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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The notional and carrying amounts of derivative financial instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:
| March 31, 2025 |  | December 31, 2024
| Gross Notional |  | Assets |  | Liabilities |  | Gross Notional |  | Assets |  | Liabilities
| (In millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (a) | $ | 350 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency swaps (a) | 60 |  |  | 1 |  |  | 1 |  |  | 39 |  |  | 2 |  |  | — |
Total derivatives designated as hedging instruments | 410 |  |  | 10 |  |  | 1 |  |  | 39 |  |  | 2 |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Equity options (a) | $ | 31,986 |  |  | $ | 632 |  |  | $ | 1 |  |  | $ | 29,594 |  |  | $ | 773 |  |  | $ | — |
Interest rate swaps (a) | 5,655 |  |  | 62 |  |  | — |  |  | 5,145 |  |  | 19 |  |  | 10 |
Futures contracts (a) | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Other derivative investments (a) | 88 |  |  | — |  |  | — |  |  | 118 |  |  | 1 |  |  | — |
Other embedded derivatives (b) | — |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Indexed annuities/IUL embedded derivatives (c) | — |  |  | — |  |  | 5,316 |  |  | — |  |  | — |  |  | 5,220 |
Reinsurance related embedded derivatives (d) | — |  |  | — |  |  | (78) |  |  | — |  |  | — |  |  | (109) |
Total derivatives not designated as hedging instruments | 37,729 |  |  | 727 |  |  | 5,239 |  |  | 34,857 |  |  | 825 |  |  | 5,121 |
Total derivatives | $ | 38,139 |  |  | $ | 737 |  |  | $ | 5,240 |  |  | $ | 34,896 |  |  | $ | 827 |  |  | $ | 5,121 |
(a)The fair value of derivative assets are reported in Derivative investments, and the fair value of derivative liabilities are reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. (b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets. (c)The fair value is included in Contractholder funds on the unaudited Condensed Consolidated Balance Sheets. (d)The fair value of the embedded derivative asset is included in Funds withheld for reinsurance liabilities as a contra-liability on the unaudited Condensed Consolidated Balance Sheets.
Schedule of Change in Fair Value of Derivative Instruments | The amounts and locations of gains (losses) recognized for derivatives and gains (losses) recognized for hedged items included in the unaudited Condensed Consolidated Statements of Earnings are as follows:
| March 31, 2025
| Recognized gains (losses) for derivatives |  | Recognized gains (losses) for hedged item |  | Benefits and other changes in policy reserves for derivatives |  | Benefits and other changes in policy reserves for hedged item
| (In millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | (10) |
Foreign currency swaps | (1) |  |  | 1 |  |  | — |  |  | — |
Total derivatives designated as hedging instruments | (1) |  |  | 1 |  |  | 9 |  |  | (10) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Equity options | (234) |  |  | — |  |  | — |  |  | — |
Interest rate swaps | 52 |  |  | — |  |  | — |  |  | — |
Futures contracts | 5 |  |  | — |  |  | — |  |  | — |
Other derivative investments | (4) |  |  | — |  |  | — |  |  | — |
Other embedded derivatives | — |  |  | — |  |  | — |  |  | — |
Indexed annuities/IUL embedded derivatives | — |  |  | — |  |  | (67) |  |  | — |
Reinsurance related embedded derivatives | (41) |  |  | — |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | (222) |  |  | — |  |  | (67) |  |  | — |
Total derivatives | $ | (223) |  |  | $ | 1 |  |  | $ | (58) |  |  | $ | (10) |
| March 31, 2024
| Recognized gains (losses) for derivatives |  | Recognized gains (losses) for hedged item |  | Benefits and other changes in policy reserves for derivatives |  | Benefits and other changes in policy reserves for hedged item
| (In millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency swaps | — |  |  | — |  |  | — |  |  | — |
Total derivatives designated as hedging instruments | — |  |  | — |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Equity options | 250 |  |  | — |  |  | — |  |  | — |
Interest rate swaps | (80) |  |  | — |  |  | — |  |  | — |
Futures contracts | 6 |  |  | — |  |  | — |  |  | — |
Other derivative investments | 3 |  |  | — |  |  | — |  |  | — |
Other embedded derivatives | 3 |  |  | — |  |  | — |  |  | — |
Indexed annuities/IUL embedded derivatives | — |  |  | — |  |  | 200 |  |  | — |
Reinsurance related embedded derivatives | (18) |  |  | — |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 164 |  |  | — |  |  | 200 |  |  | — |
Total derivatives | $ | 164 |  |  | $ | — |  |  | $ | 200 |  |  | $ | — |
Carrying Amount of Derivative Instruments |
|  | March 31, 2025 |  | December 31, 2024
Line Item in the unaudited Condensed Consolidated Balance Sheets that includes hedged item |  | Carrying Amount of Hedged Assets (Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities) |  | Carrying Amount of Hedged Assets (Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)
|  | (In millions)
Fixed maturity securities, AFS, at amortized cost |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Contractholder funds |  | (360) |  |  | (10) |  |  | — |  |  | — |
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:
|  |  |  | Fair Value |  | Collateral |  | Net Credit Risk
|  |  | (In millions)
March 31, 2025 |  |  |  | $ | 700 |  |  | $ | 621 |  |  | $ | 79 |
December 31, 2024 |  |  |  | 782 |  |  | 771 |  |  | 34 |

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