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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows:
December 31,
20232022
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:
Year ended December 31,
202320222021
Series A dividends declared $1,313 $1,313 $1,313 
Series B dividends declared$1,238 $1,238 $1,238 
Series C dividends declared$1,075 $1,075 $1,006 
Dividends declared per share of common stock were as follows for the periods indicated:
Year Ended December 31,
202320222021
Dividends declared$0.86 $0.78 $0.71 
Schedule of Accumulated Other Comprehensive Income (Loss)
AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances were as follows:
 
December 31,
20232022
 
(in millions)
Unrealized gains (losses) on investments$(6,638)$(9,324)
Market risk benefits - instrument-specific credit risk component(633)668 
Liability for future policy benefits - current discount rate component182 355 
Defined benefit pension plans(652)(650)
Foreign currency translation adjustments(76)(91)
Total accumulated other comprehensive income (loss)(7,817)(9,042)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest(40)(50)
Accumulated other comprehensive income (loss) attributable to Holdings$(7,777)$(8,992)
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes
The components of OCI, net of taxes were as follows:
Year Ended December 31,
202320222021
(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period (1)
$1,954 $(13,637)$(2,467)
(Gains) losses reclassified into net income (loss) during the period (2)
445 685 (698)
Net unrealized gains (losses) on investments2,399 (12,952)(3,165)
Adjustments for policyholders’ liabilities, insurance liability loss recognition and other
(22)346 704 
Change in unrealized gains (losses), net of adjustments (net of
deferred income tax expense (benefit) of $206,$(1,364) and $(654))
2,377 (12,606)(2,461)
Change in LFPB discount rate and MRB credit risk, net of tax
Changes in market risk benefits - instrument-specific credit risk (net of
deferred income tax expense (benefit) of $(273), $332 and $13)
(1,027)1,249 50 
Changes in liability for future policy benefits - current discount rate (net of
deferred income tax expense (benefit) of $(36), $285 and $74)
(137)1,074 279 
Year Ended December 31,
202320222021
(in millions)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost (3)(3)18 266 
Change in defined benefit plans (net of deferred income tax expense
(benefit) of $3, $(1) and $68)
(3)18 266 
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period15 (46)(11)
Foreign currency translation adjustment15 (46)(11)
Total other comprehensive income (loss), net of income taxes1,225 (10,311)(1,877)
Less: Other comprehensive income (loss) attributable to noncontrolling interest10 (16)1 
Other comprehensive income (loss) attributable to Holdings$1,215 $(10,295)$(1,878)
Cumulative effect of adoption of ASU 2018-02, Long Duration Targeted
Improvements (net of deferred income tax expense (benefit) of $0, $0 and $(181))
— — (682)
Change in accumulated other comprehensive income (loss) attributable to
Holdings
$1,215 $(10,295)$(2,560)
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(1)For 2022, unrealized gains (losses) arising during the period is presented net of a valuation allowance of $1.6 billion established during the fourth quarter of 2022. The Company established the valuation allowance against its deferred tax assets related to unrealized capital losses in the available for sale securities portfolio.As of December 31, 2023, a valuation allowance of $234 million remains against the portion of the deferred tax asset that is still not more-likely-than-not to be realized. See Note 18 of the Notes to these Consolidated Financial Statements for details on the valuation allowance.
(2)See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(118) million, $(182) million, and $186 million for the years ended December 31, 2023, 2022 and 2021, respectively.
(3)These AOCI components are included in the computation of net periodic costs. See Note 16 of the Notes to these Consolidated Financial Statements.