Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31, 2023
	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)	$	1,038	$	(240)	$	798
Reclassification of net (gains) losses on securities included in net income (2)	29		(6)		23
Impact of benefit reserves and reinsurance recoverables	(24)		5		(19)
Net unrealized gains (losses) on securities	1,043		(241)		802
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period	3		(1)		2
Reclassification of net (gains) losses on derivatives included in net income (3)	(1)		1		—
Net unrealized gains (losses) on derivatives	2		—		2
Effect of changes in discount rate assumptions on certain long-duration contracts	(69)		15		(54)
Effect of changes in instrument-specific credit risk on MRBs	(83)		18		(65)
Defined benefit plans:
Prior service credits and costs	(1)		—		(1)
Net gains (losses)	20		(4)		16
Defined benefit plans	19		(4)		15
Foreign currency translation	79		1		80

Total other comprehensive income (loss)	$	991	$	(211)	$	780


	Year Ended December 31, 2022
	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)	$	(4,146)	$	918	$	(3,228)
Reclassification of net (gains) losses on securities included in net income (2)	85		(18)		67
Impact of benefit reserves and reinsurance recoverables	103		(18)		85
Net unrealized gains (losses) on securities	(3,958)		882		(3,076)
Net unrealized gains (losses) on derivatives:

Reclassification of net (gains) losses on derivatives included in net income (3)	(1)		—		(1)
Net unrealized gains (losses) on derivatives	(1)		—		(1)
Effect of changes in discount rate assumptions on certain long-duration contracts	1,095		(234)		861
Effect of changes in instrument-specific credit risk on MRBs	517		(110)		407
Defined benefit plans:
Prior service credits and costs	(1)		—		(1)
Net gains (losses)	97		(20)		77
Defined benefit plans	96		(20)		76
Foreign currency translation	(216)		45		(171)

Total other comprehensive income (loss)	$	(2,467)	$	563	$	(1,904)


	Year Ended December 31, 2021
	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)	$	(622)	$	137	$	(485)
Reclassification of net (gains) losses on securities included in net income (2)	(561)		118		(443)
Impact of benefit reserves and reinsurance recoverables	8		(1)		7
Net unrealized gains (losses) on securities	(1,175)		254		(921)
Net unrealized gains (losses) on derivatives:

Reclassification of net (gains) losses on derivatives included in net income (3)	(1)		—		(1)
Net unrealized gains (losses) on derivatives	(1)		—		(1)
Effect of changes in discount rate assumptions on certain long-duration contracts	361		(77)		284
Effect of changes in instrument-specific credit risk on MRBs	127		(27)		100
Defined benefit plans:
Prior service credits	(3)		1		(2)
Net gains (losses)	70		(15)		55
Defined benefit plans	67		(14)		53
Foreign currency translation	(16)		3		(13)

Total other comprehensive income (loss)	$	(637)	$	139	$	(498)

(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.

(3) Includes a $1 million, $1 million and $1 million pretax gain reclassified to Interest and debt expense.

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		Effect of Changes in Instrument-Specific Credit Risk on MRBs		Defined Benefit Plans		Foreign Currency Translation		Other		Total
	(in millions)
Balance at January 1, 2021	$	1,247	$	5	$	—	$	—	$	(204)	$	(154)	$	(1)	$	893
Cumulative effect of adoption of long-duration contracts guidance	707		—		(1,217)		(527)		—		—		—		(1,037)
OCI before reclassifications	(478)		—		284		100		36		(13)		—		(71)
Amounts reclassified from AOCI	(443)		(1)		—		—		17		—		—		(427)
Total OCI	(921)		(1)		284		100		53		(13)		—		(498)
Balance at December 31, 2021	1,033		4		(933)		(427)		(151)		(167)		(1)		(642)

OCI before reclassifications	(3,143)		—		861		407		61		(171)		—		(1,985)
Amounts reclassified from AOCI	67		(1)		—		—		15		—		—		81
Total OCI	(3,076)		(1)		861		407		76		(171)		—		(1,904)
Balance at December 31, 2022	(2,043)		3		(72)		(20)		(75)		(338)		(1)		(2,546)

OCI before reclassifications	779		2		(54)		(65)		14		80		—		756
Amounts reclassified from AOCI	23		—		—		—		1		—		—		24
Total OCI	802		2		(54)		(65)		15		80		—		780
Balance at December 31, 2023	$	(1,241)	$	5	$	(126)	$	(85)	$	(60)	$	(258)	$	(1)	$	(1,766)