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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of amounts related to each component of OCI | The following tables provide the amounts related to each component of OCI:
| Year Ended December 31, 2023
Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax
(in millions)
Net unrealized gains (losses) on securities: |  |  |  |  |
Net unrealized gains (losses) on securities arising during the period (1) | $ | 1,038 |  |  | $ | (240) |  |  | $ | 798 |
Reclassification of net (gains) losses on securities included in net income (2) | 29 |  |  | (6) |  |  | 23 |
Impact of benefit reserves and reinsurance recoverables | (24) |  |  | 5 |  |  | (19) |
Net unrealized gains (losses) on securities | 1,043 |  |  | (241) |  |  | 802 |
Net unrealized gains (losses) on derivatives: |  |  |  |  |
Net unrealized gains (losses) on derivatives arising during the period | 3 |  |  | (1) |  |  | 2 |
Reclassification of net (gains) losses on derivatives included in net income (3) | (1) |  |  | 1 |  |  | — |
Net unrealized gains (losses) on derivatives | 2 |  |  | — |  |  | 2 |
Effect of changes in discount rate assumptions on certain long-duration contracts | (69) |  |  | 15 |  |  | (54) |
Effect of changes in instrument-specific credit risk on MRBs | (83) |  |  | 18 |  |  | (65) |
Defined benefit plans: |  |  |  |  |
Prior service credits and costs | (1) |  |  | — |  |  | (1) |
Net gains (losses) | 20 |  |  | (4) |  |  | 16 |
Defined benefit plans | 19 |  |  | (4) |  |  | 15 |
Foreign currency translation | 79 |  |  | 1 |  |  | 80 |
Total other comprehensive income (loss) | $ | 991 |  |  | $ | (211) |  |  | $ | 780 |
| Year Ended December 31, 2022
Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax
(in millions)
Net unrealized gains (losses) on securities: |  |  |  |  |
Net unrealized gains (losses) on securities arising during the period (1) | $ | (4,146) |  |  | $ | 918 |  |  | $ | (3,228) |
Reclassification of net (gains) losses on securities included in net income (2) | 85 |  |  | (18) |  |  | 67 |
Impact of benefit reserves and reinsurance recoverables | 103 |  |  | (18) |  |  | 85 |
Net unrealized gains (losses) on securities | (3,958) |  |  | 882 |  |  | (3,076) |
Net unrealized gains (losses) on derivatives: |  |  |  |  |
Reclassification of net (gains) losses on derivatives included in net income (3) | (1) |  |  | — |  |  | (1) |
Net unrealized gains (losses) on derivatives | (1) |  |  | — |  |  | (1) |
Effect of changes in discount rate assumptions on certain long-duration contracts | 1,095 |  |  | (234) |  |  | 861 |
Effect of changes in instrument-specific credit risk on MRBs | 517 |  |  | (110) |  |  | 407 |
Defined benefit plans: |  |  |  |  |
Prior service credits and costs | (1) |  |  | — |  |  | (1) |
Net gains (losses) | 97 |  |  | (20) |  |  | 77 |
Defined benefit plans | 96 |  |  | (20) |  |  | 76 |
Foreign currency translation | (216) |  |  | 45 |  |  | (171) |
Total other comprehensive income (loss) | $ | (2,467) |  |  | $ | 563 |  |  | $ | (1,904) |
| Year Ended December 31, 2021
Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax
(in millions)
Net unrealized gains (losses) on securities: |  |  |  |  |
Net unrealized gains (losses) on securities arising during the period (1) | $ | (622) |  |  | $ | 137 |  |  | $ | (485) |
Reclassification of net (gains) losses on securities included in net income (2) | (561) |  |  | 118 |  |  | (443) |
Impact of benefit reserves and reinsurance recoverables | 8 |  |  | (1) |  |  | 7 |
Net unrealized gains (losses) on securities | (1,175) |  |  | 254 |  |  | (921) |
Net unrealized gains (losses) on derivatives: |  |  |  |  |
Reclassification of net (gains) losses on derivatives included in net income (3) | (1) |  |  | — |  |  | (1) |
Net unrealized gains (losses) on derivatives | (1) |  |  | — |  |  | (1) |
Effect of changes in discount rate assumptions on certain long-duration contracts | 361 |  |  | (77) |  |  | 284 |
Effect of changes in instrument-specific credit risk on MRBs | 127 |  |  | (27) |  |  | 100 |
Defined benefit plans: |  |  |  |  |
Prior service credits | (3) |  |  | 1 |  |  | (2) |
Net gains (losses) | 70 |  |  | (15) |  |  | 55 |
Defined benefit plans | 67 |  |  | (14) |  |  | 53 |
Foreign currency translation | (16) |  |  | 3 |  |  | (13) |
Total other comprehensive income (loss) | $ | (637) |  |  | $ | 139 |  |  | $ | (498) |
(1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period. (2) Reclassification amounts are recorded in Net investment income. (3) Includes a $1 million, $1 million and $1 million pretax gain reclassified to Interest and debt expense.
Schedule of changes in the balances of each component of AOCI | The following table presents the changes in the balances of each component of AOCI, net of tax:
| Net Unrealized Gains (Losses) on Securities |  | Net Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Effect of Changes in Instrument-Specific Credit Risk on MRBs |  | Defined Benefit Plans |  | Foreign Currency Translation |  | Other |  | Total
(in millions)
Balance at January 1, 2021 | $ | 1,247 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | (204) |  |  | $ | (154) |  |  | $ | (1) |  |  | $ | 893 |
Cumulative effect of adoption of long-duration contracts guidance | 707 |  |  | — |  |  | (1,217) |  |  | (527) |  |  | — |  |  | — |  |  | — |  |  | (1,037) |
OCI before reclassifications | (478) |  |  | — |  |  | 284 |  |  | 100 |  |  | 36 |  |  | (13) |  |  | — |  |  | (71) |
Amounts reclassified from AOCI | (443) |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | (427) |
Total OCI | (921) |  |  | (1) |  |  | 284 |  |  | 100 |  |  | 53 |  |  | (13) |  |  | — |  |  | (498) |
Balance at December 31, 2021 | 1,033 |  |  | 4 |  |  | (933) |  |  | (427) |  |  | (151) |  |  | (167) |  |  | (1) |  |  | (642) |
OCI before reclassifications | (3,143) |  |  | — |  |  | 861 |  |  | 407 |  |  | 61 |  |  | (171) |  |  | — |  |  | (1,985) |
Amounts reclassified from AOCI | 67 |  |  | (1) |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 81 |
Total OCI | (3,076) |  |  | (1) |  |  | 861 |  |  | 407 |  |  | 76 |  |  | (171) |  |  | — |  |  | (1,904) |
Balance at December 31, 2022 | (2,043) |  |  | 3 |  |  | (72) |  |  | (20) |  |  | (75) |  |  | (338) |  |  | (1) |  |  | (2,546) |
OCI before reclassifications | 779 |  |  | 2 |  |  | (54) |  |  | (65) |  |  | 14 |  |  | 80 |  |  | — |  |  | 756 |
Amounts reclassified from AOCI | 23 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 24 |
Total OCI | 802 |  |  | 2 |  |  | (54) |  |  | (65) |  |  | 15 |  |  | 80 |  |  | — |  |  | 780 |
Balance at December 31, 2023 | $ | (1,241) |  |  | $ | 5 |  |  | $ | (126) |  |  | $ | (85) |  |  | $ | (60) |  |  | $ | (258) |  |  | $ | (1) |  |  | $ | (1,766) |

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