v3.26.1
Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives
Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
March 31, 2026December 31, 2025
NotionalGross Fair ValueNotionalGross Fair Value
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
(in millions)
Derivatives not designated as hedging instruments
Interest rate contracts
$35,135 $155 $215 $36,011 $143 $219 
Equity contracts
134,185 11,521 6,730 132,590 12,940 7,997 
Credit contracts
2,920 60 — 3,297 15 — 
Foreign exchange contracts
2,552 22 4 2,459 24 1 
Total non-designated hedges174,792 11,758 6,949 174,357 13,122 8,217 
Embedded derivatives
IULN/A— 1,002 N/A— 1,042 
Fixed deferred indexed annuities and deposit receivablesN/A53 52 N/A59 58 
Structured variable annuities (3)
N/A— 3,226 N/A— 3,879 
SMCN/A— 3 N/A— 4 
Total embedded derivatives
N/A53 4,283 N/A59 4,983 
Total derivatives
$174,792 $11,811 $11,232 $174,357 $13,181 $13,200 
N/A  Not applicable.
(1) The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.
(2) The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims. The fair value of the SMC embedded derivative liability is included in Customer deposits.
(3) The fair value of the structured variable annuity embedded derivatives as of March 31, 2026 included $3.2 billion of individual contracts in a liability position and $22 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2025 included $3.9 billion of individual contracts in a liability position and $1 million of individual contracts in an asset position.
Summary of impact of derivatives not designated as hedging instruments, including embedded derivatives
The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:                        
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement ExpensesChange in Fair Value of Market Risk BenefitsGeneral and Administrative Expense
(in millions)
Three Months Ended March 31, 2026
Interest rate contracts$— $— $— $— $(2)$(28)$— 
Equity contracts3 — 15 (25)(530)167 1 
Credit contracts— — — — — 29 — 
Foreign exchange contracts— — — — — 8 (3)
IUL embedded derivatives— — — 23 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (6)— — — 
Structured variable annuity embedded derivatives— — — — 505 — — 
SMC embedded derivatives— — — — — — — 
Total gain (loss)$3 $— $15 $(8)$(27)$176 $(2)
Three Months Ended March 31, 2025
Interest rate contracts$— $— $— $— $2 $120 $— 
Equity contracts(2)(1)(75)(29)(674)247 (5)
Credit contracts— — 2 — — (48)— 
Foreign exchange contracts— — — — — (10)12 
IUL embedded derivatives— — — 32 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (1)— — — 
Structured variable annuity embedded derivatives— — — — 548 — — 
SMC embedded derivatives— 1 — — — — — 
Total gain (loss)$(2)$— $(73)$2 $(124)$309 $7 
Summary of payments to make and receive for options The following is a summary of the payments the Company is scheduled to make and receive for these options as of March 31, 2026:
 Premiums PayablePremiums Receivable
(in millions)
2026 (1)
$181 $70 
202720 — 
202830 — 
2029135 — 
2030
217 — 
2031
16 — 
Total$599 $70 
(1) 2026 amounts represent the amounts payable and receivable for the period from April 1, 2026 to December 31, 2026.