DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments by Category

The following table presents the gross notional amount and fair value of the Company’s derivatives:

Derivative Instruments by Category


	March 31, 2026								December 31, 2025
			Fair Value								Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives		Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives
	(in millions)
Derivatives: designated for hedge accounting (1)
Cash flow hedges:
Currency swaps	$	3,421	$	117	$	114	$	3	$	3,286	$	96	$	142	$	(46)
Interest swaps	952		—		336		(336)		952		—		330		(330)
Total: designated for hedge accounting	4,373		117		450		(333)		4,238		96		472		(376)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures	16,476		4		—		4		15,052		1		—		1
Swaps	18,030		1,022		135		887		18,290		61		47		14
Options	85,430		23,619		6,026		17,593		88,273		27,686		6,580		21,106
Forwards	—		1		2		(1)		—		34		—		34
Interest rate contracts:
Futures	8,493		—		—		—		8,802		—				—
Swaps	598		—		11		(11)		601		—		18		(18)
Options	50		5		—		5		50		5		—		5
Credit contracts:
Credit default swaps	356		1		5		(4)		397		1		11		(10)
Currency contracts:
Currency swaps	110		2		—		2		—		—		—		—
Currency forwards	81		19		16		3		90		15		16		(1)
Other freestanding contracts:
Margin	—		1,094		—		1,094		—		948		—		948
Collateral	—		145		17,386		(17,241)		—		144		20,776		(20,632)
Total: not designated for hedge accounting	129,624		25,912		23,581		2,331		131,555		28,895		27,448		1,447

Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)	—		—		18,537		(18,537)		—		—		21,819		(21,819)
Modco payable	—		2		—		2		—		(1)		—		(1)
Total embedded derivatives	—		2		18,537		(18,535)		—		(1)		21,819		(21,820)

Total derivative instruments	$	133,997	$	26,031	$	42,568	$	(16,537)	$	135,793	$	28,990	$	49,739	$	(20,749)

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(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders’ account balances in the consolidated balance sheets.

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):

Derivative Instruments by Category


	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Net Derivative Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI		Net Derivative Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI

Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps	$	1	$	5	$	97	$	66	$	—	$	6	$	33	$	(37)
Interest swaps	—		7		—		(4)		—		(3)		—		(21)
Total: designated for hedge accounting	1		12		97		62		—		3		33		(58)
Derivatives: not designated for hedge accounting
Equity contracts:
Futures	(85)		—		—		—		(200)		—		—		—
Swaps	520		—		—		—		705		—		—		—
Options	(2,253)		—		—		—		(2,645)		—		—		—
Forwards	(35)		—		—		—		—		—		—		—
Interest rate contracts:
Futures	2		—		—		—		(23)		—		—		—
Swaps	(6)		—		—		—		15		—		—		—
Options	—		—		—		—		(1)		—		—		—
Credit contracts:
Credit default swaps	3		—		—		—		—		—		—		—
Currency contracts:
Currency swaps	—		—		—		—		(30)		—		—		—
Currency forwards	2		—		—		—		—		—		—		—
Other freestanding contracts:
Margin	—		—		—		—		—		—		—		—
Collateral	—		—		—		—		—		—		—		—
Total: not designated for hedge accounting	(1,852)		—		—		—		(2,179)		—		—		—

Embedded derivatives:
SCS, SIO, MSO and IUL indexed features	2,437		—		—		—		2,978		—		—		—
Modco payable	(6)		—		—		—		—		—		—		—
Total embedded derivatives	2,431		—		—		—		2,978		—		—		—

Total derivative instruments	$	580	$	12	$	97	$	62	$	799	$	3	$	33	$	(58)

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(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents a roll-forward of cash flow hedges recognized in AOCI:

Roll-forward of Cash flow hedges in AOCI


	Three Months Ended March 31,
		2026		2025
		(in millions)
Balance, beginning of period		$	(67)	$	80
Amount recorded in AOCI
Currency swaps		49		10
Interest swaps		(1)		(29)
Total amount recorded in AOCI		48		(19)
Amount reclassified from (to) income to AOCI
Currency swaps (1)		17		(47)
Interest swaps (1)		(3)		8
Total amount reclassified from (to) income to AOCI		14		(39)
Balance, end of period (2)		$	(5)	$	22

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(1) Currency swaps income is reported in Net investment income in the consolidated statements of income (loss). Interest swaps income is reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2) The Company does not estimate the amount of the deferred losses in AOCI at March 31, 2026 and 2025, which will be released and reclassified into net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Schedule of Offsetting Financial Assets and Liabilities and Derivative Instruments

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of March 31, 2026


	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	26,028	$	18,370	$	7,658	$	(5,645)	$	2,013
Secured lending	299		—		299		—		299
Other financial assets	1,963		—		1,963		—		1,963
Other invested assets	$	28,290	$	18,370	$	9,920	$	(5,645)	$	4,275

Liabilities:
Derivative liabilities (2)	$	18,385	$	18,370	$	15	$	—	$	15
Secured lending	299		—		299		—		299
Other financial liabilities	6,534		—		6,534		—		6,534
Other liabilities	$	25,218	$	18,370	$	6,848	$	—	$	6,848

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(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments/collateral sent (held).

As of December 31, 2025


	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	28,990	$	20,424	$	8,566	$	(7,344)	$	1,222
Secured Lending	408		—		408		—		408
Other financial assets	1,994		—		1,994		—		1,994
Other invested assets	$	31,392	$	20,424	$	10,968	$	(7,344)	$	3,624

Liabilities:
Derivative liabilities (2)	$	20,575	$	20,424	$	151	$	—	$	151
Secured Lending	408		—		408		—		408
Other financial liabilities	6,442		—		6,442		—		6,442
Other liabilities	$	27,425	$	20,424	$	7,001	$	—	$	7,001

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).