Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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.

	March 31, 2024						December 31, 2023
Primary Underlying Risk/Instrument Type			Fair Value						Fair Value
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps	$	3,019	$	195	$	(516)	$	3,064	$	0	$	(238)
Foreign Currency Swaps	2,416,543		147,349		(46,895)		2,274,636		121,243		(54,044)
Total Derivatives Designated as Hedge Accounting Instruments	$	2,419,562	$	147,544	$	(47,411)	$	2,277,700	$	121,243	$	(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	162,161,364	$	7,808,155	$	(19,364,620)	$	163,179,764	$	6,605,817	$	(17,820,436)
Interest Rate Futures	744,500		0		0		1,332,600		3,055		(210)
Interest Rate Options	29,568,000		203,431		(1,127,097)		29,738,000		189,112		(969,718)
Interest Rate Forwards	1,458,000		34,869		(37,349)		1,458,000		741		(3,196)
Foreign Currency
Foreign Currency Forwards	807,186		4,853		(205)		744,576		1,772		(12,232)
Credit
Credit Default Swaps	615,500		11,100		0		643,280		7,727		0
Currency/Interest Rate
Foreign Currency Swaps	2,311,489		116,038		(12,045)		2,237,331		96,618		(31,294)
Equity
Total Return Swaps	14,533,800		575,429		(807,207)		15,049,993		418,084		(803,452)
Equity Options	60,275,790		3,123,188		(2,062,542)		49,247,510		1,600,335		(1,552,706)
Equity Futures	341,590		0		0		418,973		1,232		(500)
Synthetic GICs	1,155,520		1		(208)		311,302		1		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	273,972,739	$	11,877,064	$	(23,411,273)	$	264,361,329	$	8,924,494	$	(21,193,744)
Total Derivatives(1)(2)	$	276,392,301	$	12,024,608	$	(23,458,684)	$	266,639,029	$	9,045,737	$	(21,248,026)

(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,358 million and $7,402 million as of March 31, 2024 and December 31, 2023, respectively, primarily included in "Policyholders' account balances".

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

	March 31, 2024
	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	$	12,024,588	$	(11,993,839)	$	30,749	$	0	$	30,749
Securities purchased under agreements to resell	0		0		0		0		0
Total Assets	$	12,024,588	$	(11,993,839)	$	30,749	$	0	$	30,749
Offsetting of Financial Liabilities:
Derivatives	$	23,458,684	$	(20,971,250)	$	2,487,434	$	(2,487,434)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	23,458,684	$	(20,971,250)	$	2,487,434	$	(2,487,434)	$	0

	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

(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 Unaudited Interim 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 Unaudited Interim Consolidated Statements of Financial Position.

	March 31, 2024
	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	$	12,024,588	$	(11,993,839)	$	30,749	$	0	$	30,749
Securities purchased under agreements to resell	0		0		0		0		0
Total Assets	$	12,024,588	$	(11,993,839)	$	30,749	$	0	$	30,749
Offsetting of Financial Liabilities:
Derivatives	$	23,458,684	$	(20,971,250)	$	2,487,434	$	(2,487,434)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	23,458,684	$	(20,971,250)	$	2,487,434	$	(2,487,434)	$	0

	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

(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.

	Three Months Ended March 31, 2024
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	1	$	0	$	(63)	$	0	$	11
Currency/Interest Rate	(108)		0		10,728		12,346		27,168
Total cash flow hedges	(107)		0		10,665		12,346		27,179
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	44,472		(855,925)		0		0		0
Currency	13,121		0		0		0		0
Currency/Interest Rate	31,976		0		0		183		0
Credit	7,886		0		0		0		0
Equity	1,426,177		(430,868)		0		0		0
Embedded Derivatives	(1,417,428)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	106,204		(1,286,793)		0		183		0
Total	$	106,097	$	(1,286,793)	$	10,665	$	12,529	$	27,179

	Three Months Ended March 31, 2023
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	1	$	0	$	(25)	$	0	$	41
Currency/Interest Rate	2,515		0		11,705		(10,426)		(20,328)
Total cash flow hedges	2,516		0		11,680		(10,426)		(20,287)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(48,164)		208,061		0		0		0
Currency	(6,610)		0		0		0		0
Currency/Interest Rate	(12,722)		0		0		(146)		0
Credit	934		0		0		0		0
Equity	196,875		(199,932)		0		0		0
Embedded Derivatives	(247,987)		0		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(117,674)		8,129		0		(146)		0
Total	$	(115,158)	$	8,129	$	11,680	$	(10,572)	$	(20,287)

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, 2023	$	11,934
Amount recorded in AOCI
Interest Rate	(51)
Currency/Interest Rate	50,134
Total amount recorded in AOCI	50,083
Amount reclassified from AOCI to income
Interest Rate	62
Currency/Interest Rate	(22,966)
Total amount reclassified from AOCI to income	(22,904)
Balance, March 31, 2024	$	39,113