DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments by Category

The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments:

The following table presents the gross notional amount and fair value of the Company’s derivatives:

Derivative Instruments by Category

	December 31, 2023								December 31, 2022
			Fair Value								Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives		Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives
	(in millions)
Derivatives: (1)
Equity contracts:
Futures	$	2,277	$	—	$	—	$	—	$	394	$	—	$	—	$	—
Options	4,930		1,370		402		968		209		34		16		18
Interest rate contracts:
Futures	522		—		—		—		282		—		—		—
Other contracts:
Margin	—		133		—		133		—		29		—		29
Collateral	—		—		956		(956)		—		—		3		(3)
Total:	7,729		1,503		1,358		145		885		63		19		44
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)	—		—		8,804		(8,804)		—		—		87		(87)
Funds withheld receivable (3)	—		100		—		100		—		—		—		—
Modco receivable (2)	—		—		(411)		411		—		—		—		—
Total embedded derivatives	—		100		8,393		(8,293)		—		—		87		(87)
Total derivative instruments	$	7,729	$	1,603	$	9,751	$	(8,148)	$	885	$	63	$	106	$	(43)

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(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders’ account balances in the consolidated balance sheets.

(3)Reported in funds withheld receivable in the consolidated balance sheets.

The following table presents the effects of derivative instruments on the consolidated statements of income (loss) and comprehensive income (loss):

	Year Ended December 31,
	2023		2022		2021
	Net Derivatives Gain (Losses)		Net Derivatives Gain (Losses)		Net Derivatives Gain (Losses)
	(in millions)
Derivatives:
Equity contracts:
Futures	$	228	$	(84)	$	68
Options	275		(3)		3
Interest rate contracts:
Futures	(8)		(43)		1
Total:	495		(130)		72
Embedded derivatives:
MSO, SCS and IUL indexed features (2)	(3,687)		99		(73)
Funds withheld receivable	(858)		—		—
Modco receivable	4,067		—		—
Total Embedded Derivatives	(478)		99		(73)
Total Derivatives instruments (1)(3)	$	17	$	(31)	$	(1)

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(1)Reported in net derivative gains (losses) in the statements of income (loss).

(2)Reported in policyholders’ account balances in the balance sheets.

(3)For the years ended December 31, 2023, 2022 and 2021, investment fees of $1 million, $0 million and $0 million , respectively, are reported in net derivative gains (losses) in the consolidated statements of income (loss).

Schedule of Offsetting Financial Assets and Liabilities and Derivative Instruments

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of December 31, 2023

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (1)		Net Amount
	(in millions)
Assets:
Derivative assets	$	1,503	$	1,177	$	326	$	(178)	$	148
Secured lending	6		—		6		—		6
Other financial assets	19		—		19		—		19
Other invested assets	$	1,528	$	1,177	$	351	$	(178)	$	173
Liabilities:
Derivative liabilities	$	1,180	$	1,177	$	3	$	—	$	3
Secured lending	6		—		6		—		6
Other financial liabilities	2,160		—		2,160		—		2,160
Other liabilities	$	3,346	$	1,177	$	2,169	$	—	$	2,169

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(1)Financial instruments sent (held).

As of December 31, 2022

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (1)		Net Amount
	(in millions)
Assets:
Derivative assets	$	63	$	18	$	45	$	—	$	45
Other financial assets	2		—		2		—		2
Other invested assets	$	65	$	18	$	47	$	—	$	47
Liabilities:
Derivative liabilities	$	19	$	18	$	1	$	—	$	1
Other financial liabilities	72		—		72		—		72
Other liabilities	$	91	$	18	$	73	$	—	$	73

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(1)Financial instruments sent (held).