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Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

												September 30, 2025																		December 31, 2024
						Primary Underlying Risk Exposure						Gross Notional Amount						Estimated Fair Value												Gross Notional Amount						Estimated Fair Value
																		Assets						Liabilities												Assets						Liabilities
												(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps						Interest rate						$	5,143					$	933					$	661					$	5,188					$	1,018					$	666
Foreign currency swaps						Foreign currency exchange rate						971						34						13						1,454						33						67
Foreign currency forwards						Foreign currency exchange rate						150						—						40						150						—						41
Subtotal												6,264						967						714						6,792						1,051						774
Cash flow hedges:
Interest rate swaps						Interest rate						4,195						—						295						4,154						—						359
Interest rate forwards						Interest rate						4,638						45						1,086						4,901						56						880
Foreign currency swaps						Foreign currency exchange rate						47,007						2,562						2,077						45,879						2,858						1,877
Subtotal												55,840						2,607						3,458						54,934						2,914						3,116
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwards						Foreign currency exchange rate						916						8						20						1,553						42						—
Currency options						Foreign currency exchange rate						3,000						172						—						3,000						536						—
Subtotal												3,916						180						20						4,553						578						—
Total qualifying hedges												66,020						3,754						4,192						66,279						4,543						3,890
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps						Interest rate						26,917						1,653						1,423						29,238						1,414						1,263
Interest rate floors						Interest rate						5,640						43						—						6,169						38						—
Interest rate caps						Interest rate						16,648						40						2						17,998						133						1
Interest rate futures						Interest rate						2,748						—						5						1,667						1						1
Interest rate options						Interest rate						32,589						159						121						34,939						210						217
Interest rate forwards						Interest rate						3,141						112						111						3,128						135						77
Synthetic GICs						Interest rate						51,920						—						—						49,599						—						—
Foreign currency swaps						Foreign currency exchange rate						11,148						1,008						244						10,708						1,192						190
Foreign currency forwards						Foreign currency exchange rate						14,631						50						778						13,471						47						1,277
Currency futures						Foreign currency exchange rate						308						4						—						301						1						—
Credit default swaps — purchased						Credit						2,763						2						66						2,791						14						67
Credit default swaps — written						Credit						11,983						234						2						11,764						201						5
Equity futures						Equity market						1,888						12						12						1,840						9						6
Equity index options						Equity market						11,462						276						292						12,743						233						253
Equity variance swaps						Equity market						121						—						3						114						—						3
Equity total return swaps						Equity market						2,044						—						113						1,799						41						9
Longevity swaps						Longevity						1,000						—						—						1,000						—						—
Total non-designated or nonqualifying derivatives												196,951						3,593						3,172						199,269						3,669						3,369
Total												$	262,971					$	7,347					$	7,364					$	265,548					$	8,212					$	7,259

Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:

						September 30, 2025																		December 31, 2024
Primary Underlying Risk Exposure						Gross Notional Amount						Estimated Fair Value												Gross Notional Amount						Estimated Fair Value
												Assets						Liabilities												Assets						Liabilities
						(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate						$	9,206					$	118					$	759					$	8,913					$	11					$	768
Foreign currency exchange rate						416						—						5						378						—						2
Equity market						4,159						148						211						4,294						132						113
						$	13,781					$	266					$	975					$	13,585					$	143					$	883

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:

						Three Months Ended September 30, 2025
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	—					$	—					N/A						$	6					$	2					$	—					N/A
Hedged items						—						—						N/A						(10)						(2)						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						2						(4)						N/A						—						(4)						—						N/A
Hedged items						(3)						3						N/A						—						3						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(2)						N/A						—						—						—						N/A
Subtotal						(1)						(3)						N/A						(4)						(1)						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	(5)
Amount of gains (losses) reclassified from AOCI into income						4						(27)						—						—						—						—						23
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						160
Amount of gains (losses) reclassified from AOCI into income						1						(133)						—						—						—						—						132
Foreign currency transaction gains (losses) on hedged items						—						136						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						—
Amount of gains (losses) reclassified from AOCI into income						—						1						—						—						—						—						(1)
Subtotal						5						(23)						—						—						—						—						309
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						—						N/A						N/A						N/A						N/A						89
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						6
Subtotal						N/A						—						N/A						N/A						N/A						N/A						95
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						(195)						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						(248)						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						(7)						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						5						N/A						N/A						N/A						N/A
Equity derivatives (1)						(23)						N/A						(379)						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						31						N/A						N/A						N/A						N/A
Subtotal						(23)						N/A						(793)						N/A						N/A						N/A						N/A
Earned income on derivatives						16						—						108						1						(40)						—						—
Synthetic GICs						N/A						N/A						20						N/A						N/A						N/A						N/A
Embedded derivatives - ceded reinsurance						N/A						N/A						(263)						N/A						N/A						N/A						N/A
Embedded derivatives - other						N/A						N/A						(1)						N/A						N/A						N/A						N/A
Total						$	(3)					$	(26)					$	(929)					$	(3)					$	(41)					$	—					$	404

						Three Months Ended September 30, 2024
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	(1)					$	—					N/A						$	185					$	92					$	—					N/A
Hedged items						1						—						N/A						(191)						(93)						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						(23)						41						N/A						—						32						—						N/A
Hedged items						22						(30)						N/A						—						(34)						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(15)						N/A						—						—						—						N/A
Subtotal						(1)						(4)						N/A						(6)						(3)						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	286
Amount of gains (losses) reclassified from AOCI into income						5						(1)						—						—						—						—						(4)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(161)
Amount of gains (losses) reclassified from AOCI into income						1						602						—						—						—						—						(603)
Foreign currency transaction gains (losses) on hedged items						—						(585)						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						—
Amount of gains (losses) reclassified from AOCI into income						—						—						—						—						—						—						—
Subtotal						6						16						—						—						—						—						(482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						—						N/A						N/A						N/A						N/A						(141)
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						(33)
Subtotal						N/A						—						N/A						N/A						N/A						N/A						(174)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						360						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						573						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						(8)						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						25						N/A						N/A						N/A						N/A
Equity derivatives (1)						(10)						N/A						(95)						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						(182)						N/A						N/A						N/A						N/A
Subtotal						(10)						N/A						673						N/A						N/A						N/A						N/A
Earned income on derivatives						33						—						136						(5)						(36)						—						—
Synthetic GICs						N/A						N/A						19						N/A						N/A						N/A						N/A
Embedded derivatives						N/A						N/A						(61)						N/A						N/A						N/A						N/A
Total						$	28					$	12					$	767					$	(11)					$	(39)					$	—					$	(656)

						Nine Months Ended September 30, 2025
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	(1)					$	—					N/A						$	83					$	55					$	—					N/A
Hedged items						1						—						N/A						(97)						(54)						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						(26)						9						N/A						—						119						—						N/A
Hedged items						24						(7)						N/A						—						(120)						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(6)						N/A						—						—						—						N/A
Subtotal						(2)						(4)						N/A						(14)						—						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	(127)
Amount of gains (losses) reclassified from AOCI into income						27						(18)						—						—						—						—						(9)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(520)
Amount of gains (losses) reclassified from AOCI into income						4						1,313						—						—						—						—						(1,317)
Foreign currency transaction gains (losses) on hedged items						—						(1,313)						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						—
Amount of gains (losses) reclassified from AOCI into income						—						1						—						—						—						—						(1)
Subtotal						31						(17)						—						—						—						—						(1,974)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						—						N/A						N/A						N/A						N/A						(54)
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						(17)
Subtotal						N/A						—						N/A						N/A						N/A						N/A						(71)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						(369)						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						(320)						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						(22)						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						16						N/A						N/A						N/A						N/A
Equity derivatives (1)						(34)						N/A						(761)						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						99						N/A						N/A						N/A						N/A
Subtotal						(34)						N/A						(1,357)						N/A						N/A						N/A						N/A
Earned income on derivatives						102						—						324						5						(114)						—						—
Synthetic GICs						N/A						N/A						60						N/A						N/A						N/A						N/A
Embedded derivatives - ceded reinsurance						N/A						N/A						(320)						N/A						N/A						N/A						N/A
Embedded derivatives - other						N/A						N/A						—						N/A						N/A						N/A						N/A
Total						$	97					$	(21)					$	(1,293)					$	(9)					$	(114)					$	—					$	(2,045)

						Nine Months Ended September 30, 2024
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	(1)					$	—					N/A						$	35					$	34					$	—					N/A
Hedged items						1						—						N/A						(54)						(38)						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						(21)						(16)						N/A						—						1						—						N/A
Hedged items						22						12						N/A						—						1						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(11)						N/A						—						—						—						N/A
Subtotal						1						(15)						N/A						(19)						(2)						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	(196)
Amount of gains (losses) reclassified from AOCI into income						18						(2)						—						—						—						—						(16)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(180)
Amount of gains (losses) reclassified from AOCI into income						4						226						—						—						—						—						(230)
Foreign currency transaction gains (losses) on hedged items						—						(236)						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						—
Amount of gains (losses) reclassified from AOCI into income						—						1						—						—						—						—						(1)
Subtotal						22						(11)						—						—						—						—						(623)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						—						N/A						N/A						N/A						N/A						203
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						4
Subtotal						N/A						—						N/A						N/A						N/A						N/A						207
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						(211)						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						(697)						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						(6)						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						47						N/A						N/A						N/A						N/A
Equity derivatives (1)						(46)						N/A						(545)						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						159						N/A						N/A						N/A						N/A
Subtotal						(46)						N/A						(1,253)						N/A						N/A						N/A						N/A
Earned income on derivatives						116						—						497						(11)						(129)						—						—
Synthetic GICs						N/A						N/A						57						N/A						N/A						N/A						N/A
Embedded derivatives						N/A						N/A						(21)						N/A						N/A						N/A						N/A
Total						$	93					$	(26)					$	(720)					$	(30)					$	(131)					$	—					$	(416)

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(1)Excludes earned income on derivatives.

Fair Value Hedges

The following table presents the balance sheet classification, carrying amount and cumulative amount of fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

Balance Sheet Line Item						Carrying Amount  of the Hedged Assets/(Liabilities)																		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
						September 30, 2025						December 31, 2024												September 30, 2025						December 31, 2024
						(In millions)
Fixed maturity securities AFS						$	238					$	241											$	—					$	—
Mortgage loans						$	51					$	130											$	—					$	(1)
FPBs						$	(2,511)					$	(2,583)											$	277					$	359
PABs						$	(2,528)					$	(2,170)											$	(15)					$	223

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(1)Includes ($73) million and ($91) million of hedging adjustments on discontinued hedging relationships at September 30, 2025 and December 31, 2024, respectively.

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

						September 30, 2025																		December 31, 2024
Rating Agency Designation of Referenced Credit Obligations (1)						Estimated Fair Value of Credit Default Swaps						Maximum Amount of Future Payments under Credit Default Swaps						Weighted Average Years to Maturity (2)						Estimated Fair Value of Credit Default Swaps						Maximum Amount of Future Payments under Credit Default Swaps						Weighted Average Years to Maturity (2)
						(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)						$	1					$	67					1.4						$	1					$	72					1.9
Credit default swaps referencing indices						52						4,046						1.5						72						4,126						2.2
Subtotal						53						4,113						1.5						73						4,198						2.2
Baa
Single name credit default swaps (3)						1						49						4.0						1						102						1.6
Credit default swaps referencing indices						154						7,459						4.9						111						7,263						4.1
Subtotal						155						7,508						4.9						112						7,365						4.1
Ba
Single name credit default swaps (3)						—						—						0.0						—						17						1.1
Credit default swaps referencing indices						1						24						1.2						2						25						2.0
Subtotal						1						24						1.2						2						42						1.6
B
Single name credit default swaps (3)						—						19						0.7						—						—						0.0
Credit default swaps referencing indices						23						289						4.1						10						144						3.7
Subtotal						23						308						3.8						10						144						3.7
Caa
Credit default swaps referencing indices						—						30						0.7						(1)						15						2.0
Subtotal						—						30						0.7						(1)						15						2.0
Total						$	232					$	11,983					3.7						$	196					$	11,764					3.4

__________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings Inc. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

						September 30, 2025												December 31, 2024
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement						Assets						Liabilities						Assets						Liabilities
						(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)						$	7,179					$	6,782					$	8,224					$	6,966
OTC-cleared (1)						186						474						135						299
Exchange-traded						16						17						11						7
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)						7,381						7,273						8,370						7,272
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral						(3,205)						(3,205)						(3,633)						(3,633)
OTC-cleared						(4)						(4)						(5)						(5)
Exchange-traded						(6)						(6)						(1)						(1)
Cash collateral: (3), (4)
OTC-bilateral						(1,726)						—						(2,597)						—
OTC-cleared						(178)						(467)						(126)						(289)
Exchange-traded						—						(5)						—						(6)
Securities collateral: (5)
OTC-bilateral						(2,179)						(3,562)						(1,955)						(3,325)
OTC-cleared						—						(3)						—						(4)
Exchange-traded						—						(5)						—						—
Net amount after application of master netting agreements and collateral						$	83					$	16					$	53					$	9

__________________

(1)At September 30, 2025 and December 31, 2024, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $34 million and $158 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($91) million and $13 million, respectively.

(2)Gross estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2025 and December 31, 2024, the Company received excess cash collateral of $30 million and $26 million, respectively, and provided excess cash collateral of $77 million and $86 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2025, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At

September 30, 2025 and December 31, 2024, the Company received excess securities collateral with an estimated fair value of $401 million and $410 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2025 and December 31, 2024, the Company provided excess securities collateral with an estimated fair value of $1.6 billion and $1.2 billion, respectively, for its OTC-bilateral derivatives, $720 million and $835 million, respectively, for its OTC-cleared derivatives, and $215 million and $148 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

						September 30, 2025												December 31, 2024
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement						Assets						Liabilities						Assets						Liabilities
						(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)						$	7,179					$	6,782					$	8,224					$	6,966
OTC-cleared (1)						186						474						135						299
Exchange-traded						16						17						11						7
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)						7,381						7,273						8,370						7,272
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral						(3,205)						(3,205)						(3,633)						(3,633)
OTC-cleared						(4)						(4)						(5)						(5)
Exchange-traded						(6)						(6)						(1)						(1)
Cash collateral: (3), (4)
OTC-bilateral						(1,726)						—						(2,597)						—
OTC-cleared						(178)						(467)						(126)						(289)
Exchange-traded						—						(5)						—						(6)
Securities collateral: (5)
OTC-bilateral						(2,179)						(3,562)						(1,955)						(3,325)
OTC-cleared						—						(3)						—						(4)
Exchange-traded						—						(5)						—						—
Net amount after application of master netting agreements and collateral						$	83					$	16					$	53					$	9

__________________

(1)At September 30, 2025 and December 31, 2024, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $34 million and $158 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($91) million and $13 million, respectively.

(2)Gross estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2025 and December 31, 2024, the Company received excess cash collateral of $30 million and $26 million, respectively, and provided excess cash collateral of $77 million and $86 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2025, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At

September 30, 2025 and December 31, 2024, the Company received excess securities collateral with an estimated fair value of $401 million and $410 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2025 and December 31, 2024, the Company provided excess securities collateral with an estimated fair value of $1.6 billion and $1.2 billion, respectively, for its OTC-bilateral derivatives, $720 million and $835 million, respectively, for its OTC-cleared derivatives, and $215 million and $148 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Estimated Fair Value of OTC-bilateral derivatives after considering effect of netting agreements

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

						September 30, 2025																		December 31, 2024
						Derivatives Subject to Credit- Contingent Provisions						Derivatives Not Subject to Credit- Contingent Provisions						Total						Derivatives Subject to Credit- Contingent Provisions						Derivatives Not Subject to Credit- Contingent Provisions						Total
						(In millions)
Estimated fair value of derivatives in a net liability position (1)						$	3,554					$	22					$	3,576					$	3,213					$	120					$	3,333
Estimated fair value of collateral provided:
Fixed maturity securities AFS						$	4,326					$	21					$	4,347					$	3,829					$	124					$	3,953

__________________

(1)After taking into consideration the existence of netting agreements.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

						Balance Sheet Location						September 30, 2025						December 31, 2024
												(In millions)
Embedded derivatives within liability host contracts:
Funds withheld on ceded reinsurance (1)						Other liabilities						$	116					$	(163)
Fixed annuities with equity indexed returns						PABs						16						172
Total												$	132					$	9

__________________

(1)Includes $198 million at September 30, 2025 related to Chariot Re.

Embedded Derivatives

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

						September 30, 2025																		December 31, 2024
						Derivatives Subject to Credit- Contingent Provisions						Derivatives Not Subject to Credit- Contingent Provisions						Total						Derivatives Subject to Credit- Contingent Provisions						Derivatives Not Subject to Credit- Contingent Provisions						Total
						(In millions)
Estimated fair value of derivatives in a net liability position (1)						$	3,554					$	22					$	3,576					$	3,213					$	120					$	3,333
Estimated fair value of collateral provided:
Fixed maturity securities AFS						$	4,326					$	21					$	4,347					$	3,829					$	124					$	3,953

__________________

(1)After taking into consideration the existence of netting agreements.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

						Balance Sheet Location						September 30, 2025						December 31, 2024
												(In millions)
Embedded derivatives within liability host contracts:
Funds withheld on ceded reinsurance (1)						Other liabilities						$	116					$	(163)
Fixed annuities with equity indexed returns						PABs						16						172
Total												$	132					$	9

__________________

(1)Includes $198 million at September 30, 2025 related to Chariot Re.

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