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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Carrying Amount of Derivative Instruments

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

			March 31, 2024						December 31, 2023
Assets:			(In millions)
Derivative investments:
Call options			$	1,015					$	739
Interest rate swaps			9						57
Foreign currency forward			—						1
Other long-term investments:
Other embedded derivatives			30						28
Prepaid expenses and other assets:
Reinsurance related embedded derivatives			134						152
Total			$	1,188					$	977

Liabilities:
Contractholder funds:
Indexed annuities/IUL embedded derivatives			$	4,679					$	4,258
Accounts payable and accrued liabilities:
Interest rate swaps			19						—
Total			$	4,698					$	4,258

Change in Fair Value of Derivative Instruments

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

			Three months ended
			March 31, 2024						March 31, 2023
			(In millions)
Net investment gains (losses):
Call options			$	250					$	55
Interest rate swaps			(80)						—
Futures contracts			6						5
Foreign currency forwards			3						(1)
Other derivatives and embedded derivatives			3						1
Reinsurance related embedded derivatives			(18)						(19)
Total net investment gains			$	164					$	41
Benefits and other changes in policy reserves:
Indexed annuities/IUL embedded derivatives increase			$	421					$	454

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.

									March 31, 2024
									(In millions)
Counterparty			Credit Rating (Fitch/Moody's/S&P) (a)						Notional Amount						Fair Value						Collateral						Net Credit Risk
Merrill Lynch			AA/*/A+						$	4,340					$	132					$	93					$	39
Morgan Stanley			AA-/Aa3/A+						4,353						159						166						—
Barclay's Bank			A+/A1/A+						6,389						124						122						2
Canadian Imperial Bank of Commerce			AA-/A2/A-						5,552						163						163						—
Wells Fargo			AA-/Aa2/A+						1,313						69						70						—
Goldman Sachs			A+/A1/A+						2,340						45						44						1
Credit Suisse			A+/A3/A+						16						1						1						—
Truist			A/A2/A						3,185						135						134						1
Citibank			A+/Aa3/A+						1,145						25						26						—
JP Morgan			AA/Aa2/A+						3,888						152						149						3
Total									$	32,521					$	1,005					$	968					$	46

									December 31, 2023
									(In millions)
Counterparty			Credit Rating (Fitch/Moody's/S&P) (a)						Notional Amount						Fair Value						Collateral						Net Credit Risk
Merrill Lynch			AA/*/A+						$	4,408					$	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

(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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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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