Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account of the netting effects of master netting agreements and cash collateral.

	December 31, 2023						December 31, 2022
Primary Underlying Risk/Instrument Type	Gross Notional		Fair Value				Gross Notional		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps	$	3,064	$	0	$	(238)	$	3,225	$	0	$	(316)
Foreign Currency Swaps	2,274,636		121,243		(54,044)		1,933,343		233,812		(10,462)
Total Derivatives Designated as Hedge Accounting Instruments	$	2,277,700	$	121,243	$	(54,282)	$	1,936,568	$	233,812	$	(10,778)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	163,179,764	$	6,605,817	$	(17,820,436)	$	138,419,110	$	6,757,890	$	(17,092,749)
Interest Rate Futures	1,332,600		3,055		(210)		2,425,500		3,267		(201)
Interest Rate Options	29,738,000		189,112		(969,718)		8,368,000		123,168		(225,125)
Interest Rate Forwards	1,458,000		741		(3,196)		1,104,000		11,265		(12,359)
Foreign Currency
Foreign Currency Forwards	744,576		1,772		(12,232)		364,946		590		(10,423)
Credit
Credit Default Swaps	643,280		7,727		0		47,450		346		0
Currency/Interest Rate
Foreign Currency Swaps	2,237,331		96,618		(31,294)		2,289,170		194,412		(14,624)
Equity
Total Return Swaps	15,049,993		418,084		(803,452)		15,958,130		120,341		(175,104)
Equity Options	49,247,510		1,600,335		(1,552,706)		25,187,516		239,003		(1,112,196)
Futures	418,973		1,232		(500)		876,790		956		(513)
Synthetic GICs	311,302		1		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	264,361,329	$	8,924,494	$	(21,193,744)	$	195,040,612	$	7,451,238	$	(18,643,294)
Total Derivatives(1)(2)	$	266,639,029	$	9,045,737	$	(21,248,026)	$	196,977,180	$	7,685,050	$	(18,654,072)

(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $7,402 million and $3,351 million as of December 31, 2023 and 2022, respectively, primarily included in "Policyholders' account balances".

(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Consolidated Statements of Financial Position.

Offsetting of Financial Assets

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.

	December 31, 2023
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts Presented in the Consolidated Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	9,045,718	$	(9,028,019)	$	17,699	$	0	$	17,699
Securities purchased under agreements to resell	25,000		0		25,000		0		25,000
Total Assets	$	9,070,718	$	(9,028,019)	$	42,699	$	0	$	42,699
Offsetting of Financial Liabilities:
Derivatives	$	21,248,026	$	(18,596,679)	$	2,651,347	$	(2,651,347)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	21,248,026	$	(18,596,679)	$	2,651,347	$	(2,651,347)	$	0

	December 31, 2022
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts Presented in the Consolidated Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	7,685,050	$	(7,637,939)	$	47,111	$	0	$	47,111
Securities purchased under agreements to resell	290,000		0		290,000		(290,000)		0
Total Assets	$	7,975,050	$	(7,637,939)	$	337,111	$	(290,000)	$	47,111
Offsetting of Financial Liabilities:
Derivatives	$	18,654,072	$	(16,568,912)	$	2,085,160	$	(2,085,160)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	18,654,072	$	(16,568,912)	$	2,085,160	$	(2,085,160)	$	0

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Offsetting of Financial Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.

	December 31, 2023
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts Presented in the Consolidated Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	9,045,718	$	(9,028,019)	$	17,699	$	0	$	17,699
Securities purchased under agreements to resell	25,000		0		25,000		0		25,000
Total Assets	$	9,070,718	$	(9,028,019)	$	42,699	$	0	$	42,699
Offsetting of Financial Liabilities:
Derivatives	$	21,248,026	$	(18,596,679)	$	2,651,347	$	(2,651,347)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	21,248,026	$	(18,596,679)	$	2,651,347	$	(2,651,347)	$	0

	December 31, 2022
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts Presented in the Consolidated Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	7,685,050	$	(7,637,939)	$	47,111	$	0	$	47,111
Securities purchased under agreements to resell	290,000		0		290,000		(290,000)		0
Total Assets	$	7,975,050	$	(7,637,939)	$	337,111	$	(290,000)	$	47,111
Offsetting of Financial Liabilities:
Derivatives	$	18,654,072	$	(16,568,912)	$	2,085,160	$	(2,085,160)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	18,654,072	$	(16,568,912)	$	2,085,160	$	(2,085,160)	$	0

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.

	Year Ended December 31, 2023
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	2	$	0	$	(118)	$	0	$	72
Currency/Interest Rate	(636)		0		43,934		(26,206)		(126,765)
Total cash flow hedges	(634)		0		43,816		(26,206)		(126,693)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	25,329		(1,555,807)		0		0		0
Currency	(16,012)		0		0		0		0
Currency/Interest Rate	(102,238)		0		0		(257)		0
Credit	14,350		0		0		0		0
Equity	1,744,218		(821,996)		0		0		0
Embedded Derivatives	(2,734,793)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(1,069,146)		(2,377,803)		0		(257)		0
Total	$	(1,069,780)	$	(2,377,803)	$	43,816	$	(26,463)	$	(126,693)

	Year Ended December 31, 2022
	Realized Investment Gains (Losses) (1)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) (1)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	1	$	0	$	(8)	$	0	$	(312)
Currency/Interest Rate	7,636		0		36,734		34,070		99,043
Total cash flow hedges	7,637		0		36,726		34,070		98,731
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	661,978		(5,230,085)		0		0		0
Currency	18,952		0		0		0		0
Currency/Interest Rate	107,388		0		0		557		0
Credit	(15,904)		0		0		0		0
Equity	40,076		1,050,139		0		0		0
Embedded Derivatives	(312,814)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	499,676		(4,179,946)		0		557		0
Total	$	507,313	$	(4,179,946)	$	36,726	$	34,627	$	98,731

	Year Ended December 31, 2021
	Realized Investment Gains (Losses) (1)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) (1)		Net Investment Income		Other Income (Loss)		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	2	$	0	$	47	$	0	$	(161)
Currency/Interest Rate	1,357		0		15,983		11,119		48,169
Total cash flow hedges	1,359		0		16,030		11,119		48,008
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(53,626)		33,029		0		0		0
Currency	2,006		0		0		0		0
Currency/Interest Rate	44,350		0		0		79		0
Credit	2,892		0		0		0		0
Equity	(299,798)		(644,967)		0		0		0
Embedded Derivatives	(79,714)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(383,890)		(611,938)		0		79		0
Total	$	(382,531)	$	(611,938)	$	16,030	$	11,198	$	48,008

(1)Amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income(Loss) Before Taxes

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

	(in thousands)
Balance, December 31, 2020	$	(8,112)
Amount recorded in AOCI
Interest Rate	(112)
Currency/Interest Rate	76,628
Total amount recorded in AOCI	76,516
Amount reclassified from AOCI to income
Interest Rate	(49)
Currency/Interest Rate	(28,459)
Total amount reclassified from AOCI to income	(28,508)
Balance, December 31, 2021	$	39,896
Amount recorded in AOCI
Interest Rate	(319)
Currency/Interest Rate	177,483
Total amount recorded in AOCI	177,164
Amount reclassified from AOCI to income
Interest Rate	7
Currency/Interest Rate	(78,440)
Total amount reclassified from AOCI to income	(78,433)
Balance, December 31, 2022	$	138,627
Amount recorded in AOCI
Interest Rate	(44)
Currency/Interest Rate	(109,673)
Total amount recorded in AOCI	(109,717)
Amount reclassified from AOCI to income
Interest Rate	116
Currency/Interest Rate	(17,092)
Total amount reclassified from AOCI to income	(16,976)
Balance, December 31, 2023	$	11,934