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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
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:
December 31, 2025December 31, 2024
Notional
Amount		Asset Fair ValueLiability Fair ValueNotional
Amount		Asset Fair ValueLiability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)
$— $— $— $— $— $— 
Foreign exchange contracts166 — 2 106 6 — 
Cash flow hedges:
Interest rate contracts
12 — — 11 — — 
Foreign exchange contracts
521 9 18 623 46 2 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts
14,815 184 258 14,633 246 313 
Foreign exchange contracts197 1 2 203 3 6 
Equity contracts248 3 2 286 2 9 
Credit contracts75 — — 97 — 2 
Embedded derivatives and MCGs:
Within fixed maturity investments(4)
N/A1 — N/A— 4 
Within reinsurance agreements(5)
N/A55 (9)
(6)
N/A55 41 
MCGs(7)
N/A— — N/A— 4 
Stabilizer(7)
N/A— 5 N/A— 15 
Total$253 $278 $358 $396 
(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets.
(2) Total carrying amount of hedged assets and liabilities was $365 and $307 as of December 31, 2025 and 2024, respectively.
(3) The cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $4 and $(8) as of December 31, 2025 and 2024, respectively, of which $2 related to discontinued hedging relationships.
(4) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.
(5) Included in Other liabilities, Other assets and Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets.
(6) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
(7) Included in Contract owner account balances on the Consolidated Balance Sheets.
N/A - Not applicable
Offsetting Assets and Liabilities
The Company does not offset any derivative assets and liabilities in the 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
Counterparty Netting(1)
Cash Collateral Netting(1)
Securities Collateral Netting(1)
Net Receivables/ Payables
December 31, 2025
Derivative assets
$197 $(189)$(5)$— $3 
Derivative liabilities
282 (189)(79)(11)3 
December 31, 2024
Derivative assets
303 (261)(34)(3)5 
Derivative liabilities
332 (261)(58)(6)7 
(1) 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 Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income were as follows for the periods indicated:
Year Ended December 31,
202520242023
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Location of Gain (Loss) Reclassified from AOCI into Income
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Amount of Gain (Loss) Recognized in Other Comprehensive Income(1)
$— $(54)$— $18 $— $(43)
Amount of Gain (Loss) Reclassified from AOCI
— 8 — 16 — 10 
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Consolidated Financial Statements for additional information.
The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:
Year Ended December 31,
202520242023
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded$2,318 $(130)$2,074 $(27)$2,159 $(72)
Fair value hedges:
Interest rate contracts:
Hedged items— — — 2 — — 
Derivatives designated as hedging
instruments(1)
— — — (2)— — 
Foreign exchange contracts:
Hedged items— 14 — (6)— 3 
Derivatives designated as hedging
instruments(1)
— (12)— 8 — (1)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from AOCI into income
6 2 10 6 10 — 
(1) The change in derivative instruments designated and qualifying as fair value hedges of $2 were excluded from the assessment of hedge effectiveness and recognized currently in earnings for the years ended December 31, 2025, 2024 and 2023, respectively.

The location and effect of derivatives not designated as hedging instruments in the Consolidated Statements of Operations were as follows for the periods indicated:
Location of Gain (Loss) Recognized on Derivative
Year Ended December 31,
202520242023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts
Net gains (losses)
$(42)$170 $15 
Foreign exchange contracts
Net gains (losses)
7 (8)— 
Equity contracts
Net gains (losses)
16 18 14 
Credit contracts
Net gains (losses)
(1)1 1 
Embedded derivatives and MCGs:
Within fixed maturity investments
Net gains (losses)
5 (6)(1)
Within reinsurance agreements(1)
(2)
(3)(3)(37)
MCGs
Net gains (losses)
4 4 (2)
Stabilizer
Net gains (losses)
10 (14)(1)
Total$(4)$162 $(11)
(1) For the years ended December 31, 2025, 2024 and 2023, the amount excludes gains (losses) from standalone derivatives of $13, $(1), and $0, respectively, recognized in Net gains (losses).
(2) Gains (losses) on embedded derivatives within reinsurance agreements are recognized in either Policyholder benefits or Net gains (losses).