Other Income and Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Six Months Ended June 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	246		$	(52)	$	194
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	19			(4)		15
Change in unrealized gains (losses) on available-for-sale securities	265			(56)		209
Derivatives:
Derivatives	(15)		(1)	3		(12)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	(25)			5		(20)
Change in current discount rate	11			(2)		9
Change in Accumulated other comprehensive income (loss)	$	251		$	(53)	$	198

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

	Three Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,828)		$	384	$	(1,444)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	17			(3)		14
Change in unrealized gains (losses) on available-for-sale securities	(1,811)			381		(1,430)
Derivatives:
Derivatives	44		(1)	(9)		35
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on derivatives	39			(8)		31
Change in current discount rate	15			(4)		11
Change in Accumulated other comprehensive income (loss)	(1,757)			369		(1,388)

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

	Six Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(3,767)		$	791	$	(2,976)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	77			(16)		61
Change in unrealized gains (losses) on available-for-sale securities	(3,690)			775		(2,915)
Derivatives:
Derivatives	49		(1)	(10)		39
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	39			(8)		31
Change in current discount rate	31			(7)		24
Change in Accumulated other comprehensive income (loss)	$	(3,620)		$	760	$	(2,860)

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

Schedule of Accumulated Other Comprehensive Income (Loss)

Shareholder’s equity included the following components of AOCI as of the dates indicated:

	June 30,
	2023		2022
Fixed maturities, net of impairment	$	(2,279)	$	(1,565)
Derivatives(1)	87		116
Change in current discount rate	(338)		(360)
Deferred income tax asset (liability)	660		508
Total	(1,870)		(1,301)
Pension and other postretirement benefits liability, net of tax	1		3
AOCI	$	(1,869)	$	(1,298)

(1) Gains and losses reported in Accumulated Other Comprehensive Income (AOCI) from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $17.

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated: