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Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives
Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
June 30, 2024December 31, 2023
NotionalGross Fair ValueNotionalGross Fair Value
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts – net investment hedges$76 $1 $— $61 $— $3 
Total qualifying hedges76 1 — 61 — 3 
Derivatives not designated as hedging instruments
Interest rate contracts
39,821 218 396 42,523 185 305 
Equity contracts
93,014 7,162 4,605 83,080 5,034 3,464 
Credit contracts
3,118 1 18 3,436 4 107 
Foreign exchange contracts
3,418 35 6 3,262 22 4 
Total non-designated hedges139,371 7,416 5,025 132,301 5,245 3,880 
Embedded derivatives
IULN/A— 944 N/A— 873 
Fixed deferred indexed annuities and deposit receivablesN/A55 56 N/A51 52 
Structured variable annuities (3)
N/A— 1,896 N/A— 1,011 
SMCN/A— 9 N/A— 9 
Total embedded derivatives
N/A55 2,905 N/A51 1,945 
Total derivatives
$139,447 $7,472 $7,930 $132,362 $5,296 $5,828 
N/A  Not applicable.
(1) The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.
(2) The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims. The fair value of the SMC embedded derivative liability is included in Customer deposits.
(3) The fair value of the structured variable annuity embedded derivatives as of June 30, 2024 included $1.9 billion of individual embedded derivatives in a liability position and $1 million of individual embedded derivatives in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual embedded derivatives in a liability position and $15 million of individual embedded derivatives in an asset position.
Summary of impact of derivatives not designated as hedging instruments, including embedded derivatives
The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement ExpensesChange in Fair Value of Market Risk BenefitsGeneral and Administrative Expense
(in millions)
Three Months Ended June 30, 2024
Interest rate contracts$— $— $— $— $— $(188)$— 
Equity contracts(3)1 15 15 252 (169)— 
Credit contracts— — (1)— — 34 — 
Foreign exchange contracts— — — — — 23 1 
IUL embedded derivatives— — — (48)— — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — 11 — — — 
Structured variable annuity embedded derivatives— — — — (325)— — 
SMC embedded derivatives— (1)— — — — — 
Total gain (loss)$(3)$— $14 $(22)$(73)$(300)$1 
Three Months Ended June 30, 2023
Interest rate contracts$— $— $— $— $(14)$(481)$— 
Equity contracts(1)2 45 35 346 (438)5 
Credit contracts— — — — — 66 — 
Foreign exchange contracts— — — — — 20 3 
IUL embedded derivatives— — — (22)— — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (1)— — — 
Structured variable annuity embedded derivatives— — — — (426)— — 
SMC embedded derivatives— (2)— — — — — 
Total gain (loss)$(1)$— $45 $12 $(94)$(833)$8 
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement ExpensesChange in Fair Value of Market Risk BenefitsGeneral and Administrative Expense
(in millions)
Six Months Ended June 30, 2024
Interest rate contracts$— $— $— $— $(8)$(721)$— 
Equity contracts(5)2 81 47 850 (728)6 
Credit contracts— — (2)— — 99 — 
Foreign exchange contracts— — — — — 57 (2)
IUL embedded derivatives— — — (57)— — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — 10 — — — 
Structured variable annuity embedded derivatives— — — — (953)— — 
SMC embedded derivatives— (2)— — — — — 
Total gain (loss)$(5)$— $79 $— $(111)$(1,293)$4 
Six Months Ended June 30, 2023
Interest rate contracts$— $— $— $— $(8)$(234)$— 
Equity contracts(2)3 88 54 510 (900)8 
Credit contracts— — 1 — — 33 — 
Foreign exchange contracts— — — — — 12 6 
IUL embedded derivatives— — — (30)— — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (2)— — — 
Structured variable annuity embedded derivatives— — — — (689)— — 
SMC embedded derivatives— (4)— — — — — 
Total gain (loss)$(2)$(1)$89 $22 $(187)$(1,089)$14 
Summary of payments to make and receive for options The following is a summary of the payments the Company is scheduled to make and receive for these options as of June 30, 2024:
 Premiums PayablePremiums Receivable
(in millions)
2024 (1)
$69 $— 
2025119 20 
2026246 88 
202720 — 
202829 — 
2029 - 2031
369 — 
Total$852 $108 
(1) 2024 amounts represent the amounts payable and receivable for the period from July 1, 2024 to December 31, 2024.