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Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

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			Mar 31, 2025			Dec. 31, 2024			Mar 31, 2025			Dec. 31, 2024						Mar 31, 2025			Dec. 31, 2024						Mar 31, 2025			Dec. 31, 2024
Cash flow hedges
Interest rate swaps			$	4,225		$	4,225		$	—		$	—					$	—		$	—					$	—		$	—
Foreign currency swaps			606			646			33			41						44			52						(11)			(11)
Total cash flow hedges			4,831			4,871			33			41						44			52						(11)			(11)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures			333			344			(2)			—						—			1						(2)			(1)
Foreign exchange contracts
Foreign currency swaps			607			647			—			—						—			—						—			—
Credit contracts
Credit derivatives in offsetting positions			986			986			—			—						23			31						(23)			(31)
Equity contracts
Equity index options			—			233			—			4						—			4						—			—
Total non-qualifying strategies			1,926			2,210			(2)			4						23			36						(25)			(32)
Total cash flow hedges and non-qualifying strategies			$	6,757		$	7,081		$	31		$	45					$	67		$	88					$	(36)		$	(43)
Balance Sheet Location
Fixed maturities, AFS			$	607		$	647		$	—		$	—					$	—		$	—					$	—		$	—
Other investments			1,177			3,011			36			57						40			66						(4)			(9)
Other liabilities			4,973			3,423			(5)			(12)						27			22						(32)			(34)
Total derivatives			$	6,757		$	7,081		$	31		$	45					$	67		$	88					$	(36)		$	(43)

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 March 31, 2025
Other investments			$	67		$	66		$	36		$	(35)		$	—		$	1
Other liabilities			$	(36)		$	(31)		$	(5)		$	—		$	(5)		$	—
As of December 31, 2024
Other investments			$	88		$	86		$	57		$	(55)		$	—		$	2
Other liabilities			$	(43)		$	(42)		$	(12)		$	11		$	(1)		$	—

[1]Included in other investments in the Company's Condensed Consolidated Balance Sheets.

[2]Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.

[3]Included in other investments in the Company's Condensed 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

Gains (Losses) Recognized in OCI
			Three Months Ended March 31,
			2025			2024
Interest rate swaps			$	10		$	(17)
Foreign currency swaps			(6)			17
Total			$	4		$	—

			Gains (Losses) Reclassified from AOCI into Income
									Three months ended March 31,
									2025						2024
									Net Investment Income			Interest Expense			Net Investment Income			Interest Expense
			Interest rate swaps						$	(2)		$	3		$	(7)		$	4
			Foreign currency swaps						3			—			3			—
			Total						$	1		$	3		$	(4)		$	4
			Total amounts presented on the Condensed Consolidated Statement of Operations						$	656		$	50		$	593		$	50

Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses)

Non-Qualifying Strategies Recognized within Net Realized Gains (Losses)
			Three Months Ended March 31,
			2025			2024
Interest rate contracts
Interest rate swaps and futures			$	(1)		$	3
Equity contracts
Equity index options			1			(5)
Total [1]			$	—		$	(2)

[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 of Notes to Condensed Consolidated Financial Statements.

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 March 31, 2025
Basket credit default swaps [4]
Investment grade risk exposure			$	100		$	—		3 years			CMBS Credit			AAA			$	100		$	—
Below investment grade risk exposure			392			23			3 years			Corporate Credit			B+			392			(23)
Below investment grade risk exposure			1			(1)			Less than 1 year			CMBS Credit			CCC			1			1
Total [5]			$	493		$	22											$	493		$	(22)
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)

[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 of Notes to Condensed Consolidated Financial Statements.

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Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) [Table Text Block]

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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).

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Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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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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