Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024						December 31, 2023
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)	$	—	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts	106		6		—		98		—		4
Cash flow hedges:
Interest rate contracts	11		—		—		12		—		—
Foreign exchange contracts	623		46		2		718		33		7
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	14,633		246		313		16,773		270		354
Foreign exchange contracts	203		3		6		183		4		2
Equity contracts	286		2		9		255		4		2
Credit contracts	97		—		2		137		—		2
Embedded derivatives and MCGs:
Within fixed maturity investments(4)	N/A		—		4		N/A		2		—
Within reinsurance agreements(5)	N/A		55		41		N/A		61		49
MCGs(6)	N/A		—		4		N/A		—		8
Stabilizer(6)	N/A		—		15		N/A		—		1
Total			$	358	$	396			$	374	$	429

(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 $307 and $106 as of December 31, 2024 and 2023, respectively.

(3) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $(8) and $(6) as of December 31, 2024 and 2023, respectively, of which includes $2 and $0, respectively, of hedging adjustments on 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) 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(1)		Counterparty Netting(2)		Cash Collateral Netting(2)		Securities Collateral Netting(2)		Net receivables/ payables
December 31, 2024
Derivative assets	$	303	$	(261)	$	(34)	$	(3)	$	5
Derivative liabilities	332		(261)		(58)		(6)		7
December 31, 2023
Derivative assets	311		(216)		(76)		(8)		11
Derivative liabilities	370		(216)		(150)		(3)		1

(1) As of December 31, 2024, gross amounts exclude asset and liability exchange traded contracts of $0 and $0, respectively. As of December 31, 2023, gross amounts exclude asset and liability exchange traded contracts of $0 and $1, respectively.

(2) 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 are as follows for the periods indicated:

	Year Ended December 31,
	2024				2023				2022
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign 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)	$	—	$	18	$	—	$	(43)	$	(2)	$	70
Amount of Gain (Loss) Reclassified from AOCI	—		16		—		10		—		11

(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 are as follows for the periods indicated:

	Year Ended December 31,
	2024				2023				2022
	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	$	2,074	$	(27)	$	2,159	$	(72)	$	2,281	$	(686)
Fair value hedges:
Interest rate contracts:
Hedged items	—		2		—		—		—		—
Derivatives designated as hedging instruments(1)	—		(2)		—		—		—		—
Foreign exchange contracts:
Hedged items	—		(6)		—		3		—		(6)
Derivatives designated as hedging instruments(1)	—		8		—		(1)		—		7
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from AOCI into income(2)	10		6		10		—		11		—

(1) For the years ended December 31, 2024, 2023, and 2022 $2, $2 and $1, respectively, of the change in derivative instruments designated and qualifying as fair value hedges were excluded from the assessment of hedge effectiveness and recognized currently in earnings.

(2) See the Accumulated Other Comprehensive Income (Loss) Note to these Consolidated Financial Statements for additional information.

The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated:

	Location of Gain (Loss) Recognized on Derivative	Year Ended December 31,
		2024		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	170	$	15	$	334
Foreign exchange contracts	Net gains (losses)	(8)		—		(1)
Equity contracts	Net gains (losses)	18		14		(32)
Credit contracts	Net gains (losses)	1		1		(3)
Embedded derivatives and MCGs:
Within fixed maturity investments	Net gains (losses)	(6)		(1)		(9)
Within reinsurance agreements(1)	Policyholder benefits	(3)		(37)		217
MCGs	Net gains (losses)	4		(2)		(5)
Stabilizer	Net gains (losses)	(14)		(1)		19
Total		$	162	$	(11)	$	520

(1) For the years ended December 31, 2024, 2023, and 2022, the amount excludes gains (losses) from standalone derivatives of $(1), $0, and $(12), respectively, recognized in Net gains (losses).