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Derivative Instruments (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 following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of June 30, 2024 and December 31, 2023 (dollars in millions):
 June 30, 2024December 31, 2023
 Primary Underlying RiskNotionalCarrying Value / Fair ValueNotionalCarrying Value / Fair Value
 AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swaps Interest rate$1,719 $4 $15 $1,609 $4 $3 
Interest rate optionsInterest rate4,435 3 — 5,555 7 — 
Total return swapsInterest rate1,218 4 2 500 24 — 
Interest rate futuresInterest rate— — — 97 — — 
Foreign currency swapsForeign currency150 45 — 150 27 — 
Foreign currency forwardsForeign currency1,727 13 39 809 36 — 
Foreign currency optionsForeign currency350 — — — — — 
Equity optionsEquity253 3 — 253 8 — 
Equity futuresEquity204 — — 255 — — 
Credit default swapsCredit2,373 4 3 1,475 5 1 
CPI swapsCPI433 7 2 468 11 3 
Synthetic GICsInterest rate15,436 — — 16,135 — — 
Embedded derivatives in:
Modco or funds withheld arrangements— 323 391 — 356 527 
Indexed annuity products— — 386 — — 415 
Total non-designated derivatives28,298 406 838 27,306 478 949 
Derivatives designated as hedging instruments:
Interest rate swaps Interest rate3,238 4 112 1,770 9 86 
Forward bond purchase commitmentsInterest rate1,048 1 128 1,076 11 80 
Foreign currency swapsForeign currency1,844 7 168 809 7 64 
Foreign currency forwardsForeign currency1,317 11 1 1,143 5 17 
Total hedging derivatives7,447 23 409 4,798 32 247 
Total derivatives$35,745 $429 $1,247 $32,104 $510 $1,196 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] The gain or loss on the hedged item attributable to a change in interest rates or foreign currency and the offsetting gain or loss on the related interest rate or foreign currency swaps for the three and six months ended June 30, 2024 and 2023 are as follows (dollars in millions):
Derivative TypeHedged ItemInvestment Related
Gains (Losses), Net		Claims and Other Policy BenefitsInterest Credited
DerivativesHedged ItemsDerivativesHedged ItemsDerivativesHedged Items
For the three months ended June 30, 2024:
Foreign currency swapsForeign-denominated fixed maturity securities$3 $(4)$— $— $— $— 
Interest rate swapsFuture policy benefits— — (4)2 — — 
Interest rate swapsInterest-sensitive contract liabilities— — — — (3)1 
For the three months ended June 30, 2023:
Foreign currency swapsForeign-denominated fixed maturity securities— — — — — — 
Interest rate swapsInterest-sensitive contract liabilities— — — — — — 
For the six months ended June 30, 2024:
Foreign currency swapsForeign-denominated fixed maturity securities2 (4)— — — — 
Interest rate swapsFuture policy benefits— — (4)2 — — 
Interest rate swapsInterest-sensitive contract liabilities— — — — (5)2 
For the six months ended June 30, 2023:
Foreign currency swapsForeign-denominated fixed maturity securities(3)2 — — — — 
Interest rate swapsInterest-sensitive contract liabilities— — — — — — 
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges (dollars in millions):
Hedged ItemCarrying Amount of
the Hedged Assets / (Liabilities)		Cumulative Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets / (Liabilities) Discontinued Fair Value Hedge Adjustments Included in the Cumulative Adjustments
June 30, 2024December 31, 2023June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Foreign-denominated fixed maturity securities$— $89 n/an/an/an/a
Future policy benefits(650)— 2 — 16 — 
Interest-sensitive contract liabilities(916)(25)1 (1)16 1 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the cash flow hedge components of AOCI, before income taxes, and where the gain or loss related to cash flow hedges is recognized on the condensed consolidated statements of income for the three and six months ended June 30, 2024 and 2023 (dollars in millions):
 Three months ended June 30,
 20242023
Balance, beginning of period$(299)$(198)
Gains (losses), net deferred in other comprehensive income (loss)(125)(32)
Amounts reclassified to net investment income14 4 
Amounts reclassified to interest expense(3)(2)
Balance, end of period$(413)$(228)
 Six months ended June 30,
 20242023
Balance, beginning of period$(218)$(205)
Gains (losses), net deferred in other comprehensive income (loss)(211)(26)
Amounts reclassified to net investment income22 7 
Amounts reclassified to interest expense(6)(4)
Balance, end of period$(413)$(228)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income for the three and six months ended June 30, 2024 and 2023 (dollars in millions):
Derivative TypeGains (Losses)
 Deferred in OCI		Gains (Losses) Reclassified into Income from
AOCI
Net Investment IncomeInterest Expense
For the three months ended June 30, 2024:
Interest rate$(33)$(3)$3 
Foreign currency(92)(11)— 
Total$(125)$(14)$3 
For the three months ended June 30, 2023:
Interest rate$(8)$— $2 
Foreign currency(24)(4)— 
Total$(32)$(4)$2 
For the six months ended June 30, 2024:
Interest rate$(90)$(6)$6 
Foreign currency(121)(16)— 
Total$(211)$(22)$6 
For the six months ended June 30, 2023:
Interest rate$6 $— $4 
Foreign currency(32)(7)— 
Total$(26)$(7)$4 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three and six months ended June 30, 2024 and 2023 (dollars in millions):
 Derivative Gains (Losses) Deferred in OCI   
 Three months ended June 30,Six months ended June 30,
Derivative Type2024202320242023
Foreign currency swaps$— $— $— $— 
Foreign currency forwards11 (21)36 (21)
Total$11 $(21)$36 $(21)
Derivatives Not Designated as Hedging Instruments [Table Text Block]
A summary of the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2024 and 2023 is as follows (dollars in millions):
  Gains (Losses) for the three months ended     
June 30,
Type of Non-qualifying DerivativeIncome Statement
Location of Gains (Losses)		20242023
Interest rate swapsInvestment related gains (losses), net$(13)$(30)
Interest rate optionsInvestment related gains (losses), net— (3)
Total return swapsInvestment related gains (losses), net(11)5 
Interest rate futuresInvestment related gains (losses), net1 2 
Foreign currency swapsInvestment related gains (losses), net8 12 
Foreign currency forwardsInvestment related gains (losses), net(98)(74)
Foreign currency optionsInvestment related gains (losses), net(3)— 
Equity optionsInvestment related gains (losses), net(1)(11)
Equity futuresInvestment related gains (losses), net(2)(10)
Credit default swapsInvestment related gains (losses), net2 10 
CPI swapsInvestment related gains (losses), net(1)6 
Subtotal(118)(93)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net26 (20)
Indexed annuity productsInterest credited8 (5)
Total non-qualifying derivatives$(84)$(118)
Gains (Losses) for the six months ended     
June 30,
Type of Non-qualifying DerivativeIncome Statement
Location of Gains (Losses)		20242023
Interest rate swapsInvestment related gains (losses), net$(44)$(10)
Interest rate optionsInvestment related gains (losses), net(3)(26)
Total return swapsInvestment related gains (losses), net(7)8 
Interest rate futuresInvestment related gains (losses), net2 2 
Foreign currency swapsInvestment related gains (losses), net22 12 
Foreign currency forwardsInvestment related gains (losses), net(162)(93)
Foreign currency optionsInvestment related gains (losses), net(3)— 
Equity optionsInvestment related gains (losses), net(5)(25)
Equity futuresInvestment related gains (losses), net(19)(19)
Credit default swapsInvestment related gains (losses), net4 21 
CPI swapsInvestment related gains (losses), net(1)7 
Subtotal(216)(123)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net103 17 
Indexed annuity productsInterest credited(12)11 
Total non-qualifying derivatives$(125)$(95)
Disclosure Of Credit Derivatives
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2024 and December 31, 2023 (dollars in millions):
 June 30, 2024December 31, 2023
Rating Agency Designation of Referenced Credit Obligations(1)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
Weighted
Average
Years to
Maturity (3)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
Weighted
Average
Years to
Maturity (3)  
AAA/AA/A
Single name credit default swaps$(2)$410 18.0$2 $420 18.1
BBB
Single name credit default swaps4 145 2.64 165 2.8
Credit default swaps referencing indices(1)1,803 4.2(1)880 5.0
Subtotal3 1,948 4.03 1,045 4.7
BB
Single name credit default swaps— 5 2.0(1)10 2.2
B
Single name credit default swaps— 10 1.7— — 0.0
Total$1 $2,373 6.4$4 $1,475 8.5
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)Assumes the value of the referenced credit obligations is zero.
(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Offsetting Assets [Table Text Block]
The following table provides information relating to the netting of the Company’s derivative instruments as of June 30, 2024 and December 31, 2023 (dollars in millions):
Gross Amounts  
Recognized		Gross Amounts
Offset in the
Balance Sheet   		Net Amounts
Presented in the
Balance Sheet   
Financial
Instruments / Collateral (1)
Net Amount   
June 30, 2024:
Derivative assets$106 $(40)$66 $(66)$— 
Derivative liabilities470 (40)430 (430)— 
December 31, 2023:
Derivative assets154 (57)97 (97)— 
Derivative liabilities254 (57)197 (197)— 
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
Offsetting Liabilities [Table Text Block]
The following table provides information relating to the netting of the Company’s derivative instruments as of June 30, 2024 and December 31, 2023 (dollars in millions):
Gross Amounts  
Recognized		Gross Amounts
Offset in the
Balance Sheet   		Net Amounts
Presented in the
Balance Sheet   
Financial
Instruments / Collateral (1)
Net Amount   
June 30, 2024:
Derivative assets$106 $(40)$66 $(66)$— 
Derivative liabilities470 (40)430 (430)— 
December 31, 2023:
Derivative assets154 (57)97 (97)— 
Derivative liabilities254 (57)197 (197)— 
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.