Equity (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022, are as follows:


	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Interest Rate Remeasurement of Future Policy Benefits		Gain (loss) from Changes in Non-Performance Risk on Market Risk Benefits		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2022	$	(20,007)	$	(1,474,475)	$	119,368	$	1,365,049	$	(10,065)
Change in OCI before reclassifications	2,666		377,650		(38,224)		180,423		522,515
Amounts reclassified from AOCI	0		4,451		0		0		4,451
Income tax benefit (expense)	(181)		(80,219)		8,027		(37,889)		(110,262)
Balance, March 31, 2023	$	(17,522)	$	(1,172,593)	$	89,171	$	1,507,583	$	406,639


	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment		Net Unrealized Investment Gains (Losses)(1)		Interest Rate Remeasurement of Future Policy Benefits		Gain (loss) from Changes in Non-Performance Risk on Market Risk Benefits		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2021	$	(11,274)	$	306,331	$	(125,809)	$	227,208	$	396,456
Change in OCI before reclassifications	(1,670)		(957,454)		118,713		902,052		61,641
Amounts reclassified from AOCI	0		22,931		0		0		22,931
Income tax benefit (expense)	145		196,201		(24,930)		(189,429)		(18,013)
Balance, March 31, 2022	$	(12,799)	$	(431,991)	$	(32,026)	$	939,831	$	463,015

(1)Includes cash flow hedges of $118 million and $139 million as of March 31, 2023 and December 31, 2022, respectively, and $53 million and $40 million as of March 31, 2022 and December 31, 2021, respectively.

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)	$	3,770	$	13,790
Net unrealized investment gains (losses) on available-for-sale securities	(8,221)		(36,721)
Total net unrealized investment gains (losses)(4)	(4,451)		(22,931)
Total reclassifications for the period	$	(4,451)	$	(22,931)

(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)		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, 2022	$	4,371	$	(2,161,026)	$	(1,198,422)	$	1,488,679	$	391,923	$	(1,474,475)
Net investment gains (losses) on investments arising during the period	(80)		442,527		0		0		(92,889)		349,558
Reclassification adjustment for (gains) losses included in net income	(127)		4,578		0		0		(935)		3,516



Impact of net unrealized investment (gains) losses	0		0		289,957		(354,754)		13,605		(51,192)
Balance, March 31, 2023	$	4,164	$	(1,713,921)	$	(908,465)	$	1,133,925	$	311,704	$	(1,172,593)

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

(2)"Other costs" primarily includes reinsurance recoverables.

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