Quarterly report [Sections 13 or 15(d)]

Derivatives - Credit Derivatives (Details)

v3.25.2
Derivatives - Credit Derivatives (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Carrying Value of Credit Derivatives    
Total $ 317,800 $ 305,700
Carrying Value of Credit-related Notes    
Less than One Year 6 5
One to Three Years 1 5
Three to Five Years 23 46
Over Five Years 1,702 1,834
Total 1,732 1,890
Credit derivatives | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 1,006 271
One to Three Years 310 307
Three to Five Years 999 776
Over Five Years 426 457
Total 2,741 1,811
Maximum Payout/Notional    
Less than One Year 140,078 127,507
One to Three Years 135,484 120,297
Three to Five Years 213,051 195,671
Over Five Years 28,192 26,051
Total 516,805 469,526
Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 31 33
One to Three Years 277 307
Three to Five Years 928 776
Over Five Years 426 457
Total 1,662 1,573
Maximum Payout/Notional    
Less than One Year 59,497 50,704
One to Three Years 132,837 117,557
Three to Five Years 210,937 194,194
Over Five Years 27,825 25,715
Total 431,096 388,170
Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 975 238
One to Three Years 33 0
Three to Five Years 71 0
Over Five Years 0 0
Total 1,079 238
Maximum Payout/Notional    
Less than One Year 80,581 76,803
One to Three Years 2,647 2,740
Three to Five Years 2,114 1,477
Over Five Years 367 336
Total 85,709 81,356
Investment grade    
Carrying Value of Credit-related Notes    
Less than One Year 0 0
One to Three Years 1 0
Three to Five Years 3 9
Over Five Years 628 715
Total 632 724
Investment grade | Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 0 0
One to Three Years 1 3
Three to Five Years 14 24
Over Five Years 15 16
Total 30 43
Maximum Payout/Notional    
Less than One Year 41,852 35,634
One to Three Years 96,226 87,302
Three to Five Years 158,055 150,225
Over Five Years 23,963 21,482
Total 320,096 294,643
Investment grade | Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 29 93
One to Three Years 2 0
Three to Five Years 0 0
Over Five Years 0 0
Total 31 93
Maximum Payout/Notional    
Less than One Year 47,259 54,041
One to Three Years 1,564 1,288
Three to Five Years 1,381 1,185
Over Five Years 241 238
Total 50,445 56,752
Non-investment grade    
Carrying Value of Credit-related Notes    
Less than One Year 6 5
One to Three Years 0 5
Three to Five Years 20 37
Over Five Years 1,074 1,119
Total 1,100 1,166
Non-investment grade | Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 31 33
One to Three Years 276 304
Three to Five Years 914 752
Over Five Years 411 441
Total 1,632 1,530
Maximum Payout/Notional    
Less than One Year 17,645 15,070
One to Three Years 36,611 30,255
Three to Five Years 52,882 43,969
Over Five Years 3,862 4,233
Total 111,000 93,527
Non-investment grade | Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 946 145
One to Three Years 31 0
Three to Five Years 71 0
Over Five Years 0 0
Total 1,048 145
Maximum Payout/Notional    
Less than One Year 33,322 22,762
One to Three Years 1,083 1,452
Three to Five Years 733 292
Over Five Years 126 98
Total $ 35,264 $ 24,604