Equity (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and 2024, 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, 2024	$	(21,941)	$	(1,192,702)	$	117,558	$	495,208	$	(601,877)
Change in OCI before reclassifications	201		256,144		(12,540)		161,213		405,018
Amounts reclassified from AOCI	0		16,892		0		0		16,892
Income tax benefit (expense)	(543)		(57,176)		2,632		(33,855)		(88,942)
Balance, March 31, 2025	$	(22,283)	$	(976,842)	$	107,650	$	622,566	$	(268,909)


	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(2)	$	(18,085)	$	(927,778)	$	71,195	$	843,707	$	(30,961)
Change in OCI before reclassifications(2)	(2,362)		(297,240)		32,830		(238,921)		(505,693)
Amounts reclassified from AOCI	0		(16,067)		0		0		(16,067)
Income tax benefit (expense)(2)	212		65,788		(6,894)		50,173		109,279
Balance, March 31, 2024	$	(20,235)	$	(1,175,297)	$	97,131	$	654,959	$	(443,442)

(1)Includes cash flow hedges of $95 million and $111 million as of March 31, 2025 and December 31, 2024, respectively, and $39 million and $12 million as of March 31, 2024 and December 31, 2023, respectively.

(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of Accumulated Other Comprehensive Income (Loss)


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)		$	(4,948)	$	22,904
Net unrealized investment gains (losses) on available-for-sale securities		(11,944)		(6,837)
Total net unrealized investment gains (losses)(4)		(16,892)		16,067
Total reclassifications for the period		$	(16,892)	$	16,067

(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.

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 Reinsurance Payables		Income Tax Benefit (Expense)		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2024	$	893	$	(1,847,178)	$	(583,709)	$	920,455	$	316,837	$	(1,192,702)
Net investment gains (losses) on investments arising during the period	2,710		325,258		0		0		(68,696)		259,272
Reclassification adjustment for (gains) losses included in net income	310		16,582		0		0		(3,538)		13,354
Reclassification due to allowance for credit losses recorded during the period	6		(6)		0		0		0		0


Impact of net unrealized investment (gains) losses	0		0		167,546		(239,370)		15,058		(56,766)
Balance, March 31, 2025	$	3,919	$	(1,505,344)	$	(416,163)	$	681,085	$	259,661	$	(976,842)

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

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