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)