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Equity (Tables)
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the six months ended June 30, 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 $347,435 
Change in OCI before reclassifications(7,870)(1,920,685)(1,928,555)
Amounts reclassified from AOCI7,026 7,026 
Income tax benefit (expense)735 401,777 402,512 
Balance, June 30, 2022$(18,409)$(1,153,173)$(1,171,582)

 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 $546,128 
Change in OCI before reclassifications(4,781)(129,762)(134,543)
Amounts reclassified from AOCI(4,473)(4,473)
Income tax benefit (expense)149 28,186 28,335 
Balance, June 30, 2021$(12,429)$447,876 $435,447 

(1)Includes cash flow hedges of $144 million and $40 million as of June 30, 2022 and December 31, 2021, respectively, and $12 million and $(8) million as of June 30, 2021 and December 31, 2020, respectively.
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
 (in thousands)
Amounts reclassified from AOCI (1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$42,622 $1,816 $56,412 $5,842 
Net unrealized investment gains (losses) on available-for-sale securities(26,717)1,369 (63,438)(1,369)
Total net unrealized investment gains (losses)(4)15,905 3,185 (7,026)4,473 
Total reclassifications for the period$15,905 $3,185 $(7,026)$4,473 

(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 recordedNet 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)(2,210,285)464,388 (1,747,489)
Reclassification adjustment for (gains) losses included in net income727 6,299 (1,475)5,551 
Reclassification due to allowance for credit losses recorded during the period698 (698)
Impact of net unrealized investment (gains) losses
(1,798,631)2,089,823 (61,136)230,056 
Balance, June 30, 2022$3,518 $(1,621,980)$(815,546)$974,339 $306,496 $(1,153,173)


(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.