Equity (Tables)

12 Months Ended

Dec. 31, 2024

Components of Accumulated Other Comprehensive Income (Loss)

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)		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)	$	227,206	$	396,454
Change in OCI before reclassifications	(9,337)		(2,249,609)		310,351		1,440,307		(508,288)
Amounts reclassified from AOCI	0		(4,428)		0		0		(4,428)
Income tax benefit (expense)	604		473,231		(65,174)		(302,464)		106,197


Balance, December 31, 2022	(20,007)		(1,474,475)		119,368		1,365,049		(10,065)
Change in OCI before reclassifications(2)	2,419		677,735		(60,978)		(659,927)		(40,751)
Amounts reclassified from AOCI	0		14,217		0		0		14,217
Income tax benefit (expense)(2)	(497)		(145,255)		12,805		138,585		5,638

Balance, December 31, 2023(2)	(18,085)		(927,778)		71,195		843,707		(30,961)
Change in OCI before reclassifications	(4,595)		(416,996)		58,676		(441,138)		(804,053)
Amounts reclassified from AOCI	0		81,903		0		0		81,903
Income tax benefit (expense)	739		70,169		(12,313)		92,639		151,234


Balance, December 31, 2024	$	(21,941)	$	(1,192,702)	$	117,558	$	495,208	$	(601,877)

(1)Includes cash flow hedges of $111 million, $12 million, and $139 million as of December 31, 2024, 2023 and 2022, respectively.

(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Amounts reclassified from AOCI(1)(2):









Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)	$	85,491	$	16,976	$	78,433
Net unrealized investment gains (losses) on available-for-sale securities	(167,394)		(31,193)		(74,005)
Total net unrealized investment gains (losses)(4)	(81,903)		(14,217)		4,428
Total reclassifications for the period	$	(81,903)	$	(14,217)	$	4,428

(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 and policyholders’ account balances.

OTTI, Allowance and All Other Net Unrealized Investment Gains (Losses) AOCI Rollforward


	Net Unrealized Investment Gains (Losses) on AFS 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 Reinsurance Payables		Income Tax Benefit (Expense)		AOCI Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2021	$	3,685	$	581,718	$	835,430	$	(1,033,194)	$	(81,308)	$	306,331

Net investment gains (losses) on investments arising during the period	(149)		(2,737,481)		0		0		574,760		(2,162,870)
Reclassification adjustment for (gains) losses included in net income	831		(5,259)		0		0		930		(3,498)
Reclassification due to allowance for credit losses recorded during the period	4		(4)		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		(2,033,852)		2,521,873		(102,459)		385,562


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	(4,482)		744,727		0		0		(155,393)		584,852
Reclassification adjustment for (gains) losses included in net income	(265)		14,482		0		0		(2,984)		11,233
Reclassification due to allowance for credit losses recorded during the period	2,363		(2,363)		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		397,071		(459,581)		13,122		(49,388)
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	(773)		(525,222)		0		0		110,227		(415,768)
Reclassification adjustment for (gains) losses included in net income	(175)		82,078		0		0		(17,164)		64,739
Reclassification due to allowance for credit losses recorded during the period	(146)		146		0		0		0		0
Impact of net unrealized investment (gains) losses	0		0		217,642		(108,643)		(22,894)		86,105


Balance, December 31, 2024	$	893	$	(1,847,178)	$	(583,709)	$	920,455	$	316,837	$	(1,192,702)

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

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