v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. Derivative assets are included in other assets, while derivative liabilities are included in other liabilities within the Company’s consolidated balance sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.
  June 30, 2025December 31, 2024
(In millions)Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Hedge Designation/ Derivative
  Type		Notional
Amount		Fair ValueFair ValueNotional
Amount		Fair ValueFair Value
Cash flow hedges:
Foreign currency swaps - VIE$18 $0 $4 $18 $0 $6 
Total cash flow hedges18 0 4 18 0 6 
Net investment hedge:
Foreign currency forwards1,926 29 53 1,809 185 0 
Total net investment hedge1,926 29 53 1,809 185 0 
Non-qualifying strategies:
Foreign currency swaps0 0 0 450 2 0 
Foreign currency swaps - VIE3,096 45 585 3,042 53 598 
Foreign currency forwards572 0 8 0 0 0 
Foreign currency options25,000 2 0 24,195 0 0 
Interest rate swaps29,280 14 275 17,230 0 329 
Forward bond purchase commitment - VIE28 0 0 0 0 0 
Total non-qualifying strategies57,976 61 868 44,917 55 927 
Total derivatives$59,920 $90 $925 $46,744 $240 $933 
Schedule of Interest Rate Fair Value Hedges Hedged Items
The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of June 30, 2025 and December 31, 2024; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.
(In millions)
Carrying Amount of the Hedged Assets/(Liabilities)(1)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
Fixed maturity securities$1,344 $1,294 $126 $137 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $126 in 2025 and $137 in 2024.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments.
Three Months Ended June 30,
20252024
(In millions)
Net
Investment
Income
Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)
Net
Investment
Income
Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $(1)$1 $0 $(1)$0 
  Total cash flow hedges0 (1)
(1)
1 0 (1)
(1)
0 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 (139)0 265 
       Foreign currency forwards26 (81)32 155 
   Total net investment hedge26 (220)32 420 
  Non-qualifying strategies:
       Foreign currency swaps0 1 
       Foreign currency swaps - VIE30 (128)
       Foreign currency forwards(7)0 
       Foreign currency options (14)(141)
       Interest rate swaps(11)(38)
  Total non-qualifying strategies(2)(306)
          Total$0 $23 $(219)$0 $(275)$420 
(1) Impact of cash flow hedges reported as net investment gains (losses) includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2025, and $1 of losses during the three-month period ended June 30, 2024.
Six Months Ended June 30,
20252024
(In millions)Net
Investment
Income		Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $(2)$3 $0 $(2)$0 
  Total cash flow hedges0 (2)
(1)
3 0 (2)
(1)
0 
  Net investment hedge:
       Non-derivative hedging
         instruments		 0 (379)0 501 
       Foreign currency forwards62 (225)76 300 
  Total net investment hedge62 (604)76 801 
  Non-qualifying strategies:
       Foreign currency swaps0 2 
       Foreign currency swaps - VIE(27)(216)
       Foreign currency forwards(7)17 
       Foreign currency options (19)(182)
       Interest rate swaps(29)(185)
  Total non-qualifying strategies(82)(564)
          Total$0 $(22)$(601)$0 $(490)$801 
(1) Impact of cash flow hedges reported as net investment gains (losses) includes $2 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2025, and $2 of losses during the six-month period ended June 30, 2024.
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
June 30, 2025
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net Amount of Assets Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$31 $0 $31 $(24)$0 $(6)$1 
          OTC - cleared14 0 14 (14)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		45 0 45 (38)0 (6)1 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral45 45 45 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		45 45 45 
    Total derivative
      assets		90 0 90 (38)0 (6)46 
Securities lending
   and similar
   arrangements		5,732 0 5,732 0 0 (5,732)0 
    Total$5,822 $0 $5,822 $(38)$0 $(5,738)$46 
December 31, 2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net Amount of Assets Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$187 $0 $187 $0 $(45)$(135)$7 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		187 0 187 0 (45)(135)7 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral53 53 53 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		53 53 53 
    Total derivative
      assets		240 0 240 0 (45)(135)60 
Securities lending
   and similar
   arrangements		2,001 0 2,001 0 0 (2,001)0 
    Total$2,241 $0 $2,241 $0 $(45)$(2,136)$60 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
June 30, 2025
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$61 $0 $61 $(24)$(5)$(2)$30 
          OTC - cleared275 0 275 (14)(19)(242)0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		336 0 336 (38)(24)(244)30 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral589 589 589 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		589 589 589 
    Total derivative
      liabilities		925 0 925 (38)(24)(244)619 
Securities lending
   and similar
   arrangements		5,767 0 5,767 (5,732)0 0 35 
    Total$6,692 $0 $6,692 $(5,770)$(24)$(244)$654 
December 31, 2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - cleared$329 $0 $329 $0 $0 $(329)$0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		329 0 329 0 0 (329)0 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral604 604 604 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		604 604 604 
    Total derivative
      liabilities		933 0 933 0 0 (329)604 
Securities lending
   and similar
   arrangements		2,037 0 2,037 (2,001)0 0 36 
    Total$2,970 $0 $2,970 $(2,001)$0 $(329)$640