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Equity (Tables)
3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Rollforward of Common Stock Outstanding
The following table presents a rollforward of outstanding shares:
Three Months Ended March 31, 2023
Common
Stock Issued
Treasury
Stock
Common Stock
Outstanding
(in millions)
Shares, beginning of year1,906.7 (1,172.6)734.1 
Shares issued 4.6 4.6 
Shares repurchased (11.1)(11.1)
Shares, end of period1,906.7 (1,179.1)727.6 
Schedule of Accumulated Other Comprehensive Income (Loss) The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken
Unrealized
Appreciation
(Depreciation)
of All Other
Investments
Change in
Fair Value
of Market
Risk Benefits
Related to
Our Own
Credit Risk
Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Fair Value of
Liabilities
Under Fair
Value Option
Attributable
to Changes in
Own Credit Risk
Total
Balance, December 31, 2022, net of tax$(136)$(20,675)$(284)$2,459 $(3,056)$(924)$ $(22,616)
Change in unrealized appreciation (depreciation) of investments
9 4,996      5,005 
Change in other 106      106 
Change in fair value of market risk benefits, net  95     95 
Change in discount rates   (527)   (527)
Change in future policy benefits (100)     (100)
Change in foreign currency translation adjustments    (19)  (19)
Change in net actuarial loss     27  27 
Change in deferred tax asset (liability)(3)(750)(20)107 (9)1  (674)
Total other comprehensive income (loss)6 4,252 75 (420)(28)28  3,913 
Noncontrolling interests4 706 17 (111)10   626 
Balance, March 31, 2023, net of tax$(134)$(17,129)$(226)$2,150 $(3,094)$(896)$ $(19,329)
Balance, December 31, 2021, net of tax$(48)$12,125 $(1,496)$(2,167)$(2,446)$(903)$$5,071 
Change in unrealized appreciation (depreciation) of investments(57)(20,110)— — — — — (20,167)
Change in other— 15 — — — — — 15 
Change in fair value of market risk benefits, net— — 991 — — — — 991 
Change in discount rates— — — 2,883 — — — 2,883 
Change in future policy benefits— 795 — — — — — 795 
Change in foreign currency translation adjustments— — — — (3)— — (3)
Change in net actuarial loss— — — — — 11 — 11 
Change in prior service cost— — — — — — 
Change in deferred tax asset (liability)12 3,159 (209)(593)(3)(3)— 2,363 
Total other comprehensive income (loss)(45)(16,141)782 2,290 (6)— (13,111)
Noncontrolling interests(5)(1,326)77 222 20 — — (1,012)
Balance, March 31, 2022, net of tax$(88)$(2,690)$(791)$(99)$(2,472)$(894)$$(7,028)
Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments
The following table presents the other comprehensive income (loss) reclassification adjustments for the three-month periods ended March 31, 2023 and 2022, respectively:
(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken
Unrealized
Appreciation
(Depreciation)
of All Other
Investments
Change in fair value of market risk benefits related to our own credit riskChange in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Fair Value of
Liabilities
Under Fair
Value Option
Attributable
to Changes in
Own Credit Risk
Total
Three Months Ended March 31, 2023
Unrealized change arising during period$(7)$4,566 $95 $(527)$(19)$18 $ $4,126 
Less: Reclassification adjustments included in net income(16)(436)   (9) (461)
Total other comprehensive income (loss), before of income tax expense (benefit)9 5,002 95 (527)(19)27  4,587 
Less: Income tax expense (benefit)3 750 20 (107)9 (1) 674 
Total other comprehensive income (loss), net of income tax expense (benefit)$6 $4,252 $75 $(420)$(28)$28 $ $3,913 
Three Months Ended March 31, 2022
Unrealized change arising during period$(57)$(19,439)$991 $2,883 $(3)$$— $(15,621)
Less: Reclassification adjustments included in net income— (139)— — — (8)— (147)
Total other comprehensive income (loss), before income tax expense (benefit)(57)(19,300)991 2,883 (3)12 — (15,474)
Less: Income tax expense (benefit)(12)(3,159)209 593 — (2,363)
Total other comprehensive income (loss), net of income tax expense (benefit)$(45)$(16,141)$782 $2,290 $(6)$$— $(13,111)
Schedule of Effect of the Reclassification of Significant Items out of Accumulated Other Comprehensive Income on the Respective Line Items in the Consolidated Statements of Income
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):
Amount Reclassified from AOCIAffected Line Item in the
Three Months Ended March 31,Condensed Consolidated
(in millions)20232022Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$(16)$— Net realized gains (losses)
Total(16)— 
Unrealized appreciation (depreciation) of all other investments
Investments(436)(139)Net realized gains (losses)
Total(436)(139)
Change in retirement plan liabilities adjustment
Prior-service credit(1)(1)
(b)
Actuarial losses(8)(7)
(b)
Total(9)(8)
Total reclassifications for the period$(461)$(147)
(a)The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table: (a) Change in fair value of market risk benefits attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts, and (c) Fair value of liabilities under fair value option attributable to changes in own credit risk.
(b)These AOCI components are included in the computation of net periodic pension cost.