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Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 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.
 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.
Offsetting Of Financial Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables 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.

 September 30, 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$20,118,534 $(20,019,243)$99,291 $0 $99,291 
Total Assets$20,118,534 $(20,019,243)$99,291 $0 $99,291 
Offsetting of Financial Liabilities:
Derivatives$31,035,004 $(29,180,764)$1,854,240 $(1,854,240)$0 
Total Liabilities$31,035,004 $(29,180,764)$1,854,240 $(1,854,240)$0 

 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 recoverables 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.

 September 30, 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$20,118,534 $(20,019,243)$99,291 $0 $99,291 
Total Assets$20,118,534 $(20,019,243)$99,291 $0 $99,291 
Offsetting of Financial Liabilities:
Derivatives$31,035,004 $(29,180,764)$1,854,240 $(1,854,240)$0 
Total Liabilities$31,035,004 $(29,180,764)$1,854,240 $(1,854,240)$0 

 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 September 30, 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 $(22)$0 $18 
Currency/Interest Rate2,762 0 13,460 1,216 35,343 
Total cash flow hedges2,763 0 13,438 1,216 35,361 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate17,189 (189,342)0 0 0 
Currency11,348 0 0 0 0 
Currency/Interest Rate23,388 0 0 (180)0 
Credit4,388 0 0 0 0 
Equity2,004,815 (339,622)0 0 0 
Embedded Derivatives(2,322,825)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(261,697)(528,964)0 (180)0 
Total$(258,934)$(528,964)$13,438 $1,036 $35,361 


 Nine Months Ended September 30, 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$2 $0 $(43)$0 $74 
Currency/Interest Rate4,828 0 42,885 (80,978)(241,965)
Total cash flow hedges4,830 0 42,842 (80,978)(241,891)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate88,832 (355,483)0 0 0 
Currency(155,982)0 0 0 0 
Currency/Interest Rate(115,130)0 0 (997)0 
Credit11,192 0 0 0 0 
Equity3,042,976 (673,955)0 0 0 
Embedded Derivatives(3,960,254)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(1,088,366)(1,029,438)0 (997)0 
Total$(1,083,536)$(1,029,438)$42,842 $(81,975)$(241,891)
 Three Months Ended September 30, 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 $(30)$0 $79 
Currency/Interest Rate5,179 0 12,517 (37,547)(73,638)
Total cash flow hedges5,180 0 12,487 (37,547)(73,559)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate11,635 580,493 0 0 0 
Currency(35,766)0 0 0 0 
Currency/Interest Rate(52,675)0 0 (411)0 
Credit5,128 0 0 0 0 
Equity618,400 (319,291)0 0 0 
Embedded Derivatives(1)(1,125,066)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(578,344)261,202 0 (411)0 
Total$(573,164)$261,202 $12,487 $(37,958)$(73,559)


 Nine Months Ended September 30, 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$2 $0 $(92)$0 $69 
Currency/Interest Rate4,503 0 35,386 (23,943)(10,269)
Total cash flow hedges4,505 0 35,294 (23,943)(10,200)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate84,144 (685,958)0 0 0 
Currency(14,360)0 0 0 0 
Currency/Interest Rate(19,144)0 0 (289)0 
Credit12,647 0 0 0 0 
Equity2,641,411 (808,221)0 0 0 
Embedded Derivatives(1)(2,493,402)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments211,296 (1,494,179)0 (289)0 
Total$215,801 $(1,494,179)$35,294 $(24,232)$(10,200)
(1) Amounts reflect revision to prior period Financial Statements. See Note 17 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$110,565 
Amount recorded in AOCI
Interest Rate33 
Currency/Interest Rate(275,230)
Total amount recorded in AOCI(275,197)
Amount reclassified from AOCI to income
Interest Rate41 
Currency/Interest Rate33,265 
Total amount reclassified from AOCI to income33,306 
Balance, September 30, 2025$(131,326)