Equity (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Rollforward of Common Stock Outstanding

The following table presents a rollforward of outstanding shares:

Nine Months Ended September 30, 2025	Common Stock Issued	Treasury Stock	Common Stock Outstanding
(in millions)
Shares, beginning of year	1,906.7	(1,300.6)	606.1
Shares issued	—	4.2	4.2
Shares repurchased	—	(65.8)	(65.8)
Shares, end of period	1,906.7	(1,362.2)	544.5

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 Attributable to Changes in 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			Total
Balance, June 30, 2025, net of tax	$	(6)	$	(1,951)	$	—	$	75	$	(2,899)	$	(767)	$	(5,548)
Change in unrealized appreciation (depreciation) of investments		—		543		—		—		—		—		543
Change in other		—		20		—		—		—		—		20
Change in discount rates		—		—		—		7		—		—		7
Change in foreign currency translation adjustments		—		—		—		—		(52)		—		(52)
Change in net actuarial loss		—		—		—		—		—		8		8
Change in prior service cost		—		—		—		—		—		1		1
Change in deferred tax asset (liability)		—		(16)		—		(2)		(4)		(3)		(25)
Total other comprehensive income (loss)		—		547		—		5		(56)		6		502
Balance, September 30, 2025, net of tax	$	(6)	$	(1,404)	$	—	$	80	$	(2,955)	$	(761)	$	(5,046)
Balance, June 30, 2024, net of tax	$	(38)	$	(3,422)	$	—	$	22	$	(3,322)	$	(805)	$	(7,565)
Change in unrealized appreciation (depreciation) of investments*		45		1,581		—		—		—		—		1,626
Change in other		—		17		—		—		—		—		17
Change in discount rates		—		—		—		(12)		—		—		(12)
Change in foreign currency translation adjustments		—		—		—		—		427		—		427
Change in net actuarial loss		—		—		—		—		—		2		2
Change in prior service cost		—		—		—		—		—		(1)		(1)
Change in deferred tax asset (liability)		(8)		(249)		—		58		(13)		—		(212)
Total other comprehensive income		37		1,349		—		46		414		1		1,847
Less: Noncontrolling interests		—		—		—		—		4		—		4
Balance, September 30, 2024, net of tax	$	(1)	$	(2,073)	$	—	$	68	$	(2,912)	$	(804)	$	(5,722)

(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 Attributable to Changes in 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			Total
Balance, December 31, 2024, net of tax	$	(4)	$	(2,868)	$	—	$	68	$	(3,521)	$	(774)	$	(7,099)
Change in unrealized appreciation (depreciation) of investments		(3)		1,373		—		—		—		—		1,370
Change in other		—		17		—		—		—		—		17
Change in discount rates		—		—		—		16		—		—		16
Change in foreign currency translation adjustments		—		—		—		—		537		—		537
Change in net actuarial loss		—		—		—		—		—		18		18
Change in prior service cost		—		—		—		—		—		1		1
Change in deferred tax asset (liability)		1		74		—		(4)		30		(6)		95
Total other comprehensive income (loss)		(2)		1,464		—		12		567		13		2,054
Less: Noncontrolling interests		—		—		—		—		1		—		1
Balance, September 30, 2025, net of tax	$	(6)	$	(1,404)	$	—	$	80	$	(2,955)	$	(761)	$	(5,046)

(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 Attributable to Changes in 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			Total
Balance, December 31, 2023, net of tax	$	(106)	$	(10,888)	$	(476)	$	1,233	$	(2,979)	$	(821)	$	(14,037)
Change in unrealized appreciation (depreciation) of investments*		98		(729)		—		—		—		—		(631)
Change in other		—		13		—		—		—		—		13
Change in fair value of market risk benefits, net		—		—		130		—		—		—		130
Change in discount rates		—		—		—		947		—		—		947
Change in future policy benefits		—		(59)		—		—		—		—		(59)
Change in foreign currency translation adjustments		—		—		—		—		173		—		173
Change in net actuarial loss		—		—		—		—		—		19		19
Change in prior service cost		—		—		—		—		—		2		2
Change in deferred tax asset (liability)		(20)		(92)		(28)		(166)		(14)		(4)		(324)
Corebridge deconsolidation, net of tax		42		8,513		330		(1,583)		(88)		—		7,214
Total other comprehensive income		120		7,646		432		(802)		71		17		7,484
Add: Corebridge noncontrolling interests		2		610		33		(105)		(3)		—		537
Less: Noncontrolling interests		17		(559)		(11)		258		1		—		(294)
Balance, September 30, 2024, net of tax	$	(1)	$	(2,073)	$	—	$	68	$	(2,912)	$	(804)	$	(5,722)

*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.

Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments

The following table presents the other comprehensive income (loss) reclassification adjustments for the three and nine months ended September 30, 2025 and 2024, 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 Attributable to Changes in 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			Total
Three Months Ended September 30, 2025
Unrealized change arising during period	$	—	$	461	$	—	$	7	$	(52)	$	—	$	416
Less: Reclassification adjustments included in net income		—		(102)		—		—		—		(9)		(111)
Total other comprehensive income (loss), before income tax expense (benefit)		—		563		—		7		(52)		9		527
Less: Income tax expense (benefit)		—		16		—		2		4		3		25
Total other comprehensive income (loss), net of income tax expense (benefit)	$	—	$	547	$	—	$	5	$	(56)	$	6	$	502
Three Months Ended September 30, 2024
Unrealized change arising during period	$	45	$	1,514	$	—	$	(12)	$	427	$	(7)	$	1,967
Less: Reclassification adjustments included in net income		—		(84)		—		—		—		(8)		(92)
Total other comprehensive income (loss), before income tax expense (benefit)		45		1,598		—		(12)		427		1		2,059
Less: Income tax expense (benefit)		8		249		—		(58)		13		—		212
Total other comprehensive income (loss), net of income tax expense (benefit)	$	37	$	1,349	$	—	$	46	$	414	$	1	$	1,847

Nine Months Ended September 30, 2025
Unrealized change arising during period	$	(3)	$	875	$	—	$	16	$	537	$	(5)	$	1,420
Less: Reclassification adjustments included in net income		—		(515)		—		—		—		(24)		(539)
Total other comprehensive income (loss), before of income tax expense (benefit)		(3)		1,390		—		16		537		19		1,959
Less: Income tax expense (benefit)		(1)		(74)		—		4		(30)		6		(95)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(2)	$	1,464	$	—	$	12	$	567	$	13	$	2,054
Nine Months Ended September 30, 2024
Unrealized change arising during period	$	98	$	(1,129)	$	130	$	947	$	173	$	(2)	$	217
Less: Reclassification adjustments included in net income		(42)		(8,867)		(330)		1,583		88		(23)		(7,591)
Total other comprehensive income (loss), before income tax expense (benefit)		140		7,738		460		(636)		85		21		7,808
Less: Income tax expense (benefit)		20		92		28		166		14		4		324
Total other comprehensive income (loss), net of income tax expense (benefit)	$	120	$	7,646	$	432	$	(802)	$	71	$	17	$	7,484

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 AOCI				Affected Line Item in the
	Three Months Ended September 30,				Condensed Consolidated
(in millions)		2025		2024	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—	Net realized gains (losses)
Total		—		—
Unrealized appreciation (depreciation) of all other investments
Investments		(102)		(84)	Net realized gains (losses)
Total		(102)		(84)
Change in retirement plan liabilities adjustment
Prior-service credit		(1)		—	(b)
Actuarial losses		(8)		(8)	(b)
Total		(9)		(8)
Corebridge deconsolidation, net of tax		—		—	(c)
Total reclassifications for the period	$	(111)	$	(92)
	Amount Reclassified from AOCI				Affected Line Item in the
	Nine Months Ended September 30,				Condensed Consolidated
(in millions)		2025		2024	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—	Net realized gains (losses)
Total		—		—
Unrealized appreciation (depreciation) of all other investments
Investments		(515)		(354)	Net realized gains (losses)
Total		(515)		(354)
Change in retirement plan liabilities adjustment
Prior-service credit		(2)		(1)	(b)
Actuarial losses		(22)		(22)	(b)
Total		(24)		(23)
Corebridge deconsolidation, net of tax		—		(7,214)	(c)
Total reclassifications for the period	$	(539)	$	(7,591)

(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: (i) Change in fair value of market risk benefits attributable to changes in our own credit risk and (ii) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.

(b)These AOCI components are included in the computation of net periodic pension cost.

(c)Represents adjustments related to the deconsolidation of Corebridge which is reflected in Income (loss) from discontinued operations, net of taxes. See the rollforward of Accumulated other comprehensive income (loss) above for further details.