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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Schedule of amounts related to each component of OCI | The following tables present the amounts related to each component of OCI:
| Year Ended December 31, 2024
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) | $ | (303) |  |  | $ | 61 |  |  | $ | (242) |
Reclassification of net (gains) losses on securities included in net income (2) | 19 |  |  | (4) |  |  | 15 |
Impact of benefit reserves and reinsurance recoverables | 20 |  |  | (4) |  |  | 16 |
Net unrealized gains (losses) on securities | (264) |  |  | 53 |  |  | (211) |
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 | 194 |  |  | (41) |  |  | 153 |
Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”) | (79) |  |  | 17 |  |  | (62) |
Defined benefit plans: |  |  |  |  |
Prior service credits (costs) | (2) |  |  | 1 |  |  | (1) |
Net gains (losses) | 19 |  |  | (3) |  |  | 16 |
Defined benefit plans | 17 |  |  | (2) |  |  | 15 |
Foreign currency translation | (37) |  |  | — |  |  | (37) |
Total other comprehensive income (loss) | $ | (170) |  |  | $ | 28 |  |  | $ | (142) |
| 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 (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 (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) |
(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) Reclassification amounts are recorded in 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, 2022 | $ | 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) |
OCI before reclassifications | (226) |  |  | — |  |  | 153 |  |  | (62) |  |  | 15 |  |  | (37) |  |  | — |  |  | (157) |
Amounts reclassified from AOCI | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total OCI | (211) |  |  | — |  |  | 153 |  |  | (62) |  |  | 15 |  |  | (37) |  |  | — |  |  | (142) |
Balance at December 31, 2024 | $ | (1,452) |  |  | $ | 5 |  |  | $ | 27 |  |  | $ | (147) |  |  | $ | (45) |  |  | $ | (295) |  |  | $ | (1) |  |  | $ | (1,908) |

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