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Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives

The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

			December 31, 2024																		December 31, 2023
			Notional						Gross Fair Value												Notional						Gross Fair Value
									Assets (1)						Liabilities (2)												Assets (1)						Liabilities (2)
			(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts - net investment hedges			—						$	—					$	—					61						$	—					$	3
Total qualifying hedges			—						—						—						61						—						3
Derivatives not designated as hedging instruments
Interest rate contracts			39,111						180						324						42,523						185						305
Equity contracts			109,622						8,957						5,362						83,080						5,034						3,464
Credit contracts			3,122						59						4						3,436						4						107
Foreign exchange contracts			3,426						43						13						3,262						22						4
Total non-designated hedges			155,281						9,239						5,703						132,301						5,245						3,880
Embedded derivatives
IUL			N/A						—						1,002						N/A						—						873
Fixed deferred indexed annuities and deposit receivables			N/A						55						53						N/A						51						52
Structured variable annuities (3)			N/A						—						2,461						N/A						—						1,011
SMC			N/A						—						7						N/A						—						9
Total embedded derivatives			N/A						55						3,523						N/A						51						1,945
Total derivatives			$	155,281					$	9,294					$	9,226					$	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 December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts 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 contracts in a liability position and $15 million of individual contracts in an asset position.

Summary of impact of derivatives not designated as hedging instruments, including embedded derivatives

The following tables presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:

			Net Investment Income			Banking and Deposit Interest Expense			Distribution Expenses			Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses			Change in Fair Value of Market Risk Benefits						General and Administrative Expense
			(in millions)
Year Ended December 31, 2024
Interest rate contracts			$	1		$	—		$	—		$	—		$	(10)		$	(1,128)					$	—
Equity contracts			(12)			2			119			71			1,419			(1,021)						10
Credit contracts			—			—			(3)			—			—			124						—
Foreign exchange contracts			—			—			—			—			—			64						(12)
IUL embedded derivatives			—			—			—			(106)			—			—						—
Fixed deferred indexed annuity and deposit receivables embedded derivatives			—			—			—			16			—			—						—
Structured variable annuity embedded derivatives			—			—			—			—			(1,670)			—						—
SMC embedded derivatives			—			(2)			—			—			—			—						—
Total gain (loss)			$	(11)		$	—		$	116		$	(19)		$	(261)		$	(1,961)					$	(2)

			Net Investment Income			Banking and Deposit Interest Expense			Distribution Expenses			Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses			Change in Fair Value of Market Risk Benefits			Interest and Debt Expense			General and Administrative Expense
			(in millions)
Year Ended December 31, 2023
Interest rate contracts			$	—		$	—		$	—		$	—		$	(5)		$	(422)		$	(1)		$	—
Equity contracts			(3)			4			128			79			770			(1,239)			—			10
Credit contracts			—			—			2			—			—			7			—			—
Foreign exchange contracts			—			—			—			—			—			5			—			7
IUL embedded derivatives			—			—			—			(75)			—			—			—			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives			—			—			—			(3)			—			—			—			—
Structured variable annuity embedded derivatives			—			—			—			—			(1,166)			—			—			—
SMC embedded derivatives			—			(5)			—			—			—			—			—			—
Total gain (loss)			$	(3)		$	(1)		$	130		$	1		$	(401)		$	(1,649)		$	(1)		$	17

			Net Investment Income			Banking and Deposit Interest Expense			Distribution Expenses			Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses			Change in Fair Value of Market Risk Benefits			Interest and Debt Expense			General and Administrative Expense
			(in millions)
Year Ended December 31, 2022
Interest rate contracts			$	1		$	—		$	(3)		$	—		$	(26)		$	(2,874)		$	(1)		$	—
Equity contracts			8			(1)			(177)			(126)			(164)			899			—			(23)
Credit contracts			—			—			(4)			—			—			279			—			—
Foreign exchange contracts			2			—			—			—			—			105			—			(7)
IUL embedded derivatives			—			—			—			217			—			—			—			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives			—			—			—			4			—			—			—			—
Structured variable annuity embedded derivatives			—			—			—			—			633			—			—			—
Total gain (loss)			$	11		$	(1)		$	(184)		$	95		$	443		$	(1,591)		$	(1)		$	(30)

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 December 31, 2024:

			Premiums Payable						Premiums Receivable
			(in millions)
2025			$	119					$	20
2026			246						88
2027			19						—
2028			29						—
2029			135						—
2030-2031			234						—
Total			$	782					$	108

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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