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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
December 31, 2024December 31, 2023
Notional
Amount		Asset
Fair Value		Liability
Fair Value		Notional
Amount		Asset
Fair Value		Liability
Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)
$— $— $— $— $— $— 
Cash flow hedges:
Interest rate contracts10 — — 10 — — 
Foreign exchange contracts504 37 2 597 27 6 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts11,626 201 266 11,125 186 290 
Foreign exchange contracts44 1 — 66 — 2 
Credit contracts72 — — 101 — 1 
Embedded derivatives and MCGs:
Within fixed maturity investments(4)
N/A— 4 N/A1 — 
MCGs(5)
N/A— 4 N/A— 8 
Stabilizer(5)
N/A— 15 N/A— 1 
Total$239 $291 $214 $308 
(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets at fair value.
(2) Total carrying amount of the hedged assets and liabilities was $202 and $0 as of December 31, 2024 and 2023, respectively.
(3) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $2 and $0 as of December 31, 2024 and 2023, respectively, all of which is related to hedging adjustments on discontinued hedging relationships.
(4) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.
(5) Included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets.
N/A - Not applicable
Offsetting Assets and Liabilities
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated:
Year Ended December 31,
202420232022
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Location of Gain (Loss) Reclassified from AOCI into Income
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Amount of Gain (Loss) Recognized in Other Comprehensive Income(1)
$— $14 $— $(36)$(2)$58 
Amount of Gain (Loss) Reclassified from AOCI
— 13 — 8 — 9 
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Consolidated Financial Statements for additional information.

The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:
Year Ended December 31,
202420232022
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded
$1,482 $(44)$1,523 $(134)$1,619 $(429)
Fair value hedges:
Interest rate contracts:
Hedged items— 2 — — — — 
Derivatives designated as hedging instruments
— (2)— — — — 
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from AOCI into income(1)
8 5 8 — 9 — 
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Consolidated Financial Statements for additional information.
The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated:
Location of Gain (Loss) Recognized on Derivative
Year Ended December 31,
202420232022
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsNet gains (losses)$117 $10 $184 
Foreign exchange contracts
Net gains (losses)— (1)4 
Credit contracts
Net gains (losses)1 2 (3)
Embedded derivatives and MCGs:
Within fixed maturity investments
Net gains (losses)(4)(1)(5)
MCGs
Net gains (losses)4 (2)(5)
Stabilizer
Net gains (losses)(14)(1)19 
Total
$104 $7 $194