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DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 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

			September 30, 2024																								December 31, 2023
									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			$	2,996					$	92					$	112					$	(20)					$	2,358					$	79					$	90					$	(11)
Interest swaps			952						—						339						(339)						952						—						311						(311)
Total: designated for hedge accounting			3,948						92						451						(359)						3,310						79						401						(322)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures			10,206						—						3						(3)						7,877						—						4						(4)
Swaps			15,456						61						11						50						15,021						53						10						43
Options			68,354						19,823						4,552						15,271						53,927						13,213						3,129						10,084
Interest rate contracts:
Futures			9,086						—						—						—						8,094						—						—						—
Swaps			2,921						20						31						(11)						2,887						118						2						116
Credit contracts:
Credit default swaps			279						7						7						—						242						9						6						3
Currency contracts:
Currency swaps			870						—						14						(14)						823						—						27						(27)
Currency forwards			28						16						16						—						36						20						21						(1)
Other freestanding contracts:
Margin			—						598						—						598						—						468						—						468
Collateral			—						125						14,673						(14,548)						—						75						9,232						(9,157)
Total: not designated for hedge accounting			107,200						20,650						19,307						1,343						88,907						13,956						12,431						1,525
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)			—						—						16,261						(16,261)						—						—						10,745						(10,745)
Total embedded derivatives			—						—						16,261						(16,261)						—						—						10,745						(10,745)
Total derivative instruments			$	111,148					$	20,742					$	36,019					$	(15,277)					$	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 September 30, 2024																					Nine Months Ended September 30, 2024
			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			$	(8)					$	2		$	42					$	(60)					$	(7)					$	10		$	19					$	(22)
Interest swaps			—						3			—						(5)						—						(11)			—						1
Total: designated for hedge accounting			(8)						5			42						(65)						(7)						(1)			19						(21)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			85						—			—						—						376						—			—						—
Swaps			(737)						—			—						—						(1,951)						—			—						—
Options			1,385						—			—						—						5,406						—			—						—
Interest rate contracts:
Futures			(5)						—			—						—						(16)						—			—						—
Swaps			143						—			—						—						(110)						—			—						—
Credit contracts:
Credit default swaps			(1)						—			—						—						(2)						—			—						—
Currency contracts:
Currency swaps			(42)						—			—						—						(29)						—			—						—
Currency forwards			(1)						—			—						—						—						—			—						—
Other freestanding contracts:
Margin			—						—			—						—						—						—			—						—
Collateral			—						—			—						—						—						—			—						—
Total: not designated for hedge accounting			827						—			—						—						3,674						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			(1,533)						—			—						—						(5,965)						—			—						—
Total embedded derivatives			(1,533)						—			—						—						(5,965)						—			—						—
Total derivative instruments			$	(714)					$	5		$	42					$	(65)					$	(2,298)					$	(1)		$	19					$	(21)

______________

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

			Three Months Ended September 30, 2023																					Nine Months Ended September 30, 2023
			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			$	(12)					$	2		$	8					$	14					$	(2)					$	8		$	(59)					$	41
Interest swaps			8						—			—						27						(13)						—			—						30
Total: designated for hedge accounting			(4)						2			8						41						(15)						8			(59)						71
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			(28)						—			—						—						(187)						—			—						—
Swaps			666						—			—						—						(645)						—			—						—
Options			(868)						—			—						—						3,133						—			—						—
Interest rate contracts:
Futures			26						—			—						—						36						—			—						—
Swaps			(288)						—			—						—						(297)						—			—						—
Credit contracts:
Credit default swaps			—						—			—						—						(5)						—			—						—
Currency contracts:
Currency swaps			28						—			—						—						9						—			—						—
Currency forwards			1						—			—						—						1						—			—						—
Total: not designated for hedge accounting			(463)						—			—						—						2,045						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			1,082						—			—						—						(3,173)						—			—						—
Total embedded derivatives			1,082						—			—						—						(3,173)						—			—						—
Total derivative instruments (1)			$	615					$	2		$	8					$	41					$	(1,143)					$	8		$	(59)					$	71

______________

(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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions)
Balance, beginning of period			$	13					$	52					$	(31)					$	22
Amount recorded in AOCI
Currency swaps			(17)						(17)						1						(12)
Interest swaps			(7)						31						(23)						4
Total amount recorded in AOCI			(24)						14						(22)						(8)
Amount reclassified from (to) income to AOCI
Currency swaps (1)			(43)						31						(23)						53
Interest swaps (1)			2						(4)						24						26
Total amount reclassified from (to) income to AOCI			(41)						27						1						79
Balance, end of period (2)			$	(52)					$	93					$	(52)					$	93

_______________

(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 three and nine months ended September 30, 2024 and 2023 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 September 30, 2024

			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)			$	20,743					$	15,756					$	4,987					$	(3,991)					$	996
Secured lending			127						—						127						—						127
Other financial assets			1,711						—						1,711						—						1,711
Other invested assets			$	22,581					$	15,756					$	6,825					$	(3,991)					$	2,834
Liabilities:
Derivative liabilities (2)			$	15,767					$	15,756					$	11					$	—					$	11
Secured lending			127						—						$	127					—						127
Other financial liabilities			6,507						—						6,507						—						6,507
Other liabilities			$	22,401					$	15,756					$	6,645					$	—					$	6,645

______________

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

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

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

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 Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

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

(3)Financial instruments sent (held).

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