v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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):

June 30, 2026
 AssetsLiabilities
Contractual/AssetsLiabilitiesNet
NotionalFairFairFair Value
Amount (1)
ValueValueAsset (Liability)
Freestanding derivatives
Cross-currency swaps$1,729 $137 $107 $30 
Equity index call options1,500 15 — 15 
Equity index futures (2)
48,419 — — — 
Equity index put options 16,500 83 — 83 
Interest rate swaps - cleared (2)
4,780 — — — 
Interest rate futures (2)
19,968 — — — 
Total return swaps8,356 134 53 81 
Bond forwards6,049 37 487 (450)
Total freestanding derivatives107,301 406 647 (241)
Embedded derivatives
Fixed index annuity embedded derivatives (3)
N/A— 850 (850)
Registered index linked annuity embedded derivatives (3)
N/A— 8,395 (8,395)
Total embedded derivativesN/A— 9,245 (9,245)
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps158 10 — 10 
Cross-currency forwards684 6 10 (4)
Funds withheld embedded derivative (4)
N/A1,651 — 1,651 
Total derivatives related to funds withheld under reinsurance treaties842 1,667 10 1,657 
Total$108,143 $2,073 $9,902 $(7,829)

(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 June 30,Six Months Ended June 30,
2026202520262025
Derivatives excluding funds withheld under reinsurance treaties and non-qualified voluntary deferred compensation plan
Cross-currency swaps$(13)$58 $5 $85 
Equity index call options(7)— (7)— 
Equity index futures1,241 (613)808 (466)
Equity index put options(396)(419)(373)(311)
Interest rate swaps42 9 66 37 
Interest rate futures(9)(547)(115)(71)
Total return swaps(754)(176)(647)(64)
Bond forwards51 (67)(16)48 
Fixed index annuity embedded derivatives(32)(10)(26)(11)
Registered index linked annuity embedded derivatives(2,589)(986)(1,831)(589)
Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties(2,466)(2,751)(2,136)(1,342)
Derivatives related to funds withheld under reinsurance treaties
Cross-currency swaps(2)(11)— (10)
Cross-currency forwards— (38)2 (56)
Funds withheld embedded derivative(115)(130)(101)(331)
Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties(117)(179)(99)(397)
Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties$(2,583)$(2,930)$(2,235)$(1,739)
Derivatives related to non-qualified voluntary deferred compensation plan
Equity index futures$15 $— $9 $— 
Total return swaps25 — 22 — 
Total operating costs and other expenses related to non-qualified voluntary deferred compensation plan$40 $— $31 $— 
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):

June 30, 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$422 $— $422 $392 $9 $21 $— 
Financial Liabilities:
Freestanding derivative liabilities$657 $— $657 $86 $4 $491 $76 
Derivative deferred premium payable306 — 306 306 — — — 
Securities lending77 — 77 — 77 — — 
Repurchase agreements400 — 400 — — 400 — 
Repurchase agreements - collateral upgrade1,483 (1,483)— — — — — 
Total financial liabilities$2,923 $(1,483)$1,440 $392 $81 $891 $76 
(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):

June 30, 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$422 $— $422 $392 $9 $21 $— 
Financial Liabilities:
Freestanding derivative liabilities$657 $— $657 $86 $4 $491 $76 
Derivative deferred premium payable306 — 306 306 — — — 
Securities lending77 — 77 — 77 — — 
Repurchase agreements400 — 400 — — 400 — 
Repurchase agreements - collateral upgrade1,483 (1,483)— — — — — 
Total financial liabilities$2,923 $(1,483)$1,440 $392 $81 $891 $76 
(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.