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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Other Comprehensive Income (Loss) (Table)


	For the year ended December 31, 2022
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(12,980.4)	$	2,753.0	$	(10,227.4)
Reclassification adjustment for losses included in net income ⁽¹⁾		333.3		(70.4)		262.9
Adjustments for assumed changes in amortization patterns		926.6		(194.6)		732.0
Adjustments for assumed changes in policyholder liabilities		486.1		(102.0)		384.1
Net unrealized losses on available-for-sale securities		(11,234.4)		2,386.0		(8,848.4)

Net unrealized losses on derivative instruments during the period		(1.3)		0.3		(1.0)
Reclassification adjustment for gains included in net income ⁽²⁾		(28.0)		5.8		(22.2)
Adjustments for assumed changes in amortization patterns		7.3		(1.6)		5.7
Adjustments for assumed changes in policyholder liabilities		(2.9)		0.6		(2.3)
Net unrealized losses on derivative instruments		(24.9)		5.1		(19.8)


Unrecognized postretirement benefit obligation during the period		(1.7)		0.4		(1.3)
Amortization of amounts included in net periodic benefit cost ⁽³⁾		(0.9)		0.1		(0.8)
Net unrecognized postretirement benefit obligation		(2.6)		0.5		(2.1)

Other comprehensive loss	$	(11,261.9)	$	2,391.6	$	(8,870.3)


	For the year ended December 31, 2021
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(2,313.3)	$	490.5	$	(1,822.8)
Reclassification adjustment for losses included in net income ⁽¹⁾		20.5		(4.3)		16.2
Adjustments for assumed changes in amortization patterns		171.4		(36.0)		135.4
Adjustments for assumed changes in policyholder liabilities		1,288.6		(270.5)		1,018.1
Net unrealized losses on available-for-sale securities		(832.8)		179.7		(653.1)

Net unrealized gains on derivative instruments during the period		66.7		(14.0)		52.7
Reclassification adjustment for gains included in net income ⁽²⁾		(25.5)		5.4		(20.1)
Adjustments for assumed changes in amortization patterns		(0.2)		—		(0.2)
Adjustments for assumed changes in policyholder liabilities		1.6		(0.4)		1.2
Net unrealized gains on derivative instruments		42.6		(9.0)		33.6

Unrecognized postretirement benefit obligation during the period		2.3		(0.5)		1.8
Amortization of amounts included in net periodic benefit cost ⁽³⁾		(0.4)		0.1		(0.3)
Net unrecognized postretirement benefit obligation		1.9		(0.4)		1.5

Other comprehensive loss	$	(788.3)	$	170.3	$	(618.0)


	For the year ended December 31, 2020
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	3,268.3	$	(690.8)	$	2,577.5
Reclassification adjustment for gains included in net income ⁽¹⁾		(41.4)		9.4		(32.0)
Adjustments for assumed changes in amortization patterns		(179.0)		37.6		(141.4)
Adjustments for assumed changes in policyholder liabilities		(1,275.1)		267.7		(1,007.4)
Net unrealized gains on available-for-sale securities		1,772.8		(376.1)		1,396.7

Net unrealized losses on derivative instruments during the period		(28.1)		6.5		(21.6)
Reclassification adjustment for gains included in net income ⁽²⁾		(27.1)		5.1		(22.0)
Adjustments for assumed changes in amortization patterns		2.7		(0.5)		2.2
Adjustments for assumed changes in policyholder liabilities		7.8		(1.6)		6.2
Net unrealized losses on derivative instruments		(44.7)		9.5		(35.2)

Unrecognized postretirement benefit obligation during the period		5.7		(1.2)		4.5
Amortization of amounts included in net periodic benefit cost ⁽³⁾		0.3		(0.1)		0.2
Net unrecognized postretirement benefit obligation		6.0		(1.3)		4.7

Other comprehensive income	$	1,734.1	$	(367.9)	$	1,366.2

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations.

(2)	See Note 6, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(3)

Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 13, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.

Accumulated Other Comprehensive Income (Loss) (Table)


			Noncredit
	Net unrealized		component of		Net unrealized		Unrecognized		Accumulated
	gains (losses) on		impairment losses		gains		postretirement		other
	available-for-sale		on fixed maturities		on derivative		benefit		comprehensive
	securities ⁽¹⁾		available-for-sale		instruments		obligation		income (loss)

	(in millions)
Balances as of January 1, 2020	$	2,602.9	$	(44.1)	$	53.7	$	8.2	$	2,620.7
Other comprehensive income during the period, net of adjustments		1,428.7		—		(13.2)		4.5		1,420.0
Amounts reclassified from AOCI		(32.0)		—		(22.0)		0.2		(53.8)
Other comprehensive income		1,396.7		—		(35.2)		4.7		1,366.2
Effects of implementation of accounting change related to credit losses, net		(44.1)		44.1		—		—		—
Balances as of December 31, 2020		3,955.5		—		18.5		12.9		3,986.9
Other comprehensive loss during the period, net of adjustments		(669.3)		—		53.7		1.8		(613.8)
Amounts reclassified from AOCI		16.2		—		(20.1)		(0.3)		(4.2)
Other comprehensive loss		(653.1)		—		33.6		1.5		(618.0)
Net assets transferred to affiliate due to change in benefit plan sponsorship		—		—		—		2.0		2.0
Balances as of December 31, 2021		3,302.4		—		52.1		16.4		3,370.9
Other comprehensive loss during the period, net of adjustments		(9,111.3)		—		2.4		(1.3)		(9,110.2)
Amounts reclassified from AOCI		262.9		—		(22.2)		(0.8)		239.9
Other comprehensive loss		(8,848.4)		—		(19.8)		(2.1)		(8,870.3)
Adjustments for reinsurance ⁽²⁾		124.4		—		7.4		—		131.8
Balances as of December 31, 2022	$	(5,421.6)	$	—	$	39.7	$	14.3	$	(5,367.6)

(1)	Net unrealized losses on available-for-sale debt securities for which an allowance for credit loss has been recorded were $1.8 million, $0.6 million and $2.6 million as of December 31, 2022, 2021 and 2020, respectively.

(2)	Reflects the January 1, 2022, balance associated with our ULSG business that was ceded to Talcott Life & Annuity Re.