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EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows:
|  | June 30, 2023 |  | December 31, 2022
Series |  | Shares Authorized |  | Shares Issued |  | Shares Outstanding |  | Shares Authorized |  | Shares 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 C |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |
Total |  | 64,000 |  |  | 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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Series A dividends declared | $ | 328 |  |  | $ | 328 |  |  | $ | 656 |  |  | $ | 656 |  |  |
Series B dividends declared | $ | 619 |  |  | $ | 619 |  |  | $ | 619 |  |  | $ | 619 |  |  |
Series C dividends declared | $ | 269 |  |  | $ | 269 |  |  | $ | 538 |  |  | $ | 538 |  |  |
Common Stock Dividends declared per share of common stock were as follows for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Dividends declared | $ | 0.22 |  |  | $ | 0.20 |  |  | $ | 0.42 |  |  | $ | 0.38 |  |  |
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 June 30, 2023 and December 31, 2022 follow:
| June 30, |  | December 31, |  |
| 2023 |  | 2022 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (8,537) |  |  | $ | (9,324) |  |  |
Market risk benefits - instrument-specific credit risk component | 1,745 |  |  | 668 |  |  |
Liability for future policy benefits - current discount rate component | 307 |  |  | 355 |  |  |
Defined benefit pension plans | (622) |  |  | (650) |  |  |
Foreign currency translation adjustments | (80) |  |  | (91) |  |  |
Total accumulated other comprehensive income (loss) | (7,187) |  |  | (9,042) |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (45) |  |  | (50) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (7,142) |  |  | $ | (8,992) |  |  |
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of OCI, net of taxes for the three and six months ended June 30, 2023 and 2022 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | $ | (700) |  |  | $ | (4,654) |  |  | $ | 871 |  |  | $ | (9,734) |  |  |
(Gains) losses reclassified into net income (loss) during the period (1) | 37 |  |  | 169 |  |  | 100 |  |  | 433 |  |  |
Net unrealized gains (losses) on investments | (663) |  |  | (4,485) |  |  | 971 |  |  | (9,301) |  |  |
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | 39 |  |  | 132 |  |  | 31 |  |  | 271 |  |  |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(332), $(1,157), $9 and $(2,401)) | (624) |  |  | (4,353) |  |  | 1,002 |  |  | (9,030) |  |  |
Change in LFPB discount rate and MRB credit risk, net of tax |  |  |  |  |  |  |  |  |
Market risk benefits - change in instrument-specific credit risk (net of deferred income tax expense (benefit) of $(23), $299, $226 and $718) | (87) |  |  | 1,126 |  |  | 851 |  |  | 2,699 |  |  |
Liability for future policy benefits - change in current discount rate (net of deferred income tax expense (benefit) of $20, $102, $(10) and $225) | 74 |  |  | 385 |  |  | (38) |  |  | 847 |  |  |
Change in defined benefit plans: |  |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost (3) | 9 |  |  | 2 |  |  | 29 |  |  | 45 |  |  |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(2), $0, $(7), and $(9)) | 9 |  |  | 2 |  |  | 29 |  |  | 45 |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (in millions)
Foreign currency translation gains (losses) arising during the period | 5 |  |  | (33) |  |  | 11 |  |  | (45) |  |  |
Foreign currency translation adjustment | 5 |  |  | (33) |  |  | 11 |  |  | (45) |  |  |
Total other comprehensive income (loss), net of income taxes | (623) |  |  | (2,873) |  |  | 1,855 |  |  | (5,484) |  |  |
Less: Other comprehensive income (loss) attributable to noncontrolling interest | 3 |  |  | (12) |  |  | 5 |  |  | (16) |  |  |
Other comprehensive income (loss) attributable to Holdings | $ | (626) |  |  | $ | (2,861) |  |  | $ | 1,850 |  |  | $ | (5,468) |  |  |
______________ (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 $(10) million, $(45) million, $(26) million and $(115) million for the three and six months ended June 30, 2023 and 2022, respectively.

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