Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

	As of September 30, 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)	$	1,075	$	20	$	3	$	632	$	2	$	16
Foreign currency contracts (1)	4,919		404		134		4,738		556		44
Total cash flow hedges	5,994		424		137		5,370		558		60
Fair value hedges:
Interest rate contracts (1)	564		1		22		435		8		16
Foreign currency contracts (1)	25		–		2		25		1		–
Total fair value hedges	589		1		24		460		9		16
Non-Qualifying Hedges
Interest rate contracts (1)	84,378		80		361		75,445		63		439
Foreign currency contracts (1)	337		16		5		348		30		2
Equity market contracts (1)	277,260		16,790		6,489		191,171		13,072		3,879
Credit contracts (1)	1		–		–		57		–		–
LPR ceded derivative (2)	–		204		–		–		190		–
Embedded derivatives:
Reinsurance-related (3)	–		188		–		–		728		–
RILA, fixed indexed annuity and IUL
contracts (4)	–		2,320		14,918		–		1,970		12,449
Total derivative instruments	$	368,559	$	20,023	$	21,934	$	272,851	$	16,620	$	16,845

(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 other assets on the Consolidated Balance Sheets.

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

(4) 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 September 30, 2025
	Less Than 1 Year		1 - 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	17,128	$	18,734	$	23,297	$	26,858	$	–	$	86,017
Foreign currency contracts (2)	283		1,326		1,778		1,852		42		5,281
Equity market contracts	224,682		39,756		10,794		7		2,021		277,260
Credit contracts	–		1		–		–		–		1
Total derivative instruments with
notional amounts	$	242,093	$	59,817	$	35,869	$	28,717	$	2,063	$	368,559

(1) As of September 30, 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 September 30, 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 September 30, 2025		As of December 31, 2024		As of September 30, 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	$	634	$	484	$	27	$	7

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 Nine Months Ended September 30,
	2025		2024
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	402	$	249
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts	29		46
Foreign currency contracts	234		167
Change in foreign currency exchange rate adjustment	(433)		(121)
Income tax benefit (expense)	37		(20)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Interest rate contracts (1)	–		(2)
Foreign currency contracts (1)	42		41
Foreign currency contracts (2)	2		1
Income tax benefit (expense)	(9)		(8)
Balance as of end-of-period	$	234	$	289

(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 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 September 30,

2025

2024

Realized Gain (Loss)

Net Investment Income

Benefits

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the

Effects of Fair Value or Cash

Flow Hedges are Recorded

$

(330)

$

1,439

$

547

$

(571)

$

1,309

$

1,572

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

2

–

–

27

–

Derivatives designated as hedging

instruments

–

(2)

–

–

(27)

–

Foreign currency contracts:

Hedged items

–

–

–

–

1

–

Derivatives designated as hedging

instruments

–

–

–

–

(1)

–

Gain or (loss) on cash flow hedging

relationships:

Interest rate contracts:

Amount of gain or (loss) reclassified

from AOCI into income

–

(1)

–

–

(1)

–

Foreign currency contracts:

Amount of gain or (loss) reclassified

from AOCI into income

(1)

15

–

2

12

–

Non-Qualifying Hedges

Interest rate contracts

(12)

–

–

370

–

–

Foreign currency contracts

–

–

–

(1)

–

–

Equity market contracts

2,533

–

–

1,079

–

–

LPR ceded derivative

–

–

(6)

–

–

–

Embedded derivatives:

Reinsurance-related

(254)

–

–

(482)

–

–

RILA, fixed indexed annuity and IUL

contracts

(1,582)

–

–

(666)

–

–

Gain (Loss) Recognized in Income For the Nine Months Ended September 30,

2025

2024

Realized Gain (Loss)

Net Investment Income

Benefits

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the

Effects of Fair Value or Cash

Flow Hedges are Recorded

$

(740)

$

4,152

$

3,925

$

(345)

$

3,775

$

583

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

16

–

–

3

–

Derivatives designated as hedging

instruments

–

(16)

–

–

(3)

–

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

–

–

–

–

(2)

–

Foreign currency contracts:

Amount of gain or (loss) reclassified

from AOCI into income

2

42

–

1

41

–

Non-Qualifying Hedges

Interest rate contracts

87

–

–

93

–

–

Foreign currency contracts

(5)

–

–

(1)

–

–

Equity market contracts

2,447

–

–

4,031

–

–

Credit contracts

2

–

–

–

–

–

LPR ceded derivative

–

–

(14)

–

–

4

Embedded derivatives:

Reinsurance-related

(521)

–

–

(390)

–

–

RILA, fixed indexed annuity and IUL

contracts

(1,974)

–

–

(2,636)

–

–

Disclosure of Credit Derivatives

Information related to our CDSs for which we are the seller (dollars in millions) was as follows:

	As of September 30, 2025
	Maturity	Reason for Entering	Name of Recourse	Credit Rating of Underlying Obligation (1)	Number of Instruments	Fair Value (2)		Maximum Potential Payout
Credit Contract Type
Basket CDSs	6/20/2030	(3)	(4)	BBB+	1	$	–	$	1

(1)    Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.

(2)    Third-party valuation specialists are used to determine the market value of our CDSs.

(3)    CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.

(4)    Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract.

Collateral Support Agreements Table

Details underlying the associated collateral of our CDSs for which we are the seller if credit risk-related contingent features were triggered (in millions) were as follows:

	As of September 30, 2025		As of December 31, 2024
Maximum potential payout	$	1	$	–
Less: Counterparty thresholds	–		–
Maximum collateral potentially required to post	$	1	$	–

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 September 30, 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-	$	3,365	$	(5)	$	4,006	$	(2)
A+	4,606		(29)		2,354		(89)
A	70		–		47		–
A-	673		–		632		–
Total cash collateral	$	8,714	$	(34)	$	7,039	$	(91)

Schedule of Offsetting Assets

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

	As of September 30, 2025
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	17,220	$	2,508	$	19,728
Gross amounts offset	(6,815)		–		(6,815)
Net amount of assets	10,405		2,508		12,913
Gross amounts not offset:
Cash collateral	(8,714)		–		(8,714)
Non-cash collateral (1)	(1,691)		–		(1,691)
Net amount	$	–	$	2,508	$	2,508
Financial Liabilities
Gross amount of recognized liabilities	$	200	$	14,918	$	15,118
Gross amounts offset	(90)		–		(90)
Net amount of liabilities	110		14,918		15,028
Gross amounts not offset:
Cash collateral	(34)		–		(34)
Non-cash collateral	(35)		–		(35)
Net amount	$	41	$	14,918	$	14,959

(1) Excludes excess non-cash collateral received of $1.2 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	$	13,299	$	2,698	$	15,997
Gross amounts offset	(3,787)		–		(3,787)
Net amount of assets	9,512		2,698		12,210
Gross amounts not offset:
Cash collateral	(7,039)		–		(7,039)
Non-cash collateral (1)	(2,473)		–		(2,473)
Net amount	$	–	$	2,698	$	2,698
Financial Liabilities
Gross amount of recognized liabilities	$	608	$	12,449	$	13,057
Gross amounts offset	(432)		–		(432)
Net amount of liabilities	176		12,449		12,625
Gross amounts not offset:
Cash collateral	(91)		–		(91)
Non-cash collateral (2)	(85)		–		(85)
Net amount	$	–	$	12,449	$	12,449

(1) Excludes excess non-cash collateral received of $791 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 $29 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 September 30, 2025
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	17,220	$	2,508	$	19,728
Gross amounts offset	(6,815)		–		(6,815)
Net amount of assets	10,405		2,508		12,913
Gross amounts not offset:
Cash collateral	(8,714)		–		(8,714)
Non-cash collateral (1)	(1,691)		–		(1,691)
Net amount	$	–	$	2,508	$	2,508
Financial Liabilities
Gross amount of recognized liabilities	$	200	$	14,918	$	15,118
Gross amounts offset	(90)		–		(90)
Net amount of liabilities	110		14,918		15,028
Gross amounts not offset:
Cash collateral	(34)		–		(34)
Non-cash collateral	(35)		–		(35)
Net amount	$	41	$	14,918	$	14,959

(1) Excludes excess non-cash collateral received of $1.2 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	$	13,299	$	2,698	$	15,997
Gross amounts offset	(3,787)		–		(3,787)
Net amount of assets	9,512		2,698		12,210
Gross amounts not offset:
Cash collateral	(7,039)		–		(7,039)
Non-cash collateral (1)	(2,473)		–		(2,473)
Net amount	$	–	$	2,698	$	2,698
Financial Liabilities
Gross amount of recognized liabilities	$	608	$	12,449	$	13,057
Gross amounts offset	(432)		–		(432)
Net amount of liabilities	176		12,449		12,625
Gross amounts not offset:
Cash collateral	(91)		–		(91)
Non-cash collateral (2)	(85)		–		(85)
Net amount	$	–	$	12,449	$	12,449

(1) Excludes excess non-cash collateral received of $791 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 $29 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.