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Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] 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 December 31, 2024 and 2023 (dollars in millions):
 December 31, 2024December 31, 2023
 Primary Underlying RiskNotionalCarrying Value/Fair ValueNotionalCarrying Value/Fair Value
 AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swapsInterest rate$1,848 $$20 $1,609 $$
Interest rate optionsInterest rate1,773 — 5,555 — 
Total return swapsInterest rate956 — 14 500 24 — 
Interest rate futuresInterest rate— — — 97 — — 
Foreign currency swapsForeign currency150 47 — 150 27 — 
Foreign currency forwardsForeign currency1,148 37 809 36 — 
Foreign currency optionsForeign currency430 — — — — 
Equity optionsEquity255 253 — 
Equity futuresEquity209 — — 255 — — 
Credit default swapsCredit2,661 1,475 
Other swapsCredit1,300 — — — 
CPI swapsCPI408 468 11 
Synthetic GICsInterest rate15,362 — — 16,135 — — 
Embedded derivatives in:
Modco or funds withheld arrangements— 283 338 — 356 527 
Indexed products— 435 — — 415 
Total non-designated derivatives26,500 364 855 27,306 478 949 
Derivatives designated as hedging instruments:
Interest rate swapsInterest rate3,336 103 1,770 86 
Forward bond purchase commitmentsInterest rate2,020 — 206 1,076 11 80 
Foreign currency swapsForeign currency2,008 159 809 64 
Foreign currency forwardsForeign currency1,966 94 — 1,143 17 
Total hedging derivatives9,330 106 468 4,798 32 247 
Total derivatives$35,830 $470 $1,323 $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 years ended December 31, 2024, 2023 and 2022 were as follows (dollars in millions):
Derivative TypeHedged ItemInvestment Related
Gains (Losses), Net
Claims and Other Policy
Benefits
Interest Credited
DerivativesHedged ItemsDerivativesHedged ItemsDerivativesHedged Items
For the Year Ended December 31, 2024:
Foreign currency swapsForeign-denominated fixed maturity securities$$(4)$— $— $— $— 
Interest rate swapsFuture policy benefits— — (13)— — 
Interest rate swapsInterest-sensitive contract liabilities— — — — (18)12 
For the Year Ended December 31, 2023:
Foreign currency swapsForeign-denominated fixed maturity securities(2)(2)— — — — 
For the Year Ended December 31, 2022:
Foreign currency swapsForeign-denominated fixed maturity securities(1)— — — — 
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges (dollars in millions):
Hedged ItemCarrying Amount of
the Hedged Assets / (Liabilities)
Cumulative Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets / (Liabilities) Discontinued Fair Value Hedge Adjustments Included in the Cumulative Adjustments
December 31,
2024
December 31,
2023
December 31,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Foreign-denominated fixed maturity securities$— $89 n/an/an/an/a
Future policy benefits(508)— — — — 
Interest-sensitive contract liabilities(1,111)(25)11 (1)— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the cash flow hedge components of AOCI, before income taxes, and where the gain or loss related to cash flow hedges is recognized on the consolidated income statement classification for the years ended December 31, 2024, 2023 and 2022 (dollars in millions):
Amounts Included in AOCI
Balance December 31, 2021$(22)
Gains (losses), net deferred in other comprehensive income (loss)(192)
Amounts reclassified to net investment income
Amounts reclassified to interest expense
Balance December 31, 2022(205)
Gains (losses), net deferred in other comprehensive income (loss)(26)
Amounts reclassified to net investment income23 
Amounts reclassified to interest expense(10)
Balance December 31, 2023(218)
Gains (losses), net deferred in other comprehensive income (loss)(328)
Amounts reclassified to net investment income62 
Amounts reclassified to interest expense(11)
Balance December 31, 2024$(495)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the effect of derivatives in cash flow hedging relationships on the consolidated statements of income for the years ended December 31, 2024, 2023 and 2022 (dollars in millions):
Derivative TypeGains (Losses) Deferred in OCIGains (Losses) Reclassified into Income from AOCI
For the year ended December 31, 2024:Net Investment IncomeInterest Expense
Interest rate$(180)$(11)$11 
Foreign currency(148)(51)— 
Total$(328)$(62)$11 
For the year ended December 31, 2023:
Interest rate$18 $(7)$10 
Foreign currency(44)(16)— 
Total$(26)$(23)$10 
For the year ended December 31, 2022:
Interest rate$(187)$— $(1)
Foreign currency(5)(8)— 
Total$(192)$(8)$(1)
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 years ended December 31, 2024, 2023 and 2022 (dollars in millions):
 Derivative Gains (Losses) Deferred in OCI
 For the years ended December 31,
Derivative Type202420232022
Foreign currency forwards$130 $(18)$73 
Total$130 $(18)$73 
Derivative Instruments Gain Loss By Income Statement Location [Table Text Block]
A summary of the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2024, 2023 and 2022 is as follows (dollars in millions):
  
 Gains (Losses) for the years ended December 31,
Type of Non-qualifying DerivativeIncome Statement
Location of Gains (Losses)
202420232022
Interest rate swapsInvestment related gains (losses), net$(49)$(15)$(131)
Interest rate optionsInvestment related gains (losses), net(6)(33)
Total return swapsInvestment related gains (losses), net(7)14 21 
Interest rate futuresInvestment related gains (losses), net
Foreign currency swapsInvestment related gains (losses), net29 17 21 
Foreign currency forwardsInvestment related gains (losses), net(167)(98)(93)
Foreign currency optionsInvestment related gains (losses), net(7)— — 
Equity optionsInvestment related gains (losses), net(5)(28)14 
Equity futuresInvestment related gains (losses), net(28)(31)22 
Credit default swapsInvestment related gains (losses), net15 42 (66)
CPI swapsInvestment related gains (losses), net(4)31 
Subtotal(227)(125)(172)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net116 (163)(173)
Indexed productsInterest credited(22)17 98 
Total non-qualifying derivatives$(133)$(271)$(247)
Disclosure Of Credit Derivatives [Table Text Block]
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 as of December 31, 2024 and 2023 (dollars in millions):
 20242023
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$(5)$410 17.5$$420 18.1
BBB
Single name credit default swaps150 2.3165 2.8
Credit default swaps referencing indices— 2,086 5.1(1)880 5.0
Subtotal2,236 4.91,045 4.7
BB
Single name credit default swaps— 1.5(1)10 2.2
B
Single name credit default swaps— 10 1.2— — 0.0
Total$(2)$2,661 6.8$$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 December 31, 2024 and December 31, 2023 (dollars in millions):
Gross Amounts   RecognizedGross Amounts
Offset in the
Balance Sheet
Net Amounts
Presented in the
Balance Sheet
Financial Instruments/Collateral (1)
Net Amount
December 31, 2024:
Derivative assets$187 $(64)$123 $(123)$— 
Derivative liabilities550 (64)486 (486)— 
December 31, 2023:
Derivative assets$154 $(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 December 31, 2024 and December 31, 2023 (dollars in millions):
Gross Amounts   RecognizedGross Amounts
Offset in the
Balance Sheet
Net Amounts
Presented in the
Balance Sheet
Financial Instruments/Collateral (1)
Net Amount
December 31, 2024:
Derivative assets$187 $(64)$123 $(123)$— 
Derivative liabilities550 (64)486 (486)— 
December 31, 2023:
Derivative assets$154 $(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.