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Derivatives and Hedging Activities | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity, foreign exchange and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations. Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 13 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral. 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:
| September 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 | $ | 37,623 |  | $ | 158 |  | $ | 222 |  |  | $ | 39,111 |  | $ | 180 |  | $ | 324 |
Equity contracts | 129,891 |  | 12,532 |  | 7,903 |  |  | 109,622 |  | 8,957 |  | 5,362 |
Credit contracts | 3,347 |  | 1 |  | 25 |  |  | 3,122 |  | 59 |  | 4 |
Foreign exchange contracts | 2,870 |  | 23 |  | 4 |  |  | 3,426 |  | 43 |  | 13 |
Total non-designated hedges | 173,731 |  | 12,714 |  | 8,154 |  |  | 155,281 |  | 9,239 |  | 5,703 |
Embedded derivatives |  |  |  |  |  |  |
IUL | N/A | — |  | 1,063 |  |  | N/A | — |  | 1,002 |
Fixed deferred indexed annuities and deposit receivables | N/A | 59 |  | 58 |  |  | N/A | 55 |  | 53 |
Structured variable annuities (3) | N/A | — |  | 3,735 |  |  | N/A | — |  | 2,461 |
SMC | N/A | — |  | 6 |  |  | N/A | — |  | 7 |
Total embedded derivatives | N/A | 59 |  | 4,862 |  |  | N/A | 55 |  | 3,523 |
Total derivatives | $ | 173,731 |  | $ | 12,773 |  | $ | 13,016 |  |  | $ | 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 September 30, 2025 included $3.7 billion of individual contracts in a liability position and $1 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. See Note 12 for additional information regarding the Company’s fair value measurement of derivative instruments. As of September 30, 2025 and December 31, 2024, investment securities with a fair value of $1.7 billion and $1.5 billion respectively, were pledged to meet contractual obligations under derivative contracts, of which $120 million and $85 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of September 30, 2025 and December 31, 2024, investment securities with a fair value of $3.1 billion and $2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.8 billion and $2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company. As of both September 30, 2025 and December 31, 2024, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both September 30, 2025 and December 31, 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. Derivatives Not Designated as Hedges 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 September 30, 2025 |  |  |  |  |  |  |  |
Interest rate contracts | $ | (1) |  | $ | — |  | $ | — |  | $ | — |  | $ | (1) |  | $ | (54) |  |  | $ | — |
Equity contracts | (1) |  | — |  | 90 |  | 40 |  | 896 |  | (484) |  |  | 7 |
Credit contracts | (1) |  | — |  | 1 |  | — |  | — |  | (26) |  |  | 1 |
Foreign exchange contracts | — |  | — |  | — |  | — |  | — |  | 22 |  |  | (8) |
IUL embedded derivatives | — |  | — |  | — |  | (67) |  | — |  | — |  |  | — |
Fixed deferred indexed annuity and deposit receivables embedded derivatives | — |  | — |  | — |  | 6 |  | — |  | — |  |  | — |
Structured variable annuity embedded derivatives | — |  | — |  | — |  | — |  | (948) |  | — |  |  | — |
SMC embedded derivatives | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
Total gain (loss) | $ | (3) |  | $ | — |  | $ | 91 |  | $ | (21) |  | $ | (53) |  | $ | (542) |  |  | $ | — |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 448 |  |  | $ | — |
Equity contracts | (2) |  | — |  | 38 |  | 18 |  | 337 |  | (307) |  |  | 6 |
Credit contracts | — |  | — |  | 5 |  | — |  | — |  | (112) |  |  | — |
Foreign exchange contracts | — |  | — |  | — |  | — |  | — |  | (57) |  |  | 4 |
IUL embedded derivatives | — |  | — |  | — |  | 4 |  | — |  | — |  |  | — |
Fixed deferred indexed annuity and deposit receivables embedded derivatives | — |  | — |  | — |  | 5 |  | — |  | — |  |  | — |
Structured variable annuity embedded derivatives | — |  | — |  | — |  | — |  | (487) |  | — |  |  | — |
SMC embedded derivatives | — |  | — |  | — |  | — |  | — |  | — |  |  | — |
Total gain (loss) | $ | (2) |  | $ | — |  | $ | 43 |  | $ | 27 |  | $ | (149) |  | $ | (28) |  |  | $ | 10 |
| 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)
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |
Interest rate contracts | $ | (1) |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 14 |  |  | $ | — |
Equity contracts | (5) |  | 1 |  | 131 |  | 82 |  | 1,316 |  | (770) |  |  | 12 |
Credit contracts | (3) |  | — |  | 5 |  | — |  | — |  | (80) |  |  | 1 |
Foreign exchange contracts | — |  | — |  | — |  | — |  | — |  | (41) |  |  | 29 |
IUL embedded derivatives | — |  | — |  | — |  | (62) |  | — |  | — |  |  | — |
Fixed deferred indexed annuity and deposit receivables embedded derivatives | — |  | — |  | — |  | 16 |  | — |  | — |  |  | — |
Structured variable annuity embedded derivatives | — |  | — |  | — |  | — |  | (1,486) |  | — |  |  | — |
SMC embedded derivatives | — |  | (1) |  | — |  | — |  | — |  | — |  |  | — |
Total gain (loss) | $ | (9) |  | $ | — |  | $ | 136 |  | $ | 36 |  | $ | (169) |  | $ | (877) |  |  | $ | 42 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (7) |  | $ | (273) |  |  | $ | — |
Equity contracts | (7) |  | 2 |  | 119 |  | 65 |  | 1,187 |  | (1,035) |  |  | 12 |
Credit contracts | — |  | — |  | 3 |  | — |  | — |  | (13) |  |  | — |
Foreign exchange contracts | — |  | — |  | — |  | — |  | — |  | — |  |  | 2 |
IUL embedded derivatives | — |  | — |  | — |  | (53) |  | — |  | — |  |  | — |
Fixed deferred indexed annuity and deposit receivables embedded derivatives | — |  | — |  | — |  | 15 |  | — |  | — |  |  | — |
Structured variable annuity embedded derivatives | — |  | — |  | — |  | — |  | (1,440) |  | — |  |  | — |
SMC embedded derivatives | — |  | (2) |  | — |  | — |  | — |  | — |  |  | — |
Total gain (loss) | $ | (7) |  | $ | — |  | $ | 122 |  | $ | 27 |  | $ | (260) |  | $ | (1,321) |  |  | $ | 14 |
The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company. The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of September 30, 2025:
| Premiums Payable |  | Premiums Receivable
(in millions)
2025 (1) | $ | 38 |  |  | $ | 15 |
2026 | 248 |  |  | 88 |
2027 | 21 |  |  | — |
2028 | 31 |  |  | — |
2029 | 135 |  |  | — |
2030 - 2031 | 233 |  |  | — |
Total | $ | 706 |  |  | $ | 103 |
(1) 2025 amounts represent the amounts payable and receivable for the period from October 1, 2025 to December 31, 2025. Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received. Structured variable annuity, IUL and stock market certificate products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts. As discussed in Note 10, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures. The Company enters into futures, credit default swaps, commodity swaps, total return swaps and foreign currency forwards to manage its exposure to price risk arising from seed money investments in proprietary investment products. The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions. The Company enters into futures contracts, total return swaps and foreign currency forwards to economically hedge its exposure related to compensation plans. The Company enters into interest rate swaps to offset interest rate changes on unrealized gains or losses for certain investments. Cash Flow Hedges The Company has designated derivative instruments as a cash flow hedge for equity exposure of certain compensation-related liabilities and interest rate exposure on forecasted debt interest payments. For derivative instruments that qualify as cash flow hedges, the gains or losses on the derivative instruments are reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented within the same line item as the earnings impact of the hedged item in Interest and debt expense. For both the three and nine months ended September 30, 2025 and 2024, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial. The estimated net amount recorded in AOCI as of September 30, 2025 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is not material. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 10 years and relates to forecasted debt interest payments. See Note 15 for a rollforward of net unrealized gains (losses) on derivatives included in AOCI related to cash flow hedges. Net Investment Hedges The Company entered into, and designated as net investment hedges in foreign operations, forward contracts to hedge a portion of the Company’s foreign currency exchange rate risk associated with its investment in Threadneedle. As the Company determined that the forward contracts are effective, the change in fair value of the derivatives is recognized in AOCI as part of the foreign currency translation adjustment. For the three and nine months ended September 30, 2025, the Company did not recognize a gain or loss in other comprehensive income (loss) (“OCI”). For the three and nine months ended September 30, 2024, th e Company recognized a loss of $4 million and loss of $3.0 million in OCI. Credit Risk Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 13 for additional information on the Company’s credit exposure related to derivative assets. Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s debt rating (or based on the financial strength of the Company’s life insurance subsidiaries for contracts in which those subsidiaries are the counterparty). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company’s debt does not maintain a specific credit rating (generally an investment grade rating) or the Company’s life insurance subsidiaries do not maintain a specific financial strength rating. If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of September 30, 2025 and December 31, 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $110 million and $69 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of September 30, 2025 and December 31, 2024 was $110 million and $68 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of September 30, 2025 and December 31, 2024 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil and $1 million, respectively.

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