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

Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

	As of December 31, 2025						As of December 31, 2024
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	1,300	$	12	$	7	$	1,230	$	156	$	16
Foreign currency contracts (1)	4,922		380		125		4,738		556		44
Total cash flow hedges	6,222		392		132		5,968		712		60
Fair value hedges:
Interest rate contracts (1)	833		1		–		1,066		10		16
Foreign currency contracts (1)	25		–		2		25		1		–
Total fair value hedges	858		1		2		1,091		11		16
Non-Qualifying Hedges
Interest rate contracts (1)	84,814		64		321		75,445		63		439
Foreign currency contracts (1)	289		12		4		348		30		2
Equity market contracts (1)	238,623		15,560		5,685		191,666		13,072		3,879
Credit contracts (1)	17		–		–		57		–		–
Embedded derivatives:
Reinsurance-related (2)	–		–		289		–		–		30
RILA, fixed indexed annuity
and IUL contracts (3)	–		1,369		15,115		–		1,115		12,449
Total derivative instruments	$	330,823	$	17,398	$	21,548	$	274,575	$	15,003	$	16,875

(1) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements as described in Note 1.

(2) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.

(3) Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

Schedule of Derivative Instruments

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

	Remaining Life as of December 31, 2025
	Less Than 1 Year		1 - 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	21,508	$	17,291	$	22,513	$	25,635	$	–	$	86,947
Foreign currency contracts (2)	245		1,380		1,808		1,761		42		5,236
Equity market contracts	169,749		56,126		10,563		7		2,178		238,623
Credit contracts	–		17		–		–		–		17
Total derivative instruments
with notional amounts	$	191,502	$	74,814	$	34,884	$	27,403	$	2,220	$	330,823

(1) As of December 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was January 28, 2030.

(2) As of December 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

Cumulative Basis Adjustments for Fair Value Hedges

The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

	Amortized Cost of the Hedged Assets (Liabilities)				Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets (Liabilities)
	As of December 31, 2025		As of December 31, 2024		As of December 31, 2025		As of December 31, 2024
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value (1)	$	645	$	484	$	21	$	7
Long-term debt (2)	(989)		(676)		(114)		199

(1) Includes $21 million of unamortized adjustments from discontinued hedges as of December 31, 2025, and none as of December 31, 2024.

(2) Includes $(278) million and $(310) million of unamortized adjustments from discontinued hedges as of December 31, 2025 and 2024, respectively.

Change in Our Unrealized Gain on Derivative Instruments in AOCI

The change in our unrealized gain (loss) on derivative instruments within AOCI (in millions) was as follows:

	For the Years Ended December 31,
	2025		2024		2023
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	638	$	375	$	388
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the year:
Cash flow hedges:
Interest rate contracts	29		180		293
Foreign currency contracts	208		21		(50)
Change in foreign currency exchange rate adjustment	(411)		220		(169)
Income tax benefit (expense)	37		(88)		(15)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Interest rate contracts (1)	–		(3)		(1)
Interest rate contracts (2)	11		25		31
Foreign currency contracts (1)	57		59		54
Foreign currency contracts (3)	(3)		8		7
Income tax benefit (expense)	(14)		(19)		(19)
Balance as of end-of-year	$	450	$	638	$	375

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

(2) The OCI offset is reported within interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss).

(3) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Effects of Qualifying and Non-Qualifying Hedges

The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

	Gain (Loss) Recognized in Income For the Year Ended December 31, 2025
	Realized Gain (Loss)		Net Investment Income		Interest and Debt Expense
Total Line Items in which the Effects of Fair Value or
Cash Flow Hedges are Recorded	$	(799)	$	6,075	$	227
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items	–		11		(34)
Derivatives designated as hedging instruments	–		(11)		34
Foreign currency contracts:
Hedged items	–		3		–
Derivatives designated as hedging instruments	–		(3)		–
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI
into income	–		–		11
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI
into income	(3)		57		–
Non-Qualifying Hedges
Interest rate contracts	144		–		–
Foreign currency contracts	(5)		–		–
Equity market contracts	3,159		–		–
Credit contracts	2		–		–
Embedded derivatives:
Reinsurance-related	(259)		–		–
RILA, fixed indexed annuity and IUL contracts	(2,071)		–		–

	Gain (Loss) Recognized in Income For the Year Ended December 31, 2024
	Realized Gain (Loss)		Net Investment Income		Interest and Debt Expense
Total Line Items in which the Effects of Fair Value or
Cash Flow Hedges are Recorded	$	269	$	5,544	$	336
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items	–		(30)		27
Derivatives designated as hedging instruments	–		30		(27)
Foreign currency contracts:
Hedged items	–		(2)		–
Derivatives designated as hedging instruments	–		2		–
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI
into income	–		(3)		25
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI
into income	8		59		–
Non-Qualifying Hedges
Interest rate contracts	(318)		–		–
Equity market contracts	5,271		–		–
Embedded derivatives:
Reinsurance-related	522		–		–
RILA, fixed indexed annuity and IUL contracts	(2,920)		–		–

	Gain (Loss) Recognized in Income For the Year Ended December 31, 2023
	Realized Gain (Loss)		Net Investment Income		Interest and Debt Expense
Total Line Items in which the Effects of Fair Value or
Cash Flow Hedges are Recorded	$	(4,311)	$	5,900	$	331
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items	–		(5)		(5)
Derivatives designated as hedging instruments	–		5		5
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI
into income	–		(1)		31
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI
into income	7		54		–
Non-Qualifying Hedges
Interest rate contracts	(161)		–		–
Foreign currency contracts	(2)		–		–
Equity market contracts	1,387		–		–
Commodity contracts	8		–		–
Credit contracts	(4)		–		–
Embedded derivatives:
Reinsurance-related	(968)		–		–
RILA, fixed indexed annuity and IUL contracts	(3,187)		–		–

Schedule of Collateral Amounts With Rights to Reclaim or Obligation to Return Cash

The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

	As of December 31, 2025				As of December 31, 2024
	Collateral Posted by Counterparty		Collateral Posted to Counterparty		Collateral Posted by Counterparty		Collateral Posted to Counterparty
S&P Credit Rating of Counterparty
AA-	$	2,868	$	(4)	$	4,043	$	(21)
A+	4,612		(15)		2,460		(89)
A	64		–		47		–
A-	240		–		632		–
Total cash collateral	$	7,784	$	(19)	$	7,182	$	(110)

Schedule of Offsetting Assets

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

	As of December 31, 2025
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	15,940	$	1,369	$	17,309
Gross amounts offset	(5,995)		–		(5,995)
Net amount of assets	9,945		1,369		11,314
Gross amounts not offset:
Cash collateral	(7,784)		–		(7,784)
Non-cash collateral (1)	(2,161)		–		(2,161)
Net amount	$	–	$	1,369	$	1,369
Financial Liabilities
Gross amount of recognized liabilities	$	150	$	15,404	$	15,554
Gross amounts offset	(90)		–		(90)
Net amount of liabilities	60		15,404		15,464
Gross amounts not offset:
Cash collateral	(19)		–		(19)
Non-cash collateral	(28)		–		(28)
Net amount	$	13	$	15,404	$	15,417

(1) Excludes excess non-cash collateral received of $1.6 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

	As of December 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	13,483	$	1,115	$	14,598
Gross amounts offset	(3,806)		–		(3,806)
Net amount of assets	9,677		1,115		10,792
Gross amounts not offset:
Cash collateral	(7,182)		–		(7,182)
Non-cash collateral (1)	(2,495)		–		(2,495)
Net amount	$	–	$	1,115	$	1,115
Financial Liabilities
Gross amount of recognized liabilities	$	617	$	12,479	$	13,096
Gross amounts offset	(432)		–		(432)
Net amount of liabilities	185		12,479		12,664
Gross amounts not offset:
Cash collateral	(110)		–		(110)
Non-cash collateral (2)	(75)		–		(75)
Net amount	$	–	$	12,479	$	12,479

(1) Excludes excess non-cash collateral received of $817 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $39 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

Schedule of Offsetting Liabilities

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

	As of December 31, 2025
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	15,940	$	1,369	$	17,309
Gross amounts offset	(5,995)		–		(5,995)
Net amount of assets	9,945		1,369		11,314
Gross amounts not offset:
Cash collateral	(7,784)		–		(7,784)
Non-cash collateral (1)	(2,161)		–		(2,161)
Net amount	$	–	$	1,369	$	1,369
Financial Liabilities
Gross amount of recognized liabilities	$	150	$	15,404	$	15,554
Gross amounts offset	(90)		–		(90)
Net amount of liabilities	60		15,404		15,464
Gross amounts not offset:
Cash collateral	(19)		–		(19)
Non-cash collateral	(28)		–		(28)
Net amount	$	13	$	15,404	$	15,417

(1) Excludes excess non-cash collateral received of $1.6 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

	As of December 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	13,483	$	1,115	$	14,598
Gross amounts offset	(3,806)		–		(3,806)
Net amount of assets	9,677		1,115		10,792
Gross amounts not offset:
Cash collateral	(7,182)		–		(7,182)
Non-cash collateral (1)	(2,495)		–		(2,495)
Net amount	$	–	$	1,115	$	1,115
Financial Liabilities
Gross amount of recognized liabilities	$	617	$	12,479	$	13,096
Gross amounts offset	(432)		–		(432)
Net amount of liabilities	185		12,479		12,664
Gross amounts not offset:
Cash collateral	(110)		–		(110)
Non-cash collateral (2)	(75)		–		(75)
Net amount	$	–	$	12,479	$	12,479

(1) Excludes excess non-cash collateral received of $817 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $39 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.