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Shareholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30,
| 2025 |  | 2024
| 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) | $ | 479 |  |  | $ | (106) |  |  | $ | 373 |  |  | $ | 1,312 |  |  | $ | (293) |  |  | $ | 1,019 |
Reclassification of net (gains) losses on securities included in net income (2) | (11) |  |  | 2 |  |  | (9) |  |  | 2 |  |  | (2) |  |  | — |
Impact of benefit reserves and reinsurance recoverables | (10) |  |  | 3 |  |  | (7) |  |  | (18) |  |  | 4 |  |  | (14) |
Net unrealized gains (losses) on securities | 458 |  |  | (101) |  |  | 357 |  |  | 1,296 |  |  | (291) |  |  | 1,005 |
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 | (58) |  |  | 12 |  |  | (46) |  |  | (188) |  |  | 41 |  |  | (147) |
Effect of changes in instrument-specific credit risk on MRBs | (13) |  |  | 3 |  |  | (10) |  |  | (63) |  |  | 14 |  |  | (49) |
Foreign currency translation | (35) |  |  | 1 |  |  | (34) |  |  | 85 |  |  | (2) |  |  | 83 |
Total other comprehensive income (loss) | $ | 352 |  |  | $ | (85) |  |  | $ | 267 |  |  | $ | 1,129 |  |  | $ | (237) |  |  | $ | 892 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| 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) | $ | 1,203 |  |  | $ | (270) |  |  | $ | 933 |  |  | $ | 896 |  |  | $ | (203) |  |  | $ | 693 |
Reclassification of net (gains) losses on securities included in net income (2) | (1) |  |  | — |  |  | (1) |  |  | 4 |  |  | (2) |  |  | 2 |
Impact of benefit reserves and reinsurance recoverables | (12) |  |  | 3 |  |  | (9) |  |  | (4) |  |  | 1 |  |  | (3) |
Net unrealized gains (losses) on securities | 1,190 |  |  | (267) |  |  | 923 |  |  | 896 |  |  | (204) |  |  | 692 |
Net unrealized gains (losses) on derivatives: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on derivatives arising during the period | (11) |  |  | 2 |  |  | (9) |  |  | — |  |  | — |  |  | — |
Reclassification of net (gains) losses on derivatives included in net income(3) | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Net unrealized gains (losses) on derivatives | (11) |  |  | 2 |  |  | (9) |  |  | (1) |  |  | 1 |  |  | — |
Effect of changes in discount rate assumptions on certain long-duration contracts | (111) |  |  | 23 |  |  | (88) |  |  | (21) |  |  | 5 |  |  | (16) |
Effect of changes in instrument-specific credit risk on MRBs | (11) |  |  | 3 |  |  | (8) |  |  | (98) |  |  | 21 |  |  | (77) |
Foreign currency translation | 124 |  |  | (3) |  |  | 121 |  |  | 69 |  |  | (3) |  |  | 66 |
Total other comprehensive income (loss) | $ | 1,181 |  |  | $ | (242) |  |  | $ | 939 |  |  | $ | 845 |  |  | $ | (180) |  |  | $ | 665 |
(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 nil 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 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 July 1, 2025 | $ | (886) |  | $ | (4) |  | $ | (15) |  | $ | (145) |  | $ | (45) |  | $ | (140) |  | $ | (1) |  | $ | (1,236)
OCI before reclassifications | 366 |  | — |  | (46) |  | (10) |  | — |  | (34) |  | — |  | 276
Amounts reclassified from AOCI | (9) |  | — |  | — |  | — |  | — |  | — |  | — |  | (9)
Total OCI | 357 |  | — |  | (46) |  | (10) |  | — |  | (34) |  | — |  | 267
Balance at September 30, 2025 | $ | (529) |  | $ | (4) |  | $ | (61) |  | $ | (155) |  | $ | (45) |  | $ | (174) |  | $ | (1) |  | $ | (969)
Balance at July 1, 2024 | $ | (1,554) |  | $ | 5 |  | $ | 5 |  | $ | (113) |  | $ | (60) |  | $ | (275) |  | $ | (1) |  | $ | (1,993)
OCI before reclassifications | 1,005 |  | — |  | (147) |  | (49) |  | — |  | 83 |  | — |  | 892
Amounts reclassified from AOCI | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total OCI | 1,005 |  | — |  | (147) |  | (49) |  | — |  | 83 |  | — |  | 892
Balance at September 30, 2024 | $ | (549) |  | $ | 5 |  | $ | (142) |  | $ | (162) |  | $ | (60) |  | $ | (192) |  | $ | (1) |  | $ | (1,101)
Balance at January 1, 2025 | $ | (1,452) |  | $ | 5 |  | $ | 27 |  | $ | (147) |  | $ | (45) |  | $ | (295) |  | $ | (1) |  | $ | (1,908)
OCI before reclassifications | 924 |  | (9) |  | (88) |  | (8) |  | — |  | 121 |  | — |  | 940
Amounts reclassified from AOCI | (1) |  | — |  | — |  | — |  | — |  | — |  | — |  | (1)
Total OCI | 923 |  | (9) |  | (88) |  | (8) |  | — |  | 121 |  | — |  | 939
Balance at September 30, 2025 | $ | (529) |  | $ | (4) |  | $ | (61) |  | $ | (155) |  | $ | (45) |  | $ | (174) |  | $ | (1) |  | $ | (969)
Balance at January 1, 2024 | $ | (1,241) |  | $ | 5 |  | $ | (126) |  | $ | (85) |  | $ | (60) |  | $ | (258) |  | $ | (1) |  | $ | (1,766)
OCI before reclassifications | 690 |  | — |  | (16) |  | (77) |  | — |  | 66 |  | — |  | 663
Amounts reclassified from AOCI | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | 2
Total OCI | 692 |  | — |  | (16) |  | (77) |  | — |  | 66 |  | — |  | 665
Balance at September 30, 2024 | $ | (549) |  | $ | 5 |  | $ | (142) |  | $ | (162) |  | $ | (60) |  | $ | (192) |  | $ | (1) |  | $ | (1,101)

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