales, issuances and settlements	(4)	(8)	(4)	(8)
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	124	103	124	103
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	190		0
Total Realized/Unrealized Gains (Losses) Included in Net Income	(5)		(3)
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0		0
Purchases, sales, issuances and settlements	172		360
Transfers in and/or (out of ) Level 3	0		0
Fair Value	357		357
Limited partnerships
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	1	1	1	1
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	0	0	0
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	0
Purchases, sales, issuances and settlements	0	0	0	0
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	1	1	1	1
GMIB reinsurance recoverable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	232	266	262	340
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	1	(30)	(73)
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	0
Purchases, sales, issuances and settlements	0	0	0	0
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	232	267	232	267
Policy loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	3,472	3,486	3,467	3,454
Total Realized/Unrealized Gains (Losses) Included in Net Income	76	70	136	125
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	0
Purchases, sales, issuances and settlements	(63)	(18)	(118)	(41)
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	$ 3,485	$ 3,538	$ 3,485	$ 3,538

Fair Value Measurements - Purch

Fair Value Measurements - Purchases, Sales, Issuances and Settlements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	$ 173	$ 5	$ 363	$ 6
Sales	(4)	(8)	(4)	(8)
Issuances	1	8	31	36
Settlements	(64)	(26)	(149)	(77)
Total	106	(21)	241	(43)
Funds withheld payable under reinsurance treaties
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	(1)	(129)	(32)	(211)
Settlements	67	118	158	251
Total	66	(11)	126	40
Debt securities | Corporate securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	1	5	3	6
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Total	1	5	3	6
Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Sales	(4)	(8)	(4)	(8)
Issuances	0	0	0	0
Settlements	0	0	0	0
Total	(4)	(8)	(4)	(8)
Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	172		360
Sales	0		0
Issuances	0		0
Settlements	0		0
Total	172		360
Policy loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	1	8	31	36
Settlements	(64)	(26)	(149)	(77)
Total	$ (63)	$ (18)	$ (118)	$ (41)

Fair Value Measurements - Gains

Fair Value Measurements - Gains (Losses) by Location (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Embedded derivatives
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	$ (149)	$ (1,367)	$ 2,025	$ 3,356
Included in OCI	0	0	0	0
Funds withheld payable under reinsurance treaties
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	1,272	(543)	2,492	456
Included in OCI	0	0	0	0
Debt securities | Corporate securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	5	1	5	2
Included in OCI	0	0	0	0
Equity securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	13	9	16	7
Included in OCI	0	0	0	0
Mortgage loans
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(5)	0	(3)	0
Included in OCI	0	0	0	0
GMIB reinsurance recoverable
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	0	1	(30)	(73)
Included in OCI	0	0	0	0
Policy loans
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	76	70	136	125
Included in OCI	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Mortgage loans (1)	$ 11,574	$ 11,482
Policy loans	974	1,008
FHLBI capital stock	146	125
Liabilities
Annuity reserves	37,095	36,318
Reserves for guaranteed investment contracts	1,181	894
Trust instruments supported by funding agreements	5,301	5,986
FHLB funding agreements	2,001	1,950
Funds withheld payable under reinsurance treaties	23,496	24,533
Long-term debt	2,634	2,649
Securities lending payable	32	17
Repurchase agreements	0	1,572
Separate account liabilities	196,184	248,949
Limited partnership investments measured at NAV	753	715
Funds withheld payable under reinsurance treaties, non-financial instruments	117
Fair Value
Assets
Mortgage loans (1)	11,229	11,910
Policy loans	974	1,008
FHLBI capital stock	146	125
Liabilities
Annuity reserves	34,152	46,045
Reserves for guaranteed investment contracts	1,156	923
Trust instruments supported by funding agreements	5,174	6,175
FHLB funding agreements	2,090	1,938
Funds withheld payable under reinsurance treaties	23,496	24,533
Long-term debt	2,422	2,745
Securities lending payable	32	17
Repurchase agreements	0	1,572
Separate account liabilities	196,184	248,949
Fair Value | Level 1
Assets
Mortgage loans (1)	0	0
Policy loans	0	0
FHLBI capital stock	146	125
Liabilities
Annuity reserves	0	0
Reserves for guaranteed investment contracts	0	0
Trust instruments supported by funding agreements	0	0
FHLB funding agreements	0	0
Funds withheld payable under reinsurance treaties	422	537
Long-term debt	0	0
Securities lending payable	0	0
Repurchase agreements	0	0
Separate account liabilities	0	0
Fair Value | Level 2
Assets
Mortgage loans (1)	0	0
Policy loans	0	0
FHLBI capital stock	0	0
Liabilities
Annuity reserves	0	0
Reserves for guaranteed investment contracts	0	0
Trust instruments supported by funding agreements	0	0
FHLB funding agreements	0	0
Funds withheld payable under reinsurance treaties	17,927	19,127
Long-term debt	2,422	2,745
Securities lending payable	32	17
Repurchase agreements	0	1,572
Separate account liabilities	196,184	248,949
Fair Value | Level 3
Assets
Mortgage loans (1)	11,229	11,910
Policy loans	974	1,008
FHLBI capital stock	0	0
Liabilities
Annuity reserves	34,152	46,045
Reserves for guaranteed investment contracts	1,156	923
Trust instruments supported by funding agreements	5,174	6,175
FHLB funding agreements	2,090	1,938
Funds withheld payable under reinsurance treaties	5,147	4,869
Long-term debt	0	0
Securities lending payable	0	0
Repurchase agreements	0	0
Separate account liabilities	$ 0	$ 0

Deferred Acquisition Costs - Ro

Deferred Acquisition Costs - Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 14,249	$ 13,897
Deferrals of acquisition costs	349	400
Amortization	(1,713)	(548)
Unrealized investment (gains) losses	230	64
Balance, end of period	$ 13,115	$ 13,813

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions		6 Months Ended
	Jun. 01, 2020 USD ($)	Jun. 30, 2022 USD ($) treaty
Athene | Letter of credit
Effects of Reinsurance [Line Items]
Maximum borrowing capacity	$ 1,200
Trust account assets		$ 303
Athene
Effects of Reinsurance [Line Items]
Reinsurance quota share basis	100%
Reinsurance agreement, ceding commission	$ 1,200
SRZ
Effects of Reinsurance [Line Items]
Number of retro treaties | treaty		3
Coinsurance percentage		100%

Reinsurance - Assets and Liabil

Reinsurance - Assets and Liabilities Held in Support of Reserves (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Total assets, net	$ 25,618	$ 28,892
Liabilities
Total liabilities	25,506	29,007
Derivatives related to funds withheld under reinsurance treaties
Liabilities
Net fair value, derivative asset (liability)	2,602	(83)
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Liabilities
Net fair value, derivative asset (liability)	2,508	(120)
Debt securities, available-for-sale
Assets
Total assets, net	15,451	19,094
Debt securities, fair value option
Assets
Total assets, net	157	164
Equity securities
Assets
Total assets, net	88	116
Mortgage loans
Assets
Total assets, net	4,639	4,739
Mortgage loans
Assets
Total assets, net	357	0
Policy loans
Assets
Total assets, net	3,500	3,483
Freestanding derivative instruments, net
Assets
Total assets, net	94	37
Limited partnerships
Assets
Total assets, net	889	715
Cash and cash equivalents
Assets
Total assets, net	324	438
Accrued investment income
Assets
Total assets, net	165	162
Other assets and liabilities, net
Assets
Total assets, net	(46)	(56)
Funds held under reinsurance treaties
Liabilities
Total liabilities	$ 25,506	$ 29,007

Reinsurance - Sources of Income

Reinsurance - Sources of Income Related to Funds Withheld Under Reinsurance Treaties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Effects of Reinsurance [Line Items]
Net investment income	$ 747	$ 796	$ 1,467	$ 1,724
Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	386	320	668	641
Other investment expenses on funds withheld assets	(22)	(26)	(44)	(56)
Net investment income	364	294	624	585
Debt securities | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	180	194	330	398
Debt securities, fair value option | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	(2)	0	(8)	(1)
Equity securities | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	(9)	4	(25)	2
Mortgage loans | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	49	43	101	78
Mortgage loans, fair value option | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	(5)	0	(3)	0
Policy loans | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	79	81	159	162
Limited partnerships | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	86	(2)	102	1
Other investments | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	$ 1	$ 0	$ 1	$ 0

Reinsurance - Gains and Losses

Reinsurance - Gains and Losses on Funds Withheld Reinsurance Treaties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Available-for-sale securities
Realized gains on sale	$ 5	$ 96	$ 29	$ 121
Realized losses on sale	(63)	(52)	(241)	(58)
Credit loss expense on mortgage loans	4	(23)	14	43
Net gains (losses) on derivative instruments			3,492	(113)
Net gains (losses) on funds withheld payable under reinsurance treaties			2,105	130
Embedded derivative gain (loss)	4,195	(2,310)	6,204	360
Funds withheld assets
Available-for-sale securities
Realized gains on sale	3	85	40	258
Realized losses on sale	(4)	(11)	(31)	(13)
Credit loss expense	(12)	(1)	(40)	(1)
Credit loss expense on mortgage loans	13	(12)	11	(5)
Other	(43)	(2)	(59)	(11)
Net gains (losses) on non-derivative investments	(43)	59	(79)	228
Net gains (losses) on derivative instruments	63	2	84	19
Net gains (losses) on funds withheld payable under reinsurance treaties	1,057	(829)	2,100	(117)
Total net gains (losses) on derivatives and investments	1,077	(768)	2,105	130
Derivatives related to funds withheld under reinsurance treaties
Available-for-sale securities
Total net gains (losses) on derivatives and investments	1,077	(768)	2,105	130
Embedded derivative gain (loss)	1,410	(542)	2,712	473
Derivatives related to funds withheld under reinsurance treaties | Funds withheld embedded derivative
Available-for-sale securities
Embedded derivative gain (loss)	$ 1,347	$ (544)	$ 2,628	$ 454

Reinsurance - Components of Rei

Reinsurance - Components of Reinsurance Recoverable (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Reserves:
Claims liability and other	$ 822	$ 863
Total	31,667	33,126
Guaranteed minimum income benefits
Reserves:
Reserves	232	262
Other annuity benefits
Reserves:
Reserves	24,347	25,625
Life
Reserves:
Reserves	5,728	5,829
Accident and health
Reserves:
Reserves	$ 538	$ 547

Reserves for Future Policy Be_3

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Net Amount at Risk by Product and Guarantee [Line Items]
Debt carrying value	$ 2,634	$ 2,634	$ 2,649
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146	146	125
Funding agreements	2,100	2,100	2,000
Fair Value
Net Amount at Risk by Product and Guarantee [Line Items]
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock	146	146	125
Medium term notes | Global Medium Term Note
Net Amount at Risk by Product and Guarantee [Line Items]
Debt face amount	27,000	27,000
Debt carrying value	$ 5,300	$ 5,300	$ 6,000
Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Interest rate assumptions		2.50%
Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Interest rate assumptions		6%
Interest-sensitive life
Net Amount at Risk by Product and Guarantee [Line Items]
Percentage of account values correspond to crediting rates that are at minimum guaranteed interest rates	80%	80%	80%
Interest-sensitive life | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Minimum guaranteed rates	2.50%
Interest-sensitive life | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Minimum guaranteed rates	6%
Interest-sensitive life | Average
Net Amount at Risk by Product and Guarantee [Line Items]
Minimum guaranteed rates	4.68%
Fixed annuity | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Minimum guaranteed rates	1%
Fixed annuity | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Minimum guaranteed rates	5.50%
Fixed annuity | Average
Net Amount at Risk by Product and Guarantee [Line Items]
Minimum guaranteed rates	1.95%
Annuity
Net Amount at Risk by Product and Guarantee [Line Items]
Percentage of account values correspond to crediting rates that are at minimum guaranteed interest rates	92%	92%	94%

Reserves for Future Policy Be_4

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds - Reserves for Future Policy Benefits and Claims Payable Balances (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Insurance [Abstract]
Traditional life	$ 4,076	$ 4,187
Guaranteed benefits	4,231	5,477
Claims payable	1,041	1,050
Accident and health	1,177	1,204
Group payout annuities	4,734	4,895
Other	794	816
Total	$ 16,053	$ 17,629

Reserves for Future Policy Be_5

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds - Liabilities for Other Contract Holder Funds Balances (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Separate Account Investment [Line Items]
Total	$ 196,184	$ 248,949
Embedded derivative liabilities	1,692	4,071
Level 3
Fair Value, Separate Account Investment [Line Items]
Embedded derivative liabilities	601	2,626
RILA embedded derivatives | Level 3
Fair Value, Separate Account Investment [Line Items]
Embedded derivative liabilities	4	6
Fixed index annuity embedded derivatives | Level 3
Fair Value, Separate Account Investment [Line Items]
Embedded derivative liabilities	1,087	1,439
Other contract holder funds
Fair Value, Separate Account Investment [Line Items]
Total	59,576	59,689
Other contract holder funds | Interest-sensitive life
Fair Value, Separate Account Investment [Line Items]
Total	11,363	11,570
Other contract holder funds | Variable annuity fixed option
Fair Value, Separate Account Investment [Line Items]
Total	11,060	10,030
Other contract holder funds | RILA
Fair Value, Separate Account Investment [Line Items]
Total	735	110
Other contract holder funds | Fixed annuity
Fair Value, Separate Account Investment [Line Items]
Total	15,320	15,816
Other contract holder funds | Fixed index annuity
Fair Value, Separate Account Investment [Line Items]
Total	12,615	13,333
Other contract holder funds | GICs, funding agreements and FHLB advances
Fair Value, Separate Account Investment [Line Items]
Total	$ 8,483	$ 8,830

Reserves for Future Policy Be_6

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds - Distribution of Fixed Rate Annuities' Account Values (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Subtotal	$ 13,206	$ 12,188
Ceded reinsurance	23,762	24,956
Total	36,968	37,144
1.0%
Effects of Reinsurance [Line Items]
Subtotal	7,408	6,424
>1.0% - 2.0%
Effects of Reinsurance [Line Items]
Subtotal	265	272
>2.0% - 3.0%
Effects of Reinsurance [Line Items]
Subtotal	4,607	4,550
>3.0% - 4.0%
Effects of Reinsurance [Line Items]
Subtotal	581	594
>4.0% - 5.0%
Effects of Reinsurance [Line Items]
Subtotal	273	276
>5.0% - 5.5%
Effects of Reinsurance [Line Items]
Subtotal	72	72
Fixed annuity
Effects of Reinsurance [Line Items]
Subtotal	2,248	2,268
Ceded reinsurance	11,626	12,086
Total	13,874	14,354
Fixed annuity | 1.0%
Effects of Reinsurance [Line Items]
Subtotal	178	156
Fixed annuity | >1.0% - 2.0%
Effects of Reinsurance [Line Items]
Subtotal	53	57
Fixed annuity | >2.0% - 3.0%
Effects of Reinsurance [Line Items]
Subtotal	1,091	1,113
Fixed annuity | >3.0% - 4.0%
Effects of Reinsurance [Line Items]
Subtotal	581	594
Fixed annuity | >4.0% - 5.0%
Effects of Reinsurance [Line Items]
Subtotal	273	276
Fixed annuity | >5.0% - 5.5%
Effects of Reinsurance [Line Items]
Subtotal	72	72
Fixed index annuity
Effects of Reinsurance [Line Items]
Subtotal	479	463
Ceded reinsurance	12,136	12,870
Total	12,615	13,333
Fixed index annuity | 1.0%
Effects of Reinsurance [Line Items]
Subtotal	309	279
Fixed index annuity | >1.0% - 2.0%
Effects of Reinsurance [Line Items]
Subtotal	1	1
Fixed index annuity | >2.0% - 3.0%
Effects of Reinsurance [Line Items]
Subtotal	169	183
Fixed index annuity | >3.0% - 4.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
Fixed index annuity | >4.0% - 5.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
Fixed index annuity | >5.0% - 5.5%
Effects of Reinsurance [Line Items]
Subtotal	0	0
RILA
Effects of Reinsurance [Line Items]
Subtotal	10	1
Ceded reinsurance	0	0
Total	10	1
RILA | 1.0%
Effects of Reinsurance [Line Items]
Subtotal	10	1
RILA | >1.0% - 2.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
RILA | >2.0% - 3.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
RILA | >3.0% - 4.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
RILA | >4.0% - 5.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
RILA | >5.0% - 5.5%
Effects of Reinsurance [Line Items]
Subtotal	0	0
Variable annuity fixed option
Effects of Reinsurance [Line Items]
Subtotal	10,469	9,456
Ceded reinsurance	0	0
Total	10,469	9,456
Variable annuity fixed option | 1.0%
Effects of Reinsurance [Line Items]
Subtotal	6,911	5,988
Variable annuity fixed option | >1.0% - 2.0%
Effects of Reinsurance [Line Items]
Subtotal	211	214
Variable annuity fixed option | >2.0% - 3.0%
Effects of Reinsurance [Line Items]
Subtotal	3,347	3,254
Variable annuity fixed option | >3.0% - 4.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
Variable annuity fixed option | >4.0% - 5.0%
Effects of Reinsurance [Line Items]
Subtotal	0	0
Variable annuity fixed option | >5.0% - 5.5%
Effects of Reinsurance [Line Items]
Subtotal	$ 0	$ 0

Reserves for Future Policy Be_7

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds - Distribution of Interest Sensitive Life Business Account Values (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Subtotal	$ 7,194	$ 7,348
Retro treaties	4,169	4,222
Total	11,363	11,570
>2.0% - 3.0%
Effects of Reinsurance [Line Items]
Subtotal	247	252
>3.0% - 4.0%
Effects of Reinsurance [Line Items]
Subtotal	2,686	2,742
>4.0% - 5.0%
Effects of Reinsurance [Line Items]
Subtotal	2,338	2,387
>5.0% - 6.0%
Effects of Reinsurance [Line Items]
Subtotal	$ 1,923	$ 1,967

Certain Nontraditional Long-D_3

Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees - Net Amount at Risk (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Net Amount at Risk by Product and Guarantee [Line Items]
Compound interest rate based on simple interest rate of 5%	4.10%
Compound interest rate based on simple interest rate of 8%	6%
Compound interest rate typical period	10 years
GMDB | Return of net deposits plus a minimum return
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	$ 152,355	$ 194,060
Return of deposits plus a minimum return, net amount at risk	$ 8,287	$ 2,124
Return of deposits plus a minimum return, weighted average attained age	69 years	68 years 8 months 12 days
GMDB | Highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	$ 11,351	$ 14,806
Return of deposits plus a minimum return, net amount at risk	$ 2,567	$ 93
Return of deposits plus a minimum return, weighted average attained age	70 years 2 months 12 days	69 years 9 months 18 days
GMDB | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	$ 7,727	$ 9,896
Return of deposits plus a minimum return, net amount at risk	$ 2,332	$ 522
Return of deposits plus a minimum return, weighted average attained age	72 years 1 month 6 days	71 years 10 months 24 days
GMDB | Minimum | Return of net deposits plus a minimum return
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	0%	0%
GMDB | Minimum | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	0%	0%
GMDB | Maximum | Return of net deposits plus a minimum return
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	6%	6%
GMDB | Maximum | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	6%	6%
GMIB | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	$ 1,256	$ 1,662
Return of deposits plus a minimum return, net amount at risk	$ 751	$ 463
Return of deposits plus a minimum return, average period until expected annuitization	7 months 6 days	6 months
GMIB | Minimum | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	0%	0%
GMIB | Maximum | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	6%	6%
GMWB - Premium only | Return of net deposits plus a minimum return
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	0%	0%
Return of deposits plus a minimum return, account value	$ 2,224	$ 2,937
Return of deposits plus a minimum return, net amount at risk	63	7
GMWB - Highest anniversary only | Highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	2,985	3,919
Return of deposits plus a minimum return, net amount at risk	591	33
GMWB | Return of net deposits plus a minimum return
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	179	245
Return of deposits plus a minimum return, net amount at risk	15	8
GMWB | Highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	877	643
Return of deposits plus a minimum return, net amount at risk	137	44
GMWB | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, account value	142,263	181,457
Return of deposits plus a minimum return, net amount at risk	$ 38,815	$ 4,295
GMWB | Minimum | Return of net deposits plus a minimum return
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	0%	0%
GMWB | Minimum | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	0%	0%
GMWB | Maximum | Return of net deposits plus a minimum return
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	5%	5%
GMWB | Maximum | Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
Net Amount at Risk by Product and Guarantee [Line Items]
Return of deposits plus a minimum return, minimum return	8%	8%

Certain Nontraditional Long-D_4

Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees - Separate Account Balances (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Separate Account Investment [Line Items]
Total	$ 172,051	$ 219,324
Equity
Fair Value, Separate Account Investment [Line Items]
Total	117,636	154,368
Bond
Fair Value, Separate Account Investment [Line Items]
Total	16,834	20,207
Balanced
Fair Value, Separate Account Investment [Line Items]
Total	35,325	43,185
Money market
Fair Value, Separate Account Investment [Line Items]
Total	$ 2,256	$ 1,564

Certain Nontraditional Long-D_5

Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees - GMDB Liabilities in the General Account (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance as of beginning of period	$ 1,370	$ 1,418
Incurred guaranteed benefits	812	47
Paid guaranteed benefits	(86)	(57)
Balance as of end of period	$ 2,096	$ 1,408

Certain Nontraditional Long-D_6

Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
GMWB reserve liability	$ 601	$ 2,626
GMWB with guaranteed payments reserve liability	306	196
Lifetime income rider liability	$ 49	$ 37
Discount Rate Period, 2020 And Later Issues | Measurement Input, Discount Rate
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Discount rate	7.15%	7.15%
Discount Rate Period, 2013 Through 2019 Issues | Measurement Input, Discount Rate
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Discount rate	7.40%	7.40%
Discount Rate Period, 2012 And Prior Issues | Measurement Input, Discount Rate
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Discount rate	8.40%	8.40%
GMDB
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Investment performance rate	7.15%	7.15%
GMDB | Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Mortality rate	38%	38%
Lapse rate	0.30%	0.30%
GMDB | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Mortality rate	100%	100%
Lapse rate	27.90%	27.90%
GMIB
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
GMIB reserves before reinsurance	$ 132	$ 78
Insurance benefits | Minimum | Measurement Input, Discount Rate
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Measurement input	0.030	0.030
Insurance benefits | Maximum | Measurement Input, Discount Rate
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Measurement input	0.055	0.055

Certain Nontraditional Long-D_7

Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees - Insurance and Annuitization Benefits (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Net Amount at Risk by Product and Guarantee [Line Items]
Liability	$ 2,096	$ 1,370	$ 1,408	$ 1,418
Insurance benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Liability	949	943
Net amount at risk	$ 17,905	$ 18,506
Weighted average attained age	64 years 4 months 24 days	64 years
Account balance adjustments
Net Amount at Risk by Product and Guarantee [Line Items]
Liability	$ 143	$ 141

Long-Term Debt - Carrying Value

Long-Term Debt - Carrying Values (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	$ 2,634	$ 2,649
Term loan due 2023 | Term loan
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	0	751
Senior Notes | Senior Notes due 2023
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	596	596
Senior Notes | Senior Notes due 2027
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	397	0
Senior Notes | Senior Notes due 2031
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	493	495
Senior Notes | Senior Notes due 2032
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	347	0
Senior Notes | Senior Notes due 2051
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	488	490
Surplus notes
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	250	250
FHLBI bank loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	$ 63	$ 67

Long-Term Debt - Maturity (Deta

Long-Term Debt - Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 596
2024	0
2025	0
2026	0
2027 and thereafter	2,038
Total	$ 2,634	$ 2,649

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Jun. 08, 2022	Nov. 23, 2021	Sep. 10, 2021	Feb. 22, 2021
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Aggregate principal amount borrowed			$ 2,400,000,000
Revolving credit facility
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Maximum borrowing capacity				$ 1,000,000,000
Term loan due 2023 | Term loan
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Repayment of debt	$ 750,000,000
Maximum borrowing capacity				1,000,000,000
Aggregate principal amount borrowed			750,000,000
Term loan due 2022 | Term loan
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Repayment of debt		$ 1,600,000,000
Maximum borrowing capacity				$ 1,700,000,000
Aggregate principal amount borrowed			$ 1,600,000,000
Senior Notes
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	750,000,000	1,600,000,000
Senior Notes | Senior Notes due 2027
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	$ 400,000,000
Stated interest rate	5.17%
Senior Notes | Senior Notes due 2032
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	$ 350,000,000
Stated interest rate	5.67%
Senior Notes | Senior Notes due 2023
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount		$ 600,000,000
Stated interest rate		1.10%
Senior Notes | Senior Notes due 2031
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount		$ 500,000,000
Stated interest rate		3.10%
Senior Notes | Senior Notes due 2051
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount		$ 500,000,000
Stated interest rate		4%

Federal Home Loan Bank Advanc_2

Federal Home Loan Bank Advances (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Federal Home Loan Bank advances	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	19.80%	9.20%	17.50%	18.20%	15.90%
Deferred tax assets valuation allowance	$ 320		$ 320

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Unfunded partnership investment commitment
Other Commitments [Line Items]
Unfunded commitments	$ 1,676	$ 300
Unfunded loan and debt securities commitments
Other Commitments [Line Items]
Unfunded commitments	$ 1,596

Other Related Party Transacti_2

Other Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Related party, expenses	$ 15	$ 9	$ 36	$ 17
Investment management fees | Affiliated entity
Related Party Transaction [Line Items]
Related party, revenue	9	9	18	19
Related party, expenses	$ 21	$ 26	$ 43	$ 54

Operating Costs and Other Exp_3

Operating Costs and Other Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Costs And Other Expenses [Abstract]
Asset-based commission expenses	$ 250	$ 281	$ 525	$ 548
Other commission expenses	229	264	469	530
General and administrative expenses	208	257	479	521
Deferrals of acquisition costs	(170)	(202)	(349)	(401)
Operating costs and other expenses, net of deferrals	$ 517	$ 600	$ 1,124	$ 1,198

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Balance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 10,289	$ 10,570	$ 11,074	$ 9,923
Change in unrealized appreciation (depreciation) of investments	(3,290)	1,440	(6,871)	(1,652)
Change in unrealized appreciation (depreciation) - other	141	(84)	312	71
Change in deferred tax asset	362	(293)	1,100	343
Other comprehensive income (loss) before reclassifications	(2,787)	1,063	(5,459)	(1,238)
Reclassifications from AOCI, net of tax	4	(115)	(7)	(192)
Total other comprehensive income (loss)	(2,783)	948	(5,466)	(1,430)
Balance	10,310	10,991	10,310	10,991
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(939)	1,443	1,744	3,821
Balance	(3,722)	2,391	(3,722)	2,391
Funds withheld assets | AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance			287
Balance	$ (1,677)	$ 632	$ (1,677)	$ 632

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)	$ 3,867	$ (2,521)	$ 5,472	$ 185
Amortization of deferred acquisition costs			(1,713)	(548)
Pretax adjusted operating earnings	3,651	(538)	6,037	3,047
Income tax expense (benefit)	717	(54)	1,047	531
Net income (loss)	2,934	(484)	4,990	2,516
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of deferred acquisition costs	2	18	0	23
Pretax adjusted operating earnings	7	(148)	(8)	(245)
Income tax expense (benefit)	3	(33)	(1)	(53)
Net income (loss)	4	(115)	(7)	(192)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gain (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)	5	(166)	(8)	(268)
Reclassification out of Accumulated Other Comprehensive Income | Net realized gain (loss) on investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)	(7)	(166)	(38)	(268)
Reclassification out of Accumulated Other Comprehensive Income | Other impaired securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss)	$ 12	$ 0	$ 30	$ 0

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions	Mar. 12, 2022 $ / shares shares	Feb. 01, 2022 shares	Dec. 13, 2021 $ / shares shares	Aug. 03, 2022 USD ($)	Jun. 30, 2022 vote class $ / shares shares	Feb. 28, 2022 USD ($)	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
Number of classes of common stock | class					2
Common stock, par value (in usd per share) | $ / shares					$ 0.01
Share repurchase authorized | $						$ 300
Subsequent Event
Class of Stock [Line Items]
Share repurchase remaining | $				$ 183
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in usd per share) | $ / shares					$ 0.01		$ 0.01
Number of votes per share | vote					1
Common stock, authorized (in shares) | shares					900,000,000		900,000,000
Shares repurchased, price per share (in usd per share) | $ / shares			$ 37,010,000
Class A common stock | Prudential
Class of Stock [Line Items]
Shares repurchased (in shares) | shares			2,242,516
Class A common stock | Athene
Class of Stock [Line Items]
Shares repurchased (in shares) | shares	750,000		1,134,767
Shares repurchased, price per share (in usd per share) | $ / shares	$ 37,890,000
Stock issued upon conversion (in shares) | shares		638,861	725,623
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in usd per share) | $ / shares							$ 0.01
Number of votes per share | vote					0.10
Common stock, authorized (in shares) | shares					0		100,000,000

Equity - Share Repurchase Activ

Equity - Share Repurchase Activities (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Total payments	$ 100			$ 240
Share repurchase program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	1,870,854	3,433,610	5,778,649	5,304,464	5,778,649
Total payments	$ 66	$ 140	$ 211	$ 206	$ 211
Shares repurchased, price per share (in usd per share)	$ 35.15	$ 40.84	$ 36.51	$ 38.83	$ 36.51

Equity - Changes in Common Shar

Equity - Changes in Common Shares (Details)	6 Months Ended
	Jun. 30, 2022 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	88,685,694
Share-based compensation programs (in shares)	1,483,497
Shares repurchased (in shares)	(5,304,464)
Ending balance, outstanding (in shares)	84,864,727
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	94,464,343
Share-based compensation programs (in shares)	8,783
Shares repurchased (in shares)	0
Ending balance, outstanding (in shares)	94,473,126
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	(5,778,649)
Share-based compensation programs (in shares)	1,474,714
Shares repurchased (in shares)	(5,304,464)
Ending balance, outstanding (in shares)	(9,608,399)

Equity - Dividends Paid (Detail

Equity - Dividends Paid (Details) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Dividends paid per share (in usd per share)	$ 0.55	$ 0.55

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to Jackson Financial Inc.	$ 2,903	$ (540)	$ 4,928	$ 2,392
Weighted average shares of common stock outstanding - basic (in shares)	85,968,564	94,464,343	86,649,493	94,464,343
Dilutive common shares (in shares)	3,200,211	0	3,402,618	0
Weighted average shares of common stock outstanding - diluted (in shares)	89,168,775	94,464,343	90,052,111	94,464,343
Earnings per share—common stock
Basic (in usd per share)	$ 33.77	$ (5.72)	$ 56.87	$ 25.32
Diluted (in usd per share)	$ 32.56	$ (5.72)	$ 54.72	$ 25.32

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 08, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend declared (in usd per share)	$ 0.55