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v3.25.1

DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024 |  |
|  |  | 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 | $ | 3,081 |  |  | $ | 115 |  |  | $ | 89 |  |  | $ | 26 |  |  | $ | 2,940 |  |  | $ | 111 |  |  | $ | 95 |  |  | $ | 16 |  |  |
Interest swaps | 952 |  |  | — |  |  | 339 |  |  | (339) |  |  | 952 |  |  | — |  |  | 306 |  |  | (306) |  |  |
Total: designated for hedge accounting | 4,033 |  |  | 115 |  |  | 428 |  |  | (313) |  |  | 3,892 |  |  | 111 |  |  | 401 |  |  | (290) |  |  |
Derivatives: not designated for hedge accounting (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | 17,730 |  |  | 1 |  |  | — |  |  | 1 |  |  | 14,530 |  |  | 3 |  |  | — |  |  | 3 |  |  |
Swaps | 15,638 |  |  | 69 |  |  | 20 |  |  | 49 |  |  | 16,264 |  |  | 65 |  |  | 19 |  |  | 46 |  |  |
Options | 67,942 |  |  | 17,444 |  |  | 3,819 |  |  | 13,625 |  |  | 70,685 |  |  | 20,647 |  |  | 4,319 |  |  | 16,328 |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | 10,701 |  |  | — |  |  | — |  |  | — |  |  | 9,310 |  |  | — |  |  | — |  |  | — |  |  |
Swaps | 629 |  |  | 8 |  |  | 3 |  |  | 5 |  |  | 672 |  |  | — |  |  | 41 |  |  | (41) |  |  |
Options | 50 |  |  | 6 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Credit contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps | 317 |  |  | 1 |  |  | 6 |  |  | (5) |  |  | 275 |  |  | 12 |  |  | 10 |  |  | 2 |  |  |
Currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | 900 |  |  | 2 |  |  | 26 |  |  | (24) |  |  | 828 |  |  | 26 |  |  | — |  |  | 26 |  |  |
Currency forwards | 76 |  |  | 15 |  |  | 15 |  |  | — |  |  | 28 |  |  | 17 |  |  | 17 |  |  | — |  |  |
Other freestanding contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Margin | — |  |  | 1,007 |  |  | — |  |  | 1,007 |  |  | — |  |  | 796 |  |  | — |  |  | 796 |  |  |
Collateral | — |  |  | 122 |  |  | 14,073 |  |  | (13,951) |  |  | — |  |  | 137 |  |  | 16,908 |  |  | (16,771) |  |  |
Total: not designated for hedge accounting | 113,983 |  |  | 18,675 |  |  | 17,962 |  |  | 713 |  |  | 112,592 |  |  | 21,703 |  |  | 21,314 |  |  | 389 |  |  |
Embedded derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SCS, SIO, MSO and IUL indexed features (2) | — |  |  | — |  |  | 13,962 |  |  | (13,962) |  |  | — |  |  | — |  |  | 17,212 |  |  | (17,212) |  |  |
Total embedded derivatives | — |  |  | — |  |  | 13,962 |  |  | (13,962) |  |  | — |  |  | — |  |  | 17,212 |  |  | (17,212) |  |  |
Total derivative instruments | $ | 118,016 |  |  | $ | 18,790 |  |  | $ | 32,352 |  |  | $ | (13,562) |  |  | $ | 116,484 |  |  | $ | 21,814 |  |  | $ | 38,927 |  |  | $ | (17,113) |  |  |
______________ (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, 2025 |  | Three Months Ended March 31, 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 | $ | — |  |  | $ | 6 |  | $ | 33 |  |  | $ | (37) |  |  | $ | — |  |  | $ | 3 |  | $ | (18) |  |  | $ | 16 |
Interest swaps | — |  |  | (3) |  | — |  |  | (21) |  |  | — |  |  | 3 |  | — |  |  | (7) |
Total: designated for hedge accounting | — |  |  | 3 |  | 33 |  |  | (58) |  |  | — |  |  | 6 |  | (18) |  |  | 9 |
Derivatives: not Designated for hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | (200) |  |  | — |  | — |  |  | — |  |  | 241 |  |  | — |  | — |  |  | — |
Swaps | 705 |  |  | — |  | — |  |  | — |  |  | (1,115) |  |  | — |  | — |  |  | — |
Options | (2,645) |  |  | — |  | — |  |  | — |  |  | 2,795 |  |  | — |  | — |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Futures | (23) |  |  | — |  | — |  |  | — |  |  | (9) |  |  | — |  | — |  |  | — |
Swaps | 15 |  |  | — |  | — |  |  | — |  |  | (164) |  |  | — |  | — |  |  | — |
Options | (1) |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Credit contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps | — |  |  | — |  | — |  |  | — |  |  | (1) |  |  | — |  | — |  |  | — |
Currency contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps | (30) |  |  | — |  | — |  |  | — |  |  | 12 |  |  | — |  | — |  |  | — |
Currency forwards | — |  |  | — |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | — |
Other freestanding contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Margin | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Collateral | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Total: not designated for hedge accounting | (2,179) |  |  | — |  | — |  |  | — |  |  | 1,760 |  |  | — |  | — |  |  | — |
Embedded derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
SCS, SIO,MSO and IUL indexed features | 2,978 |  |  | — |  | — |  |  | — |  |  | (3,136) |  |  | — |  | — |  |  | — |
Total embedded derivatives | 2,978 |  |  | — |  | — |  |  | — |  |  | (3,136) |  |  | — |  | — |  |  | — |
Total derivative instruments | $ | 799 |  |  | $ | 3 |  | $ | 33 |  |  | $ | (58) |  |  | $ | (1,376) |  |  | $ | 6 |  | $ | (18) |  |  | $ | 9 |
______________ (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, |
| 2025 |  | 2024 |  |  |  |  |  |
| (in millions)
Balance, beginning of period | $ | 80 |  |  | $ | (29) |  |  |  |  |  |  |
Amount recorded in AOCI |  |  |  |  |  |  |  |  |
Currency swaps | 10 |  |  | — |  |  |  |  |  |  |
Interest swaps | (29) |  |  | (8) |  |  |  |  |  |  |
Total amount recorded in AOCI | (19) |  |  | (8) |  |  |  |  |  |  |
Amount reclassified from (to) income to AOCI |  |  |  |  |  |  |  |  |
Currency swaps (1) | (47) |  |  | 16 |  |  |  |  |  |  |
Interest swaps (1) | 8 |  |  | 1 |  |  |  |  |  |  |
Total amount reclassified from (to) income to AOCI | (39) |  |  | 17 |  |  |  |  |  |  |
Balance, end of period (2) | $ | 22 |  |  | $ | (20) |  |  |  |  |  |  |
______________ (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, 2025, and 2024 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, 2025
| 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) | $ | 18,789 |  |  | $ | 11,621 |  |  | $ | 7,168 |  |  | $ | (6,117) |  |  | $ | 1,051 |
Secured lending | 146 |  |  | — |  |  | 146 |  |  | (852) |  |  | (706) |
Other financial assets | 1,657 |  |  | — |  |  | 1,657 |  |  | — |  |  | 1,657 |
Other invested assets | $ | 20,592 |  |  | $ | 11,621 |  |  | $ | 8,971 |  |  | $ | (6,969) |  |  | $ | 2,002 |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative liabilities (2) | $ | 12,275 |  |  | $ | 11,621 |  |  | $ | 654 |  |  | $ | — |  |  | $ | 654 |
Secured lending | 146 |  |  | — |  |  | 146 |  |  | — |  |  | 146 |
Other financial liabilities | 5,900 |  |  | — |  |  | 5,900 |  |  | — |  |  | 5,900 |
Other liabilities | $ | 18,321 |  |  | $ | 11,621 |  |  | $ | 6,700 |  |  | $ | — |  |  | $ | 6,700 |
______________ (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, 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 | 6,185 |  |  | — |  |  | 6,185 |  |  | — |  |  | 6,185 |  |  |
Other liabilities | $ | 21,956 |  |  | $ | 14,924 |  |  | $ | 7,032 |  |  | $ | — |  |  | $ | 7,032 |  |  |
______________ (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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