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DERIVATIVES (Tables)
 3 Months Ended
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, 2025December 31, 2024
  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 $3,081 $115 $89 $26 $2,940 $111 $95 $16 
 Interest swaps952 — 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 
Options67,942 17,444 3,819 13,625 70,685 20,647 4,319 16,328 
Interest rate contracts:
Futures10,701 — — — 9,310 — — — 
Swaps629 8 3 5 672 — 41 (41)
Options50 6 — 6 — — — — 
Credit contracts:
Credit default swaps317 1 6 (5)275 12 10 2 
Currency contracts:
Currency swaps900 2 26 (24)828 26 — 26 
Currency forwards76 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 accounting113,983 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 $(17,113)
______________
(1)Reported in other invested assets in the consolidated balance sheets.
(2)Reported in policyholders’ account balances in the consolidated balance sheets.
The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):
Derivative Instruments by Category
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Net Derivatives Gain (Losses) (1)Net Investment Income
Interest Credited To Policyholders
Account Balances
AOCINet Derivatives Gain (Losses) (1)Net Investment IncomeInterest Credited To Policyholders Account BalancesAOCI
(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps$— $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 — — — 
Swaps705 — — — (1,115)— — — 
Options(2,645)— — — 2,795 — — — 
Interest rate contracts:
Futures(23)— — — (9)— — — 
Swaps15 — — — (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 features2,978 — — — (3,136)— — — 
Total embedded derivatives2,978 — — — (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,
20252024
(in millions)
Balance, beginning of period $80 $(29)
Amount recorded in AOCI
Currency swaps10 — 
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 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)$18,789 $11,621 $7,168 $(6,117)$1,051 
Secured lending
146 — 146 (852)(706)
Other financial assets1,657 — 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 liabilities5,900 — 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 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)$21,814 $14,924 $6,890 $(6,080)$810 
Secured Lending
137 — 137 — 137 
Other financial assets1,510 — 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 liabilities6,185 — 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).