v3.26.3
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 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.
  September 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 $5 $18 $0 $5 
Total cash flow hedges18 0 5 18 0 5 
Net investment hedge:
Foreign currency forwards1,804 70 8 1,828 120 0 
Total net investment hedge1,804 70 8 1,828 120 0 
Non-qualifying strategies:
Foreign currency swaps111 1 0 49 0 0 
Foreign currency swaps - VIE3,004 36 738 2,960 45 760 
Foreign currency forwards1,742 23 2 945 0 18 
Foreign currency options2,985 22 30 25,000 0 0 
Interest rate swaps22,800 32 107 36,728 14 189 
Total non-qualifying strategies30,642 114 877 65,682 59 967 
Total derivatives$32,464 $184 $890 $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 September 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)
September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Fixed maturity securities$1,058 $1,238 $94 $121 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $94 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 September 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 $(1)$(1)$1 
  Total cash flow hedges0 0 
(1)
0 (1)(1)
(1)
1 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 (170)0 151 
       Foreign currency forwards11 (53)23 54 
   Total net investment hedge11 (223)23 205 
  Non-qualifying strategies:
       Foreign currency swaps1 0 
       Foreign currency swaps - VIE121 (115)
       Foreign currency forwards33 (16)
       Foreign currency options 34 (10)
       Interest rate swaps(1)(4)
       Forward bond purchase
         commitment		0 0 
  Total non-qualifying strategies188 (145)
          Total$0 $199 $(223)$(1)$(123)$206 
(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 September 30, 2026, and $1 of losses during the three-month period ended September 30, 2025.
Nine Months Ended September 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 $(4)$(1)$(3)$4 
  Total cash flow hedges0 4 
(1)
(4)(1)(3)
(1)
4 
  Net investment hedge:
       Non-derivative hedging
         instruments		 0 19 0 (228)
       Foreign currency forwards35 34 85 (171)
  Total net investment hedge35 53 85 (399)
  Non-qualifying strategies:
       Foreign currency swaps3 0 
       Foreign currency swaps - VIE(32)(142)
       Foreign currency forwards(16)(23)
       Foreign currency options (9)(29)
       Interest rate swaps(16)(33)
       Forward bond purchase
         commitment		1 0 
  Total non-qualifying strategies(69)(227)
          Total$0 $(30)$49 $(1)$(145)$(395)
(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 nine-month period ended September 30, 2026, and $3 of losses during the nine-month period ended September 30, 2025.
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
September 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$116 $0 $116 $(39)$(15)$(62)$0 
          OTC - cleared32 0 32 (32)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		148 0 148 (71)(15)(62)0 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral36 36 36 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		36 36 36 
    Total derivative
      assets		184 0 184 (71)(15)(62)36 
Securities lending,
   repurchase
   agreements
   and similar
   arrangements		7,181 0 7,181 0 0 (7,181)0 
    Total$7,365 $0 $7,365 $(71)$(15)$(7,243)$36 
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
September 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$40 $0 $40 $(39)$0 $0 $1 
          OTC - cleared107 0 107 (32)0 (72)3 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		147 0 147 (71)0 (72)4 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral743 743 743 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		743 743 743 
    Total derivative
      liabilities		890 0 890 (71)0 (72)747 
Securities lending,
   repurchase
   agreements
   and similar
   arrangements		6,874 0 6,874 (7,181)0 (1)(308)
    Total$7,764 $0 $7,764 $(7,252)$0 $(73)$439 
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