Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026						As of December 31, 2025
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	1,570	$	8	$	10	$	1,300	$	12	$	7
Foreign currency contracts (1)	4,974		472		87		4,922		380		125
Total cash flow hedges	6,544		480		97		6,222		392		132
Fair value hedges:
Interest rate contracts (1)	833		1		7		833		1		–
Foreign currency contracts (1)	25		–		1		25		–		2
Total fair value hedges	858		1		8		858		1		2
Non-Qualifying Hedges
Interest rate contracts (1)	88,019		124		326		84,814		64		321
Foreign currency contracts (1)	322		14		3		289		12		4
Equity market contracts (1)	164,036		12,886		4,845		238,623		15,560		5,685
Credit contracts (1)	239		–		–		17		–		–
Embedded derivatives:
Reinsurance-related (2)	–		–		92		–		–		289
RILA, fixed indexed annuity
and IUL contracts (3)	–		1,332		13,444		–		1,369		15,115
Total derivative instruments	$	260,018	$	14,837	$	18,815	$	330,823	$	17,398	$	21,548

(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.

(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 March 31, 2026
	Less Than 1 Year		1 - 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	18,494	$	26,227	$	16,603	$	27,298	$	1,800	$	90,422
Foreign currency contracts (2)	218		1,657		1,627		1,777		42		5,321
Equity market contracts	96,298		55,709		9,887		6		2,136		164,036
Credit contracts	–		110		129		–		–		239
Total derivative instruments
with notional amounts	$	115,010	$	83,703	$	28,246	$	29,081	$	3,978	$	260,018

(1) As of March 31, 2026, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was September 25, 2030.

(2) As of March 31, 2026, 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  March 31, 2026		As of  December 31, 2025		As of  March 31, 2026		As of  December 31, 2025
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value (1)	$	642	$	645	$	19	$	21
Long-term debt (2)	(987)		(989)		(112)		(114)

(1) Includes $21 million of unamortized adjustments from discontinued hedges as of March 31, 2026, and December 31, 2025.

(2) Includes $(274) million and $(278) million of unamortized adjustments from discontinued hedges as of March 31, 2026, and December 31, 2025, respectively.

Change in Our Unrealized Gain on Derivative Instruments in AOCI

The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows:

	For the Three Months Ended March 31,
	2026		2025
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	450	$	638
Other comprehensive income (loss):
Unrealized holding gains (losses):
Cash flow hedges:
Interest rate contracts	(7)		5
Foreign currency contracts	69		168
Change in foreign currency exchange rate adjustment	76		(153)
Income tax benefit (expense)	(30)		(4)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Foreign currency contracts (1)	15		15
Interest rate contracts (2)	2		3
Foreign currency contracts (3)	1		3
Income tax benefit (expense)	(4)		(4)
Balance as of end-of-period	$	544	$	637

(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 Three Months Ended March 31,

2026

2025

Realized Gain (Loss)

Net Investment Income

Interest and Debt Expense

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

$

466

$

1,605

$

81

$

11

$

1,462

$

80

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

(1)

(2)

–

11

(15)

Derivatives designated as hedging

instruments

–

1

2

–

(11)

15

Foreign currency contracts:

Hedged items

–

(1)

–

–

1

–

Derivatives designated as hedging

instruments

–

1

–

–

(1)

–

Gain or (loss) on cash flow hedging

relationships:

Interest rate contracts:

Amount of gain or (loss) reclassified

from AOCI into income

–

–

2

–

–

3

Foreign currency contracts:

Amount of gain or (loss) reclassified

from AOCI into income

1

15

–

3

15

–

Non-Qualifying Hedges

Interest rate contracts

27

–

–

82

–

–

Foreign currency contracts

1

–

–

(1)

–

–

Equity market contracts

(995)

–

–

(1,143)

–

–

Credit contracts

–

–

–

1

–

–

Embedded derivatives:

Reinsurance-related

197

–

–

(108)

–

–

RILA, fixed indexed annuity and IUL

contracts

1,584

–

–

1,654

–

–

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 March 31, 2026				As of December 31, 2025
	Collateral Posted by Counterparty		Collateral Posted to Counterparty		Collateral Posted by Counterparty		Collateral Posted to Counterparty
S&P Credit Rating of Counterparty
AA-	$	2,072	$	(129)	$	2,868	$	(4)
A+	3,836		(182)		4,612		(15)
A	43		–		64		–
A-	401		–		240		–
Total cash collateral	$	6,352	$	(311)	$	7,784	$	(19)

Schedule of Offsetting Assets

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

	As of March 31, 2026
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	13,317	$	1,332	$	14,649
Gross amounts offset	(4,980)		–		(4,980)
Net amount of assets	8,337		1,332		9,669
Gross amounts not offset:
Cash collateral	(6,352)		–		(6,352)
Non-cash collateral (1)	(1,985)		–		(1,985)
Net amount	$	–	$	1,332	$	1,332
Financial Liabilities
Gross amount of recognized liabilities	$	299	$	13,536	$	13,835
Gross amounts offset	(188)		–		(188)
Net amount of liabilities	111		13,536		13,647
Gross amounts not offset:
Cash collateral (2)	(111)		–		(111)
Net amount	$	–	$	13,536	$	13,536

(1) Excludes excess non-cash collateral received of $975 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess cash collateral pledged of $200 million and excess non-cash collateral pledged of $344 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

	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.

Schedule of Offsetting Liabilities

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

	As of March 31, 2026
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	13,317	$	1,332	$	14,649
Gross amounts offset	(4,980)		–		(4,980)
Net amount of assets	8,337		1,332		9,669
Gross amounts not offset:
Cash collateral	(6,352)		–		(6,352)
Non-cash collateral (1)	(1,985)		–		(1,985)
Net amount	$	–	$	1,332	$	1,332
Financial Liabilities
Gross amount of recognized liabilities	$	299	$	13,536	$	13,835
Gross amounts offset	(188)		–		(188)
Net amount of liabilities	111		13,536		13,647
Gross amounts not offset:
Cash collateral (2)	(111)		–		(111)
Net amount	$	–	$	13,536	$	13,536

(1) Excludes excess non-cash collateral received of $975 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess cash collateral pledged of $200 million and excess non-cash collateral pledged of $344 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

	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.