Equity (Tables)

12 Months Ended

Dec. 31, 2021

Components of Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:


	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Total Accumulated Other Comprehensive Income (Loss)

	(in thousands)
Balance, December 31, 2018	$	(1,078)	$	(323,295)	$	(324,373)
Change in OCI before reclassifications	182		956,373		956,555
Amounts reclassified from AOCI	0		(3,123)		(3,123)
Income tax benefit (expense)	(38)		(200,409)		(200,447)


Balance, December 31, 2019	(934)		429,546		428,612
Change in OCI before reclassifications	286		1,389,181		1,389,467
Amounts reclassified from AOCI	0		8,568		8,568
Income tax benefit (expense)	(60)		(293,528)		(293,588)
Balance, December 31, 2020	(708)		1,533,767		1,533,059
Change in OCI before reclassifications	(596)		(388,886)		(389,482)
Amounts reclassified from AOCI	0		(1,336,219)		(1,336,219)
Income tax benefit (expense)	125		362,273		362,398


Balance, December 31, 2021	$	(1,179)	$	170,935	$	169,756

(1)Includes cash flow hedges of $25 million, $(43) million and $0 million as of December 31, 2021, 2020, and 2019, respectively.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Year Ended December 31,
	2021		2020		2019

	(in thousands)
Amounts reclassified from AOCI(1)(2):









Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)	$	34,471	$	(4,766)	$	7,054
Net unrealized investment gains (losses) on available-for-sale securities	1,301,748		(3,802)		(3,931)
Total net unrealized investment gains (losses)(4)	1,336,219		(8,568)		3,123
Total reclassifications for the period	$	1,336,219	$	(8,568)	$	3,123

(1)All amounts are shown before tax.

(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.

(3)See Note 4 for additional information on cash flow hedges.

(4)See table below for additional information on unrealized investment gains (losses), including the impact on DAC and other costs and future policy benefits and other liabilities.

OTTI, Allowance and All Other Net Unrealized Investment Gain Loss AOCI Rollforward

The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an OTTI had been previously recognized, an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:


	Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI Loss has been Recognized		Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recorded (1)		Net Unrealized Gains (Losses) on All Other Investments(3)		DAC and Other Costs(4)		Future Policy Benefits and Other Liabilities(5)		Income Tax Benefit (Expense)		Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)

	(in thousands)
Balance, December 31, 2018	$	(3,334)	$	0	$	(413,575)	$	7,386	$	1,045	$	85,183	$	(323,295)
Net investment gains (losses) on investments arising during the period	17,795		0		1,139,167		0		0		(243,237)		913,725
Reclassification adjustment for (gains) losses included in net income	(100)		0		(3,023)		0		0		657		(2,466)
Reclassification adjustment for OTTI losses excluded from net income(2)	(52)		0		52		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		0		(163,561)		(37,028)		42,171		(158,418)


Balance, December 31, 2019	14,309		0		722,621		(156,175)		(35,983)		(115,226)		429,546
Reclassification due to implementation of ASU 2016-13 (6)	(14,309)		0		14,309		0		0		0		0
Net investment gains (losses) on investments arising during the period	0		59		1,623,552		0		0		(341,050)		1,282,561
Reclassification adjustment for (gains) losses included in net income	0		3		8,565		0		0		(1,800)		6,768
Reclassification due to allowance for credit losses recorded during the period	0		(60)		60		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		0		(207,254)		(27,176)		49,322		(185,108)
Balance, December 31, 2020	0		2		2,369,107		(363,429)		(63,159)		(408,754)		1,533,767

Net investment gains (losses) on investments arising during the period	0		2,017		(794,548)		0		0		166,868		(625,663)
Reclassification adjustment for (gains) losses included in net income	0		(2,141)		(1,334,078)		0		0		280,177		(1,056,042)
Reclassification due to allowance for credit losses recorded during the period	0		125		(125)		0		0		0		0

Impact of net unrealized investment (gains) losses	0		0		0		347,705		55,940		(84,772)		318,873


Balance, December 31, 2021	$	0	$	3	$	240,356	$	(15,724)	$	(7,219)	$	(46,481)	$	170,935

(1)Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.

(2)Represents "transfers out" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.

(3)Includes cash flow hedges. See Note 4 for information on cash flow hedges.

(4)"Other costs" primarily includes reinsurance recoverables, DSI and VOBA.

(5)"Other liabilities" primarily includes reinsurance payables and deferred reinsurance gains.

(6)Represents net unrealized gains (losses) for which an OTTI had been previously recognized.