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Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fixed Maturities, Available-for-sale, allowance for credit losses $ 38,744 $ 40,414
Fixed Maturities, Available-for-sale, amortized cost 46,290,215 36,980,933
Fixed maturities, trading, amortized cost 5,224,136 4,415,277
Equity securities, at cost 1,373,433 2,650,542
Commercial mortgage and other loans, allowance for credit losses 48,833 37,715
Other invested assets, at fair value 185,600 68,623
Cash and Cash equivalents, Allowance for credit losses 5 0
Reinsurance Recoverable, Fair Value Disclosure 753,654 645,193
Notes issued by consolidated variable interest entities (includes $17,538 and $0 measured at fair value under the fair value option at September 30, 2025 and December 31, 2024, respectively)(1) [1] $ 17,538 $ 0
Common Stock, Par or Stated Value Per Share $ 10 $ 10
Common Stock, Shares Authorized 1,000,000 1,000,000
Common Stock, Shares, Issued 250,000 250,000
Common Stock, Shares, Outstanding 250,000 250,000
Fair value option    
Notes issued by consolidated variable interest entities (includes $17,538 and $0 measured at fair value under the fair value option at September 30, 2025 and December 31, 2024, respectively)(1) $ 17,538 $ 0
ASU 2016-13    
Short-term investments, allowance for credit losses $ 69 $ 49
[1]
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.
 September 30, 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$2,711 $0 $(126)$2,851 $0 $(209)
Foreign Currency Swaps4,339,466 88,554 (213,498)3,308,842 202,606 (27,523)
Total Derivatives Designated as Hedge Accounting Instruments$4,342,177 $88,554 $(213,624)$3,311,693 $202,606 $(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$193,248,460 $8,054,508 $(19,736,940)$174,170,160 $9,029,399 $(20,888,553)
Interest Rate Futures1,817,500 1,014 (2,051)1,518,400 1,967 (1,443)
Interest Rate Options26,725,000 110,164 (1,204,126)29,135,000 279,414 (1,406,265)
Interest Rate Forwards0 0 0 0 0 0 
Interest Rate Total Return Swaps341,6694,8820 223,721 1,472 (2,121)
Foreign Currency
Foreign Currency Forwards2,316,193 10,343 (7,047)1,146,861 30,078 (181)
Credit
Credit Default Swaps849,9508,7420 911,850 9,606 0 
Currency/Interest Rate
Foreign Currency Swaps2,225,11161,881 (50,429)2,285,052 164,152 (9,277)
Equity
Equity Total Return Swaps28,343,850 2,602,653 (2,473,843)23,025,217 1,160,080 (1,182,913)
Equity Options211,675,759 9,174,115 (7,346,036)117,107,059 4,453,762 (3,717,637)
Equity Futures813,379 1,692 (908)1,802,205 15 (6,060)
Synthetic GICs4,180,490 0 0 3,958,847 143 (31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$472,537,361 $20,029,994 $(30,821,380)$355,284,372 $15,130,088 $(27,214,481)
Total Derivatives(1)(2)$476,879,538 $20,118,548 $(31,035,004)$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 $17,025 million and $11,968 million as of September 30, 2025 and December 31, 2024, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets”, “Payables to parent and affiliates” and "Other liabilities" on the Unaudited Interim Consolidated Statements of Financial Position.