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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investments and cash:    
Available for sale, fixed maturity securities $ 73,290 $ 75,741
Held to maturity fixed maturity securities, net carrying amount 17,819 [1] 19,056
Equity securities 1,088 1,091
Commercial mortgage and other loans 12,527 13,496
Other investments 4,530 4,070
Cash and cash equivalents 4,306 3,943
Total investments and cash 113,560 117,397
Receivables 848 647
Accrued investment income 731 745
Deferred policy acquisition costs 9,132 9,239
Property and equipment, at cost less accumulated depreciation 445 530
Other 2,008 3,180
Total assets 126,724 131,738
Policy liabilities:    
Future policy benefits 83,718 88,241
Unpaid policy claims 261 201
Unearned premiums 1,451 1,825
Other policyholders’ funds 6,169 6,643
Total policy liabilities 91,599 96,910
Income taxes 154 698
Payables for return of cash collateral on loaned securities 1,503 1,809
Notes payable and lease obligations 7,364 7,442
Other 4,119 4,739
Total liabilities 104,739 111,598
Commitments and contingent liabilities (Note 15)
Shareholders' equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2023 and 2022; issued 1,355,398 shares in 2023 and 1,354,079 shares in 2022 136 135
Additional paid-in capital 2,771 2,641
Retained earnings 47,993 44,367
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,069) (3,564)
Unrealized gains (losses) on fixed maturity securities 1,139 (702)
Unrealized gains (losses) on derivatives (22) (27)
Effect of changes in discount rate assumptions (2,560) (2,100)
Pension liability adjustment (8) (36)
Treasury stock, at average cost (23,395) (20,574)
Total shareholders’ equity 21,985 20,140
Total liabilities and shareholders’ equity 126,724 131,738
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Available for sale, fixed maturity securities 69,578 71,936
Variable Interest Entity, Consolidated    
Investments and cash:    
Available for sale, fixed maturity securities 3,712 3,805
Commercial mortgage and other loans [2] 10,150 10,832
Other investments [2],[3] 2,381 1,909
Policy liabilities:    
Total liabilities [2] $ 507 $ 390
[1] Net of allowance for credit losses
[2] Net of allowance for credit losses
[3] Consists entirely of alternative investments in limited partnerships