Annual report [Section 13 and 15(d), not S-K Item 405]

Derivatives - Credit Derivatives (Details)

v3.25.4
Derivatives - Credit Derivatives (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Carrying Value of Credit Derivatives    
Total $ 297,600 $ 305,700
Carrying Value of Credit-related Notes    
Less than One Year 0 5
One to Three Years 4 5
Three to Five Years 29 46
Over Five Years 2,106 1,834
Total 2,139 1,890
Credit derivatives | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 1,406 271
One to Three Years 623 307
Three to Five Years 499 776
Over Five Years 438 457
Total 2,966 1,811
Maximum Payout/Notional    
Less than One Year 160,657 127,507
One to Three Years 139,729 120,297
Three to Five Years 219,979 195,671
Over Five Years 26,292 26,051
Total 546,657 469,526
Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 60 33
One to Three Years 532 307
Three to Five Years 425 776
Over Five Years 437 457
Total 1,454 1,573
Maximum Payout/Notional    
Less than One Year 64,070 50,704
One to Three Years 135,345 117,557
Three to Five Years 218,044 194,194
Over Five Years 25,420 25,715
Total 442,879 388,170
Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 1,346 238
One to Three Years 91 0
Three to Five Years 74 0
Over Five Years 1 0
Total 1,512 238
Maximum Payout/Notional    
Less than One Year 96,587 76,803
One to Three Years 4,384 2,740
Three to Five Years 1,935 1,477
Over Five Years 872 336
Total 103,778 81,356
Investment grade    
Carrying Value of Credit-related Notes    
Less than One Year 0 0
One to Three Years 0 0
Three to Five Years 3 9
Over Five Years 970 715
Total 973 724
Investment grade | Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 0 0
One to Three Years 0 3
Three to Five Years 7 24
Over Five Years 34 16
Total 41 43
Maximum Payout/Notional    
Less than One Year 48,636 35,634
One to Three Years 100,059 87,302
Three to Five Years 168,131 150,225
Over Five Years 22,048 21,482
Total 338,874 294,643
Investment grade | Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 88 93
One to Three Years 2 0
Three to Five Years 0 0
Over Five Years 0 0
Total 90 93
Maximum Payout/Notional    
Less than One Year 61,269 54,041
One to Three Years 1,507 1,288
Three to Five Years 1,419 1,185
Over Five Years 352 238
Total 64,547 56,752
Non-investment grade    
Carrying Value of Credit-related Notes    
Less than One Year 0 5
One to Three Years 4 5
Three to Five Years 26 37
Over Five Years 1,136 1,119
Total 1,166 1,166
Non-investment grade | Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 60 33
One to Three Years 532 304
Three to Five Years 418 752
Over Five Years 403 441
Total 1,413 1,530
Maximum Payout/Notional    
Less than One Year 15,434 15,070
One to Three Years 35,286 30,255
Three to Five Years 49,913 43,969
Over Five Years 3,372 4,233
Total 104,005 93,527
Non-investment grade | Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 1,258 145
One to Three Years 89 0
Three to Five Years 74 0
Over Five Years 1 0
Total 1,422 145
Maximum Payout/Notional    
Less than One Year 35,318 22,762
One to Three Years 2,877 1,452
Three to Five Years 516 292
Over Five Years 520 98
Total $ 39,231 $ 24,604