v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Primary Risks Managed by Derivatives
The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
June 30, 2026December 31, 2025
Primary Underlying Risk ExposureEstimated Fair ValueGross
Notional
Amount		Estimated Fair Value
Gross
Notional
Amount
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swapsInterest rate$4,508 $909 $672 $4,446 $923 $667 
Foreign currency swapsForeign currency exchange rate3,194 63 11 959 33 8 
Subtotal7,702 972 683 5,405 956 675 
Cash flow hedges:
Interest rate swapsInterest rate3,330 — 233 3,337 — 249 
Foreign currency swapsForeign currency exchange rate35,431 2,182 866 34,771 2,276 896 
Subtotal38,761 2,182 1,099 38,108 2,276 1,145 
Total qualifying hedges46,463 3,154 1,782 43,513 3,232 1,820 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate12,338 1,339 626 13,092 1,403 614 
Interest rate floorsInterest rate4,890 27 — 5,390 30 — 
Interest rate capsInterest rate13,200 80 — 12,950 46 — 
Interest rate futuresInterest rate87 — — 90 — — 
Interest rate optionsInterest rate19,790 86 59 20,368 99 85 
Synthetic GICsInterest rate3,167 — — 3,156 — — 
Foreign currency swapsForeign currency exchange rate4,231 254 73 3,770 240 106 
Foreign currency forwardsForeign currency exchange rate1,401 18 8 2,859 5 18 
Credit default swaps — purchasedCredit576 1 5 685 2 5 
Credit default swaps — writtenCredit11,689 184 3 6,619 101 1 
Equity futuresEquity market330 — 2 393 3 — 
Equity index optionsEquity market16,795 468 310 15,032 220 232 
Equity variance swapsEquity market5 — — 5 — — 
Equity total return swapsEquity market1,367 — 91 2,413 7 34 
Total non-designated or nonqualifying derivatives89,866 2,457 1,177 86,822 2,156 1,095 
Total$136,329 $5,611 $2,959 $130,335 $5,388 $2,915 
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging relationships and embedded derivatives:
Three Months Ended June 30, 2026
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims
Interest Credited to PABs
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— N/A$(33)$(24)N/A
Hedged items— — N/A28 23 N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)61 (2)N/A— (1)N/A
Hedged items(61)1 N/A— 3 N/A
Amount excluded from the assessment of hedge effectiveness— — N/A— — (58)
Subtotal— (1)N/A(5)1 (58)
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/A$(24)
Amount of gains (losses) reclassified from AOCI into income1 (11)— — — 10 
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/A(116)
Amount of gains (losses) reclassified from AOCI into income1 (49)— — — 48 
Foreign currency transaction gains (losses) on hedged items— 50 — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income
— — — — — — 
Subtotal
2 (10)— — — (82)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(43)N/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(49)N/AN/AN/A
Credit derivatives — purchased (1)— N/A(5)N/AN/AN/A
Credit derivatives — written (1)— N/A46 N/AN/AN/A
Equity derivatives (1)(48)N/A(301)N/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A7 N/AN/AN/A
Subtotal(48)N/A(345)N/AN/AN/A
Earned income on derivatives(5)— 57 7 (36)— 
Synthetic GICs
N/AN/A1 N/AN/AN/A
Embedded derivatives
N/AN/A(20)N/AN/AN/A
Total$(51)$(11)$(307)$2 $(35)$(140)
Three Months Ended June 30, 2025
Net Investment IncomeNet Investment Gains (Losses)Net Derivative Gains (Losses)Policyholder Benefits and Claims
Interest Credited to PABs
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$— $— N/A$2 $9 N/A
Hedged items
— — N/A(8)(10)N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(17)— N/A— 87 N/A
Hedged items
16 — N/A— (87)N/A
Subtotal
(1)— N/A(6)(1)N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/A$(29)
Amount of gains (losses) reclassified from AOCI into income
6 9 — — — (15)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/A(108)
Amount of gains (losses) reclassified from AOCI into income
1 1,070 — — — (1,071)
Foreign currency transaction gains (losses) on hedged items
— (1,077)— — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — 
Subtotal
7 2 — — — (1,223)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(105)N/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(346)N/AN/AN/A
Credit derivatives — purchased (1)
— N/A(7)N/AN/AN/A
Credit derivatives — written (1)
— N/A28 N/AN/AN/A
Equity derivatives (1)
(28)N/A(307)N/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A131 N/AN/AN/A
Subtotal
(28)N/A(606)N/AN/AN/A
Earned income on derivatives
(2)— 55 2 (32)— 
Synthetic GICsN/AN/A2 N/AN/AN/A
Embedded derivativesN/AN/A(35)N/AN/AN/A
Total
$(24)$2 $(584)$(4)$(33)$(1,223)
Six Months Ended June 30, 2026
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims
Interest Credited to PABs
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$— $— N/A$(39)$(37)N/A
Hedged items
— — N/A30 36 N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
52 (2)N/A— (8)N/A
Hedged items
(52)1 N/A— 10 
N/A
Amount excluded from the assessment of hedge effectiveness— — N/A— — (32)
Subtotal
— (1)N/A(9)1 (32)
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/A(19)
Amount of gains (losses) reclassified from AOCI into income
2 (10)— — — 8 
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/A26 
Amount of gains (losses) reclassified from AOCI into income
2 (260)— — — 258 
Foreign currency transaction gains (losses) on hedged items
— 260 — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — 
Subtotal
4 (10)— — — 273 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A6 N/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A75 N/AN/AN/A
Credit derivatives — purchased (1)
— N/A(2)N/AN/AN/A
Credit derivatives — written (1)
— N/A(2)N/AN/AN/A
Equity derivatives (1)
(32)N/A(250)N/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A(22)N/AN/AN/A
Subtotal
(32)N/A(195)N/AN/AN/A
Earned income on derivatives
80 — 111 14 (74)— 
Synthetic GICsN/AN/A2 N/AN/AN/A
Embedded derivativesN/AN/A175 N/AN/AN/A
Total
$52 $(11)$93 $5 $(73)$241 
Six Months Ended June 30, 2025
Net Investment IncomeNet Investment Gains (Losses)Net Derivative Gains (Losses)Policyholder Benefits and Claims
Interest Credited to PABs
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$— $— N/A$77 $46 N/A
Hedged items
— — N/A(87)(45)N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(27)— N/A— 123 N/A
Hedged items
26 — N/A— (123)N/A
Subtotal
(1)— N/A(10)1 N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/A35 
Amount of gains (losses) reclassified from AOCI into income
26 9 — — — (35)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/A12 
Amount of gains (losses) reclassified from AOCI into income
2 1,418 — — — (1,420)
Foreign currency transaction gains (losses) on hedged items
— (1,425)— — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— — — — — — 
Subtotal
28 2 — — — (1,408)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(14)N/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(472)N/AN/AN/A
Credit derivatives — purchased (1)
— N/A(12)N/AN/AN/A
Credit derivatives — written (1)
— N/A10 N/AN/AN/A
Equity derivatives (1)
(11)N/A(220)N/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A194 N/AN/AN/A
Subtotal
(11)N/A(514)N/AN/AN/A
Earned income on derivatives
90 — 108 4 (71)— 
Synthetic GICsN/AN/A4 N/AN/AN/A
Embedded derivativesN/AN/A(228)N/AN/AN/A
Total
$106 $2 $(630)$(6)$(70)$(1,408)
__________________
(1)Excludes earned income on derivatives.
Fair Value Hedges
The following table presents the balance sheet classification, carrying amount and cumulative fair value of hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Balance Sheet Line ItemCarrying Amount of the
Hedged
Assets/(Liabilities)		Cumulative Amount
of Fair Value Hedging Adjustments
Included in the Carrying Amount of Hedged
Assets/(Liabilities) (1)
(In millions)
Fixed maturity securities AFS$2,635 $120 $— $— 
FPBs
$(2,404)$(2,509)$357 $319 
PABs
$(2,358)$(2,498)$117 $(35)
__________________
(1)Includes ($57) million and ($73) million of hedging adjustments on discontinued hedging relationships at June 30, 2026 and December 31, 2025, respectively.
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
June 30, 2026December 31, 2025
Rating Agency Designation of Referenced
Credit Obligations (1)		Estimated
Fair Value
of Credit
Default
Swaps		Maximum
Amount of
Future
Payments under
Credit Default
Swaps		Weighted
Average
Years to
Maturity (2)		Estimated
Fair Value
of Credit
Default
Swaps		Maximum
Amount of
Future
Payments under
Credit Default
Swaps		Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A
Credit default swaps referencing indices$31 $3,777 0.9$45 $3,777 1.4
Subtotal31 3,777 0.945 3,777 1.4
Baa
Single name credit default swaps (3)— 15 2.0— 15 2.5
Credit default swaps referencing indices133 7,626 5.849 2,714 4.9
Subtotal133 7,641 5.849 2,729 4.9
Ba
Credit default swaps referencing indices— 24 0.51 24 1.0
Subtotal— 24 0.51 24 1.0
B
Credit default swaps referencing indices17 232 4.26 74 3.0
Subtotal17 232 4.26 74 3.0
Caa
Credit default swaps referencing indices— 15 0.5(1)15 1.0
Subtotal— 15 0.5(1)15 1.0
Total$181 $11,689 4.1$100 $6,619 2.8
__________________
(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings, Inc. If no rating is available from a rating agency, then an internally developed rating is used.
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
Offsetting Liabilities [Table Text Block]
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
June 30, 2026December 31, 2025
Derivatives Subject to a Master Netting Arrangement or a Similar ArrangementAssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$5,506 $2,963 $5,406 $2,897 
OTC-cleared (1)
183 30 66 11 
Exchange-traded
— 2 3 — 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
5,689 2,995 5,475 2,908 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(2,144)(2,144)(2,006)(2,006)
OTC-cleared
(13)(13)(5)(5)
Cash collateral: (3), (4)
OTC-bilateral
(1,948)— (1,620)— 
OTC-cleared
(156)— (56)— 
Securities collateral: (5)
OTC-bilateral
(1,391)(812)(1,772)(890)
OTC-cleared
— (16)— (5)
Exchange-traded
— (2)— — 
Net amount after application of master netting agreements and collateral
$37 $8 $16 $2 
__________________
(1)At June 30, 2026 and December 31, 2025, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $78 million and $87 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $36 million and ($7) million, respectively.
(2)Gross estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.
(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2026 and December 31, 2025, the Company received excess cash collateral of $24 million and $4 million, respectively, and provided excess cash collateral of $5 million and $3 million, respectively, which are not included in the table above due to the foregoing limitation.
(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2026, none of the collateral had been sold and $5 million was re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2026 and December 31, 2025, the Company received excess securities collateral with an estimated fair value of $319 million and $336 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2026 and December 31, 2025, the Company provided excess securities collateral with an estimated fair value of $754 million and $798 million, respectively, for its OTC-bilateral derivatives, $469 million and $465 million, respectively, for its OTC-cleared derivatives, and $88 million and $93 million, respectively, for its exchange-traded derivatives, which is not included in the table above due to the foregoing limitation.
Offsetting Assets [Table Text Block]
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
June 30, 2026December 31, 2025
Derivatives Subject to a Master Netting Arrangement or a Similar ArrangementAssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$5,506 $2,963 $5,406 $2,897 
OTC-cleared (1)
183 30 66 11 
Exchange-traded
— 2 3 — 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
5,689 2,995 5,475 2,908 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(2,144)(2,144)(2,006)(2,006)
OTC-cleared
(13)(13)(5)(5)
Cash collateral: (3), (4)
OTC-bilateral
(1,948)— (1,620)— 
OTC-cleared
(156)— (56)— 
Securities collateral: (5)
OTC-bilateral
(1,391)(812)(1,772)(890)
OTC-cleared
— (16)— (5)
Exchange-traded
— (2)— — 
Net amount after application of master netting agreements and collateral
$37 $8 $16 $2 
__________________
(1)At June 30, 2026 and December 31, 2025, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $78 million and $87 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $36 million and ($7) million, respectively.
(2)Gross estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.
(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2026 and December 31, 2025, the Company received excess cash collateral of $24 million and $4 million, respectively, and provided excess cash collateral of $5 million and $3 million, respectively, which are not included in the table above due to the foregoing limitation.
(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2026, none of the collateral had been sold and $5 million was re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2026 and December 31, 2025, the Company received excess securities collateral with an estimated fair value of $319 million and $336 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2026 and December 31, 2025, the Company provided excess securities collateral with an estimated fair value of $754 million and $798 million, respectively, for its OTC-bilateral derivatives, $469 million and $465 million, respectively, for its OTC-cleared derivatives, and $88 million and $93 million, respectively, for its exchange-traded derivatives, which is not included in the table above due to the foregoing limitation.
Estimated Fair Value of OTC-bilateral derivatives after considering effect of netting agreements
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2026December 31, 2025
Derivatives
Subject to
Financial
Strength-Contingent
Provisions
Derivatives
Not Subject
to Financial
Strength-Contingent
Provisions		Total
Derivatives
Subject to
Financial
Strength-Contingent
Provisions
Derivatives
Not Subject
to Financial
Strength-Contingent
Provisions		Total
(In millions)
Estimated fair value of derivatives in a net liability position$819 $— $819 $881 $10 $891 
Estimated fair value of collateral provided:
Fixed maturity securities AFS$1,165 $— $1,165 $1,279 $10 $1,289 
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
Balance Sheet LocationJune 30, 2026December 31, 2025
(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsuranceOther invested assets$62 $22 
Funds withheld on affiliated assumed reinsuranceOther invested assets(6)31 
Total$56 $53 
Embedded derivatives within liability host contracts:
Assumed on affiliated reinsuranceOther liabilities$— $53 
Funds withheld on affiliated ceded reinsuranceOther liabilities(356)(281)
Fixed annuities with equity indexed returnsPABs396 67 
Funds withheld on unaffiliated ceded reinsuranceOther liabilities(33)(5)
Total
$7 $(166)
Embedded Derivatives
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2026December 31, 2025
Derivatives
Subject to
Financial
Strength-Contingent
Provisions
Derivatives
Not Subject
to Financial
Strength-Contingent
Provisions		Total
Derivatives
Subject to
Financial
Strength-Contingent
Provisions
Derivatives
Not Subject
to Financial
Strength-Contingent
Provisions		Total
(In millions)
Estimated fair value of derivatives in a net liability position$819 $— $819 $881 $10 $891 
Estimated fair value of collateral provided:
Fixed maturity securities AFS$1,165 $— $1,165 $1,279 $10 $1,289 
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
Balance Sheet LocationJune 30, 2026December 31, 2025
(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsuranceOther invested assets$62 $22 
Funds withheld on affiliated assumed reinsuranceOther invested assets(6)31 
Total$56 $53 
Embedded derivatives within liability host contracts:
Assumed on affiliated reinsuranceOther liabilities$— $53 
Funds withheld on affiliated ceded reinsuranceOther liabilities(356)(281)
Fixed annuities with equity indexed returnsPABs396 67 
Funds withheld on unaffiliated ceded reinsuranceOther liabilities(33)(5)
Total
$7 $(166)