Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025						December 31, 2024
	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)	$	—	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts	22		—		—		—		—		—
Cash flow hedges:
Interest rate contracts	10		—		—		10		—		—
Foreign exchange contracts	422		7		16		504		37		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,031		147		215		11,626		201		266
Foreign exchange contracts	40		—		1		44		1		—
Credit contracts	61		—		—		72		—		—
Embedded derivatives and MCGs:
Within fixed maturity investments(4)	N/A		1		—		N/A		—		4
Within reinsurance agreements(5)	N/A		23		—		N/A		—		—
MCGs(6)	N/A		—		—		N/A		—		4
Stabilizer(6)	N/A		—		5		N/A		—		15
Total			$	178	$	237			$	239	$	291

(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets.

(2) Total carrying amount of the hedged assets and liabilities was $213 and $202 as of December 31, 2025 and 2024, respectively.

(3) The cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $2 as of December 31, 2025 and 2024, 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 Other assets on the Consolidated Balance Sheets.

(6) 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 were as follows for the periods indicated:

	Year Ended December 31,
	2025				2024				2023
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign 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)	$	—	$	(44)	$	—	$	14	$	—	$	(36)
Amount of Gain (Loss) Reclassified from AOCI	—		6		—		13		—		8

(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 were as follows for the periods indicated:

	Year Ended December 31,
	2025				2024				2023
	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	$	1,722	$	(132)	$	1,482	$	(44)	$	1,523	$	(134)
Fair value hedges:
Interest rate contracts:
Hedged items	—		—		—		2		—		—
Derivatives designated as hedging instruments	—		(1)		—		(2)		—		—
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from AOCI into income	5		1		8		5		8		—

The location and effect of derivatives not designated as hedging instruments in the Consolidated Statements of Operations were as follows for the periods indicated:

	Location of Gain (Loss) Recognized on Derivative	Year Ended December 31,
		2025		2024		2023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	(32)	$	117	$	10
Foreign exchange contracts	Net gains (losses)	(3)		—		(1)
Credit contracts	Net gains (losses)	(1)		1		2
Embedded derivatives and MCGs:
Within fixed maturity investments	Net gains (losses)	5		(4)		(1)
Within reinsurance agreements	Net gains (losses)	23		—		—
MCGs	Net gains (losses)	4		4		(2)
Stabilizer	Net gains (losses)	10		(14)		(1)
Total		$	6	$	104	$	7