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Shareholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity Note [Abstract] |
Schedule of amounts related to each component of OCI | The following table presents the amounts related to each component of OCI:
| Three Months Ended June 30,
| 2024 |  | 2023
| Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax |  | 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) | $ | (180) |  |  | $ | 38 |  |  | $ | (142) |  |  | $ | (439) |  |  | $ | 101 |  |  | $ | (338) |
Reclassification of net (gains) losses on securities included in net income (2) | 2 |  |  | — |  |  | 2 |  |  | (6) |  |  | 1 |  |  | (5) |
Impact of benefit reserves and reinsurance recoverables | 6 |  |  | (1) |  |  | 5 |  |  | 6 |  |  | (1) |  |  | 5 |
Net unrealized gains (losses) on securities | (172) |  |  | 37 |  |  | (135) |  |  | (439) |  |  | 101 |  |  | (338) |
Effect of changes in discount rate assumptions on certain long-duration contracts | 79 |  |  | (17) |  |  | 62 |  |  | 75 |  |  | (16) |  |  | 59 |
Effect of changes in instrument-specific credit risk on MRBs | 13 |  |  | (4) |  |  | 9 |  |  | (159) |  |  | 33 |  |  | (126) |
Foreign currency translation | 2 |  |  | (1) |  |  | 1 |  |  | 52 |  |  | (11) |  |  | 41 |
Total other comprehensive income (loss) | $ | (78) |  |  | $ | 15 |  |  | $ | (63) |  |  | $ | (471) |  |  | $ | 107 |  |  | $ | (364) |
| Six Months Ended June 30,
| 2024 |  | 2023
| Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax |  | 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) | $ | (416) |  |  | $ | 90 |  |  | $ | (326) |  |  | $ | 127 |  |  | $ | (23) |  |  | $ | 104 |
Reclassification of net (gains) losses on securities included in net income (2) | 2 |  |  | — |  |  | 2 |  |  | (9) |  |  | 2 |  |  | (7) |
Impact of benefit reserves and reinsurance recoverables | 14 |  |  | (3) |  |  | 11 |  |  | (6) |  |  | 1 |  |  | (5) |
Net unrealized gains (losses) on securities | (400) |  |  | 87 |  |  | (313) |  |  | 112 |  |  | (20) |  |  | 92 |
Net unrealized gains (losses) on derivatives: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on derivatives arising during the period | — |  |  | — |  |  | — |  |  | 3 |  |  | (1) |  |  | 2 |
Net unrealized gains (losses) on derivatives | — |  |  | — |  |  | — |  |  | 3 |  |  | (1) |  |  | 2 |
Effect of changes in discount rate assumptions on certain long-duration contracts | 167 |  |  | (36) |  |  | 131 |  |  | (8) |  |  | 2 |  |  | (6) |
Effect of changes in instrument-specific credit risk on MRBs | (35) |  |  | 7 |  |  | (28) |  |  | 45 |  |  | (10) |  |  | 35 |
Foreign currency translation | (16) |  |  | (1) |  |  | (17) |  |  | 94 |  |  | (20) |  |  | 74 |
Total other comprehensive income (loss) | $ | (284) |  |  | $ | 57 |  |  | $ | (227) |  |  | $ | 246 |  |  | $ | (49) |  |  | $ | 197 |
(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.
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 on Certain Long-Duration Contracts |  | Effect of Changes in Instrument-Specific Credit Risk on MRBs |  | Defined Benefit Plans |  | Foreign Currency Translation |  | Other |  | Total
| (in millions)
Balance at April 1, 2024 | $ | (1,419) |  | $ | 5 |  | $ | (57) |  | $ | (122) |  | $ | (60) |  | $ | (276) |  | $ | (1) |  | $ | (1,930)
OCI before reclassifications | (137) |  | — |  | 62 |  | 9 |  | — |  | 1 |  | — |  | (65)
Amounts reclassified from AOCI | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | 2
Total OCI | (135) |  | — |  | 62 |  | 9 |  | — |  | 1 |  | — |  | (63)
Balance at June 30, 2024 | $ | (1,554) |  | $ | 5 |  | $ | 5 |  | $ | (113) |  | $ | (60) |  | $ | (275) |  | $ | (1) |  | $ | (1,993)
Balance at April 1, 2023 | $ | (1,613) |  | $ | 5 |  | $ | (137) |  | $ | 141 |  | $ | (75) |  | $ | (305) |  | $ | (1) |  | $ | (1,985)
OCI before reclassifications | (333) |  | — |  | 59 |  | (126) |  | — |  | 41 |  | — |  | (359)
Amounts reclassified from AOCI | (5) |  | — |  | — |  | — |  | — |  | — |  | — |  | (5)
Total OCI | (338) |  | — |  | 59 |  | (126) |  | — |  | 41 |  | — |  | (364)
Balance at June 30, 2023 | $ | (1,951) |  | $ | 5 |  | $ | (78) |  | $ | 15 |  | $ | (75) |  | $ | (264) |  | $ | (1) |  | $ | (2,349)
Balance at January 1, 2024 | $ | (1,241) |  | $ | 5 |  | $ | (126) |  | $ | (85) |  | $ | (60) |  | $ | (258) |  | $ | (1) |  | $ | (1,766)
OCI before reclassifications | (315) |  | — |  | 131 |  | (28) |  | — |  | (17) |  | — |  | (229)
Amounts reclassified from AOCI | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | 2
Total OCI | (313) |  | — |  | 131 |  | (28) |  | — |  | (17) |  | — |  | (227)
Balance at June 30, 2024 | $ | (1,554) |  | $ | 5 |  | $ | 5 |  | $ | (113) |  | $ | (60) |  | $ | (275) |  | $ | (1) |  | $ | (1,993)
Balance at January 1, 2023 | $ | (2,043) |  | $ | 3 |  | $ | (72) |  | $ | (20) |  | $ | (75) |  | $ | (338) |  | $ | (1) |  | $ | (2,546)
OCI before reclassifications | 99 |  | 2 |  | (6) |  | 35 |  | — |  | 74 |  | — |  | 204
Amounts reclassified from AOCI | (7) |  | — |  | — |  | — |  | — |  | — |  | — |  | (7)
Total OCI | 92 |  | 2 |  | (6) |  | 35 |  | — |  | 74 |  | — |  | 197
Balance at June 30, 2023 | $ | (1,951) |  | $ | 5 |  | $ | (78) |  | $ | 15 |  | $ | (75) |  | $ | (264) |  | $ | (1) |  | $ | (2,349)

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