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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2025 and December 31, 2024 (dollars in millions):
|  |  |  | March 31, 2025 |  | December 31, 2024
|  | Primary Underlying Risk |  | Notional |  | Carrying Value/Fair Value |  | Notional |  | Carrying Value/Fair Value
|  |  | Amount |  | Assets |  | Liabilities |  | Amount |  | Assets |  | Liabilities
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest rate |  | $ | 1,886 |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 1,848 |  |  | $ | 6 |  |  | $ | 20 |
Interest rate options |  | Interest rate |  | 2,273 |  |  | 3 |  |  | — |  |  | 1,773 |  |  | 1 |  |  | — |
Total return swaps |  | Interest rate |  | 865 |  |  | — |  |  | 25 |  |  | 956 |  |  | — |  |  | 14 |
Foreign currency swaps |  | Foreign currency |  | 150 |  |  | 42 |  |  | — |  |  | 150 |  |  | 47 |  |  | — |
Foreign currency forwards |  | Foreign currency |  | 1,101 |  |  | 3 |  |  | 20 |  |  | 1,148 |  |  | 9 |  |  | 37 |
Foreign currency options |  | Foreign currency |  | 430 |  |  | — |  |  | — |  |  | 430 |  |  | 1 |  |  | — |
Equity options |  | Equity |  | 669 |  |  | 11 |  |  | 2 |  |  | 255 |  |  | 5 |  |  | 1 |
Equity futures |  | Equity |  | 223 |  |  | — |  |  | — |  |  | 209 |  |  | — |  |  | — |
Credit default swaps |  | Credit |  | 4,165 |  |  | 2 |  |  | 21 |  |  | 2,661 |  |  | 4 |  |  | 6 |
Credit default index swaps options |  | Credit |  | 250 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other swaps |  | Credit |  | 1,300 |  |  | 1 |  |  | 1 |  |  | 1,300 |  |  | 2 |  |  | 2 |
CPI swaps |  | CPI |  | 394 |  |  | 4 |  |  | 5 |  |  | 408 |  |  | 6 |  |  | 2 |
Synthetic GICs |  | Interest rate |  | 16,176 |  |  | — |  |  | — |  |  | 15,362 |  |  | — |  |  | — |
Embedded derivatives in: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Modco or funds withheld arrangements |  |  |  | — |  |  | 285 |  |  | 351 |  |  | — |  |  | 283 |  |  | 338 |
Indexed products |  |  |  | — |  |  | — |  |  | 383 |  |  | — |  |  | — |  |  | 435 |
Total non-designated derivatives |  |  |  | 29,882 |  |  | 357 |  |  | 822 |  |  | 26,500 |  |  | 364 |  |  | 855 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest rate |  | 3,301 |  |  | 27 |  |  | 72 |  |  | 3,336 |  |  | 5 |  |  | 103 |
Forward bond purchase commitments |  | Interest rate |  | 2,507 |  |  | 3 |  |  | 202 |  |  | 2,020 |  |  | — |  |  | 206 |
Foreign currency swaps |  | Foreign currency |  | 2,008 |  |  | 6 |  |  | 160 |  |  | 2,008 |  |  | 7 |  |  | 159 |
Foreign currency forwards |  | Foreign currency |  | 1,933 |  |  | 47 |  |  | 5 |  |  | 1,966 |  |  | 94 |  |  | — |
Total hedging derivatives |  |  |  | 9,749 |  |  | 83 |  |  | 439 |  |  | 9,330 |  |  | 106 |  |  | 468 |
Total derivatives |  |  |  | $ | 39,631 |  |  | $ | 440 |  |  | $ | 1,261 |  |  | $ | 35,830 |  |  | $ | 470 |  |  | $ | 1,323 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The gain or loss on the hedged item attributable to a change in interest rates or foreign currency and the offsetting gain or loss on the related interest rate or foreign currency swaps for the three months ended March 31, 2025 and 2024 are as follows (dollars in millions):
Derivative Type |  | Hedged Item |  | Investment Related Gains (Losses), Net |  | Claims and Other Policy Benefits | Interest Credited
|  |  |  | Derivatives |  | Hedged Items |  | Derivatives |  | Hedged Items |  | Derivatives |  | Hedged Items
For the three months ended March 31, 2025: |  |  |  |  |  |  |  |
Foreign currency swaps |  | Foreign-denominated fixed maturity securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate swaps |  | Future policy benefits |  | — |  |  | — |  |  | 13 |  |  | (13) |  |  | — |  |  | — |
Interest rate swaps |  | Interest-sensitive contract liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | (25) |
For the three months ended March 31, 2024: |  |  |  |  |  |  |  |
Foreign currency swaps |  | Foreign-denominated fixed maturity securities |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swaps |  | Future policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swaps |  | Interest-sensitive contract liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | 1 |
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges (dollars in millions):
Hedged Item |  | Carrying Amount of the Hedged Assets / (Liabilities) |  | Cumulative Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets / (Liabilities) |  | Discontinued Fair Value Hedge Adjustments Included in the Cumulative Adjustments
|  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
Future policy benefits |  | $ | (580) |  |  | $ | (508) |  |  | $ | (6) |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | — |
Interest-sensitive contract liabilities |  | (998) |  |  | (1,111) |  |  | (14) |  |  | 11 |  |  | 10 |  |  | — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the cash flow hedge components of AOCI, before income taxes, and where the gain or loss related to cash flow hedges is recognized on the condensed consolidated income statement classification for the three months ended March 31, 2025 and 2024 (dollars in millions):
|  | Three months ended March 31,
|  | 2025 |  | 2024
Balance, beginning of period |  | $ | (495) |  |  | $ | (218) |
Gains (losses), net deferred in other comprehensive income (loss) |  | (6) |  |  | (86) |
Amounts reclassified to net investment income |  | 18 |  |  | 8 |
Amounts reclassified to interest expense |  | (2) |  |  | (3) |
Balance, end of period |  | $ | (485) |  |  | $ | (299) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income for the three months ended March 31, 2025 and 2024 (dollars in millions):
Derivative Type |  | Gains (Losses) Deferred in OCI |  | Gains (Losses) Reclassified into Income from AOCI
|  |  |  | Net Investment Income |  | Interest Expense
For the three months ended March 31, 2025: |  |  |  |  |  |
Interest rate |  | $ | 12 |  |  | $ | (1) |  |  | $ | 2 |
Foreign currency |  | (18) |  |  | (17) |  |  | — |
Total |  | $ | (6) |  |  | $ | (18) |  |  | $ | 2 |
For the three months ended March 31, 2024: |  |  |  |  |  |
Interest rate |  | $ | (57) |  |  | $ | (3) |  |  | $ | 3 |
Foreign currency |  | (29) |  |  | (5) |  |  | — |
Total |  | $ | (86) |  |  | $ | (8) |  |  | $ | 3 |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three months ended March 31, 2025 and 2024 (dollars in millions):
|  | Derivative Gains (Losses) Deferred in OCI
|  | For the three months ended March 31, |  |
Derivative Type |  | 2025 |  | 2024 |  |  |  |
Foreign currency forwards |  | $ | (15) |  |  | $ | 25 |  |  |  |  |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | A summary of the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2025 and 2024 is as follows (dollars in millions):
|  |  |  | Gains (Losses) for the three months ended March 31,
Type of Non-qualifying Derivative |  | Income Statement Location of Gains (Losses) |  | 2025 |  | 2024
Interest rate swaps |  | Investment related gains (losses), net |  | $ | 6 |  |  | $ | (31) |
Interest rate options |  | Investment related gains (losses), net |  | — |  |  | (3) |
Total return swaps |  | Investment related gains (losses), net |  | (6) |  |  | 4 |
Interest rate futures |  | Investment related gains (losses), net |  | — |  |  | 1 |
Foreign currency swaps |  | Investment related gains (losses), net |  | (3) |  |  | 14 |
Foreign currency forwards |  | Investment related gains (losses), net |  | 22 |  |  | (64) |
Foreign currency options |  | Investment related gains (losses), net |  | (1) |  |  | — |
Equity options |  | Investment related gains (losses), net |  | (6) |  |  | (4) |
Equity futures |  | Investment related gains (losses), net |  | 9 |  |  | (17) |
Credit default swaps |  | Investment related gains (losses), net |  | (18) |  |  | 2 |
CPI swaps |  | Investment related gains (losses), net |  | (5) |  |  | — |
Subtotal |  |  |  | (2) |  |  | (98) |
Embedded derivatives in: |  |  |  |  |  |
Modco or funds withheld arrangements |  | Investment related gains (losses), net |  | (11) |  |  | 77 |
Indexed products |  | Interest credited |  | 24 |  |  | (20) |
Total non-qualifying derivatives |  |  |  | $ | 11 |  |  | $ | (41) |
Disclosure Of Credit Derivatives | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2025 and December 31, 2024 (dollars in millions):
|  | March 31, 2025 |  | December 31, 2024
Rating Agency Designation of Referenced Credit Obligations(1) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3)
AAA/AA/A |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | $ | (21) |  |  | $ | 410 |  |  | 17.3 |  | $ | (5) |  |  | $ | 410 |  |  | 17.5
BBB |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | 3 |  |  | 155 |  |  | 2.2 |  | 3 |  |  | 150 |  |  | 2.3
Credit default swaps referencing indices |  | (1) |  |  | 3,585 |  |  | 5.2 |  | — |  |  | 2,086 |  |  | 5.1
Subtotal |  | 2 |  |  | 3,740 |  |  | 5.1 |  | 3 |  |  | 2,236 |  |  | 4.9
BB |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | — |  |  | 5 |  |  | 1.2 |  | — |  |  | 5 |  |  | 1.5
B |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | — |  |  | 10 |  |  | 1.0 |  | — |  |  | 10 |  |  | 1.2
Total |  | $ | (19) |  |  | $ | 4,165 |  |  | 6.3 |  | $ | (2) |  |  | $ | 2,661 |  |  | 6.8
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2)Assumes the value of the referenced credit obligations is zero. (3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Offsetting Assets [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2025 and December 31, 2024 (dollars in millions):
|  | Gross Amounts Recognized |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts Presented in the Balance Sheet |  | Financial Instruments/Collateral (1) |  | Net Amount
March 31, 2025: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 155 |  |  | $ | (39) |  |  | $ | 116 |  |  | $ | (116) |  |  | $ | — |
Derivative liabilities |  | 527 |  |  | (39) |  |  | 488 |  |  | (488) |  |  | — |
December 31, 2024: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 187 |  |  | $ | (64) |  |  | $ | 123 |  |  | $ | (123) |  |  | $ | — |
Derivative liabilities |  | 550 |  |  | (64) |  |  | 486 |  |  | (486) |  |  | — |
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2025 and December 31, 2024 (dollars in millions):
|  | Gross Amounts Recognized |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts Presented in the Balance Sheet |  | Financial Instruments/Collateral (1) |  | Net Amount
March 31, 2025: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 155 |  |  | $ | (39) |  |  | $ | 116 |  |  | $ | (116) |  |  | $ | — |
Derivative liabilities |  | 527 |  |  | (39) |  |  | 488 |  |  | (488) |  |  | — |
December 31, 2024: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 187 |  |  | $ | (64) |  |  | $ | 123 |  |  | $ | (123) |  |  | $ | — |
Derivative liabilities |  | 550 |  |  | (64) |  |  | 486 |  |  | (486) |  |  | — |
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4J Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L + Details
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