Changes in and Reclassifications from Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

16. CHANGES IN AND RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2023
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Loss on Fixed Maturities with ACL		Net Gain on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(2,008)	$	(13)	$	48	$	33	$	27	$	(1,341)	$	(3,254)


OCI before reclassifications	(362)		2		(21)		4		6		(1)		(372)
Amounts reclassified from AOCI	21		2		—		—		—		7		30
OCI, before tax	(341)		4		(21)		4		6		6		(342)
Income tax benefit (expense)	72		(1)		4		(1)		(1)		(1)		72
OCI, net of tax	(269)		3		(17)		3		5		5		(270)
Ending balance	$	(2,277)	$	(10)	$	31	$	36	$	32	$	(1,336)	$	(3,524)


Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2023
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(2,594)	$	(7)	$	40	$	31	$	35	$	(1,346)	$	(3,841)
OCI before reclassifications	353		(6)		(14)		6		(4)		—		335
Amounts reclassified from AOCI	48		2		3		—		—		13		66
OCI, before tax	401		(4)		(11)		6		(4)		13		401
Income tax benefit (expense)	(84)		1		2		(1)		1		(3)		(84)
OCI, net of tax	317		(3)		(9)		5		(3)		10		317
Ending balance	$	(2,277)	$	(10)	$	31	$	36	$	32	$	(1,336)	$	(3,524)


Reclassifications from AOCI
	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Available-for-sale fixed maturities	$	(21)	$	(48)	Net realized gains (losses)
	(21)		(48)		Total before tax
	(4)		(10)		Income tax expense
	$	(17)	$	(38)	Net income
Unrealized Losses on Fixed Maturities with ACL
Available-for-sale fixed maturities	$	(2)	$	(2)	Net realized gains (losses)
	(2)		(2)		Total before tax
	(1)		(1)		Income tax expense

	$	(1)	$	(1)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments

Interest rate swaps	$	(7)	$	(15)	Net investment income
Interest rate swaps	4		7		Interest expense
Foreign currency swaps	3		5		Net investment income

	—		(3)		Total before tax
	—		(1)		Income tax expense
	$	—	$	(2)	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(8)		(16)		Insurance operating costs and other expenses
	(7)		(13)		Total before tax
	(1)		(3)		Income tax expense
	$	(6)	$	(10)	Net income
Total amounts reclassified from AOCI	$	(24)	$	(51)	Net income


Changes in AOCI, Net of Tax for the Three Months Ended June 30, 2022
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	(261)	$	(2)	$	5	$	41	$	(16)	$	(1,477)	$	(1,710)
OCI before reclassifications	(2,087)		—		38		(10)		37		(1)		(2,023)
Amounts reclassified from AOCI	65		—		(6)		—		—		16		75
OCI, before tax	(2,022)		—		32		(10)		37		15		(1,948)
Income tax benefit (expense)	425		—		(7)		2		(8)		(3)		409
OCI, net of tax	(1,597)		—		25		(8)		29		12		(1,539)
Ending balance	$	(1,858)	$	(2)	$	30	$	33	$	13	$	(1,465)	$	(3,249)


Changes in AOCI, Net of Tax for the Six Months Ended June 30, 2022
	Changes in
	Net Unrealized Gain (Loss) on Fixed Maturities, AFS		Unrealized Losses on Fixed Maturities with ACL		Net Gain (Loss) on Cash Flow Hedging Instruments		Foreign Currency Translation Adjustments		Liability for Future Policy Benefits Adjustments		Pension and Other Postretirement Plan Adjustments		AOCI, net of tax
Beginning balance	$	1,631	$	(2)	$	6	$	41	$	(59)	$	(1,489)	$	128
OCI before reclassifications	(4,568)		—		45		(10)		91		(1)		(4,443)
Amounts reclassified from AOCI	152		—		(14)		—		—		31		169
OCI, before tax	(4,416)		—		31		(10)		91		30		(4,274)
Income tax benefit (expense)	927		—		(7)		2		(19)		(6)		897
OCI, net of tax	(3,489)		—		24		(8)		72		24		(3,377)
Ending balance	$	(1,858)	$	(2)	$	30	$	33	$	13	$	(1,465)	$	(3,249)


Reclassifications from AOCI
	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022		Affected Line Item in the Condensed Consolidated Statement of Operations
Net Unrealized Gain (Loss) on Fixed Maturities, AFS
Available-for-sale fixed maturities	$	(65)	$	(152)	Net realized gains (losses)
	(65)		(152)		Total before tax
	(14)		(32)		Income tax expense

	$	(51)	$	(120)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	5	$	14	Net investment income
Interest rate swaps	(1)		(4)		Interest expense
Foreign currency swaps	2		4		Net investment income



	6		14		Total before tax
	1		3		Income tax expense

	$	5	$	11	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	1	$	3	Insurance operating costs and other expenses
Amortization of actuarial loss	(17)		(34)		Insurance operating costs and other expenses
	(16)		(31)		Total before tax
	(3)		(7)		Income tax expense
	$	(13)	$	(24)	Net income
Total amounts reclassified from AOCI	$	(59)	$	(133)	Net income