v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Aggregate Contractual Notional Amounts and Fair Values of Derivatives
A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions):

March 31, 2026
Contractual/AssetsLiabilitiesNet
NotionalFairFairFair Value
Amount (1)
ValueValueAsset (Liability)
Freestanding derivatives
Cross-currency swaps$1,595 $140 $100 $40 
Equity index futures (2)
45,209 — — — 
Equity index put options 20,000 361 — 361 
Interest rate swaps - cleared (2)
3,695 — — — 
Interest rate futures (2)
19,195 — — — 
Total return swaps3,516 69 37 32 
Bond forwards8,284 112 89 23 
Total freestanding derivatives101,494 682 226 456 
Embedded derivatives
Fixed index annuity embedded derivatives (3)
N/A— 818 (818)
Registered index linked annuity embedded derivatives (3)
N/A— 5,499 (5,499)
Total embedded derivativesN/A— 6,317 (6,317)
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps158 12 — 12 
Cross-currency forwards754 7 12 (5)
Funds withheld embedded derivative (4)
N/A1,765 — 1,765 
Total derivatives related to funds withheld under reinsurance treaties912 1,784 12 1,772 
Total$102,406 $2,466 $6,555 $(4,089)

(1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions.
(2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades.
(3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above.
(4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets.
December 31, 2025
Contractual/AssetsLiabilitiesNet
NotionalFairFairFair Value
Amount (1)
ValueValueAsset (Liability)
Freestanding derivatives
Cross-currency swaps$1,379 $133 $114 $19 
Equity index futures (2)
43,905 — — — 
Equity index put options 16,500 114 — 114 
Interest rate swaps - cleared (2)
2,485 — — — 
Interest rate futures (2)
21,874 — — — 
Total return swaps3,544 22 43 (21)
Bond forwards8,143 161 78 83 
Total freestanding derivatives97,830 430 235 195 
Embedded derivatives
Fixed index annuity embedded derivatives (3)
N/A— 863 (863)
Registered index linked annuity embedded derivatives (3)
N/A— 6,043 (6,043)
Total embedded derivativesN/A— 6,906 (6,906)
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps158 11 1 10 
Cross-currency forwards1,133 7 21 (14)
Funds withheld embedded derivative (4)
N/A1,752 — 1,752 
Total derivatives related to funds withheld under reinsurance treaties1,291 1,770 22 1,748 
Total$99,121 $2,200 $7,163 $(4,963)
(1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures, forwards, and options represents the market exposure of open positions.
(2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades.
(3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above.
(4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets.
Schedule of Gains and Losses, and Change in Fair Value of Derivatives
The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions):

Three Months Ended March 31,
20262025
Derivatives excluding funds withheld under reinsurance treaties and non-qualified voluntary deferred compensation plan
Cross-currency swaps$18 $27 
Equity index futures(433)147 
Equity index put options23 108 
Interest rate swaps24 28 
Interest rate futures(106)476 
Total return swaps107 112 
Bond forwards(67)115 
Fixed index annuity embedded derivatives6 (1)
Registered index linked annuity embedded derivatives758 397 
Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties330 1,409 
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps2 1 
Cross-currency forwards2 (18)
Funds withheld embedded derivative14 (201)
Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties18 (218)
Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties$348 $1,191 
Derivatives related to non-qualified voluntary deferred compensation plan
Equity index futures$(6)$— 
Total return swaps(3)— 
Total operating costs and other expenses related to non-qualified voluntary deferred compensation plan$(9)$— 
Schedule of Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Assets
The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions):

March 31, 2026
Gross
Amounts
Recognized		Gross
Amounts
Offset in the Condensed
Consolidated
Balance Sheets		Net Amounts
Presented in
the Condensed Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Condensed Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative assets$701 $— $701 $492 $159 $48 $2 
Financial Liabilities:
Freestanding derivative liabilities$238 $— $238 $146 $4 $55 $33 
Derivative deferred premium payable346 — 346 346 — — — 
Securities lending54 — 54 — 54 — — 
Repurchase agreements451 — 451 — — 451 — 
Repurchase agreements - collateral upgrade1,482 (1,482)— — — — — 
Total financial liabilities$2,571 $(1,482)$1,089 $492 $58 $506 $33 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.
December 31, 2025
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Condensed Consolidated
Balance Sheets		Net Amounts
Presented in
the Condensed Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Condensed Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative assets$448 $— $448 $297 $73 $53 $25 
Financial Liabilities:
Freestanding derivative liabilities$257 $— $257 $20 $12 $221 $4 
Derivative deferred premium payable277 — 277 277 — — — 
Securities lending35 — 35 — 35 — — 
Repurchase agreements1,001 — 1,001 — — 1,001 — 
Repurchase agreements - collateral upgrade1,498 (1,498)— — — — — 
Total financial liabilities$3,068 $(1,498)$1,570 $297 $47 $1,222 $4 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.
Schedule of Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Liabilities
The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions):

March 31, 2026
Gross
Amounts
Recognized		Gross
Amounts
Offset in the Condensed
Consolidated
Balance Sheets		Net Amounts
Presented in
the Condensed Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Condensed Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative assets$701 $— $701 $492 $159 $48 $2 
Financial Liabilities:
Freestanding derivative liabilities$238 $— $238 $146 $4 $55 $33 
Derivative deferred premium payable346 — 346 346 — — — 
Securities lending54 — 54 — 54 — — 
Repurchase agreements451 — 451 — — 451 — 
Repurchase agreements - collateral upgrade1,482 (1,482)— — — — — 
Total financial liabilities$2,571 $(1,482)$1,089 $492 $58 $506 $33 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.
December 31, 2025
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Condensed Consolidated
Balance Sheets		Net Amounts
Presented in
the Condensed Consolidated
Balance Sheets
Gross Amounts Not Offset
in the Condensed Consolidated Balance Sheets
Financial
Instruments (1)
Cash
Collateral
Securities
Collateral (2)
Net
Amount
Financial Assets:
Freestanding derivative assets$448 $— $448 $297 $73 $53 $25 
Financial Liabilities:
Freestanding derivative liabilities$257 $— $257 $20 $12 $221 $4 
Derivative deferred premium payable277 — 277 277 — — — 
Securities lending35 — 35 — 35 — — 
Repurchase agreements1,001 — 1,001 — — 1,001 — 
Repurchase agreements - collateral upgrade1,498 (1,498)— — — — — 
Total financial liabilities$3,068 $(1,498)$1,570 $297 $47 $1,222 $4 
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets.
(2) Excludes initial margin amounts for exchange-traded derivatives.