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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

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

			December 31, 2023						December 31, 2022
Assets:			(In millions)
Derivative investments:
Call options			$	739					$	244
Interest rate swaps			57						—
Foreign currency forward			1						—
Other long-term investments:
Other embedded derivatives			28						23
Prepaid expenses and other assets:
Reinsurance related embedded derivatives			152						279
			$	977					$	546

Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives			$	4,258					$	3,115
			$	4,258					$	3,115

Derivative Instruments, Gain (Loss)

The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings is as follows:

			Year ended December 31,
			2023						2022						2021
Net investment gains (losses):			(In millions)
Call options			$	92					$	(862)					$	597
Interest rate swaps			48						—						—
Futures contracts			9						(7)						8
Foreign currency forwards			(2)						12						10
Other derivatives and embedded derivatives			5						(10)						5
Reinsurance related embedded derivatives			(128)						352						34
Total net investment gains (losses)			$	24					$	(515)					$	654
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives increase (decrease)			$	1,143					$	(768)					$	479

Information Regarding 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 table:

												December 31, 2023
Counterparty						Credit Rating (Fitch/Moody's/S&P) (a)						Notional Amount						Fair Value						Collateral						Net Credit Risk
												(In millions)
Merrill Lynch						AA/*/A+						$	4,408					$	96					$	59					$	37
Morgan Stanley						AA-/Aa3/A+						3,466						102						116						—
Barclay's Bank						A+/A1/A+						6,236						102						100						2
Canadian Imperial Bank of Commerce						AA-/A2/A-						5,983						147						148						—
Wells Fargo						AA-/Aa2/A+						1,443						58						60						—
Goldman Sachs						A+/A1/A+						1,919						45						45						—
Credit Suisse						A+/A3/A+						92						4						4						—
Truist						A+/A2/A						2,759						124						124						—
Citibank						A+/Aa3/A+						1,073						27						28						—
JP Morgan						AA/Aa2/A+						2,589						91						91						—
Total												$	29,968					$	796					$	775					$	39

												December 31, 2022
Counterparty						Credit Rating (Fitch/Moody's/S&P)(a)						Notional Amount						Fair Value						Collateral						Net Credit Risk
												(In millions)
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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 4A
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-Publisher FASB
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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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