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Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025												December 31, 2024
			Notional			Gross Fair Value									Notional			Gross Fair Value
						Assets (1)			Liabilities (2)									Assets (1)			Liabilities (2)
			(in millions)
Derivatives not designated as hedging instruments
Interest rate contracts			$	37,805		$	224		$	235					$	39,111		$	180		$	324
Equity contracts			121,697			10,194			6,564						109,622			8,957			5,362
Credit contracts			3,811			4			45						3,122			59			4
Foreign exchange contracts			3,618			47			3						3,426			43			13
Total non-designated hedges			166,931			10,469			6,847						155,281			9,239			5,703
Embedded derivatives
IUL			N/A			—			999						N/A			—			1,002
Fixed deferred indexed annuities and deposit receivables			N/A			57			56						N/A			55			53
Structured variable annuities (3)			N/A			—			2,879						N/A			—			2,461
SMC			N/A			—			6						N/A			—			7
Total embedded derivatives			N/A			57			3,940						N/A			55			3,523
Total derivatives			$	166,931		$	10,526		$	10,787					$	155,281		$	9,294		$	9,226

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, 2025 included $2.9 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, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts 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 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)
Three Months Ended June 30, 2025
Interest rate contracts			$	—		$	—		$	—		$	—		$	—		$	(52)					$	—
Equity contracts			(2)			2			116			71			1,094			(533)						10
Credit contracts			(2)			—			2			—			—			(6)						—
Foreign exchange contracts			—			—			—			—			—			(53)						25
IUL embedded derivatives			—			—			—			(27)			—			—						—
Fixed deferred indexed annuity and deposit receivables embedded derivatives			—			—			—			11			—			—						—
Structured variable annuity embedded derivatives			—			—			—			—			(1,086)			—						—
SMC embedded derivatives			—			(2)			—			—			—			—						—
Total gain (loss)			$	(4)		$	—		$	118		$	55		$	8		$	(644)					$	35
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

			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)
Six Months Ended June 30, 2025
Interest rate contracts			$	—		$	—		$	—		$	—		$	2		$	68					$	—
Equity contracts			(4)			1			41			42			420			(286)						5
Credit contracts			(2)			—			4			—			—			(54)						—
Foreign exchange contracts			—			—			—			—			—			(63)						37
IUL embedded derivatives			—			—			—			5			—			—						—
Fixed deferred indexed annuity and deposit receivables embedded derivatives			—			—			—			10			—			—						—
Structured variable annuity embedded derivatives			—			—			—			—			(538)			—						—
SMC embedded derivatives			—			(1)			—			—			—			—						—
Total gain (loss)			$	(6)		$	—		$	45		$	57		$	(116)		$	(335)					$	42
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

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, 2025:

			Premiums Payable						Premiums Receivable
			(in millions)
2025 (1)			$	83					$	15
2026			248						88
2027			21						—
2028			31						—
2029			135						—
2030 - 2031			233						—
Total			$	751					$	103

(1) 2025 amounts represent the amounts payable and receivable for the period from July 1, 2025 to December 31, 2025.

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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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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
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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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