DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

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

	March 31, 2024								December 31, 2023
			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	$	2,470	$	—	$	—	$	—	$	2,277	$	—	$	—	$	—
Options	6,957		2,096		538		1,558		4,930		1,370		402		968
Interest rate contracts:
Futures	719		—		—		—		522		—		—		—
Other contracts:
Margin	—		138		—		138		—		133		—		133
Collateral	—		—		1,551		(1,551)		—		—		956		(956)
Total:	10,146		2,234		2,089		145		7,729		1,503		1,358		145
Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)	—		—		11,222		(11,222)		—		—		8,804		(8,804)
Funds withheld receivable (3)	—		(29)		—		(29)		—		100		—		100
Modco receivable (2)	—		—		(292)		292		—		—		(411)		411
Total embedded derivatives	—		(29)		10,930		(10,959)		—		100		8,393		(8,293)
Total derivative instruments	$	10,146	$	2,205	$	13,019	$	(10,814)	$	7,729	$	1,603	$	9,751	$	(8,148)

______________

(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):

	Three Months Ended March 31,
	2024		2023
	Net Derivatives Gains (Losses)
	(in millions)
Derivatives:
Equity contracts:
Futures	$	157	$	16
Options	394		6
Interest rate contracts:
Futures	(24)		20
Total:	527		42

	Three Months Ended March 31,
	2024		2023
	Net Derivatives Gains (Losses)
	(in millions)
Embedded Derivatives:
SCS, SIO, MSO and IUL indexed features	(2,537)		(36)
Funds withheld receivable	(1,017)		—
Modco receivable	1,972		—
Total Embedded Derivatives	(1,582)		(36)
Total Derivatives instruments (1)	$	(1,055)	$	6

______________

(1)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 March 31, 2024

	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	$	2,235	$	2,089	$	146	$	—	$	146
Secured lending	21		—		21		—		21
Other financial assets	7		—		7		—		7
Other invested assets	$	2,263	$	2,089	$	174	$	—	$	174
Liabilities:
Derivative liabilities	$	2,089	$	2,089	$	—	$	—	$	—
Secured lending	21		—		21		—		21
Other financial liabilities	2,207		—		2,207		—		2,207
Other liabilities	$	4,317	$	2,089	$	2,228	$	—	$	2,228

______________

(1)Financial instruments sent (held).

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

______________

(1)Financial instruments sent (held).