Equity (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2022 and 2021, are as follows:


	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2021	$	(11,274)	$	358,709	$	347,435
Change in OCI before reclassifications	(1,670)		(1,038,929)		(1,040,599)
Amounts reclassified from AOCI	0		22,931		22,931
Income tax benefit (expense)	146		213,312		213,458
Balance, March 31, 2022	$	(12,798)	$	(443,977)	$	(456,775)


	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2020	$	(7,797)	$	553,925	$	546,128
Change in OCI before reclassifications	(5,205)		(348,914)		(354,119)
Amounts reclassified from AOCI	0		(1,288)		(1,288)
Income tax benefit (expense)	192		73,539		73,731
Balance, March 31, 2021	$	(12,810)	$	277,262	$	264,452

(1)Includes cash flow hedges of $53 million and $40 million as of March 31, 2022 and December 31, 2021, respectively, and $(3) million and $(8) million as of March 31, 2021 and December 31, 2020, respectively.

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Amounts reclassified from AOCI (1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)	$	13,790	$	4,026
Net unrealized investment gains (losses) on available-for-sale securities	(36,721)		(2,738)
Total net unrealized investment gains (losses)(4)	(22,931)		1,288
Total reclassifications for the period	$	(22,931)	$	1,288

(1)All amounts are shown before tax.

(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.

(3)See Note 4 for additional information on cash flow hedges.

(4)See table below for additional information on unrealized investment gains (losses), including the impact on DAC and other costs, future policy benefits, policyholders’ account balances and other liabilities.

Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities wit Allowance for credit losses and All Other Investments AOCI Rollforward

The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:


	Net Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recorded		Net Unrealized Gains (Losses) on All Other Investments(1)		DAC and Other Costs(2)		Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(3)		Income Tax Benefit (Expense)		Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2021	$	3,685	$	582,704	$	983,085	$	(1,115,484)	$	(95,281)	$	358,709
Net investment gains (losses) on investments arising during the period	(1,592)		(1,133,992)		0		0		238,419		(897,165)
Reclassification adjustment for (gains) losses included in net income	(34)		22,965		0		0		(4,815)		18,116
Reclassification due to allowance for credit losses recorded during the period	4		(4)		0		0		0		0


Impact of net unrealized investment (gains) losses	0		0		(831,815)		928,470		(20,292)		76,363
Balance, March 31, 2022	$	2,063	$	(528,327)	$	151,270	$	(187,014)	$	118,031	$	(443,977)

(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.

(2)"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.

(3)"Other liabilities" primarily includes reinsurance payables.