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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Statement Location and Amounts
The notional and fair values of derivative instruments, presented in the Consolidated Statements of Financial Position, are shown below:
Primary
Underlying
Risk		Location in the Consolidated
Statements of Financial Position		June 30, 2024December 31, 2023
Notional
Amount
Carrying Value / Fair Value
Notional
Amount
Carrying Value / Fair Value
AssetsLiabilitiesAssetsLiabilities
(Dollars in millions)
Derivatives Not Designated as Hedging Instruments:
Equity-indexed options
Equity
Other invested assets, Other liabilities
$45,871 $1,610 $— $4,084 $227 $— 
Embedded Derivatives:
Indexed annuity and variable annuity product
Interest rate
Policyholders’ account balances
— — 1,196 — — 873 
Funds withheld and Modco arrangements
Interest rate
Funds withheld for reinsurance liabilities
— — 79 — — — 
$45,871 $1,610 $1,275 $4,084 $227 $873 
Schedule of Derivatives Instruments
The following represents the financial statement location and amount of gains (losses) related to the derivatives not designated as hedging instruments:
Derivative Gains (Losses) Recognized in Income
Three Months Ended
June 30,		Six Months Ended
June 30,
Location in the Consolidated Statements of Operations
2024202320242023
(Dollars in millions)
Equity-indexed optionsChange in fair value of insurance-related derivatives and embedded derivatives$308 $46 $365 $71 
Embedded derivatives:
Indexed annuity and variable annuity productChange in fair value of insurance-related derivatives and embedded derivatives(250)(20)(288)(71)
Funds withheld and Modco arrangements
Change in fair value of insurance-related derivatives and embedded derivatives
(79)— (79)— 
$(21)$26 $(2)$— 
Schedule of Derivative Instruments
The fair value of our call options by counterparty and each counterparty's current credit rating are as follows:
June 30, 2024December 31, 2023
CounterpartyCredit Rating
(S&P)		Credit Rating (Moody's)Fair ValueFair Value
(Dollars in millions)
Bank of America
A+
Aa1
$162 $24 
Barclays
A+
A1
76 24 
Canadian Imperial Bank of Commerce
A+
Aa261 — 
Citibank, N.A.
A+
Aa346 — 
Credit Suisse
A+
Aa2
6 16 
Goldman Sachs
A+
A117 — 
INGA-Baa16 10 
J.P. Morgan
A+
Aa2
149 12 
MizuhoAA1393 — 
Morgan Stanley
A+
Aa3114 43 
NATIXIS
A+
A2
2 4 
Royal Bank of CanadaAA-A1132 — 
Societe GeneraleAA182 — 
Truist
A
A3119 59 
UBS AGA+Aa350 — 
Wells FargoA+
Aa2
195 35 
$1,610 $227 
Schedule of Derivative Assets and Effects of Rights of Offset
Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:
Gross Amount
of Derivative
Instruments
(1)
Gross Amount
Offset in the
Consolidated
Statements of
Financial Position
Net Amount
Presented in the
Consolidated
Statements of
Financial Position
Collateral
(Received)
Pledged
in Cash
(2)
Collateral
(Received)
Pledged in
Invested Assets
(2)
Exposure
of Net
Collateral
(Dollars in millions)
As of June 30, 2024
Derivative assets
Equity-indexed options$1,618 $(8)$1,610 $(1,587)$(21)$2 
Total derivative assets
$1,618 $(8)$1,610 $(1,587)$(21)$2 
Derivative liabilities
Equity-indexed options$(8)$8 $— $— $— $— 
Total derivative liabilities
$(8)$8 $— $— $— $— 
As of December 31, 2023
Derivative assets
Equity-indexed options$227 $— $227 $(205)$(21)$1 
Total derivative assets
$227 $— $227 $(205)$(21)$1 
Derivative liabilities
Equity-indexed options$— $— $— $— $— $— 
Total derivative liabilities
$— $— $— $— $— $— 
(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.
(2)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2024 and December 31, 2023, the Company held excess collateral of $52 million and $4 million, respectively.
Schedule of Derivative Liabilities and Effects of Rights of Offset
Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:
Gross Amount
of Derivative
Instruments
(1)
Gross Amount
Offset in the
Consolidated
Statements of
Financial Position
Net Amount
Presented in the
Consolidated
Statements of
Financial Position
Collateral
(Received)
Pledged
in Cash
(2)
Collateral
(Received)
Pledged in
Invested Assets
(2)
Exposure
of Net
Collateral
(Dollars in millions)
As of June 30, 2024
Derivative assets
Equity-indexed options$1,618 $(8)$1,610 $(1,587)$(21)$2 
Total derivative assets
$1,618 $(8)$1,610 $(1,587)$(21)$2 
Derivative liabilities
Equity-indexed options$(8)$8 $— $— $— $— 
Total derivative liabilities
$(8)$8 $— $— $— $— 
As of December 31, 2023
Derivative assets
Equity-indexed options$227 $— $227 $(205)$(21)$1 
Total derivative assets
$227 $— $227 $(205)$(21)$1 
Derivative liabilities
Equity-indexed options$— $— $— $— $— $— 
Total derivative liabilities
$— $— $— $— $— $— 
(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.
(2)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2024 and December 31, 2023, the Company held excess collateral of $52 million and $4 million, respectively.