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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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 and deposit receivables. 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.
 March 31, 2025December 31, 2024
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$2,805 $0 $(146)$2,851 $0 $(209)
Foreign Currency Swaps3,586,047 176,794 (39,500)3,308,842 202,606 (27,523)
Total Derivatives Designated as Hedge Accounting Instruments$3,588,852 $176,794 $(39,646)$3,311,693 $202,606 $(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$187,208,760 $8,122,373 $(20,044,578)$174,170,160 $9,029,399 $(20,888,553)
Interest Rate Futures847,100 1,268 (408)1,518,400 1,967 (1,443)
Interest Rate Options28,680,000 176,217 (1,250,893)29,135,000 279,414 (1,406,265)
Interest Rate Forwards000 0 0 0 
Interest Rate Total Return Swaps223,3131,5410 223,721 1,472 (2,121)
Foreign Currency
Foreign Currency Forwards1,463,163 1,573(28,151)1,146,861 30,078 (181)
Credit
Credit Default Swaps881,0652,0290 911,850 9,606 0 
Currency/Interest Rate
Foreign Currency Swaps2,356,636145,909(7,809)2,285,052 164,152 (9,277)
Equity
Equity Total Return Swaps24,151,584 1,061,295 (862,924)23,025,217 1,160,080 (1,182,913)
Equity Options133,213,703 3,055,272 (4,073,912)117,107,059 4,453,762 (3,717,637)
Equity Futures2,174,052 9,676 (1,364)1,802,205 15 (6,060)
Synthetic GICs3,959,550 32 (12,536)3,958,847 143 (31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$385,158,926 $12,577,185 $(26,282,575)$355,284,372 $15,130,088 $(27,214,481)
Total Derivatives(1)(2)$388,747,778 $12,753,979 $(26,322,221)$358,596,065 $15,332,694 $(27,242,213)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,017 million and $11,968 million as of March 31, 2025 and December 31, 2024, 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 recoverable and deposit receivables), 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, 2025
 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$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Total Assets$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Offsetting of Financial Liabilities:
Derivatives$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 
Total Liabilities$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 

 December 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$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$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 recoverable and deposit receivables), 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, 2025
 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$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Total Assets$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Offsetting of Financial Liabilities:
Derivatives$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 
Total Liabilities$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 

 December 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$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$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, 2025
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $0 $0 $11 
Currency/Interest Rate5,432 0 14,874 (25,255)(15,332)
Total cash flow hedges5,433 0 14,874 (25,255)(15,321)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate58,165 97,184 0 0 0 
Currency(46,401)0 0 0 0 
Currency/Interest Rate(12,496)0 0 20 0 
Credit(2,863)0 0 0 0 
Equity(1,496,519)189,571 0 0 0 
Embedded Derivatives1,444,822 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(55,292)286,755 0 20 0 
Total$(49,859)$286,755 $14,874 $(25,235)$(15,321)


 Three Months Ended March 31, 2024
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $(63)$0 $11 
Currency/Interest Rate(108)0 10,728 12,346 27,168 
Total cash flow hedges(107)0 10,665 12,346 27,179 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate44,472 (855,925)0 0 0 
Currency13,121 0 0 0 0 
Currency/Interest Rate31,976 0 0 183 0 
Credit7,886 0 0 0 0 
Equity1,426,177 (430,868)0 0 0 
Embedded Derivatives(1)(1,528,876)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(5,244)(1,286,793)0 183 0 
Total$(5,351)$(1,286,793)$10,665 $12,529 $27,179 
(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
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, 2024$110,565 
Amount recorded in AOCI
Interest Rate12 
Currency/Interest Rate(20,281)
Total amount recorded in AOCI(20,269)
Amount reclassified from AOCI to income
Interest Rate(1)
Currency/Interest Rate4,949 
Total amount reclassified from AOCI to income4,948 
Balance, March 31, 2025$95,244