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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Carrying Amount of Derivative Instruments | The carrying amounts of derivative instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:
| September 30, 2024 |  | December 31, 2023
| (In millions) |  |
Assets: |  |  |  |  |  |  |
Derivative investments: |  |  |  |  |  |  |
Equity options | $ | 1,293 |  |  |  |  | $ | 739 |  |  |
Interest rate swaps | 108 |  |  |  |  | 57 |  |  |
Other derivative investments | — |  |  |  |  | 1 |  |  |
Other long-term investments: |  |  |  |  |  |  |
Other embedded derivatives | 34 |  |  |  |  | 28 |  |  |
Prepaid expenses and other assets: |  |  |  |  |  |  |
Reinsurance related embedded derivatives | — |  |  |  |  | 152 |  |  |
Total | $ | 1,435 |  |  |  |  | $ | 977 |  |  |
Liabilities |  |  |  |
Contractholder funds: |  |  |  |
Indexed annuities/IUL embedded derivatives | $ | 5,411 |  |  | $ | 4,258 |  |
Accounts payable and accrued liabilities: |  |  |  |
Reinsurance related embedded derivative | 34 |  |  | — |  |
Equity Options | 4 |  |  | 1 |  |
Total | $ | 5,449 |  |  | $ | 4,259 |  |
Schedule of 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 September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In millions) |  | (In millions)
Net investment gains (losses): |  |  |  |  |  |  |
Equity options | $ | 260 |  |  | $ | (308) |  |  | $ | 487 |  |  | $ | (155) |
Interest rate swaps | 114 |  |  | (19) |  |  | 9 |  |  | (19) |
Futures contracts | 7 |  |  | (4) |  |  | 18 |  |  | 1 |
Other derivative investments | (4) |  |  | 4 |  |  | 1 |  |  | 3 |
Other embedded derivatives | 3 |  |  | (3) |  |  | 6 |  |  | — |
Reinsurance related embedded derivatives | (178) |  |  | 36 |  |  | (186) |  |  | 34 |
Total net investment gains (losses) | $ | 202 |  |  | $ | (294) |  |  | $ | 335 |  |  | $ | (136) |
Benefits and other changes in policy reserves: |  |  |  |  |  |  |
Indexed annuities/IUL embedded derivatives increase | $ | 563 |  |  | $ | (265) |  |  | $ | 1,153 |  |  | $ | 441 |
Schedule of 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:
|  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
|  | (In millions)
September 30, 2024 |  | $ | 35,561 |  |  | $ | 1,393 |  |  | $ | 1,351 |  |  | $ | 53 |
December 31, 2023 |  | 29,968 |  |  | 796 |  |  | 775 |  |  | 39 |

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