Shares and Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

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


	For the Years Ended December 31,
	2023		2022		2021
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments
Balance as of beginning-of-year	$	(8,526)	$	9,153	$	8,993
Cumulative effect from adoption of new accounting standards	–		–		3,584
Unrealized holding gains (losses) arising during the year	2,122		(24,475)		(4,478)
Change in foreign currency exchange rate adjustment	178		(321)		(143)
Change in future contract benefits and policyholder account balances, net of reinsurance	638		2,292		893
Income tax benefit (expense)	(650)		4,815		797
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(3,425)		(13)		624
Income tax benefit (expense)	719		3		(131)
Balance as of end-of-year	$	(3,532)	$	(8,526)	$	9,153
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	301	$	258	$	42
Cumulative effect from adoption of new accounting standard	–		–		25
Unrealized holding gains (losses) arising during the year	162		(154)		141
Change in foreign currency exchange rate adjustment	(169)		312		152
Income tax benefit (expense)	2		(34)		(63)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	60		103		49
Income tax benefit (expense)	(13)		(22)		(10)
Balance as of end-of-year	$	249	$	301	$	258
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,739	$	1,951	$	–
Cumulative effect from adoption of new accounting standard	–		–		2,874
Adjustment arising during the year	(854)		(267)		(1,174)
Income tax benefit (expense)	184		55		251
Balance as of end-of-year	$	1,069	$	1,739	$	1,951
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	790	$	(1,101)	$	–
Cumulative effect from adoption of new accounting standard	–		–		(1,661)
Adjustment arising during the year	(187)		2,406		711
Income tax benefit (expense)	42		(515)		(151)
Balance as of end-of-year	$	645	$	790	$	(1,101)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(17)	$	(11)	$	(14)
Adjustment arising during the year	1		(6)		4
Income tax benefit (expense)	–		–		(1)
Balance as of end-of-year	$	(16)	$	(17)	$	(11)

Schedule of Reclassifications Out of AOCI

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


	For the Years Ended December 31,
	2023		2022		2021
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(4,014)	$	(13)	$	624	Realized gain (loss)
Associated change in future contract benefits	589		–		–		Benefits
Reclassification before income
tax benefit (expense)	(3,425)		(13)		624		Income (loss) before taxes
Income tax benefit (expense)	719		3		(131)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(2,706)	$	(10)	$	493	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts	$	(1)	$	2	$	3	Net investment income
Foreign currency contracts	54		62		48		Net investment income
Foreign currency contracts	7		39		(2)		Realized gain (loss)
Reclassifications before income
tax benefit (expense)	60		103		49		Income (loss) before taxes
Income tax benefit (expense)	(13)		(22)		(10)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	47	$	81	$	39	Net income (loss)