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Derivative Financial Instruments (Tables)

6 Months Ended

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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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

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-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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-Section 50
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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

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