Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:


	As of December 31, 2025						As of December 31, 2024
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	1,300	$	12	$	7	$	632	$	2	$	16
Foreign currency contracts (1)	4,922		380		125		4,738		556		44
Total cash flow hedges	6,222		392		132		5,370		558		60
Fair value hedges:
Interest rate contracts (1)	417		1		–		435		8		16
Foreign currency contracts (1)	25		–		2		25		1		–
Total fair value hedges	442		1		2		460		9		16
Non-Qualifying Hedges
Interest rate contracts (1)	84,814		64		321		75,445		63		439
Foreign currency contracts (1)	289		12		4		348		30		2
Equity market contracts (1)	238,134		15,560		5,685		191,171		13,072		3,879

Credit contracts (1)	17		–		–		57		–		–
LPR ceded derivative (2)	–		202		–		–		190		–
Embedded derivatives:
Reinsurance-related (3)	–		202		–		–		728		–
RILA, fixed indexed annuity
and IUL contracts (4)	–		2,482		15,115		–		1,970		12,449
Total derivative instruments	$	329,918	$	18,915	$	21,259	$	272,851	$	16,620	$	16,845

(1) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements as described in Note 1.

(2) Reported in other assets on the Consolidated Balance Sheets.

(3) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.

(4) Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

Schedule of Derivative Instruments

The maturity of the notional amounts of derivative instruments (in millions) was as follows:


	Remaining Life as of December 31, 2025
	Less Than 1 Year		1 - 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	21,508	$	17,291	$	22,513	$	25,219	$	–	$	86,531
Foreign currency contracts (2)	245		1,380		1,808		1,761		42		5,236
Equity market contracts	169,259		56,126		10,563		7		2,179		238,134

Credit contracts	–		17		–		–		–		17
Total derivative instruments
with notional amounts	$	191,012	$	74,814	$	34,884	$	26,987	$	2,221	$	329,918

(1) As of December 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was January 28, 2030.

(2) As of December 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

Cumulative Basis Adjustments for Fair Value Hedges

The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:


	Amortized Cost of the Hedged Assets (Liabilities)				Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets (Liabilities)
	As of December 31, 2025		As of December 31, 2024		As of December 31, 2025		As of December 31, 2024
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value (1)	$	645	$	484	$	21	$	7

(1) Includes $21 million of unamortized adjustments from discontinued hedges as of December 31, 2025, and none as of December 31, 2024.

Change in Our Unrealized Gain on Derivative Instruments in AOCI

The change in our unrealized gain (loss) on derivative instruments within AOCI (in millions) was as follows:


	For the Years Ended December 31,
	2025		2024		2023
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	402	$	249	$	301

Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the year:
Cash flow hedges:
Interest rate contracts	17		17		212
Foreign currency contracts	208		21		(50)
Change in foreign currency exchange rate adjustment	(411)		220		(169)
Income tax benefit (expense)	40		(54)		2
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Interest rate contracts (1)	–		(3)		(1)
Foreign currency contracts (1)	57		59		54
Foreign currency contracts (2)	(3)		8		7
Income tax benefit (expense)	(11)		(13)		(13)
Balance as of end-of-year	$	213	$	402	$	249

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

(2) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Effects of Qualifying and Non-Qualifying Hedges

The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

Gain (Loss) Recognized in Income
For the Year Ended December 31, 2025

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the Effects of Fair Value or

Cash Flow Hedges are Recorded

(746)

5,625

5,451

Qualifying Hedges

Gain or (loss) on fair value hedging relationships:

Interest rate contracts:

Hedged items

–

Derivatives designated as hedging instruments

–

(11)

–

Foreign currency contracts:

Hedged items

–

Derivatives designated as hedging instruments

–

(3)

–

Gain or (loss) on cash flow hedging relationships:

Foreign currency contracts:

Amount of gain or (loss) reclassified from AOCI

into income

(3)

–

Non-Qualifying Hedges

Interest rate contracts

145

–

Foreign currency contracts

(5)

–

Equity market contracts

3,091

–

Credit contracts

–

LPR ceded derivative

–

(12)

Embedded derivatives:

Reinsurance-related

(510)

–

RILA, fixed indexed annuity and IUL contracts

(2,016)

–

Gain (Loss) Recognized in Income For the Year Ended December 31, 2024

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the Effects of Fair Value or

Cash Flow Hedges are Recorded

276

5,107

2,100

Qualifying Hedges

Gain or (loss) on fair value hedging relationships:

Interest rate contracts:

Hedged items

–

(30)

–

Derivatives designated as hedging instruments

–

Foreign currency contracts:

Hedged items

–

(2)

–

Derivatives designated as hedging instruments

–

Gain or (loss) on cash flow hedging relationships:

Interest rate contracts:

Amount of gain or (loss) reclassified from AOCI

into income

–

(3)

–

Foreign currency contracts:

Amount of gain or (loss) reclassified from AOCI

into income

–

Non-Qualifying Hedges

Interest rate contracts

(318)

–

Equity market contracts

5,248

–

LPR ceded derivative

–

Embedded derivatives:

Reinsurance-related

189

–

RILA, fixed indexed annuity and IUL contracts

(2,943)

–

Gain (Loss) Recognized in Income For the Year Ended December 31, 2023

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the Effects of Fair Value or

Cash Flow Hedges are Recorded

(4,934)

5,733

5,044

Qualifying Hedges

Gain or (loss) on fair value hedging relationships:

Interest rate contracts:

Hedged items

–

(5)

–

Derivatives designated as hedging instruments

–

Gain or (loss) on cash flow hedging relationships:

Interest rate contracts:

Amount of gain or (loss) reclassified from AOCI

into income

–

(1)

–

Foreign currency contracts:

Amount of gain or (loss) reclassified from AOCI

into income

–

Non-Qualifying Hedges

Interest rate contracts

(161)

–

Foreign currency contracts

(2)

–

Equity market contracts

1,387

–

Commodity contracts

–

Credit contracts

(4)

–

LPR ceded derivative

–

Embedded derivatives:

Reinsurance-related

(188)

–

RILA, fixed indexed annuity and IUL contracts

(3,187)

–

Schedule of Collateral Amounts With Rights to Reclaim or Obligation to Return Cash

The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:


	As of December 31, 2025				As of December 31, 2024
	Collateral Posted by Counterparty		Collateral Posted to Counterparty		Collateral Posted by Counterparty		Collateral Posted to Counterparty
S&P Credit Rating of Counterparty
AA-	$	2,867	$	(3)	$	4,006	$	(2)
A+	4,613		(15)		2,354		(89)
A	64		–		47		–
A-	240		–		632		–
Total cash collateral	$	7,784	$	(18)	$	7,039	$	(91)

Schedule of Offsetting Assets

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:


	As of December 31, 2025
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	15,939	$	2,684	$	18,623
Gross amounts offset	(5,994)		–		(5,994)
Net amount of assets	9,945		2,684		12,629
Gross amounts not offset:
Cash collateral	(7,784)		–		(7,784)
Non-cash collateral (1)	(2,161)		–		(2,161)
Net amount	$	–	$	2,684	$	2,684

Financial Liabilities
Gross amount of recognized liabilities	$	150	$	15,115	$	15,265
Gross amounts offset	(90)		–		(90)
Net amount of liabilities	60		15,115		15,175
Gross amounts not offset:
Cash collateral	(18)		–		(18)
Non-cash collateral	(28)		–		(28)
Net amount	$	14	$	15,115	$	15,129

(1) Excludes excess non-cash collateral received of $1.5 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.


	As of December 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	13,299	$	2,698	$	15,997
Gross amounts offset	(3,787)		–		(3,787)
Net amount of assets	9,512		2,698		12,210
Gross amounts not offset:
Cash collateral	(7,039)		–		(7,039)
Non-cash collateral (1)	(2,473)		–		(2,473)
Net amount	$	–	$	2,698	$	2,698

Financial Liabilities
Gross amount of recognized liabilities	$	608	$	12,449	$	13,057
Gross amounts offset	(432)		–		(432)
Net amount of liabilities	176		12,449		12,625
Gross amounts not offset:
Cash collateral	(91)		–		(91)
Non-cash collateral (2)	(85)		–		(85)
Net amount	$	–	$	12,449	$	12,449

(1) Excludes excess non-cash collateral received of $791 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $29 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

Schedule of Offsetting Liabilities

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:


	As of December 31, 2025
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	15,939	$	2,684	$	18,623
Gross amounts offset	(5,994)		–		(5,994)
Net amount of assets	9,945		2,684		12,629
Gross amounts not offset:
Cash collateral	(7,784)		–		(7,784)
Non-cash collateral (1)	(2,161)		–		(2,161)
Net amount	$	–	$	2,684	$	2,684

Financial Liabilities
Gross amount of recognized liabilities	$	150	$	15,115	$	15,265
Gross amounts offset	(90)		–		(90)
Net amount of liabilities	60		15,115		15,175
Gross amounts not offset:
Cash collateral	(18)		–		(18)
Non-cash collateral	(28)		–		(28)
Net amount	$	14	$	15,115	$	15,129

(1) Excludes excess non-cash collateral received of $1.5 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.


	As of December 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	13,299	$	2,698	$	15,997
Gross amounts offset	(3,787)		–		(3,787)
Net amount of assets	9,512		2,698		12,210
Gross amounts not offset:
Cash collateral	(7,039)		–		(7,039)
Non-cash collateral (1)	(2,473)		–		(2,473)
Net amount	$	–	$	2,698	$	2,698

Financial Liabilities
Gross amount of recognized liabilities	$	608	$	12,449	$	13,057
Gross amounts offset	(432)		–		(432)
Net amount of liabilities	176		12,449		12,625
Gross amounts not offset:
Cash collateral	(91)		–		(91)
Non-cash collateral (2)	(85)		–		(85)
Net amount	$	–	$	12,449	$	12,449

(1) Excludes excess non-cash collateral received of $791 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $29 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.