Equity (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 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 Benefits		Gain (Loss) from Changes in Non-Performance Risk on Market Risk Benefits		Total 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	1,578		620,926		(21,655)		(133,611)		467,238
Amounts reclassified from AOCI	0		26,605		0		0		26,605
Income tax benefit (expense)	(228)		(135,768)		4,557		28,058		(103,381)
Balance, September 30, 2024	$	(16,735)	$	(416,015)	$	54,097	$	738,195	$	359,542


	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	431		(482,272)		73,321		(497,289)		(905,809)
Amounts reclassified from AOCI	0		(17,746)		0		0		(17,746)
Income tax benefit (expense)	(51)		105,037		(15,396)		104,431		194,021
Balance, September 30, 2023	$	(19,627)	$	(1,869,456)	$	177,293	$	972,191	$	(739,599)

(1)Includes cash flow hedges of $2 million and $12 million as of September 30, 2024 and December 31, 2023, respectively, and $94 million and $139 million as of September 30, 2023 and December 31, 2022, respectively.

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)	$	(19,880)	$	29,156	$	15,856	$	34,900
Net unrealized investment gains (losses) on available-for-sale securities	(26,993)		(8,931)		(42,461)		(17,154)
Total net unrealized investment gains (losses)(4)	(46,873)		20,225		(26,605)		17,746
Total reclassifications for the period	$	(46,873)	$	20,225	$	(26,605)	$	17,746

(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 Recognized		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, 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	(9,819)		661,777		0		0		(136,708)		515,250
Reclassification adjustment for (gains) losses included in net income	(3)		26,608		0		0		(5,579)		21,026
Reclassification due to allowance for credit losses recorded during the period	(26)		26		0		0		0		0


Impact of net unrealized investment (gains) losses	0		0		455,507		(486,539)		6,519		(24,513)
Balance, September 30, 2024	$	(7,861)	$	(715,769)	$	(345,844)	$	542,559	$	110,900	$	(416,015)

(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.