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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Notional exposure of derivative instruments


		December 31, 2024						December 31, 2023
		Long Notional Exposure			Short Notional Exposure			Long Notional Exposure			Short Notional Exposure

			(in millions)
Primary underlying risk:
Equity contracts		$	1,813		$	1,845		$	1,882		$	2,350
Credit contracts⁽¹⁾			185			55			—			435
Commodity contracts			—			90			—			409

(1)

The short notional amount on our credit default swap positions was approximately $213 million at December 31, 2024. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $55 million as of December 31, 2024. The short notional amount on our credit default swap positions was approximately $2.5 billion as of December 31, 2023. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $0.4 billion as of December 31, 2023.

Fair value and income recognized for derivatives not designated as hedging instruments


		Derivative Assets						Derivative Liabilities
		December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023

			(in millions)
Equity contracts		$	81		$	11		$	853		$	999
Credit contracts			18			39			6			2
Commodity contracts			22			14			—			3
Sub-total			121			64			859			1,004
Netting across contract types⁽¹⁾			(103)			(25)			(103)			(25)
Total⁽¹⁾		$	18		$	39		$	756		$	979

(1)

Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2024 and 2023 was $1.5 billion and $1.7 billion, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets.


	Gain (Loss) Recognized in Income⁽¹⁾
	Year Ended December 31,
	2024			2023			2022

Equity contracts	$	(201)		$	(903)		$	456
Credit contracts		(29)			(87)			(586)
Commodity contracts		16			(26)			(1)
	$	(214)		$	(1,016)		$	(131)

(1)	Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our consolidated statements of operations for our Investment segment.

Fair value and income recognized for derivatives not designated as hedging instruments


		Derivative Assets						Derivative Liabilities
		December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023

			(in millions)
Commodity contracts		$	17		$	31		$	13		$	6
Netting across contract types⁽¹⁾			(13)			(6)			(13)			(6)
Total⁽¹⁾		$	4		$	25		$	—		$	—

(1)

Excludes netting of derivatives primarily related to initial margin requirements of $3 million and $13 million at December 31, 2024 and 2023, respectively, which was not offset against derivatives liabilities, net in the consolidated balance sheets.