Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Accumulated Other Comprehensive Income

Shareholders' equity included the following components of AOCI as of the dates indicated:


	December 31, 2024		December 31, 2023		December 31, 2022
Fixed maturities, net of impairment	$	(2,553)	$	(2,370)	$	(3,294)

Derivatives(1)	66		64		125





Change in current discount rate	(787)		(890)		(858)

Deferred income tax asset (liability)(2)	810		794		969
Total	(2,464)		(2,402)		(3,058)
Pension and other postretirement benefits liability, net of tax	2		2		3
AOCI	$	(2,462)	$	(2,400)	$	(3,055)

(1) Gains and losses reported in 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 December 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $10. See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.

(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

Schedule of Amounts Recognized in Other Comprehensive Income

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


	December 31, 2024
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(208)		$	44	$	(164)



Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	26			(5)		21



Change in unrealized gains (losses) on available-for-sale securities	(182)			39		(143)

Derivatives:
Derivatives	18		(1)	(4)		14
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(16)			3		(13)
Change in unrealized gains (losses) on derivatives	2			(1)		1

Change in current discount rate	103			(22)		81

Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(1)		(2)	—		(1)
Change in pension and other postretirement benefits liability	(1)			—		(1)
Change in AOCI	$	(78)		$	16	$	(62)

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

(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.


	December 31, 2023
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	899		$	(189)	$	710



Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	25			(5)		20



Change in unrealized gains (losses) on available-for-sale securities	924			(194)		730

Derivatives:
Derivatives	(43)		(1)	9		(34)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(18)			4		(14)
Change in unrealized gains (losses) on derivatives	(61)			13		(48)

Change in current discount rate	(33)			7		(26)

Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(1)		(2)	—		(1)
Change in pension and other postretirement benefits liability	(1)			—		(1)
Change in AOCI	$	829		$	(174)	$	655

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

(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.


	December 31, 2022
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(6,569)		$	1,380	$	(5,189)



Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	78			(16)		62



Change in unrealized gains (losses) on available-for-sale securities	(6,491)			1,364		(5,127)

Derivatives:
Derivatives	66		(1)	(14)		52
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(20)			4		(16)
Change in unrealized gains (losses) on derivatives	46			(10)		36

Change in current discount rate	290			(61)		229




Change in AOCI	$	(6,155)		$	1,293	$	(4,862)

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