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Derivative Financial Instruments (Tables)

3 Months Ended

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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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.

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