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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Balance Sheet Presentation | Derivative Balance Sheet Presentation
| Net Derivatives | Asset Derivatives | Liability Derivatives
| Notional Amount | Fair Value | Fair Value | Fair Value
Hedge Designation/ Derivative Type | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023
Cash flow hedges |  |  |  |  |  |  |  |
Interest rate swaps | $ | 4,225 |  | $ | 3,450 |  | $ | — |  | $ | (1) |  | $ | — |  | $ | 1 |  | $ | — |  | $ | (2) |
Foreign currency swaps | 646 |  | 644 |  | 41 |  | 13 |  | 52 |  | 29 |  | (11) |  | (16) |
Total cash flow hedges | 4,871 |  | 4,094 |  | 41 |  | 12 |  | 52 |  | 30 |  | (11) |  | (18) |
Non-qualifying strategies |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |
Interest rate swaps and futures | 344 |  | 6,626 |  | — |  | (5) |  | 1 |  | — |  | (1) |  | (5) |
Foreign exchange contracts |  |  |  |  |  |  |  |
Foreign currency swaps and forwards | 647 |  | 645 |  | — |  | — |  | — |  | — |  | — |  | — |
Credit contracts |  |  |  |  |  |  |  |
Credit derivatives in offsetting positions | 986 |  | 998 |  | — |  | — |  | 31 |  | 27 |  | (31) |  | (27) |
Equity contracts |  |  |  |  |  |  |  |
Equity index options | 233 |  | — |  | 4 |  | — |  | 4 |  | — |  | — |  | — |
Total non-qualifying strategies | 2,210 |  | 8,269 |  | 4 |  | (5) |  | 36 |  | 27 |  | (32) |  | (32) |
Total cash flow hedges and non-qualifying strategies | $ | 7,081 |  | $ | 12,363 |  | $ | 45 |  | $ | 7 |  | $ | 88 |  | $ | 57 |  | $ | (43) |  | $ | (50) |
Balance Sheet Location |  |  |  |  |  |  |  |
Fixed maturities, AFS | $ | 647 |  | $ | 645 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Other investments | 3,011 |  | 1,662 |  | 57 |  | (1) |  | 66 |  | 18 |  | (9) |  | (19) |
Other liabilities | 3,423 |  | 10,056 |  | (12) |  | 8 |  | 22 |  | 39 |  | (34) |  | (31) |
Total derivatives | $ | 7,081 |  | $ | 12,363 |  | $ | 45 |  | $ | 7 |  | $ | 88 |  | $ | 57 |  | $ | (43) |  | $ | (50) |
.
Offsetting Liabilities | Offsetting Derivative Assets and Liabilities
| (i) | (ii) | (iii) = (i) - (ii) | (iv) | (v) = (iii) - (iv)
|  |  | Net Amounts Presented in the Statement of Financial Position | Collateral Disallowed for Offset in the Statement of Financial Position |
| Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in the Statement of Financial Position | Derivative Assets [1] (Liabilities) [2] | Accrued Interest and Cash Collateral (Received) [3] Pledged [2] | Financial Collateral (Received) Pledged [4] | Net Amount
As of December 31, 2024 |  |  |  |  |  |
Other investments | $ | 88 |  | $ | 86 |  | $ | 57 |  | $ | (55) |  | $ | — |  | $ | 2 |
Other liabilities | $ | (43) |  | $ | (42) |  | $ | (12) |  | $ | 11 |  | $ | (1) |  | $ | — |
As of December 31, 2023 |  |  |  |  |  |
Other investments | $ | 57 |  | $ | 55 |  | $ | (1) |  | $ | 3 |  | $ | — |  | $ | 2 |
Other liabilities | $ | (50) |  | $ | (36) |  | $ | 8 |  | $ | (22) |  | $ | (13) |  | $ | (1) |
[1]Included in other investments in the Company's Consolidated Balance Sheets. [2]Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [3]Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [4]Excludes collateral associated with exchange-traded derivative instruments.
Derivatives in Cash Flow Hedging Relationships |
Gain (Loss) Recognized in OCI
| Year Ended December 31,
| 2024 | 2023 | 2022
Interest rate swaps | $ | (14) |  | $ | 6 |  | $ | — |
Foreign currency swaps | 41 |  | (31) |  | 56 |
Total | $ | 27 |  | $ | (25) |  | $ | 56 |
Gain (Loss) Reclassified from AOCI into Income
|  | Year Ended December 31,
|  | 2024 |  |  | 2023 |  |  | 2022
|  | Net Investment Income | Interest Expense |  |  | Net Investment Income | Interest Expense |  |  | Net Investment Income | Interest Expense
Interest rate swaps |  | $ | (25) |  | $ | 16 |  |  |  | $ | (26) |  | $ | 15 |  |  |  | $ | 6 |  | $ | (2) |
Foreign currency swaps |  | 12 |  | — |  |  |  | 10 |  | — |  |  |  | 9 |  | — |
Total |  | $ | (13) |  | $ | 16 |  |  |  | $ | (16) |  | $ | 15 |  |  |  | $ | 15 |  | $ | (2) |
Total amounts presented on the Consolidated Statement of Operations |  | $ | 2,568 |  | $ | 199 |  |  |  | $ | 2,305 |  | $ | 199 |  |  |  | $ | 2,177 |  | $ | 213 |
Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) | Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
| For the Year Ended December 31,
| 2024 | 2023 | 2022
Foreign exchange contracts |  |  |
Foreign currency swaps and forwards | $ | — |  | $ | — |  | $ | 5 |
Interest rate contracts |  |  |
Interest rate swaps and futures | 8 |  | (3) |  | 25 |
Credit contracts |  |  |
Credit derivatives that purchase credit protection | — |  | (105) |  | 4 |
Equity contracts |  |  |
Equity index options | 5 |  | — |  | (2) |
Commodity contracts |  |  |
Commodity options | — |  | — |  | 14 |
Total [1] | $ | 13 |  | $ | (108) |  | $ | 46 |
[1]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements.
Credit Derivatives by Type | Credit Risk Assumed Derivatives by Type
|  |  |  |  | Underlying Referenced Credit Obligation(s) [1] |  |
| Notional Amount [2] | Fair Value | Weighted Average Years to Maturity |  | Type | Average Credit Rating | Offsetting Notional Amount [3] | Offsetting Fair Value [3]
As of December 31, 2024
Basket credit default swaps [4] |  |  |  |  |  |  |  |
Investment grade risk exposure | $ | 100 |  | $ | — |  | 4 years |  | CMBS Credit | AAA | $ | 100 |  | $ | — |
Below investment grade risk exposure | 392 |  | 30 |  | 3 years |  | Corporate Credit | B+ | 392 |  | (30) |
Below investment grade risk exposure | 1 |  | (1) |  | Less than 1 year |  | CMBS Credit | CCC | 1 |  | 1 |
Total [5] | $ | 493 |  | $ | 29 |  |  |  |  |  | $ | 493 |  | $ | (29) |
As of December 31, 2023
Basket credit default swaps [4] |  |  |  |  |  |  |  |
Investment grade risk exposure | $ | 101 |  | $ | (1) |  | 5 years |  | CMBS Credit | AAA | $ | 101 |  | $ | 1 |
Below investment grade risk exposure | 396 |  | 24 |  | 4 years |  | Corporate Credit | B+ | 396 |  | (24) |
Below investment grade risk exposure | 2 |  | (1) |  | Less than 1 year |  | CMBS Credit | CCC- | 2 |  | 1 |
Total [5] | $ | 499 |  | $ | 22 |  |  |  |  |  | $ | 499 |  | $ | (22) |
[1]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. [2]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3]The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4]Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5]Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - Fair Value Measurements.

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- Definition Non-Qualifying Strategies Recognized within Net Realized Gains (Losses) [Table Text Block] + References No definition available. + Details
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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4J Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L + Details
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