Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss)

Shareholders' equity included the following components of AOCI as of the dates indicated:


	March 31,
	2023		2022
Fixed maturities, net of impairment	$	(2,635)	$	602

Derivatives(1)	109		80





Change in discount rate	(855)		(1,044)
Deferred income tax asset (liability)	833		199
Total	(2,548)		(163)
Pension and other postretirement benefits liability, net of tax	3		3
AOCI	$	(2,545)	$	(160)

(1) Gains and losses reported in Accumulated Other Comprehensive Income (AOCI) from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $17.

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:



	Three Months Ended March 31, 2023
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	661		$	(139)	$	522



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(1)			—		(1)



Change in unrealized gains (losses) on available-for-sale securities	660			(139)		521

Derivatives:
Derivatives	(12)		(1)	3		(9)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on derivatives	(17)			4		(13)

Change in current discount rate	2			—		2



Change in Accumulated other comprehensive income (loss)	$	645		$	(135)	$	510

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.


	Three Months Ended March 31, 2022
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(2,663)		$	559	$	(2,104)



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	70			(15)		55



Change in unrealized gains (losses) on available-for-sale securities	(2,593)			544		(2,049)

Derivatives:
Derivatives	5		(1)	(1)		4
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on derivatives	—			—		—

Change in current discount rate	104			(22)		82



Change in Accumulated other comprehensive income (loss)	$	(2,489)		$	522	$	(1,967)

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.