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Derivative Financial Instruments (Tables)

9 Months Ended

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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Schedule of exposure to credit loss on derivative instrument.

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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
-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

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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