v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below summarizes the balance sheet classification of the Company's derivative instruments at fair value. The fair value amounts presented exclude income accruals. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.
  June 30, 2026December 31, 2025
(In millions)Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Hedge Designation/ Derivative
  Type		Notional
Amount		Fair ValueFair ValueNotional
Amount		Fair ValueFair Value
Cash flow hedges:
Foreign currency swaps - VIE$18 $0 $6 $18 $0 $5 
Total cash flow hedges18 0 6 18 0 5 
Net investment hedge:
Foreign currency forwards1,627 121 0 1,828 120 0 
Total net investment hedge1,627 121 0 1,828 120 0 
Non-qualifying strategies:
Foreign currency swaps49 1 0 49 0 0 
Foreign currency swaps - VIE3,004 41 881 2,960 45 760 
Foreign currency forwards1,412 3 19 945 0 18 
Foreign currency options9,179 17 59 25,000 0 0 
Interest rate swaps25,950 0 107 36,728 14 189 
Total non-qualifying strategies39,594 62 1,066 65,682 59 967 
Total derivatives$41,239 $183 $1,072 $67,528 $179 $972 
Schedule of Interest Rate Fair Value Hedges Hedged Items
The following table presents the carrying amounts of (1) assets designated and qualified as hedged items in fair value hedges of interest rate risk and (2) the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of June 30, 2026 and December 31, 2025; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.
(In millions)
Carrying Amount of the Hedged Assets/(Liabilities)(1)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Fixed maturity securities$1,045 $1,238 $98 $121 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $98 in 2026 and $121 in 2025.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments.
Three Months Ended June 30,
20262025
(In millions)
Net
Investment
Income
Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)
Net
Investment
Income
Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $0 $0 $0 $(1)$1 
  Total cash flow hedges0 0 
(1)
0 0 (1)
(1)
1 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 84 0 (139)
       Foreign currency forwards13 40 26 (81)
   Total net investment hedge13 124 26 (220)
  Non-qualifying strategies:
       Foreign currency swaps1 0 
       Foreign currency swaps - VIE(98)30 
       Foreign currency forwards(27)(7)
       Foreign currency options (25)(14)
       Interest rate swaps(4)(11)
       Forward bond purchase
         commitment		6 0 
  Total non-qualifying strategies(147)(2)
          Total$0 $(134)$124 $0 $23 $(219)
(1) Impact of cash flow hedges reported as net investment gains (losses) includes an immaterial amount of losses reclassified from accumulated other comprehensive income (loss) into earnings during the three-month period ended June 30, 2026, and $1 of losses during the three-month period ended June 30, 2025.
Six Months Ended June 30,
20262025
(In millions)Net
Investment
Income		Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$0 $4 $(4)$0 $(2)$3 
  Total cash flow hedges0 4 
(1)
(4)0 (2)
(1)
3 
  Net investment hedge:
       Non-derivative hedging
         instruments		 0 189 0 (379)
       Foreign currency forwards24 87 62 (225)
  Total net investment hedge24 276 62 (604)
  Non-qualifying strategies:
       Foreign currency swaps2 0 
       Foreign currency swaps - VIE(153)(27)
       Foreign currency forwards(49)(7)
       Foreign currency options (43)(19)
       Interest rate swaps(15)(29)
       Forward bond purchase
         commitment		1 0 
  Total non-qualifying strategies(257)(82)
          Total$0 $(229)$272 $0 $(22)$(601)
(1) Impact of cash flow hedges reported as net investment gains (losses) includes $4 of gains reclassified from accumulated other comprehensive income (loss) into earnings during the six-month period ended June 30, 2026, and $2 of losses during the six-month period ended June 30, 2025.
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
June 30, 2026
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net Amount of Assets Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$142 $0 $142 $(20)$(30)$(92)$0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		142 0 142 (20)(30)(92)0 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral41 41 41 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		41 41 41 
    Total derivative
      assets		183 0 183 (20)(30)(92)41 
Securities lending
   and similar
   arrangements		7,256 0 7,256 0 0 (7,256)0 
    Total$7,439 $0 $7,439 $(20)$(30)$(7,348)$41 
December 31, 2025
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount
Offset in
Balance
Sheet		Net Amount of Assets Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$122 $0 $122 $(1)$(34)$(84)$3 
          OTC - cleared12 0 12 (12)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		134 0 134 (13)(34)(84)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral45 45 45 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		45 45 45 
    Total derivative
      assets		179 0 179 (13)(34)(84)48 
Securities lending
   and similar
   arrangements		3,945 0 3,945 0 0 (3,945)0 
    Total$4,124 $0 $4,124 $(13)$(34)$(4,029)$48 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
June 30, 2026
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$78 $0 $78 $(20)$(58)$0 $0 
          OTC - cleared107 0 107 0 (22)(81)4 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		185 0 185 (20)(80)(81)4 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral887 887 887 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		887 887 887 
    Total derivative
      liabilities		1,072 0 1,072 (20)(80)(81)891 
Securities lending
   and similar
   arrangements		7,340 0 7,340 (7,256)0 0 84 
    Total$8,412 $0 $8,412 $(7,276)$(80)$(81)$975 
December 31, 2025
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount
Offset in
Balance
Sheet		Net Amount of Liabilities Presented
 in Balance Sheet		Financial InstrumentsSecurities
Collateral		Cash Collateral PledgedNet Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$19 $0 $19 $(1)$(17)$0 $1 
          OTC - cleared188 0 188 (12)(24)(151)1 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		207 0 207 (13)(41)(151)2 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral765 765 765 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		765 765 765 
    Total derivative
      liabilities		972 0 972 (13)(41)(151)767 
Securities lending
   and similar
   arrangements		3,989 0 3,989 (3,945)0 0 44 
    Total$4,961 $0 $4,961 $(3,958)$(41)$(151)$811