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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2025 |  | December 31, 2024
| Gross Notional |  | Assets |  | Liabilities |  | Gross Notional |  | Assets |  | Liabilities
| (In millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (a) | $ | 350 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency swaps (a) | 21 |  |  | — |  |  | 3 |  |  | 39 |  |  | 2 |  |  | — |
Total derivatives designated as hedging instruments | 371 |  |  | 12 |  |  | 3 |  |  | 39 |  |  | 2 |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Equity options (a) | $ | 32,475 |  |  | $ | 839 |  |  | $ | — |  |  | $ | 29,594 |  |  | $ | 773 |  |  | $ | — |
Interest rate swaps (a) | 5,760 |  |  | 85 |  |  | 1 |  |  | 5,145 |  |  | 19 |  |  | 10 |
Foreign currency swaps (a) | 57 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Futures contracts (a) | 106 |  |  | 1 |  |  | — |  |  | 152 |  |  | — |  |  | — |
Other derivative investments (a) | 95 |  |  | — |  |  | 1 |  |  | 118 |  |  | 1 |  |  | — |
Other embedded derivatives (b) | — |  |  | 36 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Indexed annuities/IUL embedded derivatives (c) | — |  |  | — |  |  | 5,727 |  |  | — |  |  | — |  |  | 5,220 |
Reinsurance related embedded derivatives (d) | — |  |  | — |  |  | (17) |  |  | — |  |  | — |  |  | (109) |
Total derivatives not designated as hedging instruments | 38,493 |  |  | 961 |  |  | 5,714 |  |  | 35,009 |  |  | 825 |  |  | 5,121 |
Total derivatives | $ | 38,864 |  |  | $ | 973 |  |  | $ | 5,717 |  |  | $ | 35,048 |  |  | $ | 827 |  |  | $ | 5,121 |
(a)The fair value of derivative assets is reported in Derivative investments, and the fair value of derivative liabilities is 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:
| Three months ended June 30, 2025 |  | Three months ended June 30, 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 |  | 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 | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency swaps | (2) |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total derivatives designated as hedging instruments | (2) |  |  | 2 |  |  | 3 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity options | 126 |  |  | — |  |  | — |  |  | — |  |  | (23) |  |  | — |  |  | — |  |  | — |
Interest rate swaps | 19 |  |  | — |  |  | — |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |
Foreign currency swaps | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Futures contracts | 9 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |
Other derivative investments | (8) |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Other embedded derivatives | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Indexed annuities/IUL embedded derivatives | — |  |  | — |  |  | 202 |  |  | — |  |  | — |  |  | — |  |  | (56) |  |  | — |
Reinsurance related embedded derivatives | (61) |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 85 |  |  | — |  |  | 202 |  |  | — |  |  | (27) |  |  | — |  |  | (56) |  |  | — |
Total derivatives | $ | 83 |  |  | $ | 2 |  |  | $ | 205 |  |  | $ | (3) |  |  | $ | (27) |  |  | $ | — |  |  | $ | (56) |  |  | $ | — |
Carrying Amount of Derivative Instruments |
|  | June 30, 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 |  | (363) |  |  | (13) |  |  | — |  |  | — |
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)
June 30, 2025 |  |  | $ | 924 |  |  | $ | 856 |  |  | $ | 68 |
December 31, 2024 |  |  | 782 |  |  | 771 |  |  | 34 |

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- Definition 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 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: 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 + Details
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- Definition 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://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: 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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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