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DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 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

			June 30, 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			$	2,962					$	90					$	157					$	(67)					$	2,940					$	111					$	95					$	16
Interest swaps			952						—						335						(335)						952						—						306						(306)
Total: designated for hedge accounting			3,914						90						492						(402)						3,892						111						401						(290)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures			17,100						—						3						(3)						14,530						3						—						3
Swaps			16,942						59						71						(12)						16,264						65						19						46
Options			66,287						22,575						4,925						17,650						70,685						20,647						4,319						16,328
Interest rate contracts:
Futures			9,716						—						—						—						9,310						—						—						—
Swaps			610						12						5						7						672						—						41						(41)
Options			50						5						—						5						—						—						—						—
Credit contracts:
Credit default swaps			437						11						20						(9)						275						12						10						2
Currency contracts:
Currency swaps			771						—						31						(31)						828						26						—						26
Currency forwards			83						15						17						(2)						28						17						17						—
Other freestanding contracts:
Margin			—						1,173						—						1,173						—						796						—						796
Collateral			—						155						16,634						(16,479)						—						137						16,908						(16,771)
Total: not designated for hedge accounting			111,996						24,005						21,706						2,299						112,592						21,703						21,314						389
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)			—						—						18,311						(18,311)						—						—						17,212						(17,212)
Total embedded derivatives			—						—						18,311						(18,311)						—						—						17,212						(17,212)
Total derivative instruments			$	115,910					$	24,095					$	40,509					$	(16,414)					$	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 June 30, 2025																					Six Months Ended June 30, 2025
			Net Derivative Gains (Losses) (1)						Net Investment Income			Interest Credited To Policyholders Account Balances						AOCI						Net Derivative Gains (Losses) (1)						Net Investment Income			Interest Credited To Policyholders Account Balances						AOCI
			(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps			$	—					$	9		$	73					$	(151)					$	—					$	15		$	106					$	(188)
Interest swaps			—						(8)			—						13						—						(11)			—						(8)
Total: designated for hedge accounting			—						1			73						(138)						—						4			106						(196)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			472						—			—						—						272						—			—						—
Swaps			(1,204)						—			—						—						(499)						—			—						—
Options			4,235						—			—						—						1,590						—			—						—
Interest rate contracts:
Futures			(98)						—			—						—						(121)						—			—						—
Swaps			(16)						—			—						—						(1)						—			—						—
Options			(1)						—			—						—						(2)						—			—						—
Credit contracts:
Credit default swaps			(3)						—			—						—						(3)						—			—						—
Currency contracts:
Currency swaps			(57)						—			—						—						(87)						—			—						—
Currency forwards			(6)						—			—						—						(6)						—			—						—
Other freestanding contracts:
Margin			—						—			—						—						—						—			—						—
Collateral			—						—			—						—						—						—			—						—
Total: not designated for hedge accounting			3,322						—			—						—						1,143						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			(4,696)						—			—						—						(1,718)						—			—						—
Total embedded derivatives			(4,696)						—			—						—						(1,718)						—			—						—
Total derivative instruments			$	(1,374)					$	1		$	73					$	(138)					$	(575)					$	4		$	106					$	(196)

______________

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

			Three Months Ended June 30, 2024																					Six Months Ended June 30, 2024
			Net Derivatives Gains (Losses) (1)						Net Investment Income			Interest Credited To Policyholders Account Balances						AOCI						Net Derivatives Gains (Losses) (1)						Net Investment Income			Interest Credited To Policyholders Account Balances						AOCI
			(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps			$	—					$	4		$	(5)					$	22					$	1					$	7		$	(23)					$	38
Interest swaps			—						(17)			—						13						—						(14)			—						6
Total: designated for hedge accounting			—						(13)			(5)						35						1						(7)			(23)						44
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures			50						—			—						—						291						—			—						—
Swaps			(99)						—			—						—						(1,214)						—			—						—
Options			1,225						—			—						—						4,021						—			—						—
Interest rate contracts:
Futures			(1)						—			—						—						(11)						—			—						—
Swaps			(88)						—			—						—						(253)						—			—						—
Credit contracts:
Credit default swaps			—						—			—						—						(1)						—			—						—
Currency contracts:
Currency swaps			1						—			—						—						13						—			—						—
Currency forwards			—						—			—						—						1						—			—						—
Total: not designated for hedge accounting			1,088						—			—						—						2,847						—			—						—
Embedded derivatives:
SCS, SIO,MSO and IUL indexed features			(1,296)						—			—						—						(4,432)						—			—						—
Total embedded derivatives			(1,296)						—			—						—						(4,432)						—			—						—
Total derivative instruments (1)			$	(208)					$	(13)		$	(5)					$	35					$	(1,584)					$	(7)		$	(23)					$	44

______________

(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 June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
			(in millions)
Balance, beginning of period			$	22					$	(21)					$	80					$	(31)
Amount recorded in AOCI
Currency swaps			(91)						19						(81)						19
Interest swaps			—						(9)						(29)						(17)
Total amount recorded in AOCI			(91)						10						(110)						2
Amount reclassified from (to) income to AOCI
Currency swaps (1)			(60)						3						(107)						20
Interest swaps (1)			13						21						21						22
Total amount reclassified from (to) income to AOCI			(47)						24						(86)						42
Balance, end of period (2)			$	(116)					$	13					$	(116)					$	13

______________

(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 June 30, 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 June 30, 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)			$	24,095					$	17,684					$	6,411					$	(4,509)					$	1,902
Secured lending			104						—						104						—						104
Other financial assets			1,786						—						1,786						—						1,786
Other invested assets			$	25,985					$	17,684					$	8,301					$	(4,509)					$	3,792
Liabilities:
Derivative liabilities (2)			$	17,689					$	17,684					$	5					$	—					$	5
Secured lending			104						—						104						—						104
Other financial liabilities			5,738						—						5,738						—						5,738
Other liabilities			$	23,531					$	17,684					$	5,847					$	—					$	5,847

______________

(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).

X

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Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements.

+ References

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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