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Derivative Financial Instruments (Tables)
 6 Months Ended
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, 2024December 31, 2023
Assets:(In millions)
Derivative investments:
Equity options$1,024 $739 
Interest rate swaps7 57 
Other derivative investments1 1 
Other long-term investments:
Other embedded derivatives31 28 
Prepaid expenses and other assets:
Reinsurance related embedded derivatives144 152 
Total$1,207 $977 
Liabilities:
Contractholder funds:
Indexed annuities/IUL embedded derivatives$4,848 $4,258 
Accounts payable and accrued liabilities:
Equity options4 1 
Interest rate swaps28 — 
Total$4,880 $4,259 
Change in Fair Value of Derivative Instruments
The change in fair value of derivative instruments included within Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
(In millions)(In millions)
Net investment gains (losses):
Equity options$(23)$98 $227 $153 
Interest rate swaps(25)— (105)— 
Futures contracts5 — 11 5 
Other derivative investments2 — 5 (1)
Other embedded derivatives— 2 3 3 
Reinsurance related embedded derivatives 10 17 (8)(2)
Total net investment gains$(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 AmountFair ValueCollateralNet Credit Risk
June 30, 2024$34,353 $1,004 $1,011 $36 
December 31, 202329,968 796 775 39