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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position
The primary underlying risk exposure, gross notional amount and estimated fair value of derivatives, excluding embedded derivatives, held were as follows at:
June 30, 2024December 31, 2023
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate swaps
Interest rate$500 $12 $— $— $— $— 
Foreign currency swapsForeign currency exchange rate3,868 400 23 3,895 339 45 
Total qualifying hedges4,368 412 23 3,895 339 45 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate53,524 130 179 31,252 140 103 
Interest rate floorsInterest rate3,500 2 — 3,500 7 1 
Interest rate capsInterest rate6,800 12 2 7,050 19 1 
Interest rate futuresInterest rate80 — — — — — 
Interest rate optionsInterest rate 23,050 38 222 33,680 47 167 
Interest rate forwardsInterest rate 13,886 25 1,653 17,017 32 1,937 
Foreign currency swapsForeign currency exchange rate712 104 — 735 99 1 
Foreign currency forwardsForeign currency exchange rate626 — — 384 — 1 
Credit default swaps — writtenCredit1,096 20 — 1,405 27 — 
Equity index optionsEquity market20,883 1,234 940 20,099 757 687 
Equity total return swapsEquity market68,976 1,316 1,110 53,742 2,236 2,137 
Hybrid optionsEquity market20 — — 270 — — 
Total non-designated or non-qualifying derivatives193,153 2,881 4,106 169,134 3,364 5,035 
Total$197,521 $3,293 $4,129 $173,029 $3,703 $5,080 
Derivative Instruments, Gain (Loss)
The amount and location of gains (losses), including earned income, recognized for derivatives and gains (losses) pertaining to hedged items reported in net derivative gains (losses) were as follows:
Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged ItemsNet Investment IncomePolicyholder Benefits and ClaimsAmount of Gains (Losses) Deferred in AOCI
(In millions)
Three Months Ended June 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$— $— $1 $2 $3 
Foreign currency exchange rate1 (1)12 — 41 
Total cash flow hedges1 (1)13 2 44 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate(319)— — — — 
Foreign currency exchange rate6 — — — — 
Credit1 — — — — 
Equity market362 — — — — 
Embedded(714)— — — — 
Total non-qualifying hedges(664)— — — — 
Total$(663)$(1)$13 $2 $44 
Three Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$(2)$— $1 $— $— 
Foreign currency exchange rate5 (5)12 — (49)
Total cash flow hedges3 (5)13 — (49)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate(551)— — — — 
Foreign currency exchange rate(9)2 — — — 
Credit9 — — — — 
Equity market433 — — — — 
Embedded(1,707)— — — — 
Total non-qualifying hedges(1,825)2 — — — 
Total$(1,822)$(3)$13 $— $(49)
Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged ItemsNet Investment IncomePolicyholder Benefits and ClaimsAmount of Gains (Losses) Deferred in AOCI
(In millions)
Six Months Ended June 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$3 $— $1 $4 $12 
Foreign currency exchange rate1 (2)25 — 84 
Total cash flow hedges4 (2)26 4 96 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate(1,101)— — — — 
Foreign currency exchange rate25 (2)— — — 
Credit7 — — — — 
Equity market1,073 — — — — 
Embedded(2,601)— — — — 
Total non-qualifying hedges(2,597)(2)— — — 
Total$(2,593)$(4)$26 $4 $96 
Six Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$(2)$— $2 $— $— 
Foreign currency exchange rate4 (5)26 — (89)
Total cash flow hedges2 (5)28 — (89)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate59 — — — — 
Foreign currency exchange rate(19)4 — — — 
Credit19 — — — — 
Equity market324 — — — — 
Embedded(2,797)— — — — 
Total non-qualifying hedges(2,414)4 — — — 
Total$(2,412)$(1)$28 $— $(89)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The amount and location of gains (losses), including earned income, recognized for derivatives and gains (losses) pertaining to hedged items reported in net derivative gains (losses) were as follows:
Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged ItemsNet Investment IncomePolicyholder Benefits and ClaimsAmount of Gains (Losses) Deferred in AOCI
(In millions)
Three Months Ended June 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$— $— $1 $2 $3 
Foreign currency exchange rate1 (1)12 — 41 
Total cash flow hedges1 (1)13 2 44 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate(319)— — — — 
Foreign currency exchange rate6 — — — — 
Credit1 — — — — 
Equity market362 — — — — 
Embedded(714)— — — — 
Total non-qualifying hedges(664)— — — — 
Total$(663)$(1)$13 $2 $44 
Three Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$(2)$— $1 $— $— 
Foreign currency exchange rate5 (5)12 — (49)
Total cash flow hedges3 (5)13 — (49)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate(551)— — — — 
Foreign currency exchange rate(9)2 — — — 
Credit9 — — — — 
Equity market433 — — — — 
Embedded(1,707)— — — — 
Total non-qualifying hedges(1,825)2 — — — 
Total$(1,822)$(3)$13 $— $(49)
Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged ItemsNet Investment IncomePolicyholder Benefits and ClaimsAmount of Gains (Losses) Deferred in AOCI
(In millions)
Six Months Ended June 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$3 $— $1 $4 $12 
Foreign currency exchange rate1 (2)25 — 84 
Total cash flow hedges4 (2)26 4 96 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate(1,101)— — — — 
Foreign currency exchange rate25 (2)— — — 
Credit7 — — — — 
Equity market1,073 — — — — 
Embedded(2,601)— — — — 
Total non-qualifying hedges(2,597)(2)— — — 
Total$(2,593)$(4)$26 $4 $96 
Six Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate$(2)$— $2 $— $— 
Foreign currency exchange rate4 (5)26 — (89)
Total cash flow hedges2 (5)28 — (89)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate59 — — — — 
Foreign currency exchange rate(19)4 — — — 
Credit19 — — — — 
Equity market324 — — — — 
Embedded(2,797)— — — — 
Total non-qualifying hedges(2,414)4 — — — 
Total$(2,412)$(1)$28 $— $(89)
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps
The estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps were as follows at:
June 30, 2024December 31, 2023
Rating Agency Designation of Referenced Credit Obligations (1)Estimated
Fair Value
of Credit
Default
Swaps		Maximum
Amount of
Future
Payments under
Credit Default
Swaps		Weighted
Average
Years to
Maturity (2)		Estimated
Fair Value
of Credit
Default
Swaps		Maximum
Amount of
Future
Payments under
Credit Default
Swaps		Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A$4 $416 1.1$6 $419 1.6
Baa14 652 4.819 958 4.9
Ba2 24 2.52 24 3.0
Caa and Lower— 4 1.5— 4 2.0
Total$20 $1,096 3.4$27 $1,405 3.9
_______________
(1)The Company has written credit protection on both single name and index references. The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
Estimated Fair Value of Derivative Assets after Master Netting Agreements and Cash Collateral
The estimated fair values of net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
Gross Amounts Not Offset on the Consolidated Balance Sheets
Gross Amount RecognizedFinancial Instruments (1)Collateral Received/Pledged (2)Net AmountSecurities Collateral Received/Pledged (3)Net Amount After Securities Collateral
(In millions)
June 30, 2024
Derivative assets$3,092 $(2,480)$(441)$171 $(107)$64 
Derivative liabilities $4,033 $(2,480)$— $1,553 $(1,544)$9 
December 31, 2023
Derivative assets$3,495 $(3,112)$(154)$229 $(194)$35 
Derivative liabilities $4,917 $(3,112)$— $1,805 $(1,805)$— 
_______________
(1)Represents amounts subject to an enforceable master netting agreement or similar agreement.
(2)The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.
(3)Securities collateral received from counterparties is not reported on the consolidated balance sheets and may not be sold or re-pledged unless the counterparty is in default. Amounts do not include excess of collateral pledged or received.
Estimated Fair Value of Derivative Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair values of net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
Gross Amounts Not Offset on the Consolidated Balance Sheets
Gross Amount RecognizedFinancial Instruments (1)Collateral Received/Pledged (2)Net AmountSecurities Collateral Received/Pledged (3)Net Amount After Securities Collateral
(In millions)
June 30, 2024
Derivative assets$3,092 $(2,480)$(441)$171 $(107)$64 
Derivative liabilities $4,033 $(2,480)$— $1,553 $(1,544)$9 
December 31, 2023
Derivative assets$3,495 $(3,112)$(154)$229 $(194)$35 
Derivative liabilities $4,917 $(3,112)$— $1,805 $(1,805)$— 
_______________
(1)Represents amounts subject to an enforceable master netting agreement or similar agreement.
(2)The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.
(3)Securities collateral received from counterparties is not reported on the consolidated balance sheets and may not be sold or re-pledged unless the counterparty is in default. Amounts do not include excess of collateral pledged or received.
Schedule of Derivative Instruments
The aggregate estimated fair values of derivatives in a net liability position containing such credit-contingent provisions and the aggregate estimated fair value of assets posted as collateral for such instruments were as follows at:
June 30, 2024December 31, 2023
(In millions)
Estimated fair value of derivatives in a net liability position (1)$1,553 $1,805 
Estimated fair value of collateral provided (2):
Fixed maturity securities$3,943 $4,811 
_______________
(1)After taking into consideration the existence of netting agreements.
(2)Substantially all of the Company’s collateral arrangements provide for daily posting of collateral for the full value of the derivative contract. As a result, if the credit-contingent provisions of derivative contracts in a net liability position were triggered, minimal additional assets would be required to be posted as collateral or needed to settle the instruments immediately. Additionally, the Company is required to pledge initial margin for certain new over-the-counter (“OTC”) bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions to third-party custodians.