v3.24.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Carrying Amount of Derivative Instruments
The carrying amounts of derivative instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:
September 30, 2024December 31, 2023
(In millions)
Assets:
Derivative investments:
Equity options$1,293 $739 
Interest rate swaps108 57 
Other derivative investments— 1 
Other long-term investments:
Other embedded derivatives34 28 
Prepaid expenses and other assets:
Reinsurance related embedded derivatives— 152 
Total$1,435 $977 
Liabilities
Contractholder funds:
Indexed annuities/IUL embedded derivatives$5,411 $4,258 
Accounts payable and accrued liabilities:
Reinsurance related embedded derivative34 — 
Equity Options4 1 
Total$5,449 $4,259 
Schedule of Change in Fair Value of Derivative Instruments
The change in fair value of derivative instruments included within Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(In millions)(In millions)
Net investment gains (losses):
Equity options$260 $(308)$487 $(155)
Interest rate swaps114 (19)9 (19)
Futures contracts7 (4)18 1 
Other derivative investments(4)4 1 3 
Other embedded derivatives3 (3)6 — 
Reinsurance related embedded derivatives (178)36 (186)34 
Total net investment gains (losses)$202 $(294)$335 $(136)
Benefits and other changes in policy reserves:
Indexed annuities/IUL embedded derivatives increase$563 $(265)$1,153 $441 
Schedule of Exposure to Credit Loss on Call Options Held
Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below:
Notional AmountFair ValueCollateralNet Credit Risk
(In millions)
September 30, 2024$35,561 $1,393 $1,351 $53 
December 31, 202329,968 796 775 39