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Derivative Instruments (Tables)
 6 Months Ended
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, 2025December 31, 2024
Notional
Amount		Carrying Value / Fair ValueNotional
Amount		Carrying Value / Fair Value
AssetsLiabilitiesAssetsLiabilities
(Dollars in millions)
Derivatives Designated as Hedging Instruments:
Foreign exchange forwardsForeign CurrencyOther invested assets, Other liabilities$642 $— $53 $897 $20 $— 
Cross currency swapsForeign CurrencyOther invested assets, Other liabilities358 31 — — — — 
Interest rate swapsInterest rateOther invested assets, Other liabilities900 18 — — — — 
Derivatives Not Designated as Hedging Instruments:
Equity-indexed optionsEquityOther invested assets, Other liabilities46,394 1,118 3 46,374 1,303 5 
Foreign exchange forwardsForeign CurrencyOther invested assets, Other liabilities1,705 4 97 1,066 23 — 
Cross currency swapsForeign CurrencyOther invested assets, Other liabilities384 — 17 — — — 
Embedded Derivatives:
Indexed annuity and variable annuity productInterest ratePolicyholders’ account balances— — 6,257 — — 1,123 
Funds withheld and Modco arrangementsInterest rateFunds 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,
2025202420252024
(Dollars in millions)
Foreign currency derivatives:
Hedged items$45 $— $73 $— 
Derivatives designated as hedging instruments(45)— (73)— 
Interest rate derivatives:
Hedged items8 — 18 — 
Derivatives designated as hedging instruments(8)— (18)— 
Gains (losses) on fair value hedges$— $— $— $— 
Schedule of Carrying Amount and Cumulative Fair Value of Hedging Instruments
The following table presents the carrying amount and cumulative fair value hedging adjustments for a portion of PAB designated and qualifying as hedged items in fair value hedges:
Carrying Amount of the
Hedged Assets (Liabilities)
Cumulative Amount of Fair
Value Hedging Adjustments Included
in the Carrying Amount of
Hedge Assets (Liabilities)
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
(Dollars in millions)
Location in the Consolidated Statements of Financial Position:
Policyholders’ account balances$(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 Operations2025202420252024
(Dollars in millions)
Equity-indexed optionsChange in fair value of insurance-related derivatives and embedded derivatives$232 $308 $(102)$365 
Foreign exchange forwardsInvestment related gains (losses)(138)— (204)— 
Cross currency swapsInvestment related gains (losses)15 — 15 — 
Embedded derivatives:
Indexed annuity and variable annuity productChange in fair value of insurance-related derivatives and embedded derivatives(354)(250)(199)(288)
Funds withheld and Modco arrangementsChange 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 forwards4 (4)— — — — 
Cross currency swaps31 — 31 — — 31 
Interest rate swaps18 — 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 forwards43 — 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 forwards4 (4)— — — — 
Cross currency swaps31 — 31 — — 31 
Interest rate swaps18 — 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 forwards43 — 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.