Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value and notional amount of derivatives

The following table summarizes information on the fair values and notional values of the Company’s derivative instruments:


	Estimated Fair Value
	Asset Derivatives (1)		Liability Derivatives (1)		Notional Value (2)
June 30, 2023
Futures contracts	$	83	$	(27)	$	3,015
Foreign currency forward contracts	16		(15)		1,299

Other (3)	26		(20)		98
Total	$	125	$	(62)

December 31, 2022
Futures contracts	$	51	$	(17)	$	3,138
Foreign currency forward contracts	39		(35)		1,136

Other (3)	59		(24)		3,592
Total	$	149	$	(76)

(1) The fair value of asset derivatives are included in ‘other assets’ and the fair value of liability derivatives are included in ‘other liabilities.’

(2) Represents the absolute notional value of all outstanding contracts, consisting of long and short positions.

(3) Includes swaps, options and other derivatives contracts.

Summary of net realized gains (losses) recorded in the consolidated statements of income

Realized and unrealized contract gains and losses on the Company’s derivative instruments are reflected in ‘net realized gains (losses)’ in the consolidated statements of income, as summarized in the following table:


Derivatives not designated as	June 30,
hedging instruments:	2023		2022

Three Months Ended
Net realized gains (losses):
Futures contracts	$	(25)	$	(39)
Foreign currency forward contracts	15		(26)

Other (1)	(5)		19
Total	$	(15)	$	(46)

Six Months Ended
Net realized gains (losses):
Futures contracts	$	14	$	(86)
Foreign currency forward contracts	24		(28)

Other (1)	3		44
Total	$	41	$	(70)

(1) Includes realized gains and losses on swaps, options and other derivatives contracts.