Equity (Tables)

9 Months Ended

Sep. 30, 2025

Components of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended September 30, 2025
	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 June 30, 2025	$	(3,894)	$	145	$	(1,403)	$	984	$	12	$	(4,156)
OCI before reclassifications	612		54		(160)		(191)		(2)		313
Deferred income tax benefit (expense) (2)	(129)		(11)		34		40		1		(65)
AOCI before reclassifications, net of income tax	(3,411)		188		(1,529)		833		11		(3,908)
Amounts reclassified from AOCI	13		3		—		—		—		16
Deferred income tax benefit (expense) (2)	(3)		—		—		—		—		(3)
Amounts reclassified from AOCI, net of income tax	10		3		—		—		—		13



Balance at September 30, 2025	$	(3,401)	$	191	$	(1,529)	$	833	$	11	$	(3,895)


	Three Months Ended September 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 June 30, 2024	$	(5,106)	$	344	$	(1,624)	$	1,150	$	(18)	$	(5,254)
OCI before reclassifications	2,559		(118)		(257)		(683)		20		1,521
Deferred income tax benefit (expense) (2)	(537)		24		53		144		(4)		(320)
AOCI before reclassifications, net of income tax	(3,084)		250		(1,828)		611		(2)		(4,053)
Amounts reclassified from AOCI	30		(8)		—		—		—		22
Deferred income tax benefit (expense) (2)	(6)		2		—		—		—		(4)
Amounts reclassified from AOCI, net of income tax	24		(6)		—		—		—		18



Balance at September 30, 2024	$	(3,060)	$	244	$	(1,828)	$	611	$	(2)	$	(4,035)


	Nine Months Ended September 30, 2025
	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, 2024	$	(5,046)	$	364	$	(1,602)	$	1,146	$	(25)	$	(5,163)
OCI before reclassifications	2,030		(215)		92		(396)		45		1,556
Deferred income tax benefit (expense) (2)	(427)		45		(19)		83		(9)		(327)
AOCI before reclassifications, net of income tax	(3,443)		194		(1,529)		833		11		(3,934)
Amounts reclassified from AOCI	53		(4)		—		—		—		49
Deferred income tax benefit (expense) (2)	(11)		1		—		—		—		(10)
Amounts reclassified from AOCI, net of income tax	42		(3)		—		—		—		39



Balance at September 30, 2025	$	(3,401)	$	191	$	(1,529)	$	833	$	11	$	(3,895)


	Nine Months Ended September 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	1,318		(22)		67		(137)		11		1,237
Deferred income tax benefit (expense) (2)	(276)		4		(15)		29		(2)		(260)
AOCI before reclassifications, net of income tax	(3,172)		254		(1,828)		611		(2)		(4,137)
Amounts reclassified from AOCI	142		(13)		—		—		—		129
Deferred income tax benefit (expense) (2)	(30)		3		—		—		—		(27)
Amounts reclassified from AOCI, net of income tax	112		(10)		—		—		—		102



Balance at September 30, 2024	$	(3,060)	$	244	$	(1,828)	$	611	$	(2)	$	(4,035)

_______________

(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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(17)	$	(22)	$	(54)	$	(132)	Net investment gains (losses)

Net unrealized investment gains (losses)	4		(8)		1		(10)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(13)		(30)		(53)		(142)
Income tax (expense) benefit	3		6		11		30
Net unrealized investment gains (losses), net of income tax	(10)		(24)		(42)		(112)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	—		(1)		3		2		Net derivative gains (losses)
Interest rate swaps	1		1		2		2		Net investment income


Foreign currency swaps	(4)		8		(1)		9		Net derivative gains (losses)


Gains (losses) on cash flow hedges, before income tax	(3)		8		4		13
Income tax (expense) benefit	—		(2)		(1)		(3)
Gains (losses) on cash flow hedges, net of income tax	(3)		6		3		10
Total reclassifications, net of income tax	$	(13)	$	(18)	$	(39)	$	(102)