Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
In millions	2022		2021		2022		2021
Net unrealized investment gains (losses):
Beginning of period balance	$	(1,190)	$	977	$	778	$	1,214
Other comprehensive loss before reclassifications ($(796), $(73), $(3,306), $(346) pretax)	(711)		(61)		(2,809)		(297)
Amounts reclassified from accumulated other comprehensive income (loss) ($99, $(14), $253, $(15) pretax) (1)	88		(12)		218		(13)
Other comprehensive loss	(623)		(73)		(2,591)		(310)
End of period balance	(1,813)		904		(1,813)		904
Foreign currency translation adjustments:
Beginning of period balance	2		6		—		7
Other comprehensive loss before reclassifications	(7)		(5)		(5)		(6)
Other comprehensive loss	(7)		(5)		(5)		(6)
End of period balance	(5)		1		(5)		1
Net cash flow hedges:
Beginning of period balance	234		241		222		248
Other comprehensive income before reclassifications ($13, $0, $37, $0 pretax)	10		—		28		—
Amounts reclassified from accumulated other comprehensive income ($(2), $(20), $(10), $(29) pretax) (2)	(2)		(15)		(8)		(22)
Other comprehensive income (loss)	8		(15)		20		(22)
End of period balance	242		226		242		226
Pension and other postretirement benefits:
Beginning of period balance	(34)		(54)		(35)		(55)
Amounts reclassified from accumulated other comprehensive loss ($1, $0, $2, $1 pretax) (3)	1		—		2		1
Other comprehensive income	1		—		2		1
End of period balance	(33)		(54)		(33)		(54)
Total beginning of period accumulated other comprehensive income (loss)	(988)		1,170		965		1,414
Total other comprehensive loss	(621)		(93)		(2,574)		(337)
Total end of period accumulated other comprehensive income (loss)	$	(1,609)	$	1,077	$	(1,609)	$	1,077

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(1)Amounts reclassified from accumulated other comprehensive income (loss) for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations.

(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $11 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

(3)Amounts reclassified from accumulated other comprehensive loss for specifically identified pension and other postretirement benefits are included in other income in the unaudited condensed consolidated statements of operations.