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Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2024
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)
 
 
Derivatives
qualifying as
hedges
(1)
 
 
Change in the
discount rate
used to
measure
future policy
benefits
 
 
Change in
instrument-
specific
credit risk
of market
risk benefits
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                      
Balances as of April 1, 2024
    $ (2,615 )    $ 849     $ (334 )    $ (6 )    $ 12     $ (2,094 ) 
OCI before reclassifications
      (442 )      (85 )      958       —        (5 )      426  
Amounts reclassified from OCI
      15       (34 )      —        —        —        (19 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      (427 )      (119 )      958       —        (5 )      407  
Balances as of June 30, 2024 before noncontrolling interests
      (3,042 )      730       624       (6 )      7       (1,687 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      —        —        —        —        —        —   
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2024
    $ (3,042 )    $ 730     $ 624     $ (6 )    $ 7     $ (1,687 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
 
 
Derivatives
qualifying as
hedges
(1)
 
 
Change in the
discount rate
used to
measure
future policy
benefits
 
 
Change in
instrument-
specific
credit risk
of market
risk benefits
 
 
Foreign
currency
translation
and other
adjustments
 
  
Total
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
                                       
Balances as of April 1, 2023
    $ (2,500 )    $ 1,274     $ (1,628 )    $ (9 )    $ 10      $ (2,853 ) 
OCI before reclassifications
      (584 )      (83 )      664       —        4        1  
Amounts reclassified from OCI
      23       (37 )      —        —        —         (14 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Current period OCI
      (561 )      (120 )      664       —        4        (13 ) 
Balances as of June 30, 2023 before noncontrolling interests
      (3,061 )      1,154       (964 )      (9 )      14        (2,866 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Less: change in OCI attributable to noncontrolling interests
      (5 )      —        —        —        —         (5 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Balances as of June 30, 2023
    $ (3,056 )    $ 1,154     $ (964 )    $ (9 )    $ 14      $ (2,861 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
 
(1)
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
 
 
Derivatives
qualifying as
hedges
(1)
 
 
Change in the
discount rate
used to
measure
future policy
benefits
 
 
Change in
instrument-
specific
credit risk
of market
risk benefits
 
 
Foreign
currency
translation
and other
adjustments
 
 
Total
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                      
Balances as of January 1, 2024
    $ (2,130 )    $ 1,010     $ (1,439 )    $ (8 )    $ 12     $ (2,555 ) 
OCI before reclassifications
      (945 )      (210 )      2,063       2       (5 )      905  
Amounts reclassified from OCI
      32       (70 )      —        —        —        (38 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Current period OCI
      (913 )      (280 )      2,063       2       (5 )      867  
Balances as of June 30, 2024 before noncontrolling interests
      (3,043 )      730       624       (6 )      7       (1,688 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Less: change in OCI attributable to noncontrolling interests
      (1 )      —        —        —        —        (1 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balances as of June 30, 2024
    $ (3,042 )    $ 730     $ 624     $ (6 )    $ 7     $ (1,687 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
See note 5 for additional information.
 
(Amounts in millions)
  
Net
unrealized
investment
gains
(losses)
 
 
Derivatives
qualifying as
hedges
(1)
 
 
Change in the
discount rate
used to
measure
future policy
benefits
 
 
Change in
instrument-
specific
credit risk
of market
risk benefits
 
 
Foreign
currency
translation
and other
adjustments
 
  
Total
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
                                       
Balances as of January 1, 2023
    $ (3,407 )    $ 1,200     $ (403 )    $ (10 )    $ 6      $ (2,614 ) 
OCI before reclassifications
      322       31       (561 )      1       8        (199 ) 
Amounts reclassified from OCI
      36       (77 )      —        —        —         (41 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Current period OCI
      358       (46 )      (561 )      1       8        (240 ) 
Balances as of June 30, 2023 before noncontrolling interests
      (3,049 )      1,154       (964 )      (9 )      14        (2,854 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Less: change in OCI attributable to noncontrolling interests
      7       —        —        —        —         7  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Balances as of June 30, 2023
    $ (3,056 )    $ 1,154     $ (964 )    $ (9 )    $ 14      $ (2,861 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
 
(1)
See note 5 for additional information.
Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes
The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods presented:
 
 
 
 
 
Affected line item in the
condensed consolidated
statements of income
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
(Amounts in millions)
 
 2024 
 
 
 2023 
 
 
 2024 
 
 
 2023 
 
Net unrealized investment (gains) losses:
 
 
 
 
 
Unrealized (gains) losses on investments
  
$
19
 
 
$
30
 
 
$
41
 
 
$
46
 
 
Net investment (gains)
 
losses
Income taxes
  
 
(4
) 
 
 
(7
) 
 
 
(9
) 
 
 
(10
) 
 
Provision for income
 
taxes

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
  
$
15
 
 
$
23
 
 
$
32
 
 
$
36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Derivatives qualifying as hedges:
  
 
 
 
 
Interest rate swaps hedging assets
  
$
(52
) 
 
$
(55
) 
 
$
(105
) 
 
$
(109
) 
 
Net investment income
Interest rate swaps hedging assets
  
 
(1
) 
 
 
(3
) 
 
 
(5
) 
 
 
(8
) 
 
Net investment (gains)
 
losses
Interest rate swaps hedging liabilities
  
 
1
 
 
 
—
 
 
 
 
2
 
 
 
1
 
 
Interest expense
Interest rate swaps hedging liabilities
  
 
—
 
 
 
 
—
 
 
 
 
—
 
 
 
 
(1
) 
 
Net investment (gains)
 
losses
Foreign currency swaps
  
 
—
 
 
 
 
—
 
 
 
 
—
 
 
 
 
(2
) 
 
 Net investment (gains) losses
Income taxes
  
 
18
 
 
 
21
 
 
 
38
 
 
 
42
 
 
Provision for income taxes

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
  
$
(34
) 
 
$
(37
) 
 
$
(70
) 
 
$
(77
)