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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Carrying Amount of Derivative Instruments

The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows:

			September 30, 2023						December 31, 2022
Assets:			(In millions)
Derivative investments:
Call options			$	420					$	244
Other long-term investments:
Other embedded derivatives			23						23
Prepaid expenses and other assets:
Reinsurance related embedded derivatives			313						279
			$	756					$	546

Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives			$	3,556					$	3,115
Accounts payable and accrued liabilities:
Interest rate swaps			16						—
Call options			2						—
			$	3,572					$	3,115

Change in Fair Value of Derivative Instruments

The change in fair value of derivative instruments included in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows:

			Three months ended												Nine months ended
			September 30, 2023						September 30, 2022						September 30, 2023						September 30, 2022
Recognized gains and losses, net			(In millions)												(In millions)
Net investment (losses) gains:
Call options			$	(308)					$	(149)					$	(155)					$	(858)
Interest rate swaps			(19)						—						(19)						—
Futures contracts			(4)						(5)						1						(10)
Foreign currency forwards			4						10						3						22
Other derivatives and embedded derivatives			(3)						(2)						—						(10)
Reinsurance related embedded derivatives			36						94						34						357
Total net investment losses			$	(294)					$	(52)					$	(136)					$	(499)
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase			$	(265)					$	(166)					$	441					$	(1,108)

Exposure to Credit Loss on Call Options Held

Information regarding our exposure to credit loss on the call options and interest rate swaps we hold is presented in the following tables.

									September 30, 2023
									(In millions)
Counterparty			Credit Rating (Fitch/Moody's/S&P) (a)						Notional Amount						Fair Value						Collateral						Net Credit Risk
Merrill Lynch			AA/*/A+						$	4,131					$	47					$	8					$	39
Morgan Stanley			*/Aa3/A+						2,865						32						38						—
Barclay's Bank			A+/A1/A+						6,809						73						81						—
Canadian Imperial Bank of Commerce			AA-/A2/A-						6,903						92						94						—
Wells Fargo			AA-/Aa2/A+						1,300						37						38						—
Goldman Sachs			A+/A1/A+						1,520						16						16						—
Credit Suisse			A+/A3/A+						198						6						6						—
Truist			A+/A2/A						2,853						78						77						1
Citibank			A+/Aa3/A+						1,400						11						11						—
JP Morgan			AA/Aa2/A+						543						12						12						—
Total									$	28,522					$	404					$	381					$	40

									December 31, 2022
									(In millions)
Counterparty			Credit Rating (Fitch/Moody's/S&P) (a)						Notional Amount						Fair Value						Collateral						Net Credit Risk
Merrill Lynch			AA/*/A+						$	3,563					$	23					$	—					$	23
Morgan Stanley			*/Aa3/A+						1,699						14						19						—
Barclay's Bank			A+/A1/A						6,049						65						59						6
Canadian Imperial Bank of Commerce			AA/Aa2/A+						5,169						68						64						4
Wells Fargo			A+/A1/BBB+						1,361						17						17						—
Goldman Sachs			A/A2/BBB+						1,133						9						10						—
Credit Suisse			BBB+/A3/A-						1,039						5						5						—
Truist			A+/A2/A						2,489						35						36						—
Citibank			A+/Aa3/A+						795						8						9						—
Total									$	23,297					$	244					$	219					$	33

(a)An * represents credit ratings that were not available.

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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
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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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