Changes in Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes

The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:

(Amounts in millions)	Net unrealized investment gains (losses) (1)			Derivatives qualifying as hedges (2)			Foreign currency translation and other adjustments			Total
Balances as of April 1, 2022	$	850		$	1,789		$	(29	)	$	2,610
OCI before reclassifications		(2,436	)		(307	)		(7	)		(2,750	)
Amounts reclassified from (to) OCI		4			(37	)		—			(33	)
Current period OCI		(2,432	)		(344	)		(7	)		(2,783	)
Balances as of June 30, 2022 before noncontrolling interests		(1,582	)		1,445			(36	)		(173	)
Less: change in OCI attributable to noncontrolling interests		(28	)		—			—			(28	)
Balances as of June 30, 2022	$	(1,554	)	$	1,445		$	(36	)	$	(145	)

(1)  Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.

(2)  See note 5 for additional information.

(Amounts in millions)	Net unrealized investment gains (losses) (1)			Derivatives qualifying as hedges (2)			Foreign currency translation and other adjustments			Total
Balances as of April 1, 2021	$	1,919		$	1,792		$	(36	)	$	3,675
OCI before reclassifications		(54	)		245			2			193
Amounts reclassified from (to) OCI		—			(34	)		—			(34	)
Current period OCI		(54	)		211			2			159
Balances as of June 30, 2021 before noncontrolling interests		1,865			2,003			(34	)		3,834
Less: change in OCI attributable to noncontrolling interests		—			—			—			—
Balances as of June 30, 2021	$	1,865		$	2,003		$	(34	)	$	3,834

(1)  Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.

(2)  See note 5 for additional information.

(Amounts in millions)	Net unrealized investment gains (losses) (1)			Derivatives qualifying as hedges (2)			Foreign currency translation and other adjustments			Total
Balances as of January 1, 2022	$	1,860		$	2,025		$	(24	)	$	3,861
OCI before reclassifications		(3,493	)		(506	)		(12	)		(4,011	)
Amounts reclassified from (to) OCI		10			(74	)		—			(64	)
Current period OCI		(3,483	)		(580	)		(12	)		(4,075	)
Balances as of June 30, 2022 before noncontrolling interests		(1,623	)		1,445			(36	)		(214	)
Less: change in OCI attributable to noncontrolling interests		(69	)		—			—			(69	)
Balances as of June 30, 2022	$	(1,554	)	$	1,445		$	(36	)	$	(145	)

(1)  Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.

(2)  See note 5 for additional information.

(Amounts in millions)	Net unrealized investment gains (losses) (1)			Derivatives qualifying as hedges (2)			Foreign currency translation and other adjustments			Total
Balances as of January 1, 2021	$	2,214		$	2,211		$	—		$	4,425
OCI before reclassifications		(370	)		(140	)		138			(372	)
Amounts reclassified from (to) OCI		(4	)		(68	)		—			(72	)
Current period OCI		(374	)		(208	)		138			(444	)
Balances as of June 30, 2021 before noncontrolling interests		1,840			2,003			138			3,981
Less: change in OCI attributable to noncontrolling interests		(25	)		—			172			147
Balances as of June 30, 2021	$	1,865		$	2,003		$	(34	)	$	3,834

(1) Net of adjustments to DAC, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.

(2)  See note 5 for additional information.

Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes

The following table shows reclassifications in (out) of accumulated other comprehensive income (loss), net of taxes, for the periods presented:

(Amounts in millions)	Amount reclassified from accumulated other comprehensive income (loss)												Affected line item in the consolidated statements of income
	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Net unrealized investment (gains) losses:
Unrealized (gains) losses on investments (1)	$	5		$	—		$	13		$	(5	)	Net investment (gains) losses
Income taxes		(1	)		—			(3	)		1		Provision for income taxes
Total	$	4		$	—		$	10		$	(4	)
Derivatives qualifying as hedges:
Interest rate swaps hedging assets	$	(57	)	$	(52	)	$	(112	)	$	(104	)	Net investment income
Interest rate swaps hedging assets		—			—			(2	)		—		Net investment (gains) losses
Interest rate swaps hedging liabilities		1			—			2			—		Interest expense
Foreign currency swaps		—			—			(1	)		—		Net investment income
Income taxes		19			18			39			36		Provision for income taxes
Total	$	(37	)	$	(34	)	$	(74	)	$	(68	)

(1)  Amounts exclude adjustments to DAC, present value of future profits, sales inducements and benefit reserves.