Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

The following tables present the changes in each component of AOCI and the effect of reclassifications out of AOCI into the respective lines in the consolidated statements of operations.

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Year Ended December 31, 2023


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, December 31, 2022	$	(343)	$	(110)	$	(23)	$	(45)	$	6	$	(515)
Other comprehensive income (loss) before reclassifications	139		(5)		—		2		—		136
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(1)		(13)		—		—		—		(14)
Fair value gains (losses) on FG VIEs	—		—		(3)		—		—		(3)
Fair value gains (losses) on CIVs	—		—		—		(6)		—		(6)
Interest expense	—		—		—		—		1		1
Total before tax	(1)		(13)		(3)		(6)		1		(22)
Tax (provision) benefit	(1)		2		—		1		—		2
Total amount reclassified from AOCI, net of tax	(2)		(11)		(3)		(5)		1		(20)
Other comprehensive income (loss)	141		6		3		7		(1)		156
Balance, December 31, 2023	$	(202)	$	(104)	$	(20)	$	(38)	$	5	$	(359)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Year Ended December 31, 2022


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, December 31, 2021	$	375	$	(24)	$	(21)	$	(36)	$	6	$	300
Other comprehensive income (loss) before reclassifications	(755)		(103)		(4)		(9)		—		(871)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	(44)		(21)		—		—		—		(65)
Fair value gains (losses) on FG VIEs	—		—		(3)		—		—		(3)

Total before tax	(44)		(21)		(3)		—		—		(68)
Tax (provision) benefit	7		4		1		—		—		12
Total amount reclassified from AOCI, net of tax	(37)		(17)		(2)		—		—		(56)
Other comprehensive income (loss)	(718)		(86)		(2)		(9)		—		(815)
Balance, December 31, 2022	$	(343)	$	(110)	$	(23)	$	(45)	$	6	$	(515)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Year Ended December 31, 2021


	Net Unrealized Gains (Losses) on Investments with:				ISCR on FG VIEs’ Liabilities with Recourse		Cumulative Translation Adjustment		Cash Flow Hedge		Total AOCI
	No Credit Impairment		Credit Impairment
	(in millions)
Balance, December 31, 2020	$	577	$	(30)	$	(20)	$	(36)	$	7	$	498
Other comprehensive income (loss) before reclassifications	(184)		—		(3)		—		—		(187)
Less: Amounts reclassified from AOCI to:
Net realized investment gains (losses)	21		(7)		—		—		—		14
Fair value gains (losses) on FG VIEs	—		—		(3)		—		—		(3)
Interest expense	—		—		—		—		1		1
Total before tax	21		(7)		(3)		—		1		12
Tax (provision) benefit	(3)		1		1		—		—		(1)
Total amount reclassified from AOCI, net of tax	18		(6)		(2)		—		1		11
Other comprehensive income (loss)	(202)		6		(1)		—		(1)		(198)
Balance, December 31, 2021	$	375	$	(24)	$	(21)	$	(36)	$	6	$	300