Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

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



	Three Months Ended June 30,
	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)	$	(439)	$	101	$	(338)	$	(1,440)	$	328	$	(1,112)
Reclassification of net (gains) losses on securities included in net income (2)	(6)		1		(5)		15		(3)		12
Impact of benefit reserves and reinsurance recoverables	6		(1)		5		40		(7)		33
Net unrealized gains (losses) on securities	(439)		101		(338)		(1,385)		318		(1,067)
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period	—		—		—		(2)		—		(2)

Net unrealized gains (losses) on derivatives	—		—		—		(2)		—		(2)
Effect of changes in discount rate assumptions on certain long-duration contracts	75		(16)		59		417		(89)		328
Effect of changes in instrument-specific credit risk on MRBs	(159)		33		(126)		454		(97)		357



Foreign currency translation	$	52	$	(11)	$	41	$	(155)	$	33	$	(122)

Total other comprehensive income (loss)	$	(471)	$	107	$	(364)	$	(671)	$	165	$	(506)


	Six Months Ended June 30,
	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)	$	127	$	(23)	$	104	$	(3,032)	$	675	$	(2,357)
Reclassification of net (gains) losses on securities included in net income (2)	(9)		2		(7)		(5)		1		(4)
Impact of benefit reserves and reinsurance recoverables	(6)		1		(5)		90		(16)		74
Net unrealized gains (losses) on securities	112		(20)		92		(2,947)		660		(2,287)
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	(8)		2		(6)		877		(187)		690
Effect of changes in instrument-specific credit risk on MRBs	45		(10)		35		839		(179)		660



Foreign currency translation	94		(20)		74		(213)		45		(168)

Total other comprehensive income (loss)	$	246	$	(49)	$	197	$	(1,445)	$	339	$	(1,106)

(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 April 1, 2023	$	(1,613)	$	5	$	(137)	$	141	$	(75)	$	(305)	$	(1)	$	(1,985)

OCI before reclassifications	(333)		—		59		(126)		—		41		—		(359)
Amounts reclassified from AOCI	(5)		—		—		—		—		—		—		(5)
Total OCI	(338)		—		59		(126)		—		41		—		(364)
Balance at June 30, 2023	$	(1,951)	$	5	$	(78)	$	15	$	(75)	$	(264)	$	(1)	$	(2,349)

Balance at April 1, 2022	$	(187)	$	5	$	(571)	$	(124)	$	(151)	$	(213)	$	(1)	$	(1,242)

OCI before reclassifications	(1,079)		(2)		328		357		—		(122)		—		(518)
Amounts reclassified from AOCI	12		—		—		—		—		—		—		12
Total OCI	(1,067)		(2)		328		357		—		(122)		—		(506)
Balance at June 30, 2022	$	(1,254)	$	3	$	(243)	$	233	$	(151)	$	(335)	$	(1)	$	(1,748)

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

OCI before reclassifications	99		2		(6)		35		—		74		—		204
Amounts reclassified from AOCI	(7)		—		—		—		—		—		—		(7)
Total OCI	92		2		(6)		35		—		74		—		197
Balance at June 30, 2023	$	(1,951)	$	5	$	(78)	$	15	$	(75)	$	(264)	$	(1)	$	(2,349)

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

OCI before reclassifications	(2,283)		(1)		690		660		—		(168)		—		(1,102)
Amounts reclassified from AOCI	(4)		—		—		—		—		—		—		(4)
Total OCI	(2,287)		(1)		690		660		—		(168)		—		(1,106)
Balance at June 30, 2022	$	(1,254)	$	3	$	(243)	$	233	$	(151)	$	(335)	$	(1)	$	(1,748)