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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The notional amounts and fair values of derivatives were as follows as of the dates indicated:

			June 30, 2024																		December 31, 2023
			Notional Amount						Asset Fair Value						Liability Fair Value						Notional Amount						Asset Fair Value						Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges:
Interest rate contracts			$	200					$	—					$	1					$	—					$	—					$	—
Foreign exchange contracts			100						1						—						98						—						4
Cash flow hedges:
Interest rate contracts			12						—						—						12						—						—
Foreign exchange contracts			688						42						3						718						33						7
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts			15,367						269						307						16,773						270						354
Foreign exchange contracts			174						—						—						183						4						2
Equity contracts			278						4						3						255						4						2
Credit contracts			126						—						2						137						—						2
Embedded derivatives and Managed custody guarantees ("MCGs"):
Within fixed maturity investments(2)			N/A						—						—						N/A						2						—
Within reinsurance agreements(4)			N/A						62						46						N/A						61						49
MCGs(3)			N/A						—						8						N/A						—						8
Stabilizers(3)			N/A						—						2						N/A						—						1
Total									$	378					$	372											$	374					$	429

(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets.

(2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

(3) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets.

(4) Included in Other liabilities, Other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets.

N/A - Not applicable

Offsetting Assets and Liabilities

The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:

			Gross Amount Recognized(1)						Counterparty Netting(2)						Cash Collateral Netting(2)						Securities Collateral Netting(2)						Net Receivables/ Payables
June 30, 2024
Derivative assets			$	316					$	(256)					$	(50)					$	(4)					$	6
Derivative liabilities			316						(256)						(56)						(3)						1
December 31, 2023
Derivative assets			311						(216)						(76)						(8)						11
Derivative liabilities			370						(216)						(150)						(3)						1

(1) As of June 30, 2024, gross amounts exclude asset and liability exchange traded contracts of $0 and $0, respectively. As of December 31, 2023, gross amounts exclude asset and liability exchange traded contracts of $0 and $1, respectively.

(2) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated:

			2024												2023
			Interest Rate Contracts						Foreign Exchange Contracts						Interest Rate Contracts						Foreign Exchange Contracts
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income			Net investment income						Net investment income and Net gains (losses)						Net investment income						Net investment income and Net gains (losses)
Three Months Ended June 30,
Amount of Gain (Loss) Recognized in Other Comprehensive Income			$	—					$	3					$	—					$	(6)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income			—						3						—						2
Six Months Ended June 30,
Amount of Gain (Loss) Recognized in Other Comprehensive Income			$	—					$	11					$	—					$	(18)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income			—						6						—						5

The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:

			2024												2023
			Net investment income						Net gains (losses)						Net investment income						Net gains (losses)
Three Months Ended June 30,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded			$	518					$	(4)					$	545					$	(56)
Fair value hedges:
Interest rate contracts:
Hedged items			—						1						—						—
Derivatives designated as hedging instruments			—						(1)						—						—
Foreign exchange contracts:
Derivatives designated as hedging instruments(1)			—						1						—						—
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income			2						1						2						—
Six Months Ended June 30,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded			$	1,047					$	39					$	1,090					$	(72)
Fair value hedges:
Interest rate contracts:
Hedged items			—						1						—						—
Derivatives designated as hedging instruments			—						(1)						—						—
Foreign exchange contracts:
Hedged items			—						(2)						—						2
Derivatives designated as hedging instruments(1)			—						4						—						(1)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income			5						1						5						—

(1) For the three months ended June 30, 2024, an immaterial amount of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings. For the six months ended June 30, 2024, $1 of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings. For the three months ended June 30, 2023, an immaterial amount of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings. For the six months ended June 30, 2023, $1 of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings.

The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated:

			Location of Gain (Loss) Recognized on Derivative						Three Months Ended June 30,												Six Months Ended June 30,
									2024						2023						2024						2023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts			Net gains (losses)						$	39					$	114					$	165					$	58
Foreign exchange contracts			Net gains (losses)						(1)						—						(3)						1
Equity contracts			Net gains (losses)						1						5						11						8
Credit contracts			Net gains (losses)						—						—						(1)						(1)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments			Net gains (losses)						(1)						(2)						(2)						(1)
Within reinsurance agreements(1)			Policyholder benefits						4						8						4						(18)
MCGs			Net gains (losses)						(1)						—						—						3
Stabilizers			Net gains (losses)						(1)						—						(1)						—
Total									$	40					$	125					$	173					$	50

(1) For the three months ended June 30, 2024, the amount excluded immaterial gains (losses) from standalone derivatives recognized in Net gains (losses). For the six months ended June 30, 2024, the amount excluded gains (losses) of $1 from standalone derivatives recognized in Net gains (losses). For the three and six months ended June 30, 2023, the amount excluded immaterial gains (losses) from standalone derivatives recognized in Net gains (losses).

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
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Offsetting Assets and Liabilities [Table Text Block]

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