Equity (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:

	Three Months Ended June 30, 2020
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at March 31, 2020	$	1,867	$	598	$	(20)	$	2,445
OCI before reclassifications	2,865		(139)		6		2,732
Deferred income tax benefit (expense)	(602)		29		(9)		(582)
AOCI before reclassifications, net of income tax	4,130		488		(23)		4,595
Amounts reclassified from AOCI	23		(4)		—		19
Deferred income tax benefit (expense)	(5)		1		—		(4)
Amounts reclassified from AOCI, net of income tax	18		(3)		—		15
Balance at June 30, 2020	$	4,148	$	485	$	(23)	$	4,610

	Three Months Ended June 30, 2019
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at March 31, 2019	$	1,551	$	133	$	(26)	$	1,658
OCI before reclassifications	1,278		73		7		1,358
Deferred income tax benefit (expense)	(268)		(15)		—		(283)
AOCI before reclassifications, net of income tax	2,561		191		(19)		2,733
Amounts reclassified from AOCI	(51)		(23)		—		(74)
Deferred income tax benefit (expense)	11		4		—		15
Amounts reclassified from AOCI, net of income tax	(40)		(19)		—		(59)
Balance at June 30, 2019	$	2,521	$	172	$	(19)	$	2,674

	Six Months Ended June 30, 2020
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at December 31, 2019	$	3,066	$	163	$	(14)	$	3,215
OCI before reclassifications (2)	1,356		414		—		1,770
Deferred income tax benefit (expense)	(284)		(87)		(9)		(380)
AOCI before reclassifications, net of income tax	4,138		490		(23)		4,605
Amounts reclassified from AOCI	13		(6)		—		7
Deferred income tax benefit (expense)	(3)		1		—		(2)
Amounts reclassified from AOCI, net of income tax	10		(5)		—		5
Balance at June 30, 2020	$	4,148	$	485	$	(23)	$	4,610

	Six Months Ended June 30, 2019
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at December 31, 2018	$	564	$	180	$	(26)	$	718
OCI before reclassifications	2,500		39		7		2,546
Deferred income tax benefit (expense)	(525)		(8)		—		(533)
AOCI before reclassifications, net of income tax	2,539		211		(19)		2,731
Amounts reclassified from AOCI	(23)		(49)		—		(72)
Deferred income tax benefit (expense)	5		10		—		15
Amounts reclassified from AOCI, net of income tax	(18)		(39)		—		(57)
Balance at June 30, 2019	$	2,521	$	172	$	(19)	$	2,674

_______________

(1)See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.

(2)Includes $3 million related to the adoption of ASU 2016-13, see Note 1.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:

AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(19)	$	74	$	(7)	$	50	Net investment gains (losses)
Net unrealized investment gains (losses)	(4)		(23)		(6)		(27)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(23)		51		(13)		23
Income tax (expense) benefit	5		(11)		3		(5)
Net unrealized investment gains (losses), net of income tax	(18)		40		(10)		18
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	—		6		1		28		Net derivative gains (losses)
Interest rate swaps	—		—		1		1		Net investment income
Foreign currency swaps	4		17		4		20		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	4		23		6		49
Income tax (expense) benefit	(1)		(4)		(1)		(10)
Gains (losses) on cash flow hedges, net of income tax	3		19		5		39
Total reclassifications, net of income tax	$	(15)	$	59	$	(5)	$	57