Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

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

Accumulated Other Comprehensive Income (Loss)

Note 14 – Accumulated Other Comprehensive Income (Loss) ("AOCI")

AOCI includes net unrealized (depreciation) appreciation on securities and derivatives, change in discount rate and instrument specific credit risk for certain long-duration insurance contractholder liabilities (Note 9 to the Consolidated Financial Statements), 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, including the impact of adopting amended accounting guidance for long-duration insurance contracts (discussed in Note 2 to the Consolidated Financial Statements), were as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Securities and Derivatives
Beginning balance, as retrospectively restated	$	(332)	1,266
Unrealized appreciation (depreciation) on securities and derivatives	252		(1,065)
Tax (expense) benefit	(54)		231
Net unrealized appreciation (depreciation) on securities and derivatives	198		(834)
Reclassification adjustment for (gains) included in Shareholders' net income (Net realized investment losses)	(5)		(11)
Reclassification adjustment for tax expense included in Shareholders' net income	1		2
Net (gains) reclassified from AOCI to Shareholders' net income	(4)		(9)
Other comprehensive income (loss), net of tax	194		(843)
Ending balance	$	(138)	$	423
Net long-duration insurance and contractholder liabilities measurement adjustments (1)
Beginning balance	(256)		(765)
Current period change in discount rate for certain long duration liabilities	(411)		584
Tax benefit (expense)	101		(130)
Net current period change in discount rate for certain long duration liabilities	(310)		454
Current period change in instrument-specific credit risk for market risk benefits	(26)		6
Tax benefit (expense)	5		(1)
Net current period change in instrument-specific credit risk for market risk benefits	(21)		5
Other comprehensive (loss) income, net of tax	(331)		459
Ending balance	(587)		(306)
Translation of foreign currencies
Beginning balance, as retrospectively restated	$	(154)	(233)
Translation of foreign currencies	15		(60)
Tax benefit (expense)	1		(3)
Net translation of foreign currencies	16		(63)
Less: Net translation (loss) on foreign currencies attributable to noncontrolling interests	—		(2)
Shareholders' other comprehensive income (loss), net of tax	16		(61)
Ending balance	$	(138)	$	(294)
Postretirement benefits liability
Beginning balance	$	(916)	$	(1,336)
Reclassification adjustment for amortization of net prior actuarial losses and prior service costs (Interest expense and other)	13		16
Reclassification adjustment for tax (benefit) included in Shareholders' net income	(3)		(3)
Net adjustments reclassified from AOCI to Shareholders' net income	10		13
Other comprehensive income, net of tax	10		13
Ending balance	$	(906)	$	(1,323)
Total Accumulated other comprehensive loss
Beginning balance, as retrospectively restated	(1,658)		(1,068)
Shareholders' other comprehensive (loss), net of tax	(111)		(432)
Ending balance	$	(1,769)	$	(1,500)

(1)Established upon the adoption of Targeted Improvements to the Accounting for Long-Duration Contracts in 2023. See Note 2 to the Consolidated Financial Statements for further information.