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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025 |  | December 31, 2024
| Notional Amount |  | Carrying Value / Fair Value |  | Notional Amount |  | Carrying Value / Fair Value
|  | Assets |  | Liabilities |  |  | Assets |  | Liabilities
|  |  |  | (Dollars in millions)
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards | Foreign Currency | Other invested assets, Other liabilities |  | $ | 642 |  |  | $ | — |  |  | $ | 53 |  |  | $ | 897 |  |  | $ | 20 |  |  | $ | — |
Cross currency swaps | Foreign Currency | Other invested assets, Other liabilities |  | 358 |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swaps | Interest rate | Other invested assets, Other liabilities |  | 900 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | — |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | Equity | Other invested assets, Other liabilities |  | 46,394 |  |  | 1,118 |  |  | 3 |  |  | 46,374 |  |  | 1,303 |  |  | 5 |
Foreign exchange forwards | Foreign Currency | Other invested assets, Other liabilities |  | 1,705 |  |  | 4 |  |  | 97 |  |  | 1,066 |  |  | 23 |  |  | — |
Cross currency swaps | Foreign Currency | Other invested assets, Other liabilities |  | 384 |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |
Embedded Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuity and variable annuity product | Interest rate | Policyholders’ account balances |  | — |  |  | — |  |  | 6,257 |  |  | — |  |  | — |  |  | 1,123 |
Funds withheld and Modco arrangements | Interest rate | Funds withheld for reinsurance liabilities |  | — |  |  | — |  |  | 63 |  |  | — |  |  | — |  |  | 37 |
|  |  |  | $ | 50,383 |  |  | $ | 1,171 |  |  | $ | 6,490 |  |  | $ | 48,337 |  |  | $ | 1,346 |  |  | $ | 1,165 |
The following represents the amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedges:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Foreign currency derivatives: |  |  |  |  |  |  |
Hedged items | $ | 45 |  |  | $ | — |  |  | $ | 73 |  |  | $ | — |
Derivatives designated as hedging instruments | (45) |  |  | — |  |  | (73) |  |  | — |
Interest rate derivatives: |  |  |  |  |  |  |
Hedged items | 8 |  |  | — |  |  | 18 |  |  | — |
Derivatives designated as hedging instruments | (8) |  |  | — |  |  | (18) |  |  | — |
Gains (losses) on fair value hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Carrying Amount and Cumulative Fair Value of Hedging Instruments | The following table presents the carrying amount and cumulative fair value hedging adjustments for a portion of PAB designated and qualifying as hedged items in fair value hedges:
| Carrying Amount of the Hedged Assets (Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedge Assets (Liabilities)
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Location in the Consolidated Statements of Financial Position: |  |  |  |  |  |  |
Policyholders’ account balances | $ | (912) |  |  | $ | — |  |  | $ | (18) |  |  | $ | — |
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 |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  | (Dollars in millions)
Equity-indexed options | Change in fair value of insurance-related derivatives and embedded derivatives |  | $ | 232 |  |  | $ | 308 |  |  | $ | (102) |  |  | $ | 365 |
Foreign exchange forwards | Investment related gains (losses) |  | (138) |  |  | — |  |  | (204) |  |  | — |
Cross currency swaps | Investment related gains (losses) |  | 15 |  |  | — |  |  | 15 |  |  | — |
Embedded derivatives: |  |  |  |  |  |  |  |  |
Indexed annuity and variable annuity product | Change in fair value of insurance-related derivatives and embedded derivatives |  | (354) |  |  | (250) |  |  | (199) |  |  | (288) |
Funds withheld and Modco arrangements | Change in fair value of insurance-related derivatives and embedded derivatives |  | (9) |  |  | (79) |  |  | (29) |  |  | (79) |
|  |  | $ | (254) |  |  | $ | (21) |  |  | $ | (519) |  |  | $ | (2) |
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 (2) |  | Net Amount Presented in the Consolidated Statements of Financial Position |  | Collateral (Received) Pledged in Cash (3) |  | Collateral (Received) Pledged in Invested Assets (3) |  | Exposure of Net Collateral
| (Dollars in millions)
As of June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | 1,118 |  |  | $ | (65) |  |  | $ | 1,053 |  |  | $ | (987) |  |  | $ | (21) |  |  | $ | 45 |
Foreign exchange forwards | 4 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |
Cross currency swaps | 31 |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | 31 |
Interest rate swaps | 18 |  |  | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Total derivative assets | $ | 1,171 |  |  | $ | (69) |  |  | $ | 1,102 |  |  | $ | (987) |  |  | $ | (21) |  |  | $ | 94 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | (3) |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange forwards | (150) |  |  | 66 |  |  | (84) |  |  | — |  |  | — |  |  | (84) |
Cross currency swaps | (17) |  |  | — |  |  | (17) |  |  | — |  |  | — |  |  | (17) |
Total derivative liabilities | $ | (170) |  |  | $ | 69 |  |  | $ | (101) |  |  | $ | — |  |  | $ | — |  |  | $ | (101) |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | 1,303 |  |  | $ | (5) |  |  | $ | 1,298 |  |  | $ | (1,298) |  |  | $ | — |  |  | $ | — |
Foreign exchange forwards | 43 |  |  | — |  |  | 43 |  |  | — |  |  | — |  |  | 43 |
Total derivative assets | $ | 1,346 |  |  | $ | (5) |  |  | $ | 1,341 |  |  | $ | (1,298) |  |  | $ | — |  |  | $ | 43 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | (5) |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total derivative liabilities | $ | (5) |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(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)Represents netting of derivative exposures covered by qualifying master netting agreements. (3)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2025 and December 31, 2024, the Company held excess collateral of $59 million and $76 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 (2) |  | Net Amount Presented in the Consolidated Statements of Financial Position |  | Collateral (Received) Pledged in Cash (3) |  | Collateral (Received) Pledged in Invested Assets (3) |  | Exposure of Net Collateral
| (Dollars in millions)
As of June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | 1,118 |  |  | $ | (65) |  |  | $ | 1,053 |  |  | $ | (987) |  |  | $ | (21) |  |  | $ | 45 |
Foreign exchange forwards | 4 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |
Cross currency swaps | 31 |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | 31 |
Interest rate swaps | 18 |  |  | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Total derivative assets | $ | 1,171 |  |  | $ | (69) |  |  | $ | 1,102 |  |  | $ | (987) |  |  | $ | (21) |  |  | $ | 94 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | (3) |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign exchange forwards | (150) |  |  | 66 |  |  | (84) |  |  | — |  |  | — |  |  | (84) |
Cross currency swaps | (17) |  |  | — |  |  | (17) |  |  | — |  |  | — |  |  | (17) |
Total derivative liabilities | $ | (170) |  |  | $ | 69 |  |  | $ | (101) |  |  | $ | — |  |  | $ | — |  |  | $ | (101) |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | 1,303 |  |  | $ | (5) |  |  | $ | 1,298 |  |  | $ | (1,298) |  |  | $ | — |  |  | $ | — |
Foreign exchange forwards | 43 |  |  | — |  |  | 43 |  |  | — |  |  | — |  |  | 43 |
Total derivative assets | $ | 1,346 |  |  | $ | (5) |  |  | $ | 1,341 |  |  | $ | (1,298) |  |  | $ | — |  |  | $ | 43 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Equity-indexed options | $ | (5) |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total derivative liabilities | $ | (5) |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(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)Represents netting of derivative exposures covered by qualifying master netting agreements. (3)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2025 and December 31, 2024, the Company held excess collateral of $59 million and $76 million, respectively.

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