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DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments by Category

The following table presents the gross notional amount and fair value of the Company’s derivatives:

Derivative Instruments by Category

			December 31, 2023																								December 31, 2022
									Fair Value																								Fair Value
			Notional Amount						Derivative Assets						Derivative Liabilities						Net Derivatives						Notional Amount						Derivative Assets						Derivative Liabilities						Net Derivatives
			(in millions)
Derivatives: designated for hedge accounting (1)
Cash flow hedges:
Currency swaps			$	2,358					$	79					$	90					$	(11)					$	1,431					$	99					$	85					$	14
Interest swaps			952						—						311						(311)						955						—						294						(294)
Total: designated for hedge accounting			3,310						79						401						(322)						2,386						99						379						(280)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures			7,877						—						4						(4)						5,151						2						—						2
Swaps			15,021						53						10						43						11,188						39						9						30
Options			53,927						13,213						3,129						10,084						40,122						7,583						3,412						4,171
Interest rate contracts:
Futures			8,094						—						—						—						12,693						—						—						—
Swaps			2,887						118						2						116						1,515						—						166						(166)
Credit contracts:
Credit default swaps			242						9						6						3						327						18						9						9
Currency contracts:
Currency swaps			823						—						27						(27)						397						4						13						(9)
Currency forwards			36						20						21						(1)						62						31						32						(1)
Other freestanding contracts:
Margin			—						468						—						468						—						226						—						226
Collateral			—						75						9,232						(9,157)						—						142						4,472						(4,330)
Total: not designated for hedge accounting			88,907						13,956						12,431						1,525						71,455						8,045						8,113						(68)
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)			—						—						10,745						(10,745)						—						—						4,164						(4,164)
Total embedded derivatives			—						—						10,745						(10,745)						—						—						4,164						(4,164)
Total derivative instruments			$	92,217					$	14,035					$	23,577					$	(9,542)					$	73,841					$	8,144					$	12,656					$	(4,512)

___________

(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders’ account balances in the consolidated balance sheets.

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):

Derivative Instruments by Category

			Year Ended December 31, 2023																					Year Ended December 31, 2022
			Net Derivatives Gain (Losses) (1)						Net Investment Income			Interest Credited To Policyholders Account Balances						AOCI						Net Derivatives Gain (Losses) (1)						Net Investment Income			Interest Credited To Policyholders Account Balances						AOCI
			(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps			$	(4)					$	13		$	(23)					$	(12)					$	19					$	7		$	(4)					$	24
Interest swaps			(18)						58			—						(40)						(86)						—			—						206
Total: designated for hedge accounting			(22)						71			(23)						(52)						(67)						7			(4)						230
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			(73)						—			—						—						285						—			—						—
Swaps			(1,990)						—			—						—						2,644						—			—						—
Options			5,711						—			—						—						(2,750)						—			—						—
Interest rate contracts:
Futures			39						—			—						—						(1,688)						—			—						—
Swaps			12						—			—						—						(492)						—			—						—
Credit contracts:
Credit default swaps			(7)						—			—						—						7						—			—						—
Currency contracts:
Currency swaps			(23)						—			—						—						10						—			—						—
Currency forwards			—						—			—						—						3						—			—						—
Other freestanding contracts:
Margin			—						—			—						—						—						—			—						—
Collateral			—						—			—						—						—						—			—						—
Total: not designated for hedge accounting			3,669						—			—						—						(1,981)						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			(6,044)						—			—						—						2,955						—			—						—
Total embedded derivatives			(6,044)						—			—						—						2,955						—			—						—
Total derivative instruments			$	(2,397)					$	71		$	(23)					$	(52)					$	907					$	7		$	(4)					$	230

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

			Year Ended December 31, 2021
			Net Derivatives Gain (Losses) (1)						Net Investment Income			Interest Credited To Policyholders Account Balances						AOCI
			(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps			$	(2)					$	—		$	(45)					$	5
Interest swaps			(69)						—			—						(87)
Total: designated for hedge accounting			(71)						—			(45)						(82)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			(567)						—			—						—
Swaps			(3,614)						—			—						—
Options			3,886						—			—						—
Interest rate contracts:
Futures			(728)						—			—						—
Swaps			(2,317)						—			—						—
Credit contracts:
Credit default swaps			(2)						—			—						—
Currency contracts:
Currency swaps			3						—			—						—
Currency forwards			2						—			—						—
Total: not designated for hedge accounting			(3,337)						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			(3,835)						—			—						—
Total embedded derivatives			(3,835)						—			—						—
Total derivative instruments (2)			$	(7,243)					$	—		$	(45)					$	(82)

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2)Excludes settlement fees of $45 million and attributed fees of $(7) million on CS Life reinsurance contract and ACS change in policy reserves of $55 million for the year ended December 31, 2021.

.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents a roll-forward of cash flow hedges recognized in AOCI:

Roll-forward of Cash flow hedges in AOCI

						Year Ended December 31,
															2023						2022						2021
															(in millions)
Balance, beginning of period															$	22					$	(208)					$	(126)
Amount recorded in AOCI
Currency swaps															(23)						29						(35)
Interest swaps															(17)						102						(183)
Total amount recorded in AOCI															(40)						131						(218)
Amount reclassified from (to) income to AOCI
Currency swaps (1)															11						(5)						40
Interest swaps (1)															(22)						104						96
Total amount reclassified from (to) income to AOCI															(11)						99						136
Balance, end of period (2)															$	(29)					$	22					$	(208)

_______________

(1)    Currency swaps income is reported in net investment income in the consolidated statements of income (loss). Interest swaps income is reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2)    The Company does not estimate the amount of the deferred losses in AOCI at December 31, 2023, 2022 and 2021 which will be released and reclassified into net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Schedule of Offsetting Financial Assets and Liabilities and Derivative Instruments

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of December 31, 2023

			Gross Amount Recognized						Gross Amount Offset in the Balance Sheets						Net Amount Presented in the Balance Sheets						Gross Amount not Offset in the Balance Sheets (3)						Net Amount
			(in millions)
Assets:
Derivative assets (1)			$	14,036					$	9,543					$	4,493					$	(3,254)					$	1,239
Secured lending			116						—						116						—						116
Other financial assets			2,110						—						2,110						—						2,110
Other invested assets			$	16,262					$	9,543					$	6,719					$	(3,254)					$	3,465
Liabilities:
Derivative liabilities (2)			$	9,579					$	9,543					$	36					$	—					$	36
Secured lending			116						—						$	116					—						116
Other financial liabilities			5,936						—						5,936						—						5,936
Other liabilities			$	15,631					$	9,543					$	6,088					$	—					$	6,088

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments/collateral sent (held).

As of December 31, 2022

			Gross Amount Recognized						Gross Amount Offset in the Balance Sheets						Net Amount Presented in the Balance Sheets						Gross Amount not Offset in the Balance Sheets (3)						Net Amount
			(in millions)
Assets:
Derivative assets (1)			$	8,143					$	7,047					$	1,096					$	(848)					$	248
Other financial assets			2,789						—						2,789						—						2,789
Other invested assets			$	10,932					$	7,047					$	3,885					$	(848)					$	3,037
Liabilities:
Derivative liabilities (2)			$	7,645					$	7,047					$	598					$	—					$	598
Other financial liabilities			6,510						—						6,510						—						6,510
Other liabilities			$	14,155					$	7,047					$	7,108					$	—					$	7,108

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

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