Shares and Stockholder's Equity (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

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


	For the Nine Months Ended September 30,
	2025		2024
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(3,655)	$	(3,532)
Unrealized holding gains (losses)	1,936		1,523
Change in foreign currency exchange rate adjustment	440		125
Change in future contract benefits and policyholder account balances,
net of reinsurance	(897)		(453)
Income tax benefit (expense)	(314)		(253)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(8)		(9)
Income tax benefit (expense)	2		2
Balance as of end-of-period	$	(2,484)	$	(2,583)





Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	402	$	249
Unrealized holding gains (losses)	263		213
Change in foreign currency exchange rate adjustment	(433)		(121)
Income tax benefit (expense)	37		(20)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	44		40
Income tax benefit (expense)	(9)		(8)
Balance as of end-of-period	$	234	$	289
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	145	$	1,069
OCI before reclassification	(260)		(367)
Income tax benefit (expense)	56		79
Balance as of end-of-period	$	(59)	$	781
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	795	$	645
OCI before reclassification	(254)		(46)
Income tax benefit (expense)	53		10
Balance as of end-of-period	$	594	$	609
Foreign Currency Translation Adjustment
Balance as of beginning-of-year	$	–	$	–
Foreign currency translation adjustment arising during the year	–		(1)

Balance as of end-of-period	$	–	$	(1)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(17)	$	(16)


Balance as of end-of-period	$	(17)	$	(16)

Schedule of Reclassifications Out of AOCI

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 Nine Months Ended September 30,
	2025		2024
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(17)	$	(15)	Realized gain (loss)
Associated change in future contract benefits	9		6		Benefits
Reclassification before income tax benefit (expense)	(8)		(9)		Income (loss) before taxes
Income tax benefit (expense)	1		2		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(7)	$	(7)	Net income (loss)

Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts	$	–	$	(2)	Net investment income
Foreign currency contracts	42		41		Net investment income
Foreign currency contracts	2		1		Realized gain (loss)
Reclassification before income tax benefit (expense)	44		40		Income (loss) before taxes
Income tax benefit (expense)	(9)		(8)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	35	$	32	Net income (loss)