XML 31 R19.htm IDEA: XBRL DOCUMENT v3.23.1
Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity EQUITY
Accumulated Other Comprehensive Income (Loss)
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Comprehensive Income. Net unrealized investment gains (losses) are described in further detail in Note 2. The balance of and changes in each component of AOCI as of and for the years ended December 31, 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, 2019$(7,917)$289,359 $281,442 
Change in OCI before reclassifications599 327,819 328,418 
Amounts reclassified from AOCI0 7,074 7,074 
Income tax benefit (expense)(479)(70,327)(70,806)
Balance, December 31, 2020(7,797)553,925 546,128 
Change in OCI before reclassifications(3,891)(222,182)(226,073)
Amounts reclassified from AOCI0 (24,994)(24,994)
Income tax benefit (expense)414 51,960 52,374 
Balance, December 31, 2021(11,274)358,709 347,435 
Change in OCI before reclassifications(9,337)(2,425,810)(2,435,147)
Amounts reclassified from AOCI0 (4,428)(4,428)
Income tax benefit (expense)604 510,236 510,840 
Balance, December 31, 2022$(20,007)$(1,561,293)$(1,581,300)
(1)Includes cash flow hedges of $139 million, $40 million, and $(8) million as of December 31, 2022, 2021 and 2020, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
Year Ended December 31,
202220212020
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)$78,433 $28,508 $162 
Net unrealized investment gains (losses) on available-for-sale securities(4)(74,005)(3,514)(7,236)
Total net unrealized investment gains (losses)4,428 24,994 (7,074)
Total reclassifications for the period$4,428 $24,994 $(7,074)
(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 regarding cash flow hedges.
(4)See table below for additional information regarding 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)
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income” (loss) for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an OTTI had been previously recognized, an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an OTTI Loss has been RecognizedNet Unrealized Gains (Losses) on Investments on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recorded(1)Net Unrealized Gains (Losses) on All Other Investments(2)DAC and
Other Costs(3)		Future Policy
Benefits, Policyholders' Account Balances and Other Liabilities(4)
Income Tax
Benefit (Expense)		Accumulated
Other
Comprehensive
Income (Loss)
Related to Net
Unrealized
Investment
Gains (Losses)
 (in thousands)
Balance, December 31, 2019$1,568 $0 $423,612 $423,227 $(482,134)$(76,914)$289,359 
Reclassification due to implementation of ASU 2016-13 (6)(1,568)0 1,568 0 0 0 0 
Net unrealized investment gains (losses) on investments arising during the period0 616 416,479 0 0 (87,588)329,507 
Reclassification adjustment for (gains) losses included in net income0 0 7,074 0 0 (1,486)5,588 
Reclassification due to allowance for credit losses recorded during the period0 (616)616 0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 776,821 (866,097)18,747 (70,529)
Balance, December 31, 20200 0 849,349 1,200,048 (1,348,231)(147,241)553,925 
Net unrealized investment gains (losses) on investments arising during the period0 2,951 (240,917)0 0 50,016 (187,950)
Reclassification adjustment for (gains) losses included in net income0 (8)(24,986)0 0 5,277 (19,717)
Reclassification due to allowance for credit losses recorded during the period0 742 (742)0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 (216,963)232,747 (3,333)12,451 
Balance, December 31, 20210 3,685 582,704 983,085 (1,115,484)(95,281)358,709 
Net unrealized investment gains (losses) on investments arising during the period0 (149)(2,737,565)0 0 574,791 (2,162,923)
Reclassification adjustment for (gains) losses included in net income0 831 (5,259)0 0 930 (3,498)
Reclassification due to allowance for credit losses recorded during the period0 4 (4)0 0 0 0 
Impact of net unrealized investment
(gains) losses		0 0 0 (2,177,588)2,489,492 (65,485)246,419 
Balance, December 31, 2022$0 $4,371 $(2,160,124)$(1,194,503)$1,374,008 $414,955 $(1,561,293)
(1)Allowance for credit losses on available-for-sale fixed maturity securities effective January 1, 2020.
(2)Includes cash flow hedges. See Note 4 for information regarding cash flow hedges.
(3)"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.
(4)"Other liabilities" primarily includes reinsurance payables.
(5)Represents net unrealized gains (losses) for which an OTTI had been previously recognized.