Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The carrying amounts of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, and reinsurance is as follows (in millions):

	December 31, 2023		December 31, 2022
Assets:
Derivative investments:
Call options	$	739	$	244
Interest rate swaps	57		—
Foreign currency forward	1		—
Other long-term investments:
Other embedded derivatives	28		23
Prepaid expenses and other assets:
Reinsurance related embedded derivatives	152		279
Total	$	977	$	546

Liabilities
Contractholder funds:
FIA/IUL embedded derivatives	$	4,258	$	3,115
Total	$	4,258	$	3,115

Derivative Instruments, Gain (Loss)

The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Operations is as follows (in millions):

	Year ended December 31,
	2023		2022		2021
Net investment gains (losses):
Call options	$	92	$	(862)	$	597
Interest rate swaps	48		—		—
Futures contracts	9		(7)		8
Foreign currency forwards	(2)		12		10
Other derivatives and embedded derivatives	5		(10)		5
Reinsurance related embedded derivatives	(128)		352		34
Total net investment gains (losses)	$	24	$	(515)	$	654
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase	$	1,143	$	(768)	$	479

Schedule of Exposure to Credit Loss on Call Options

Information regarding our exposure to credit loss on the call options and interest rate swaps we hold is presented in the following table (in millions):

		December 31, 2023
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,408	$	96	$	59	$	37
Morgan Stanley	AA-/Aa3/A+	3,466		102		116		—
Barclay's Bank	A+/A1/A+	6,236		102		100		2
Canadian Imperial Bank of Commerce	AA-/A2/A-	5,983		147		148		—
Wells Fargo	AA-/Aa2/A+	1,443		58		60		—
Goldman Sachs	A+/A1/A+	1,919		45		45		—
Credit Suisse	A+/A3/A+	92		4		4		—
Truist	A+/A2/A	2,759		124		124		—
Citibank	A+/Aa3/A+	1,073		27		28		—
JP Morgan	AA/Aa2/A+	2,589		91		91		—
Total		$	29,968	$	796	$	775	$	39

		December 31, 2022
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	3,563	$	23	$	—	$	23
Morgan Stanley	*/Aa3/A+	1,699		14		19		—
Barclay's Bank	A+/A1/A	6,049		65		59		6
Canadian Imperial Bank of Commerce	AA/Aa2/A+	5,169		68		64		4
Wells Fargo	A+/A1/BBB+	1,361		17		17		—
Goldman Sachs	A/A2/BBB+	1,133		9		10		—
Credit Suisse	BBB+/A3/A-	1,039		5		5		—
Truist	A+/A2/A	2,489		35		36		—
Citibank	A+/Aa3/A+	795		8		9		—
Total		$	23,297	$	244	$	219	$	33

(a)An * represents credit ratings that were not available.