XML 44 R33.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Equity (Tables)
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
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, 2024 and 2023, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment
Net Unrealized
Investment Gains
(Losses)(1)
Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2023$(18,085)$(927,778)$71,195 $843,748 $(30,920)
Change in OCI before reclassifications(2,362)(297,240)32,830 (238,974)(505,746)
Amounts reclassified from AOCI(16,067)(16,067)
Income tax benefit (expense)212 65,788 (6,894)50,185 109,291 
Balance, March 31, 2024$(20,235)$(1,175,297)$97,131 $654,959 $(443,442)

 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment
Net Unrealized
Investment Gains
(Losses)(1)
Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2022$(20,007)$(1,474,475)$119,368 $1,365,049 $(10,065)
Change in OCI before reclassifications2,666 377,650 (38,224)180,423 522,515 
Amounts reclassified from AOCI4,451 4,451 
Income tax benefit (expense)(181)(80,219)8,027 (37,889)(110,262)
Balance, March 31, 2023$(17,522)$(1,172,593)$89,171 $1,507,583 $406,639 

(1)Includes cash flow hedges of $39 million and $12 million as of March 31, 2024 and December 31, 2023, respectively, and $118 million and $139 million as of March 31, 2023 and December 31, 2022, respectively.
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
March 31,
20242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$22,904 $3,770 
Net unrealized investment gains (losses) on available-for-sale securities(6,837)(8,221)
Total net unrealized investment gains (losses)(4)16,067 (4,451)
Total reclassifications for the period$16,067 $(4,451)

(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 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 Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet 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, 2023$1,987 $(1,404,180)$(801,351)$1,029,098 $246,668 $(927,778)
Net investment gains (losses) on investments arising during the period(596)(339,362)71,420 (268,538)
Reclassification adjustment for (gains) losses included in net income(9)(16,058)3,375 (12,692)
Reclassification due to allowance for credit losses recorded during the period(26)26 
Impact of net unrealized investment (gains) losses
(184,494)227,212 (9,007)33,711 
Balance, March 31, 2024$1,356 $(1,759,574)$(985,845)$1,256,310 $312,456 $(1,175,297)

(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and DRL.
(3)"Other liabilities" primarily includes reinsurance payables.