Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

The following table presents the amounts related to each component of OCI:


	Three Months Ended March 31,
	2023						2022
	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)	$	566	$	(124)	$	442	$	(1,592)	$	347	$	(1,245)
Reclassification of net (gains) losses on securities included in net income (2)	(3)		1		(2)		(20)		4		(16)
Impact of benefit reserves and reinsurance recoverables	(12)		2		(10)		50		(9)		41
Net unrealized gains (losses) on securities	551		(121)		430		(1,562)		342		(1,220)
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period	3		(1)		2		1		—		1

Net unrealized gains (losses) on derivatives	3		(1)		2		1		—		1
Effect of changes in discount rate assumptions on certain long-duration contracts	(83)		18		(65)		460		(98)		362
Effect of changes in instrument-specific credit risk on MRBs	204		(43)		161		385		(82)		303



Foreign currency translation	42		(9)		33		(58)		12		(46)

Total other comprehensive income (loss)	$	717	$	(156)	$	561	$	(774)	$	174	$	(600)

(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		Effect of Changes in Discount Rate Assumptions on Certain Long-Duration Contracts		Effect of Changes in Instrument-Specific Credit Risk on MRBs		Defined Benefit Plans		Foreign Currency Translation		Other		Total
	(in millions)














Balance at January 1, 2023	$	(2,043)	$	3	$	(72)	$	(20)	$	(75)	$	(338)	$	(1)	$	(2,546)

OCI before reclassifications	432		2		(65)		161		—		33		—		563
Amounts reclassified from AOCI	(2)		—		—		—		—		—		—		(2)
Total OCI	430		2		(65)		161		—		33		—		561
Balance at March 31, 2023	$	(1,613)	$	5	$	(137)	$	141	$	(75)	$	(305)	$	(1)	$	(1,985)

Balance at January 1, 2022	$	1,033	$	4	$	(933)	$	(427)	$	(151)	$	(167)	$	(1)	$	(642)

OCI before reclassifications	(1,204)		1		362		303		—		(46)		—		(584)
Amounts reclassified from AOCI	(16)		—		—		—		—		—		—		(16)
Total OCI	(1,220)		1		362		303		—		(46)		—		(600)
Balance at March 31, 2022	$	(187)	$	5	$	(571)	$	(124)	$	(151)	$	(213)	$	(1)	$	(1,242)