Revision of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Revision of Prior Period Financial Statements

Revision of Prior Period Financial Statements

The Company revised prior period Consolidated Financial Statements to correct shadow unearned revenue liability balances associated with universal life insurance products for which the error began prior to the periods presented below. See Note 1 for additional information. A summary of the revision to our previously reported Consolidated Financial Statements is presented below:

Revised Consolidated Balance Sheet

	December 31, 2021
	As Reported		Impact of Revision		As Revised
	(in millions)
Other assets	$	11,444	$	(69)	$	11,375
Total assets	175,979		(69)		175,910
Other liabilities	8,966		(325)		8,641
Total liabilities	170,294		(325)		169,969
Accumulated other comprehensive income (loss), net of tax	3		256		259
Total equity	5,685		256		5,941
Total liabilities and equity	175,979		(69)		175,910

Revised Consolidated Statements of Comprehensive Income

	Years Ended December 31,
	2021						2020
	As Reported		Impact of Revision		As Revised		As Reported		Impact of Revision		As Revised
	(in millions)
Net unrealized gains (losses) on securities	$	(665)	$	(8)	$	(673)	$	407	$	82	$	489
Total other comprehensive income (loss), net of tax	(626)		(8)		(634)		367		82		449
Total comprehensive income (loss)	2,134		(8)		2,126		1,901		82		1,983

Revised Consolidated Statements of Equity

	As Reported						As Revised
	Accumulated Other Comprehensive Income (Loss)		Total Equity		Impact of Revision		Accumulated Other Comprehensive Income (Loss)		Total Equity
	(in millions)
Balances at January 1, 2020	$	262	$	5,729	$	182	$	444	$	5,911
Other comprehensive income, net of tax	367		367		82		449		449
Balances at December 31, 2020	629		5,867		264		893		6,131
Other comprehensive loss, net of tax	(626)		(626)		(8)		(634)		(634)
Balances at December 31, 2021	3		5,685		256		259		5,941