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Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
[2]
Sep. 30, 2023
Sep. 30, 2022
Net income (loss) $ 258 $ (42) [1] $ 838 $ 443 [1],[3]
Other Comprehensive Loss, net of tax        
Net unrealized gains and losses on investments (1,085) (1,737) (837) (6,612)
Impact of changes in discount rates used to measure long-duration contract liabilities 818 994 678 4,136
Foreign currency translation adjustment (55) (103) (4) (185)
Pension and postretirement benefits 6 6 20 18
Other comprehensive loss, net of tax (316) (840) (143) (2,643)
Total comprehensive (loss) income (58) (882) 695 (2,200)
Net unrealized gains and losses on investments with an allowance for credit losses        
Other Comprehensive Loss, net of tax        
Net unrealized gains and losses on investments (1) (2) (10) (8)
Net unrealized gains and losses on other investments        
Other Comprehensive Loss, net of tax        
Net unrealized gains and losses on investments $ (1,084) $ (1,735) $ (827) $ (6,604)
[1] As of January 1, 2023, the Company adopted ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.