DERIVATIVES AND HEDGING (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The tables below provide a summary, by operating segment, of the gross notional amount and fair value of derivative contracts, by the primary underlying risks. 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.

	June 30, 2024						December 31, 2023
Primary Underlying Risk/Instrument Type	Gross Notional Values/Units		Fair Value				Gross Notional Values/Units		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions)
Retained Business
Interest Rate
Interest rate swaps	$	33,495	$	432	$	(791)	$	31,096	$	580	$	(923)
Interest rate options	215		—		(2)		215		10		(15)
Currency/Interest Rate
Foreign currency swaps	100		8		—		102		5		—
Equity
Equity futures	(1,966)		1		(8)		(2,025)		—		(71)
Total return swaps	1,079		6		(65)		1,079		—		(143)
Equity options	2,912		86		(150)		4,046		43		(94)
Total Derivatives, Retained Business	35,835		533		(1,016)		34,513		638		(1,246)
Ceded Business
Interest Rate
Interest rate swaps	505		16		(8)		605		22		(12)
Currency/Interest Rate
Foreign currency swaps	35		4		—		37		3		—
Equity
Total return swaps	266		—		(5)		281		—		—
Equity options	2,686		274		(30)		2,847		148		(44)
Total Derivatives, Ceded Business	3,492		294		(43)		3,770		173		(56)
Total Derivatives (1)	$	39,327	$	827	$	(1,059)	$	38,283	$	811	$	(1,302)

(1)     Recorded in “Other invested assets” and “Other liabilities” in the Consolidated Statements of Financial Position.

Offsetting Assets

The following table presents recognized derivative instruments and secured borrowings that are offset in the 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 Consolidated Statements of Financial Position.

	June 30, 2024
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the  Statements of Financial Position				Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
			Counterparty Netting		Cash Collateral
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	533	$	(507)	$	—	$	26	$	—	$	26
Ceded Business	294		(38)		—		256		—		256
Total	$	827	$	(545)	$	—	$	282	$	—	$	282
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	1,016	$	(507)	$	(366)	$	143	$	(143)	$	—
Ceded Business	43		(38)		—		5		—		5
Total	$	1,059	$	(545)	$	(366)	$	148	$	(143)	$	5
Repurchase agreements	$	1,121	$	—	$	—	$	1,121	$	(1,121)	$	—
Securities lending transactions	$	2	$	—	$	—	$	2	$	(2)	$	—

	December 31, 2023
`	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position				Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
			Counterparty Netting		Cash Collateral
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	638	$	(638)	$	—	$	—	$	—	$	—
Ceded Business	173		(56)		—		117		—		117
Total	$	811	$	(694)	$	—	$	117	$	—	$	117
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	1,246	$	(638)	$	(514)	$	94	$	(94)	$	—
Ceded Business	56		(56)		—		—		—		—
Total	$	1,302	$	(694)	$	(514)	$	94	$	(94)	$	—
Repurchase agreements	$	967	$	—	$	—	$	967	$	(967)	$	—

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Offsetting Liabilities

The following table presents recognized derivative instruments and secured borrowings that are offset in the 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 Consolidated Statements of Financial Position.

	June 30, 2024
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the  Statements of Financial Position				Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
			Counterparty Netting		Cash Collateral
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	533	$	(507)	$	—	$	26	$	—	$	26
Ceded Business	294		(38)		—		256		—		256
Total	$	827	$	(545)	$	—	$	282	$	—	$	282
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	1,016	$	(507)	$	(366)	$	143	$	(143)	$	—
Ceded Business	43		(38)		—		5		—		5
Total	$	1,059	$	(545)	$	(366)	$	148	$	(143)	$	5
Repurchase agreements	$	1,121	$	—	$	—	$	1,121	$	(1,121)	$	—
Securities lending transactions	$	2	$	—	$	—	$	2	$	(2)	$	—

	December 31, 2023
`	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statement of Financial Position				Net Amounts Presented in the Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
			Counterparty Netting		Cash Collateral
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	638	$	(638)	$	—	$	—	$	—	$	—
Ceded Business	173		(56)		—		117		—		117
Total	$	811	$	(694)	$	—	$	117	$	—	$	117
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	1,246	$	(638)	$	(514)	$	94	$	(94)	$	—
Ceded Business	56		(56)		—		—		—		—
Total	$	1,302	$	(694)	$	(514)	$	94	$	(94)	$	—
Repurchase agreements	$	967	$	—	$	—	$	967	$	(967)	$	—

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Derivative Instruments, Gain (Loss)

The following tables provide the financial statement classification and impact of derivatives, by segment.

	Three Months Ended						Six Months Ended
	June 30, 2024
	Investment gains (losses), net		Other income		Total		Investment gains (losses), net		Other income		Total
	(in millions)
Retained Business
Interest Rate	$	(19)	$	—	$	(19)	$	(93)	$	—	$	(93)
Currency/Interest Rate	—		1		1		—		3		3
Credit	1		—		1		3		—		3
Equity	(82)		—		(82)		(364)		—		(364)
Total, Retained Business	(100)		1		(99)		(454)		3		(451)
Ceded Business
Interest Rate	1		—		1		3		—		3
Currency/Interest Rate	1		—		1		1		—		1
Equity	34		—		34		146		—		146
Total, Ceded Business	36		—		36		150		—		150
Total	$	(64)	$	1	$	(63)	$	(304)	$	3	$	(301)

	Three Months Ended		Six Months Ended
	June 30, 2023
	Investment gains (losses), net
	(in millions)
Retained Business
Interest Rate	$	(77)	$	38
Credit	2		2
Equity	(264)		(479)
Total, Retained Business	(339)		(439)
Ceded Business
Interest Rate	36		67
Credit	1		1
Equity	100		176
Total, Ceded Business	137		244
Total	$	(202)	$	(195)