Equity (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at March 31, 2024	$	(4,809)	$	311	$	(1,710)	$	966	$	(17)	$	(5,259)
OCI before reclassifications	(455)		44		109		233		(1)		(70)
Deferred income tax benefit (expense) (2)	96		(9)		(23)		(49)		—		15
AOCI before reclassifications, net of income tax	(5,168)		346		(1,624)		1,150		(18)		(5,314)
Amounts reclassified from AOCI	79		(2)		—		—		—		77
Deferred income tax benefit (expense) (2)	(17)		—		—		—		—		(17)
Amounts reclassified from AOCI, net of income tax	62		(2)		—		—		—		60



Balance at June 30, 2024	$	(5,106)	$	344	$	(1,624)	$	1,150	$	(18)	$	(5,254)


	Three Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at March 31, 2023	$	(4,906)	$	464	$	(1,382)	$	705	$	(19)	$	(5,138)
OCI before reclassifications	(851)		(49)		(117)		250		4		(763)
Deferred income tax benefit (expense) (2)	179		11		24		(53)		(1)		160
AOCI before reclassifications, net of income tax	(5,578)		426		(1,475)		902		(16)		(5,741)
Amounts reclassified from AOCI	55		(4)		—		—		—		51
Deferred income tax benefit (expense) (2)	(12)		1		—		—		—		(11)
Amounts reclassified from AOCI, net of income tax	43		(3)		—		—		—		40



Balance at June 30, 2023	$	(5,535)	$	423	$	(1,475)	$	902	$	(16)	$	(5,701)


	Six Months Ended June 30, 2024
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at December 31, 2023	$	(4,214)	$	272	$	(1,880)	$	719	$	(11)	$	(5,114)
OCI before reclassifications	(1,241)		96		324		546		(9)		(284)
Deferred income tax benefit (expense) (2)	261		(20)		(68)		(115)		2		60
AOCI before reclassifications, net of income tax	(5,194)		348		(1,624)		1,150		(18)		(5,338)
Amounts reclassified from AOCI	112		(5)		—		—		—		107
Deferred income tax benefit (expense) (2)	(24)		1		—		—		—		(23)
Amounts reclassified from AOCI, net of income tax	88		(4)		—		—		—		84



Balance at June 30, 2024	$	(5,106)	$	344	$	(1,624)	$	1,150	$	(18)	$	(5,254)


	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at December 31, 2022	$	(6,041)	$	496	$	(1,377)	$	1,016	$	(25)	$	(5,931)
OCI before reclassifications	516		(89)		(124)		(144)		12		171
Deferred income tax benefit (expense) (2)	(108)		19		26		30		(3)		(36)
AOCI before reclassifications, net of income tax	(5,633)		426		(1,475)		902		(16)		(5,796)
Amounts reclassified from AOCI	124		(4)		—		—		—		120
Deferred income tax benefit (expense) (2)	(26)		1		—		—		—		(25)
Amounts reclassified from AOCI, net of income tax	98		(3)		—		—		—		95



Balance at June 30, 2023	$	(5,535)	$	423	$	(1,475)	$	902	$	(16)	$	(5,701)

_______________

(1)See Note 7 for information on offsets to investments related to future policy benefits.

(2)The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.

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,
	2024		2023		2024		2023
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(78)	$	(48)	$	(110)	$	(116)	Net investment gains (losses)

Net unrealized investment gains (losses)	(1)		(7)		(2)		(8)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(79)		(55)		(112)		(124)
Income tax (expense) benefit	17		12		24		26
Net unrealized investment gains (losses), net of income tax	(62)		(43)		(88)		(98)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	—		(2)		3		(2)		Net derivative gains (losses)
Interest rate swaps	1		1		1		2		Net investment income


Foreign currency swaps	1		5		1		4		Net derivative gains (losses)


Gains (losses) on cash flow hedges, before income tax	2		4		5		4
Income tax (expense) benefit	—		(1)		(1)		(1)
Gains (losses) on cash flow hedges, net of income tax	2		3		4		3
Total reclassifications, net of income tax	$	(60)	$	(40)	$	(84)	$	(95)