Accumulated other comprehensive income (loss) excludes amounts required to adjust future policy benefits for the run-off settlement annuity business and a portion of deferred acquisition costs associated with the corporate owned life insurance business. Changes in the components of accumulated other comprehensive income (loss) were as follows:

			Tax
			(Expense)		After-
(In millions)	Pre-Tax		Benefit		Tax
Three Months Ended March 31,
2016
Net unrealized appreciation, securities, January 1,	$	612	$	(194)	$	418
Unrealized appreciation on securities arising during the period		227		(72)		155
Reclassification adjustment for losses included in shareholders' net income (realized investment losses)		28		(10)		18
Net unrealized appreciation, securities arising during the period		255		(82)		173
Net unrealized appreciation, securities, March 31,	$	867	$	(276)	$	591
Net unrealized appreciation, derivatives, January 1,	$	10	$	(3)	$	7
Unrealized (depreciation), derivatives arising during the period		(4)		1		(3)
Net unrealized appreciation, derivatives, March 31,	$	6	$	(2)	$	4
Net translation of foreign currencies, January 1,	$	(295)	$	21	$	(274)
Net translation of foreign currencies arising during the period		83		(2)		81
Net translation of foreign currencies, March 31,	$	(212)	$	19	$	(193)
Postretirement benefits liability adjustment, January 1,	$	(2,155)	$	754	$	(1,401)
Reclassification adjustment for amortization of net losses from past
experience and prior service costs (other operating expenses)		16		(5)		11
Postretirement benefits liability adjustment, March 31,	$	(2,139)	$	749	$	(1,390)

2015
Net unrealized appreciation, securities, January 1,	$	955	$	(335)	$	620
Unrealized appreciation on securities arising during the period		148		(47)		101
Reclassification adjustment for (gains) included in shareholders' net income (realized investment gains)		(20)		7		(13)
Net unrealized appreciation, securities arising during the period		128		(40)		88
Net unrealized appreciation, securities, March 31,	$	1,083	$	(375)	$	708
Net unrealized (depreciation), derivatives, January 1,	$	(12)	$	4	$	(8)
Net unrealized appreciation, derivatives arising during the period		10		(3)		7
Net unrealized (depreciation), derivatives, March 31,	$	(2)	$	1	$	(1)
Net translation of foreign currencies, January 1,	$	(71)	$	9	$	(62)
Net translation of foreign currencies arising during the period		(109)		5		(104)
Net translation of foreign currencies, March 31,	$	(180)	$	14	$	(166)
Postretirement benefits liability adjustment, January 1,	$	(2,286)	$	800	$	(1,486)
Reclassification adjustment for amortization of net losses from past
experience and prior service costs (other operating expenses)		16		(5)		11
Postretirement benefits liability adjustment, March 31,	$	(2,270)	$	795	$	(1,475)