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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2024
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
March 31, 2024December 31, 2023
  Fair ValueFair Value
  Notional Amount Derivative Assets Derivative Liabilities
Net Derivatives
Notional AmountDerivative AssetsDerivative Liabilities
Net Derivatives
(in millions)
Derivatives: designated for hedge accounting (1)
 Cash flow hedges:
 Currency swaps $2,373 $82 $96 $(14)$2,358 $79 $90 $(11)
 Interest swaps952 — 323 (323)952 — 311 (311)
 Total: designated for hedge accounting 3,325 82 419 (337)3,310 79 401 (322)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures 9,269 — 1 (1)7,877 — 4 (4)
Swaps 16,365 60 11 49 15,021 53 10 43 
Options60,035 16,560 3,797 12,763 53,927 13,213 3,129 10,084 
Interest rate contracts:
Futures8,638 — — — 8,094 — — — 
Swaps2,887 26 19 7 2,887 118 2 116 
Credit contracts:
Credit default swaps185 8 5 3 242 9 6 3 
Currency contracts:
Currency swaps840 4 1 3 823 — 27 (27)
Currency forwards17 13 13 — 36 20 21 (1)
Other freestanding contracts:
Margin— 511 — 511 — 468 — 468 
Collateral— 215 12,157 (11,942)— 75 9,232 (9,157)
Total: not designated for hedge accounting98,236 17,397 16,004 1,393 88,907 13,956 12,431 1,525 
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)— — 13,758 (13,758)— — 10,745 (10,745)
Total embedded derivatives— — 13,758 (13,758)— — 10,745 (10,745)
Total derivative instruments$101,561 $17,479 $30,181 $(12,702)$92,217 $14,035 $23,577 $(9,542)
______________
(1)Reported in other invested assets in the consolidated balance sheets.
(2)Reported in policyholders’ account balances in the consolidated balance sheets.
The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):
Derivative Instruments by Category
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Net Derivatives Gain (Losses) (1)Net Investment Income
Interest Credited To Policyholders
Account Balances
AOCINet Derivatives Gain (Losses) (1)Net Investment IncomeInterest Credited To Policyholders Account BalancesAOCI
(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps$— $3 $(18)$16 $7 $3 $(34)$25 
Interest swaps— 3 — (7)(4)— — (28)
Total: designated for hedge accounting— 6 (18)9 3 3 (34)(3)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures241 — — — (143)— — — 
Swaps(1,115)— — — (605)— — — 
Options2,795 — — — 1,501 — — — 
Interest rate contracts:
Futures(9)— — — (22)— — — 
Swaps(164)— — — 48 — — — 
Credit contracts:
Credit default swaps(1)— — — (2)— — — 
Currency contracts:
Currency swaps12 — — — (10)— — — 
Currency forwards1 — — — — — — — 
Other freestanding contracts:
Margin— — — — — — — — 
Collateral— — — — — — — — 
Total: not designated for hedge accounting1,760 — — — 767 — — — 
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features(3,136)— — — (1,611)— — — 
Total embedded derivatives(3,136)— — — (1,611)— — — 
Total derivative instruments$(1,376)$6 $(18)$9 $(841)$3 $(34)$(3)
______________
(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).
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
Three Months Ended March 31,
20242023
(in millions)
Balance, beginning of period $(29)$22 
Amount recorded in AOCI
Currency swaps— (7)
Interest swaps(8)(37)
Total amount recorded in AOCI(8)(44)
Amount reclassified from (to) income to AOCI
Currency swaps (1)16 32 
Interest swaps (1)1 9 
Total amount reclassified from (to) income to AOCI
17 41 
Balance, end of period (2)$(20)$19 
_______________
(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 March 31, 2024, 2023 and 2022 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 March 31, 2024

Gross Amount RecognizedGross Amount Offset in the Balance SheetsNet Amount Presented in the Balance SheetsGross Amount not Offset in the Balance Sheets (3)Net Amount
(in millions)
Assets:
Derivative assets (1)$17,481 $13,904 $3,577 $(2,516)$1,061 
Secured lending
147 — 147 — 147 
Other financial assets2,000 — 2,000 — 2,000 
Other invested assets$19,628 $13,904 $5,724 $(2,516)$3,208 
Liabilities:
Derivative liabilities (2)$13,906 $13,904 $2 $— $2 
Secured lending
147 — $147 — 147 
Other financial liabilities6,362 — 6,362 — 6,362 
Other liabilities$20,415 $13,904 $6,511 $— $6,511 
______________
(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, 2023

Gross Amount RecognizedGross Amount Offset in the Balance SheetsNet Amount Presented in the Balance SheetsGross 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 assets2,110 — 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 liabilities5,936 — 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 sent (held).