Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of Accumulated Other Comprehensive Income

Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2023		2022		2023		2022
Net unrealized investment gains (losses):
Beginning of period balance	$	(1,049)	$	(334)	$	(1,519)	$	778
Adoption of new accounting standard ($0, $0, $0, $26 pretax) (1)	—		—		—		20
Other comprehensive income (loss) before reclassifications ($(175), $(1,172), $165, $(2,547) pretax)	(174)		(920)		165		(2,127)
Amounts reclassified from accumulated other comprehensive income (loss) ($110, $77, $241, $154 pretax) (2)	110		55		241		130
Other comprehensive income (loss)	(64)		(865)		406		(1,997)
End of period balance	(1,113)		(1,199)		(1,113)		(1,199)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance	145		(282)		219		—
Adoption of new accounting standard ($0, $0, $0, $(838) pretax) (1)	—		—		—		(651)
Other comprehensive income (loss) before reclassifications ($78, $399, $(23), $874 pretax)	60		310		(14)		679
Other comprehensive income (loss)	60		310		(14)		679
End of period balance	205		28		205		28
Foreign currency translation adjustments:
Beginning of period balance	(1)		3		—		—
Other comprehensive income (loss) before reclassifications	2		(1)		—		2
Other comprehensive income (loss)	2		(1)		1		2
End of period balance	1		2		1		2
Net cash flow hedges:
Beginning of period balance	233		219		239		222
Other comprehensive income (loss) before reclassifications ($3, $24, $(3), $24 pretax )	2		18		(2)		18
Amounts reclassified from accumulated other comprehensive income ($23, $(4), $20, $(8) pretax) (3)	17		(3)		15		(6)
Other comprehensive income	19		15		13		12
End of period balance	252		234		252		234
Pension and other postretirement benefits:
Beginning of period balance	(203)		(35)		(203)		(35)
Amounts reclassified from accumulated other comprehensive loss ($0, $1, $0, $1 pretax) (4)	—		1		—		1
Other comprehensive income	—		1		—		1
End of period balance	(203)		(34)		(203)		(34)
Total beginning of period accumulated other comprehensive income (loss)	(875)		(429)		(1,264)		965
Adoption of new accounting standard (1)	—		—		—		(631)
Total other comprehensive income (loss)	17		(540)		406		(1,303)
Total end of period accumulated other comprehensive loss	$	(858)	$	(969)	$	(858)	$	(969)

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(1)Reflects the adoption of ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (Topic 944) during the six months ended June 30, 2023. See Note 1 ‘‘Significant Accounting Policies’’ for additional information.

(2)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.

(3)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 $15 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

(4)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.