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DERIVATIVE INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. Derivative assets are included in other assets, while derivative liabilities are included in other liabilities within the Company’s consolidated balance sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.
  March 31, 2025December 31, 2024
(In millions)Asset
Derivatives
Liability
Derivatives
Asset
Derivatives
Liability
Derivatives
Hedge Designation/ Derivative
  Type
Notional
Amount
Fair ValueFair ValueNotional
Amount
Fair ValueFair Value
Cash flow hedges:
Foreign currency swaps - VIE$18 $0 $5 $18 $$
Total cash flow hedges18 0 5 18 
Net investment hedge:
Foreign currency forwards2,674 91 38 1,809 185 
Total net investment hedge2,674 91 38 1,809 185 
Non-qualifying strategies:
Foreign currency swaps0 0 0 450 
Foreign currency swaps - VIE3,068 49 637 3,042 53 598 
Foreign currency forwards173 1 1 
Foreign currency options24,195 2 0 24,195 
Interest rate swaps29,280 5 304 17,230 329 
Total non-qualifying strategies56,716 57 942 44,917 55 927 
Total derivatives$59,408 $148 $985 $46,744 $240 $933 
Schedule of Interest Rate Fair Value Hedges Hedged Items
The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of March 31, 2025 and December 31, 2024; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.
(In millions)
Carrying Amount of the Hedged Assets/(Liabilities)(1)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
March 31,
2025
December 31,
2024
March 31,
2025
December 31,
2024
Fixed maturity securities$1,305 $1,294 $128 $137 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $128 in 2025 and $137 in 2024.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments.
Three Months Ended March 31,
20252024
(In millions)
Net
Investment
Income
Net
Investment
Gains
(Losses)
Other
Comprehensive
 Income (Loss)
Net
Investment
Income
Net
Investment
Gains (Losses)
Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $(1)$2 $$(1)$
  Total cash flow hedges0 (1)
(1)
2 (1)
(1)
  Net investment hedge:
       Non-derivative hedging
          instruments
0 (240)236 
       Foreign currency forwards36 (144)44 145 
   Total net investment hedge36 (384)44 381 
  Non-qualifying strategies:
       Foreign currency swaps0 
       Foreign currency swaps - VIE(57)(88)
       Foreign currency forwards0 17 
       Foreign currency options (5)(41)
       Interest rate swaps(18)(147)
  Total non-qualifying strategies(80)(258)
          Total$0 $(45)$(382)$0 $(215)$381 
(1) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended March 31, 2025, and $1 of losses during the three-month period ended March 31, 2024.
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
March 31, 2025
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet
Net Amount of Assets Presented
 in Balance Sheet
Financial InstrumentsSecurities
Collateral
Cash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$94 $0 $94 $(36)$(12)$(46)$0 
          OTC - cleared5 0 5 (5)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
99 0 99 (41)(12)(46)0 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral49 49 49 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
49 49 49 
    Total derivative
      assets
148 0 148 (41)(12)(46)49 
Securities lending
   and similar
   arrangements
3,128 0 3,128 0 0 (3,128)0 
    Total$3,276 $0 $3,276 $(41)$(12)$(3,174)$49 
December 31, 2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet
Net Amount of Assets Presented
 in Balance Sheet
Financial InstrumentsSecurities
Collateral
Cash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$187 $$187 $$(45)$(135)$
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
187 187 (45)(135)
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral53 53 53 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
53 53 53 
    Total derivative
      assets
240 240 (45)(135)60 
Securities lending
   and similar
   arrangements
2,001 2,001 (2,001)
    Total$2,241 $$2,241 $$(45)$(2,136)$60 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
March 31, 2025
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet
Net Amount of Liabilities Presented
 in Balance Sheet
Financial InstrumentsSecurities
Collateral
Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$39 $0 $39 $(36)$0 $0 $3 
          OTC - cleared304 0 304 (5)(17)(282)0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
343 0 343 (41)(17)(282)3 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral642 642 642 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
642 642 642 
    Total derivative
      liabilities
985 0 985 (41)(17)(282)645 
Securities lending
   and similar
   arrangements
3,142 0 3,142 (3,128)0 0 14 
    Total$4,127 $0 $4,127 $(3,169)$(17)$(282)$659 
December 31, 2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet
Net Amount of Liabilities Presented
 in Balance Sheet
Financial InstrumentsSecurities
Collateral
Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - cleared$329 $$329 $$$(329)$
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
329 329 (329)
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral604 604 604 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
604 604 604 
    Total derivative
      liabilities
933 933 (329)604 
Securities lending
   and similar
   arrangements
2,037 2,037 (2,001)36 
    Total$2,970 $$2,970 $(2,001)$$(329)$640