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

9 Months Ended

Sep. 30, 2023

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


Changes in AOCI, Net of Tax for the Three Months Ended September 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	$	(2,277)	$	(10)	$	31	$	36	$	32	$	(1,336)	$	(3,524)


OCI before reclassifications	(876)		(1)		(5)		(1)		19		1		(863)
Amounts reclassified from AOCI	26		2		(1)		—		—		7		34
OCI, before tax	(850)		1		(6)		(1)		19		8		(829)
Income tax benefit (expense)	179		—		2		—		(4)		(2)		175
OCI, net of tax	(671)		1		(4)		(1)		15		6		(654)
Ending balance	$	(2,948)	$	(9)	$	27	$	35	$	47	$	(1,330)	$	(4,178)


Changes in AOCI, Net of Tax for the Nine Months Ended September 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	(522)		(7)		(19)		5		15		—		(528)
Amounts reclassified from AOCI	74		4		2		—		—		20		100
OCI, before tax	(448)		(3)		(17)		5		15		20		(428)
Income tax benefit (expense)	94		1		4		(1)		(3)		(4)		91
OCI, net of tax	(354)		(2)		(13)		4		12		16		(337)
Ending balance	$	(2,948)	$	(9)	$	27	$	35	$	47	$	(1,330)	$	(4,178)


Reclassifications from AOCI
	Three Months Ended September 30, 2023		Nine Months Ended September 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	$	(26)	$	(74)	Net realized gains (losses)
	(26)		(74)		Total before tax
	(5)		(16)		Income tax expense
	$	(21)	$	(58)	Net income
Unrealized Losses on Fixed Maturities with ACL
Available-for-sale fixed maturities	$	(2)	$	(4)	Net realized gains (losses)
	(2)		(4)		Total before tax
	—		(1)		Income tax expense

	$	(2)	$	(3)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments

Interest rate swaps	$	(5)	$	(20)	Net investment income
Interest rate swaps	4		11		Interest expense
Foreign currency swaps	2		7		Net investment income

	1		(2)		Total before tax
	—		—		Income tax expense
	$	1	$	(2)	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	2	$	5	Insurance operating costs and other expenses
Amortization of actuarial loss	(9)		(25)		Insurance operating costs and other expenses
	(7)		(20)		Total before tax
	(1)		(4)		Income tax expense
	$	(6)	$	(16)	Net income
Total amounts reclassified from AOCI	$	(28)	$	(79)	Net income


Changes in AOCI, Net of Tax for the Three Months Ended September 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	$	(1,858)	$	(2)	$	30	$	33	$	13	$	(1,465)	$	(3,249)
OCI before reclassifications	(1,564)		(6)		51		(24)		31		1		(1,511)
Amounts reclassified from AOCI	70		—		(2)		—		—		15		83
OCI, before tax	(1,494)		(6)		49		(24)		31		16		(1,428)
Income tax benefit (expense)	314		1		(10)		5		(7)		(3)		300
OCI, net of tax	(1,180)		(5)		39		(19)		24		13		(1,128)
Ending balance	$	(3,038)	$	(7)	$	69	$	14	$	37	$	(1,452)	$	(4,377)


Changes in AOCI, Net of Tax for the Nine Months Ended September 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	(6,133)		(6)		95		(34)		122		1		(5,955)
Amounts reclassified from AOCI	222		—		(16)		—		—		46		252
OCI, before tax	(5,911)		(6)		79		(34)		122		47		(5,703)
Income tax benefit (expense)	1,242		1		(16)		7		(26)		(10)		1,198
OCI, net of tax	(4,669)		(5)		63		(27)		96		37		(4,505)
Ending balance	$	(3,038)	$	(7)	$	69	$	14	$	37	$	(1,452)	$	(4,377)


Reclassifications from AOCI
	Three Months Ended September 30, 2022		Nine Months Ended September 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	$	(70)	$	(222)	Net realized gains (losses)
	(70)		(222)		Total before tax
	(15)		(47)		Income tax expense

	$	(55)	$	(175)	Net income
Net Gain (Loss) on Cash Flow Hedging Instruments
Interest rate swaps	$	(1)	$	13	Net investment income
Interest rate swaps	—		(4)		Interest expense
Foreign currency swaps	3		7		Net investment income



	2		16		Total before tax
	—		—		Income tax expense

	$	2	$	16	Net income
Pension and Other Postretirement Plan Adjustments
Amortization of prior service credit	$	2	$	5	Insurance operating costs and other expenses
Amortization of actuarial loss	(17)		(51)		Insurance operating costs and other expenses
	(15)		(46)		Total before tax
	(3)		(10)		Income tax expense
	$	(12)	$	(36)	Net income
Total amounts reclassified from AOCI	$	(65)	$	(195)	Net income