Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) ("AOCI")

AOCI includes unrealized appreciation on securities and derivatives (excluding appreciation on investments supporting future policy benefit liabilities of the run-off settlement annuity business) (see Note 11), foreign currency translation and the net postretirement benefits liability adjustment. AOCI includes the Company's share from unconsolidated entities reported on the equity method. Generally, tax effects in AOCI are established at the currently enacted tax rate and reclassified to Shareholders' net income in the same period that the related pre-tax AOCI reclassifications are recognized. Changes in the components of AOCI were as follows:

	For the Years Ended December 31,
(In millions)	2021		2020		2019
Securities and Derivatives
Beginning balance	$	900	$	975	$	18
Appreciation (depreciation) on securities and derivatives	(230)		776		1,266
Tax (expense) benefit	31		(150)		(270)
Net appreciation (depreciation) on securities and derivatives	(199)		626		996
Reclassification adjustment for (gains) losses included in Shareholders' net income ((Gain) loss on sale of business)	—		(862)		—
Reclassification adjustment for (gains) losses included in Shareholders' net income (Net realized investment (gains) losses)	(21)		(26)		(49)
Reclassification adjustment for tax expense included in Shareholders' net income	5		187		10
Net (gains) losses reclassified from AOCI to Shareholders' net income	(16)		(701)		(39)
Other comprehensive income (loss), net of tax	(215)		(75)		957
Ending balance	$	685	$	900	$	975
Translation of foreign currencies
Beginning balance	$	(15)	$	(275)	$	(221)
Translation of foreign currencies	(213)		232		(57)
Tax (expense) benefit	(19)		12		(2)
Net translation of foreign currencies	(232)		244		(59)
Reclassification adjustment for (gains) losses included in Net income ((Gain) loss on sale of business)	—		11		—
Reclassification adjustment for tax expense (benefit) included in Net income	—		(3)		—
Net translation (gains) losses reclassified from AOCI to Net income	—		8		—
Other comprehensive income (loss), net of tax	(232)		252		(59)
Less: Net translation gain (loss) on foreign currencies attributable to noncontrolling interests	(14)		(8)		(5)
Shareholders' other comprehensive income (loss), net of tax	(218)		260		(54)
Ending balance	$	(233)	$	(15)	$	(275)
Postretirement benefits liability
Beginning balance	$	(1,746)	$	(1,641)	$	(1,508)
Reclassification adjustment for amortization of net prior actuarial losses and prior service costs (Interest expense and other)	85		70		62
Reclassification adjustment for settlement (Interest expense and other)	4		—		10
Reclassification adjustment for tax (benefit) included in Shareholders' net income	(21)		(17)		(15)
Net adjustments reclassified from AOCI to Shareholders' net income	68		53		57
Valuation update	448		(206)		(249)
Tax (expense) benefit	(106)		48		59
Net change due to valuation update	342		(158)		(190)
Other comprehensive income (loss), net of tax	410		(105)		(133)
Ending balance	$	(1,336)	$	(1,746)	$	(1,641)