v3.26.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amount and Fair Value of Derivative Instruments
The following table presents the notional amount and fair value of derivative instruments:
September 30, 2026December 31, 2025
Notional AmountFair ValueNotional AmountFair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps29,398 $534 $501 26,437 $560 $868 
Forwards1,119 73 8 2,302 81 34 
Interest rate swaps3,547 37 269 4,347 86 242 
Forwards on net investments224 6 — 234 — — 
Interest rate swaps45,895 9 404 31,252 129 30 
Total derivatives designated as hedges659 1,182 856 1,174 
Derivatives not designated as hedges
Equity options115,246 8,323 735 97,259 6,905 170 
Futures73 128 — 890 192 1 
Foreign currency swaps30,352 490 417 19,248 230 744 
Interest rate swaps and forwards27,798 166 1,240 14,606 72 295 
Other swaps3,891 230 13 2,845 78 2 
Foreign currency forwards38,576 954 3,170 47,486 857 3,356 
Embedded derivatives
Funds withheld, including related parties(3,333)(132)(2,765)150 
Interest sensitive contract liabilities— 16,413 — 14,749 
Total derivatives not designated as hedges6,958 21,856 5,569 19,467 
Total derivatives$7,617 $23,038 $6,425 $20,641 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following represents the carrying amount and the cumulative amount of fair value hedging adjustments of hedged liabilities, excluding liabilities solely hedging foreign currency risk and cumulative amounts related to foreign currency gains (losses):
September 30, 2026December 31, 2025
(In millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps$3,362 $79 $4,271 $77 
Interest rate swaps36,427 1,081 19,175 (20)
The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:
Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Three months ended September 30, 2026
Investment related gains (losses)
Foreign currency forwards$2 $(2)$— $4 $— 
Foreign currency swaps81 (76)5 — — 
Foreign currency interest rate swaps(15)33 18 — — 
Interest rate swaps(877)803 (74)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps22 (20)2 — — 
Three months ended September 30, 2025
Investment related gains (losses)
Foreign currency forwards15 (25)(10)8 — 
Foreign currency swaps(9)29 20 — — 
Foreign currency interest rate swaps(34)13 (21)— — 
Interest rate swaps24 (17)7 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps23 (23)— — — 

Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Nine months ended September 30, 2026
Investment related gains (losses)
Foreign currency forwards$47 $(44)$3 $20 $— 
Foreign currency swaps322 (330)(8)— — 
Foreign currency interest rate swaps(83)112 29 — — 
Interest rate swaps(1,176)1,103 (73)— — 
Interest sensitive contract benefits
Foreign currency interest rate swaps67 (64)3 — — 
Nine months ended September 30, 2025
Investment related gains (losses)
Foreign currency forwards(335)307 (28)27 — 
Foreign currency swaps(1,022)1,087 65 — — 
Foreign currency interest rate swaps447 (451)(4)— — 
Interest rate swaps218 (191)27 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps71 (70)1 — — 

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:
Three months ended September 30,Nine months ended September 30,
(In millions)2026202520262025
Foreign currency forwards$— $12 $(2)$41 
Foreign currency swaps(215)41 (171)61 
Gains (Losses) Related to Derivatives Not Designated as Hedges
The following is a summary of the gains (losses) related to derivatives not designated as hedges:
Three months ended September 30,Nine months ended September 30,
(In millions)2026202520262025
Equity options$88 $1,627 $1,780 $1,562 
Futures(22)123 44 107 
Foreign currency swaps61 108 614 (1,180)
Interest rate swaps and forwards and other swaps(704)(17)(853)(154)
Foreign currency forwards449 (361)237 (972)
Embedded derivatives on funds withheld(466)149 (659)348 
Amounts recognized in investment related gains (losses)(594)1,629 1,163 (289)
Embedded derivatives in indexed annuity products1
692 (1,260)88 (1,144)
Total gains (losses) on derivatives not designated as hedges$98 $369 $1,251 $(1,433)
1 Included in interest sensitive contract benefits on the condensed consolidated statements of income (loss).
Estimated Fair Value of Net Derivative and Other Financial Assets
The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:
Gross amounts not offset on the condensed consolidated balance sheets
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
September 30, 2026
Derivative assets$10,950 $(3,330)$(7,525)$95 $(146)$(51)
Derivative liabilities(6,757)3,330 2,684 (743)843 100 
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2026 and December 31, 2025, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets.
3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
Estimated Fair Value of Net Derivative and Other Financial Liabilities
The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:
Gross amounts not offset on the condensed consolidated balance sheets
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
September 30, 2026
Derivative assets$10,950 $(3,330)$(7,525)$95 $(146)$(51)
Derivative liabilities(6,757)3,330 2,684 (743)843 100 
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of September 30, 2026 and December 31, 2025, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets.
3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.