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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
Gross NotionalAssetsLiabilities Gross NotionalAssetsLiabilities
Derivatives designated as hedging instruments(In millions)
Interest rate swaps (a)$850 $12 $1 $— $— $— 
Foreign currency swaps (a)21 — 3 39 2 — 
Total derivatives designated as hedging instruments871 12 4 39 2 — 
Derivatives not designated as hedging instruments
Equity options (a)30,709 1,131 — 29,594 773 — 
Interest rate swaps (a)5,804 84 1 5,145 19 10 
Foreign currency swaps (a)231 — 3 — — — 
Futures contracts (a)107 1 — 152 — — 
Other derivative investments (a)93 — — 118 1 — 
Other embedded derivatives (b)— 39 — — 32 — 
Indexed annuities/IUL embedded derivatives (c)— — 6,083 — — 5,220 
Reinsurance related embedded derivatives (d)— — 44 — — (109)
Total derivatives not designated as hedging instruments36,944 1,255 6,131 35,009 825 5,121 
Total derivatives $37,815 $1,267 $6,135 $35,048 $827 $5,121 
(a)The fair value of derivative assets is reported in Derivative investments, and the fair value of derivative liabilities is reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.
(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.
(c)The fair value is included in Contractholder funds on the unaudited Condensed Consolidated Balance Sheets.
(d)The fair value of the embedded derivative asset is included in Funds withheld for reinsurance liabilities as a contra-liability on the unaudited Condensed Consolidated Balance Sheet as of December 31, 2024.
Schedule of Change in Fair Value of Derivative Instruments
The amounts and locations of gains (losses) recognized for derivatives and gains (losses) recognized for hedged items included in the unaudited Condensed Consolidated Statements of Earnings are as follows:
Three months ended September 30, 2025Three months ended September 30, 2024
Recognized gains (losses) for derivativesRecognized gains (losses) for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged itemRecognized gains (losses) for derivativesRecognized gains (losses) for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged item
(In millions)
Derivatives designated as hedging instruments
Interest rate swaps$— $— $(1)$1 $— $— $— $— 
Total derivatives designated as hedging instruments— — (1)1 — — — — 
Derivatives not designated as hedging instruments
Equity options269 — — — 260 — — — 
Interest rate swaps(5)— — — 114 — — — 
Foreign currency swaps— — — — — — — — 
Futures contracts12 — — — 7 — — — 
Other derivative investments1 — — — (4)— — — 
Other embedded derivatives3 — — — 3 — — — 
Indexed annuities/IUL embedded derivatives— — 174 — — — 308 — 
Reinsurance related embedded derivatives(60)— — — (178)— — — 
Total derivatives not designated as hedging instruments220 — 174 — 202 — 308 — 
Total derivatives$220 $— $173 $1 $202 $— $308 $— 
Nine months ended September 30, 2025Nine months ended September 30, 2024
Recognized gains (losses) for derivativesRecognized gains (losses) for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged itemRecognized gains (losses) for derivativesRecognized gains (losses) for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged item
(In millions)
Derivatives designated as hedging instruments
Interest rate swaps$— $— $11 $(12)$— $— $— $— 
Foreign currency swaps(3)3 — — — — — — 
Total derivatives designated as hedging instruments(3)3 11 (12)— — — — 
Derivatives not designated as hedging instruments
Equity options161 — — — 487 — — — 
Interest rate swaps64 — — — 9 — — — 
Foreign currency swaps(4)— — — — — — — 
Futures contracts26 — — — 18 — — — 
Other derivative investments(10)— — — 1 — — — 
Other embedded derivatives7 — — — 6 — — — 
Indexed annuities/IUL embedded derivatives— — 309 — — — 452 — 
Reinsurance related embedded derivatives(162)— — — (186)— — — 
Total derivatives not designated as hedging instruments82 — 309 — 335 — 452 — 
Total derivatives $79 $3 $320 $(12)$335 $— $452 $— 
Carrying Amount of Derivative Instruments
The following amounts are recorded in the unaudited Condensed Consolidated Balance Sheets related to the carrying amount of hedged assets and (liabilities) and the cumulative basis adjustment included in the carrying amount for fair value hedges:
September 30, 2025December 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 (867)(12)— — 
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 ValueCollateralNet Credit Risk
(In millions)
September 30, 2025$1,214 $1,165 $57 
December 31, 2024782 771 34