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DERIVATIVE INSTRUMENTS (Tables)
12 Months Ended
Dec. 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 instruments at fair value, at December 31. The fair value amounts presented exclude income accruals. Derivative assets are included in other assets while derivative liabilities are included in other liabilities in the 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.
20252024
(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 $$
Total cash flow hedges18 0 5 18 
Net investment hedge:
Foreign currency forwards1,828 120 0 1,809 185 
Total net investment hedge1,828 120 0 1,809 185 
Non-qualifying strategies:
Foreign currency swaps49 0 0 450 
Foreign currency swaps - VIE2,960 45 760 3,042 53 598 
Foreign currency forwards945 0 18 
Foreign currency options25,000 0 0 24,195 
Interest rate swaps36,728 14 189 17,230 329 
Total non-qualifying strategies65,682 59 967 44,917 55 927 
Total derivatives$67,528 $179 $972 $46,744 $240 $933 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the gains and losses on derivatives and the related hedged items in fair value hedging relationships for the year ended December 31, 2023. The Company had no fair value hedges during the years ended December 31, 2025 and 2024.
(In millions)Hedging DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)
Gains (Losses)
 Excluded from Effectiveness Testing
Gains (Losses)
Included in Effectiveness Testing
(1)
 Gains (Losses)(1)
Net Investment Gains (Losses) Recognized for Fair Value Hedge
2023:
Foreign currency optionsFixed maturity securities(65)(65)
    Total gains (losses)$(65)$(65)$$$
(1) For the year ended December 31, 2023, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.
Schedule of Interest Rate Fair Value Hedges Hedged Items
The following table presents the carrying amounts of (1) assets designated and qualified as hedged items in fair value hedges of interest rate risk and (2) the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of December 31, 2025 and 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)
2025202420252024
Fixed maturity securities$1,238 $1,294 $121 $137 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $121 in 2025 and $137 in 2024.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments for the years ended December 31.
202520242023
(In millions)Net
Investment
Income
Net
Investment
Gains
(Losses)
Other
Comprehensive
 Income (Loss)
Net
Investment
Income
Net
Investment
Gains
(Losses)
Other
Comprehensive
 Income (Loss)
Net
Investment
Income
Net
Investment
Gains (Losses)
Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(3)$8 $(1)$(4)$$(1)$(4)$
  Total cash flow hedges(1)(3)
(1)
8 (1)(4)
(1)
(1)(4)
(1)
  Fair value hedges:
       Foreign currency options0 (65)
       Interest rate swaptions (2)
0 0 0 (1)(1)
  Total fair value hedges0 0 0 (1)(1)(65)
  Net investment hedge:
       Non-derivative hedging
          instruments
0 33 426 257 
       Foreign currency forwards103 (80)138 258 234 313 
       Foreign currency options 0 0 (5)
   Total net investment hedge103 (47)138 684 229 570 
  Non-qualifying strategies:
       Foreign currency swaps0 
       Foreign currency swaps - VIE(265)(215)(201)
       Foreign currency forwards(63)17 (349)
       Foreign currency options (32)(107)(53)
       Interest rate swaps(35)(194)(88)
       Forward bond purchase
         commitment - VIE
0 (4)
  Total non-qualifying strategies(395)(497)(691)
          Total$(1)$(295)$(39)$(2)$(363)$687 $(2)$(531)$576 
(1) Impact of cash flow hedges reported as net investment gains (losses) includes $4 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2025, compared with $4 of losses during the years ended December 31, 2024 and 2023, respectively.
(2) Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2025, compared with $1 of losses during the years ended December 31, 2024 and 2023, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items.
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
2025
Gross Amounts Not Offset in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet Amount of Assets Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$122 $0 $122 $(1)$(34)$(84)$3 
          OTC - cleared12 0 12 (12)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
134 0 134 (13)(34)(84)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral45 45 45 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
45 45 45 
    Total derivative
      assets
179 0 179 (13)(34)(84)48 
Securities lending
   and similar
   arrangements
3,945 0 3,945 0 0 (3,945)0 
    Total$4,124 $0 $4,124 $(13)$(34)$(4,029)$48 
2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet Amount of Assets Presented in Balance SheetFinancial
Instruments
Securities CollateralCash 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 $$(45)$(2,136)$60 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
2025
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral PledgedNet
 Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$19 $0 $19 $(1)$(17)$0 $1 
          OTC - cleared188 0 188 (12)(24)(151)1 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
207 0 207 (13)(41)(151)2 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral765 765 765 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
765 765 765 
    Total derivative
      liabilities
972 0 972 (13)(41)(151)767 
Securities lending
   and similar
   arrangements
3,989 0 3,989 (3,945)0 0 44 
    Total$4,961 $0 $4,961 $(3,958)$(41)$(151)$811 
2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral PledgedNet
 Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
OTC - cleared$329 $$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