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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2024 |  | December 31, 2023
Assets: | (In millions)
Derivative investments: |  |  |
Equity options | $ | 1,024 |  |  | $ | 739 |
Interest rate swaps | 7 |  |  | 57 |
Other derivative investments | 1 |  |  | 1 |
Other long-term investments: |  |  |
Other embedded derivatives | 31 |  |  | 28 |
Prepaid expenses and other assets: |  |  |
Reinsurance related embedded derivatives | 144 |  |  | 152 |
Total | $ | 1,207 |  |  | $ | 977 |
Liabilities: |  |  |
Contractholder funds: |  |  |
Indexed annuities/IUL embedded derivatives | $ | 4,848 |  |  | $ | 4,258 |
Accounts payable and accrued liabilities: |  |  |
Equity options | 4 |  |  | 1 |
Interest rate swaps | 28 |  |  | — |
Total | $ | 4,880 |  |  | $ | 4,259 |
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 Earnings is as follows:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In millions) |  | (In millions)
Net investment gains (losses): |  |  |  |  |  |  |
Equity options | $ | (23) |  |  | $ | 98 |  |  | $ | 227 |  |  | $ | 153 |
Interest rate swaps | (25) |  |  | — |  |  | (105) |  |  | — |
Futures contracts | 5 |  |  | — |  |  | 11 |  |  | 5 |
Other derivative investments | 2 |  |  | — |  |  | 5 |  |  | (1) |
Other embedded derivatives | — |  |  | 2 |  |  | 3 |  |  | 3 |
Reinsurance related embedded derivatives | 10 |  |  | 17 |  |  | (8) |  |  | (2) |
Total net investment gains | $ | (31) |  |  | $ | 117 |  |  | $ | 133 |  |  | $ | 158 |
Benefits and other changes in policy reserves: |  |  |  |  |  |  |
Indexed annuities/IUL embedded derivatives increase | $ | 169 |  |  | $ | 252 |  |  | $ | 590 |  |  | $ | 706 |
Exposure to Credit Loss on Call Options Held | Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below (in millions):
|  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
June 30, 2024 |  | $ | 34,353 |  |  | $ | 1,004 |  |  | $ | 1,011 |  |  | $ | 36 |
December 31, 2023 |  | 29,968 |  |  | 796 |  |  | 775 |  |  | 39 |

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- Definition 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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