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DERIVATIVES (Tables)

12 Months Ended

Dec. 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

			December 31, 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			$	2,940					$	111					$	95					$	16					$	2,358					$	79					$	90					$	(11)
Interest swaps			952						—						306						(306)						952						—						311						(311)
Total: designated for hedge accounting			3,892						111						401						(290)						3,310						79						401						(322)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures			14,530						3						—						3						7,877						—						4						(4)
Swaps			16,264						65						19						46						15,021						53						10						43
Options			70,685						20,647						4,319						16,328						53,927						13,213						3,129						10,084
Interest rate contracts:
Futures			9,310						—						—						—						8,094						—						—						—
Swaps			672						—						41						(41)						2,887						118						2						116
Credit contracts:
Credit default swaps			275						12						10						2						242						9						6						3
Currency contracts:
Currency swaps			828						26						—						26						823						—						27						(27)
Currency forwards			28						17						17						—						36						20						21						(1)
Other freestanding contracts:
Margin			—						796						—						796						—						468						—						468
Collateral			—						137						16,908						(16,771)						—						75						9,232						(9,157)
Total: not designated for hedge accounting			112,592						21,703						21,314						389						88,907						13,956						12,431						1,525
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)			—						—						17,212						(17,212)						—						—						10,745						(10,745)
Total embedded derivatives			—						—						17,212						(17,212)						—						—						10,745						(10,745)
Total derivative instruments			$	116,484					$	21,814					$	38,927					$	(17,113)					$	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

			Year Ended December 31, 2024																					Year Ended December 31, 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			$	(10)					$	16		$	(49)					$	77					$	(4)					$	13		$	(23)					$	(12)
Interest swaps			—						(11)			—						32						(18)						58			—						(40)
Total: designated for hedge accounting			(10)						5			(49)						109						(22)						71			(23)						(52)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			358						—			—						—						(73)						—			—						—
Swaps			(1,831)						—			—						—						(1,990)						—			—						—
Options			6,597						—			—						—						5,711						—			—						—
Interest rate contracts:
Futures			(121)						—			—						—						39						—			—						—
Swaps			(322)						—			—						—						12						—			—						—
Credit contracts:
Credit default swaps			(3)						—			—						—						(7)						—			—						—
Currency contracts:
Currency swaps			29						—			—						—						(23)						—			—						—
Currency forwards			2						—			—						—						—						—			—						—
Other freestanding contracts:
Margin			—						—			—						—						—						—			—						—
Collateral			—						—			—						—						—						—			—						—
Total: not designated for hedge accounting			4,709						—			—						—						3,669						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			(7,250)						—			—						—						(6,044)						—			—						—
Total embedded derivatives			(7,250)						—			—						—						(6,044)						—			—						—
Total derivative instruments			$	(2,551)					$	5		$	(49)					$	109					$	(2,397)					$	71		$	(23)					$	(52)

______________

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

			Year Ended December 31, 2022
			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			$	19					$	7		$	(4)					$	24
Interest swaps			(86)						—			—						206
Total: designated for hedge accounting			(67)						7			(4)						230
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			285						—			—						—
Swaps			2,644						—			—						—
Options			(2,750)						—			—						—
Interest rate contracts:
Futures			(1,688)						—			—						—
Swaps			(492)						—			—						—
Credit contracts:
Credit default swaps			7						—			—						—
Currency contracts:
Currency swaps			10						—			—						—
Currency forwards			3						—			—						—
Total: not designated for hedge accounting			(1,981)						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			2,955						—			—						—
Total embedded derivatives			2,955						—			—						—
Total derivative instruments (1)			$	907					$	7		$	(4)					$	230

______________

(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

						Year Ended December 31,
															2024						2023						2022
															(in millions)
Balance, beginning of period															$	(29)					$	22					$	(208)
Amount recorded in AOCI
Currency swaps															37						(23)						29
Interest swaps															5						(17)						102
Total amount recorded in AOCI															42						(40)						131
Amount reclassified from (to) income to AOCI
Currency swaps (1)															40						11						(5)
Interest swaps (1)															27						(22)						104
Total amount reclassified from (to) income to AOCI															67						(11)						99
Balance, end of period (2)															$	80					$	(29)					$	22

______________

(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, 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 December 31, 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)			$	21,814					$	14,924					$	6,890					$	(6,080)					$	810
Secured lending			137						—						137						—						137
Other financial assets			1,510						—						1,510						—						1,510
Other invested assets			$	23,461					$	14,924					$	8,537					$	(6,080)					$	2,457
Liabilities:
Derivative liabilities (2)			$	15,634					$	14,924					$	710					$	—					$	710
Secured lending			137						—						$	137					—						137
Other financial liabilities			6,288						—						6,288						—						6,288
Other liabilities			$	22,059					$	14,924					$	7,135					$	—					$	7,135

______________

(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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