Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows:

(Dollars in millions)	Three months ended September 30,
	2022						2021
	Before tax		Income tax		Net		Before tax		Income tax		Net
Investments:
AOCI, beginning of period	$	(564)	$	(119)	$	(445)	$	962	$	201	$	761
OCI before investment gains and losses, net, recognized in net income	(514)		(109)		(405)		(80)		(18)		(62)
Investment gains and losses, net, recognized in net income	—		—		—		(8)		(1)		(7)
OCI	(514)		(109)		(405)		(88)		(19)		(69)
AOCI, end of period	$	(1,078)	$	(228)	$	(850)	$	874	$	182	$	692
Pension obligations:
AOCI, beginning of period	$	27	$	7	$	20	$	(36)	$	(6)	$	(30)
OCI excluding amortization recognized in net income	—		—		—		—		—		—
Amortization recognized in net income	—		—		—		2		1		1
OCI	—		—		—		2		1		1
AOCI, end of period	$	27	$	7	$	20	$	(34)	$	(5)	$	(29)
Life deferred acquisition costs, life policy reserves and other:
AOCI, beginning of period	$	2	$	—	$	2	$	—	$	—	$	—
OCI before investment gains and losses, net, recognized in net income	—		—		—		—		—		—
Investment gains and losses, net, recognized in net income	—		—		—		—		—		—
OCI	—		—		—		—		—		—
AOCI, end of period	$	2	$	—	$	2	$	—	$	—	$	—
Summary of AOCI:
AOCI, beginning of period	$	(535)	$	(112)	$	(423)	$	926	$	195	$	731
Investments OCI	(514)		(109)		(405)		(88)		(19)		(69)
Pension obligations OCI	—		—		—		2		1		1
Life deferred acquisition costs, life policy reserves and other OCI	—		—		—		—		—		—
Total OCI	(514)		(109)		(405)		(86)		(18)		(68)
AOCI, end of period	$	(1,049)	$	(221)	$	(828)	$	840	$	177	$	663

(Dollars in millions)	Nine months ended September 30,
	2022						2021
	Before tax		Income tax		Net		Before tax		Income tax		Net
Investments:
AOCI, beginning of period	$	792	$	165	$	627	$	1,026	$	215	$	811
OCI before investment gains and losses, net, recognized in net income	(1,867)		(392)		(1,475)		(132)		(29)		(103)
Investment gains and losses, net, recognized in net income	(3)		(1)		(2)		(20)		(4)		(16)
OCI	(1,870)		(393)		(1,477)		(152)		(33)		(119)
AOCI, end of period	$	(1,078)	$	(228)	$	(850)	$	874	$	182	$	692
Pension obligations:
AOCI, beginning of period	$	27	$	7	$	20	$	(41)	$	(7)	$	(34)
OCI excluding amortization recognized in net income	—		—		—		2		1		1
Amortization recognized in net income	—		—		—		5		1		4
OCI	—		—		—		7		2		5
AOCI, end of period	$	27	$	7	$	20	$	(34)	$	(5)	$	(29)
Life deferred acquisition costs, life policy reserves and other:
AOCI, beginning of period	$	1	$	—	$	1	$	(10)	$	(2)	$	(8)
OCI before investment gains and losses, net, recognized in net income	1		—		1		10		2		8
Investment gains and losses, net, recognized in net income	—		—		—		—		—		—
OCI	1		—		1		10		2		8
AOCI, end of period	$	2	$	—	$	2	$	—	$	—	$	—
Summary of AOCI:
AOCI, beginning of period	$	820	$	172	$	648	$	975	$	206	$	769
Investments OCI	(1,870)		(393)		(1,477)		(152)		(33)		(119)
Pension obligations OCI	—		—		—		7		2		5
Life deferred acquisition costs, life policy reserves and other OCI	1		—		1		10		2		8
Total OCI	(1,869)		(393)		(1,476)		(135)		(29)		(106)
AOCI, end of period	$	(1,049)	$	(221)	$	(828)	$	840	$	177	$	663