v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026As of December 31, 2025
Notional
Amounts		Fair ValueNotional
Amounts		Fair Value
AssetLiabilityAssetLiability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)
$1,570 $8 $10 $1,300 $12 $7 
Foreign currency contracts (1)
4,974 472 87 4,922 380 125 
Total cash flow hedges6,544 480 97 6,222 392 132 
Fair value hedges:
Interest rate contracts (1)
833 1 7 833 1 – 
Foreign currency contracts (1)
25 – 1 25 – 2 
Total fair value hedges858 1 8 858 1 2 
Non-Qualifying Hedges
Interest rate contracts (1)
88,019 124 326 84,814 64 321 
Foreign currency contracts (1)
322 14 3 289 12 4 
Equity market contracts (1)
164,036 12,886 4,845 238,623 15,560 5,685 
Credit contracts (1)
239 – – 17 – – 
Embedded derivatives:
Reinsurance-related (2)
– – 92 – – 289 
RILA, fixed indexed annuity
and IUL contracts (3)
– 1,332 13,444 – 1,369 15,115 
Total derivative instruments$260,018 $14,837 $18,815 $330,823 $17,398 $21,548 

(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.
(2) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.
(3) 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 March 31, 2026
Less Than
1 Year		1 - 5
Years		6 - 10
Years		11 - 30
Years		Over 30
Years		Total
Interest rate contracts (1)
$18,494 $26,227 $16,603 $27,298 $1,800 $90,422 
Foreign currency contracts (2)
218 1,657 1,627 1,777 42 5,321 
Equity market contracts96,298 55,709 9,887 6 2,136 164,036 
Credit contracts– 110 129 – – 239 
Total derivative instruments
with notional amounts$115,010 $83,703 $28,246 $29,081 $3,978 $260,018 

(1) As of March 31, 2026, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was September 25, 2030.
(2) As of March 31, 2026, 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
 March 31,
2026		As of
 December 31,
2025		As of
 March 31,
2026		As of
 December 31,
2025
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value (1)
$642 $645 $19 $21 
Long-term debt (2)
(987)(989)(112)(114)

(1) Includes $21 million of unamortized adjustments from discontinued hedges as of March 31, 2026, and December 31, 2025.
(2) Includes $(274) million and $(278) million of unamortized adjustments from discontinued hedges as of March 31, 2026, and December 31, 2025, respectively.
Change in Our Unrealized Gain on Derivative Instruments in AOCI
The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows:

For the Three
Months Ended
March 31,
20262025
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year$450 $638 
Other comprehensive income (loss):
Unrealized holding gains (losses):
Cash flow hedges:
Interest rate contracts(7)5 
Foreign currency contracts69 168 
Change in foreign currency exchange rate adjustment76 (153)
Income tax benefit (expense)(30)(4)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Foreign currency contracts (1)
15 15 
Interest rate contracts (2)
2 3 
Foreign currency contracts (3)
1 3 
Income tax benefit (expense)(4)(4)
Balance as of end-of-period$544 $637 

(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 interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss).
(3) 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 Three Months Ended March 31,
20262025
Realized Gain (Loss)Net Investment IncomeInterest and Debt ExpenseRealized Gain (Loss)Net Investment IncomeInterest and Debt Expense
Total Line Items in which the
Effects of Fair Value or
Cash Flow Hedges are Recorded$466 $1,605 $81 $11 $1,462 $80 
Qualifying Hedges
Gain or (loss) on fair value hedging
relationships:
Interest rate contracts:
Hedged items– (1)(2)– 11 (15)
Derivatives designated as hedging
instruments– 1 2 – (11)15 
Foreign currency contracts:
Hedged items– (1)– – 1 – 
Derivatives designated as hedging
instruments– 1 – – (1)– 
Gain or (loss) on cash flow hedging
relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified
from AOCI into income– – 2 – – 3 
Foreign currency contracts:
Amount of gain or (loss) reclassified
from AOCI into income1 15 – 3 15 – 
Non-Qualifying Hedges
Interest rate contracts27 – – 82 – – 
Foreign currency contracts1 – – (1)– – 
Equity market contracts(995)– – (1,143)– – 
Credit contracts– – – 1 – – 
Embedded derivatives:
Reinsurance-related197 – – (108)– – 
RILA, fixed indexed annuity and IUL
contracts1,584 – – 1,654 – – 
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 March 31, 2026As of December 31, 2025
Collateral
Posted by
Counterparty		Collateral
Posted to
Counterparty		Collateral
Posted by
Counterparty		Collateral
Posted to
Counterparty
S&P Credit Rating of Counterparty
AA-$2,072 $(129)$2,868 $(4)
A+3,836 (182)4,612 (15)
A43 – 64 – 
A-401 – 240 – 
Total cash collateral$6,352 $(311)$7,784 $(19)
Schedule of Offsetting Assets
Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:
As of March 31, 2026
Derivative
Instruments		Embedded
Derivative
Instruments		Total
Financial Assets
Gross amount of recognized assets$13,317 $1,332 $14,649 
Gross amounts offset(4,980)– (4,980)
Net amount of assets 8,337 1,332 9,669 
Gross amounts not offset:
Cash collateral(6,352)– (6,352)
Non-cash collateral (1)
(1,985)– (1,985)
Net amount$– $1,332 $1,332 
Financial Liabilities
Gross amount of recognized liabilities$299 $13,536 $13,835 
Gross amounts offset(188)– (188)
Net amount of liabilities111 13,536 13,647 
Gross amounts not offset:
Cash collateral (2)
(111)– (111)
Net amount$– $13,536 $13,536 

(1) Excludes excess non-cash collateral received of $975 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
(2) Excludes excess cash collateral pledged of $200 million and excess non-cash collateral pledged of $344 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

As of December 31, 2025
Derivative
Instruments		Embedded
Derivative
Instruments		Total
Financial Assets
Gross amount of recognized assets$15,940 $1,369 $17,309 
Gross amounts offset(5,995)– (5,995)
Net amount of assets 9,945 1,369 11,314 
Gross amounts not offset:
Cash collateral
(7,784)– (7,784)
Non-cash collateral (1)
(2,161)– (2,161)
Net amount$– $1,369 $1,369 
Financial Liabilities
Gross amount of recognized liabilities$150 $15,404 $15,554 
Gross amounts offset(90)– (90)
Net amount of liabilities60 15,404 15,464 
Gross amounts not offset:
Cash collateral
(19)– (19)
Non-cash collateral(28)– (28)
Net amount$13 $15,404 $15,417 

(1) Excludes excess non-cash collateral received of $1.6 billion, 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 March 31, 2026
Derivative
Instruments		Embedded
Derivative
Instruments		Total
Financial Assets
Gross amount of recognized assets$13,317 $1,332 $14,649 
Gross amounts offset(4,980)– (4,980)
Net amount of assets 8,337 1,332 9,669 
Gross amounts not offset:
Cash collateral(6,352)– (6,352)
Non-cash collateral (1)
(1,985)– (1,985)
Net amount$– $1,332 $1,332 
Financial Liabilities
Gross amount of recognized liabilities$299 $13,536 $13,835 
Gross amounts offset(188)– (188)
Net amount of liabilities111 13,536 13,647 
Gross amounts not offset:
Cash collateral (2)
(111)– (111)
Net amount$– $13,536 $13,536 

(1) Excludes excess non-cash collateral received of $975 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
(2) Excludes excess cash collateral pledged of $200 million and excess non-cash collateral pledged of $344 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

As of December 31, 2025
Derivative
Instruments		Embedded
Derivative
Instruments		Total
Financial Assets
Gross amount of recognized assets$15,940 $1,369 $17,309 
Gross amounts offset(5,995)– (5,995)
Net amount of assets 9,945 1,369 11,314 
Gross amounts not offset:
Cash collateral
(7,784)– (7,784)
Non-cash collateral (1)
(2,161)– (2,161)
Net amount$– $1,369 $1,369 
Financial Liabilities
Gross amount of recognized liabilities$150 $15,404 $15,554 
Gross amounts offset(90)– (90)
Net amount of liabilities60 15,404 15,464 
Gross amounts not offset:
Cash collateral
(19)– (19)
Non-cash collateral(28)– (28)
Net amount$13 $15,404 $15,417 

(1) Excludes excess non-cash collateral received of $1.6 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.