Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

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

Accumulated Other Comprehensive Income (Loss)

Note 15 – Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) includes net unrealized appreciation (depreciation) 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.

Shareholders' other comprehensive loss, net of tax, for the years ended 2024, 2023 and 2022 is primarily attributable to the change in discount rates for certain long-duration liabilities and unrealized changes in the market values of securities and derivatives, including the impacts from unconsolidated entities reported on the equity method.

Changes in the components of AOCI were as follows:

	For the Years Ended December 31,
(In millions)	2024		2023		2022
Securities and Derivatives
Beginning balance	$	171	$	(332)	$	1,266
Unrealized appreciation (depreciation) on securities and derivatives, before reclassification, net of tax (expense) benefit of $(207), $(146) and $467, respectively	601		474		(1,807)
Amounts reclassified to Shareholders' net income, net of tax (benefit) of $(16), $(8) and $(48), respectively	60		29		209
Other comprehensive income (loss), net of tax	661		503		(1,598)
Ending balance	$	832	$	171	$	(332)
Net long-duration insurance and contractholder liabilities measurement adjustments
Beginning balance	$	(971)	$	(256)	$	(765)
Net current period change in discount rate for certain long-duration liabilities, net of tax benefit (expense) of $357, $222 and $(122), respectively	(1,044)		(691)		520
Net current period change in instrument-specific credit risk for market risk benefits, net of tax benefit of $6, $5 and $3, respectively	(23)		(24)		(11)
Other comprehensive (loss) income, net of tax	(1,067)		(715)		509
Ending balance	$	(2,038)	$	(971)	$	(256)
Translation of foreign currencies
Beginning balance	$	(149)	$	(154)	$	(233)
Net translation of foreign currencies, before reclassification, net of tax benefit (expense) of $2, $5 and $(33), respectively	(60)		5		(310)
Amounts reclassified to Shareholders' net income, net of tax expense of $—, $— and $29, respectively	11		—		387
Other comprehensive (loss) income, net of tax	(49)		5		77
Less: Net translation (loss) on foreign currencies attributable to noncontrolling interests	—		—		(2)
Shareholders' other comprehensive (loss) income, net of tax	(49)		5		79
Ending balance	$	(198)	$	(149)	$	(154)
Postretirement benefits liability
Beginning balance	$	(915)	$	(916)	$	(1,336)
Amounts reclassified to Shareholders' net income, net of tax (benefit) of $(7), $(11) and $(16), respectively	22		35		48
Net change due to valuation update, before reclassification, net of tax benefit (expense) of $14, $12 and $(115), respectively	(44)		(34)		372
Other comprehensive (loss) income, net of tax	(22)		1		420
Ending balance	$	(937)	$	(915)	$	(916)
Total Accumulated other comprehensive loss
Beginning balance	$	(1,864)	$	(1,658)	$	(1,068)
Shareholders' other comprehensive (loss), net of tax benefit of $149, $79 and $165, respectively	(477)		(206)		(590)
Ending balance	$	(2,341)	$	(1,864)	$	(1,658)