AOCI

6 Months Ended

Jun. 30, 2025

The following summarizes the components and changes in AOCI (in millions):


	For the Six Months Ended June 30,
	2025		2024
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(6,239)	$	(5,188)

Unrealized holding gains (losses)	1,083		(1,971)
Change in foreign currency exchange rate adjustment	483		(117)

Change in future contract benefits and policyholder account balances,
net of reinsurance	(297)		1,146
Income tax benefit (expense)	(268)		194
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(117)		(137)


Income tax benefit (expense)	25		29
Balance as of end-of-period	$	(5,146)	$	(5,828)












Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	638	$	375

Unrealized holding gains (losses)	206		178
Change in foreign currency exchange rate adjustment	(474)		117


Income tax benefit (expense)	57		(62)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	39		42

Income tax benefit (expense)	(8)		(9)
Balance as of end-of-period	$	396	$	575
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	146	$	1,070

OCI before reclassification	(42)		(841)
Income tax benefit (expense)	10		180
Balance as of end-of-period	$	114	$	409
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	744	$	587

OCI before reclassification	(222)		264
Income tax benefit (expense)	47		(56)
Balance as of end-of-period	$	569	$	795
Foreign Currency Translation Adjustment
Balance as of beginning-of-year	$	(29)	$	(26)
OCI before reclassification	15		(1)

Balance as of end-of-period	$	(14)	$	(27)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(296)	$	(294)

OCI before reclassification	(15)		1

Balance as of end-of-period	$	(311)	$	(293)

The following summarizes the reclassifications out of AOCI (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):


	For the Six Months Ended June 30,
	2025		2024
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(143)	$	(159)	Realized gain (loss)
Associated change in future contract benefits	26		22		Benefits
Reclassification before income tax benefit (expense)	(117)		(137)		Income (loss) before taxes
Income tax benefit (expense)	25		29		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(92)	$	(108)	Net income (loss)









Unrealized Gain (Loss) on Derivative Instruments

Interest rate contracts	$	1	$	(1)	Net investment income

Interest rate contracts	8		15		Interest and debt expense
Foreign currency contracts	27		29		Net investment income
Foreign currency contracts	3		(1)		Realized gain (loss)

Reclassification before income tax benefit (expense)	39		42		Income (loss) before taxes
Income tax benefit (expense)	(8)		(9)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	31	$	33	Net income (loss)