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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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 the netting effects of master netting agreements and cash collateral.
 June 30, 2024December 31, 2023
Primary Underlying Risk/Instrument Type Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,975 $215 $(491)$3,064 $0 $(238)
Foreign Currency Swaps2,725,643 165,873 (32,245)2,274,636 121,243 (54,044)
Total Derivatives Designated as Hedge Accounting Instruments$2,728,618 $166,088 $(32,736)$2,277,700 $121,243 $(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$167,487,864 $8,227,910 $(19,877,550)$163,179,764 $6,605,817 $(17,820,436)
Interest Rate Futures859,000 2,964 (291)1,332,600 3,055 (210)
Interest Rate Options29,503,000 227,324 (1,181,463)29,738,000 189,112 (969,718)
Interest Rate Forwards1,458,000 55,415 (57,927)1,458,000 741 (3,196)
Foreign Currency
Foreign Currency Forwards908,100 4,913(985)744,576 1,772 (12,232)
Credit
Credit Default Swaps520,6004,8300 643,280 7,727 0 
Currency/Interest Rate
Foreign Currency Swaps2,238,553125,477(20,687)2,237,331 96,618 (31,294)
Equity
Total Return Swaps15,885,233 599,846 (803,880)15,049,993 418,084 (803,452)
Equity Options72,507,886 3,638,902 (2,274,561)49,247,510 1,600,335 (1,552,706)
Equity Futures813,292 156 (3,041)418,973 1,232 (500)
Synthetic GICs1,208,219 763 (208)311,302 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$293,389,747 $12,888,500 $(24,220,593)$264,361,329 $8,924,494 $(21,193,744)
Total Derivatives(1)(2)$296,118,365 $13,054,588 $(24,253,329)$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 $9,606 million and $7,402 million as of June 30, 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.

 June 30, 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$13,053,807 $(13,027,344)$26,463 $0 $26,463 
Securities purchased under agreements to resell325,000 0 325,000 0 325,000 
Total Assets$13,378,807 $(13,027,344)$351,463 $0 $351,463 
Offsetting of Financial Liabilities:
Derivatives$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$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 resell25,000 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 repurchase0 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.

 June 30, 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$13,053,807 $(13,027,344)$26,463 $0 $26,463 
Securities purchased under agreements to resell325,000 0 325,000 0 325,000 
Total Assets$13,378,807 $(13,027,344)$351,463 $0 $351,463 
Offsetting of Financial Liabilities:
Derivatives$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$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 resell25,000 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 repurchase0 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 June 30, 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 $2 $0 $(21)
Currency/Interest Rate(569)0 12,141 1,258 36,201 
Total cash flow hedges(568)0 12,143 1,258 36,180 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate28,037 (410,527)0 0 0 
Currency8,285 0 0 0 0 
Currency/Interest Rate1,556 0 0 (60)0 
Credit(368)0 0 0 0 
Equity596,834 (58,063)0 0 0 
Embedded Derivatives194,673 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments829,017 (468,590)0 (60)0 
Total$828,449 $(468,590)$12,143 $1,198 $36,180 
 Six Months Ended June 30, 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 $(62)$0 $(10)
Currency/Interest Rate(677)0 22,869 13,605 63,369 
Total cash flow hedges(676)0 22,807 13,605 63,359 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate72,509 (1,266,452)0 0 0 
Currency21,406 0 0 0 0 
Currency/Interest Rate33,532 0 0 123 0 
Credit7,518 0 0 0 0 
Equity2,023,011 (488,930)0 0 0 
Embedded Derivatives(1,308,397)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments849,579 (1,755,382)0 123 0 
Total$848,903 $(1,755,382)$22,807 $13,728 $63,359 

 Three Months Ended June 30, 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 $(29)$0 $(43)
Currency/Interest Rate(1,944)0 10,974 (7,027)(18,636)
Total cash flow hedges(1,943)0 10,945 (7,027)(18,679)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate63,875 (915,225)0 0 0 
Currency(5,416)0 0 0 0 
Currency/Interest Rate(23,601)0 0 (54)0 
Credit1,392 0 0 0 0 
Equity947,017 (398,134)0 0 0 
Embedded Derivatives(980,724)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments2,543 (1,313,359)0 (54)0 
Total$600 $(1,313,359)$10,945 $(7,081)$(18,679)
 Six Months Ended June 30, 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 $(54)$0 $(2)
Currency/Interest Rate571 0 22,679 (17,453)(38,964)
Total cash flow hedges572 0 22,625 (17,453)(38,966)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate15,712 (707,165)0 0 0 
Currency(12,026)0 0 0 0 
Currency/Interest Rate(36,322)0 0 (200)0 
Credit2,326 0 0 0 0 
Equity1,143,892 (598,066)0 0 0 
Embedded Derivatives(1,228,711)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(115,129)(1,305,231)0 (200)0 
Total$(114,557)$(1,305,231)$22,625 $(17,653)$(38,966)
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(71)
Currency/Interest Rate99,166 
Total amount recorded in AOCI99,095 
Amount reclassified from AOCI to income
Interest Rate61 
Currency/Interest Rate(35,797)
Total amount reclassified from AOCI to income(35,736)
Balance, June 30, 2024$75,293