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Other Income and Expense | 9 Months Ended
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Sep. 30, 2023
Other Income and Expenses [Abstract] |
Other Income and Expense Disclosure | Other income and expense
| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Equity in net income (loss) of partially-owned entities | $ | 150 |  |  | $ | (111) |  |  | $ | 610 |  |  | $ | 180 |
Gains (losses) from fair value changes in separate account assets (1) | (19) |  |  | (67) |  |  | (56) |  |  | (116) |
Asset management and performance fee revenue | 55 |  |  | — |  |  | 55 |  |  | — |
Asset management and performance fee expense | (33) |  |  | — |  |  | (33) |  |  | — |
Federal excise and capital taxes | (6) |  |  | (6) |  |  | (17) |  |  | (15) |
Other | 7 |  |  | (18) |  |  | (9) |  |  | (40) |
Total | $ | 154 |  |  | $ | (202) |  |  | $ | 550 |  |  | $ | 9 |
(1) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $51 million and $290 million for the three and nine months ended September 30, 2023, respectively, and $(190) million and $(69) million, respectively, for the prior year periods. Other income and expense includes net income attributable to our investment in Huatai under the equity method of accounting comprising income of $36 million through June 30, 2023, and $28 million and $83 million for the three and nine months ended September 30, 2022, respectively. Effective July 1, 2023, we discontinued the equity method of accounting and include the results of operations of Huatai in our consolidated results. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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