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EQUITY (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of Stock by Class Preferred stock authorized, issued and outstanding was as follows:
March 31, 2023December 31, 2022
SeriesShares AuthorizedShares
 Issued		Shares OutstandingShares AuthorizedShares
 Issued		Shares Outstanding
Series A 32,000 32,000 32,000 32,000 32,000 32,000 
Series B 20,000 20,000 20,000 20,000 20,000 20,000 
Series C12,000 12,000 12,000 12,000 12,000 12,000 
Total64,000 64,000 64,000 64,000 64,000 64,000 
Schedule of Dividends Declared
Dividends declared per share were as follows for the periods indicated:
Three Months Ended March 31,
20232022
Series A dividends declared $328 $328 
Series B dividends declared$— $— 
Series C dividends declared$269 $269 
Dividends declared per share of common stock were as follows for the periods indicated:
Three Months Ended March 31,
20232022
Dividends declared$0.20 $0.18 
Schedule of Accumulated Other Comprehensive Income (Loss)
AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of March 31, 2023 and December 31, 2022 follow:
 
March 31,December 31,
20232022
 
(in millions)
Unrealized gains (losses) on investments$(7,917)$(9,324)
Market risk benefits - instrument-specific credit risk component1,855 668 
Liability for future policy benefits - current discount rate component213 355 
Defined benefit pension plans(629)(650)
Foreign currency translation adjustments(85)(91)
Total accumulated other comprehensive income (loss)(6,563)(9,042)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest(47)(50)
Accumulated other comprehensive income (loss) attributable to Holdings$(6,516)$(8,992)
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes
The components of OCI, net of taxes for the three months ended March 31, 2023 and 2022 is as follows:

Three Months Ended March 31,
 

20232022
 
(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period$1,571 $(5,080)
(Gains) losses reclassified into net income (loss) during the period (1)63 264 
Net unrealized gains (losses) on investments1,634 (4,816)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other(8)139 
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $341 and $(1,244))
1,626 (4,677)
Change in LFPB discount rate and MRB credit risk, net of tax
Market risk benefits - changes in instrument-specific credit risk (net of deferred income tax expense (benefit) of $249 and $418)
938 1,573 
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $(30) and $123)
(112)462 
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost (3)20 43 
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(6) and $(9))
20 43 
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period6 (12)
Foreign currency translation adjustment6 (12)
Total other comprehensive income (loss), net of income taxes2,478 (2,611)
Less: Other comprehensive income (loss) attributable to noncontrolling interest2 (4)
Other comprehensive income (loss) attributable to Holdings$2,476 $(2,607)
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(1)See “reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(17) million and $(70) million for the three months ended March 31, 2023 and 2022, respectively.