Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

The following tables provide the amounts related to each component of OCI:



	Three Months Ended September 30,
	2022						2021
	Pretax		Income Tax Benefit (Expense)		Net of Tax		Pretax		Income Tax Benefit (Expense)		Net of Tax
	(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)	$	(1,435)	$	321	$	(1,114)	$	(79)	$	21	$	(58)
Reclassification of net (gains) losses on securities included in net income (2)	86		(18)		68		(502)		105		(397)
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables	219		(46)		173		147		(31)		116
Net unrealized gains (losses) on securities	(1,130)		257		(873)		(434)		95		(339)




Defined benefit plans:
Net gain (loss) arising during the period	1		—		1		—		—		—
Defined benefit plans	1		—		1		—		—		—
Foreign currency translation	(160)		33		(127)		(28)		6		(22)

Total other comprehensive income (loss)	$	(1,289)	$	290	$	(999)	$	(462)	$	101	$	(361)


	Nine Months Ended September 30,
	2022						2021
	Pretax		Income Tax Benefit (Expense)		Net of Tax		Pretax		Income Tax Benefit (Expense)		Net of Tax
	(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)	$	(4,467)	$	996	$	(3,471)	$	(433)	$	108	$	(325)
Reclassification of net (gains) losses on securities included in net income (2)	81		(17)		64		(553)		116		(437)
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables	1,145		(240)		905		284		(60)		224
Net unrealized gains (losses) on securities	(3,241)		739		(2,502)		(702)		164		(538)
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period	(1)		—		(1)		—		—		—

Net unrealized gains (losses) on derivatives	(1)		—		(1)		—		—		—
Defined benefit plans:
Net gains (losses)	1		—		1		37		(8)		29
Defined benefit plans	1		—		1		37		(8)		29
Foreign currency translation	(373)		78		(295)		(27)		6		(21)

Total other comprehensive income (loss)	$	(3,614)	$	817	$	(2,797)	$	(692)	$	162	$	(530)

(1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

(2) Reclassification amounts are recorded in Net investment income.

The following table presents the changes in the balances of each component of AOCI, net of tax:


	Net Unrealized Gains (Losses) on Securities		Net Unrealized Gains (Losses) on Derivatives		Defined Benefit Plans		Foreign Currency Translation		Other		Total
	(in millions)
Balance at July 1, 2022	$	(1,311)	$	3	$	(151)	$	(335)	$	(1)	$	(1,795)

OCI before reclassifications	(941)		—		1		(127)		—		(1,067)
Amounts reclassified from AOCI	68		—		—		—		—		68
Total OCI	(873)		—		1		(127)		—		(999)
Balance at September 30, 2022	$	(2,184)	$	3	$	(150)	$	(462)	$	(1)	$	(2,794)

Balance at July 1, 2021	$	784	$	5	$	(175)	$	(153)	$	(1)	$	460

OCI before reclassifications	58		—		—		(22)		—		36
Amounts reclassified from AOCI	(397)		—		—		—		—		(397)
Total OCI	(339)		—		—		(22)		—		(361)
Balance at September 30, 2021	$	445	$	5	$	(175)	$	(175)	$	(1)	$	99

Balance at January 1, 2022	$	318	$	4	$	(151)	$	(167)	$	(1)	$	3

OCI before reclassifications	(2,566)		(1)		1		(295)		—		(2,861)
Amounts reclassified from AOCI	64		—		—		—		—		64
Total OCI	(2,502)		(1)		1		(295)		—		(2,797)
Balance at September 30, 2022	$	(2,184)	$	3	$	(150)	$	(462)	$	(1)	$	(2,794)

Balance at January 1, 2021	$	983	$	5	$	(204)	$	(154)	$	(1)	$	629

OCI before reclassifications	(101)		—		29		(21)		—		(93)
Amounts reclassified from AOCI	(437)		—		—		—		—		(437)
Total OCI	(538)		—		29		(21)		—		(530)
Balance at September 30, 2021	$	445	$	5	$	(175)	$	(175)	$	(1)	$	99