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EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows:
|  | March 31, 2024 |  | December 31, 2023
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:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |  |  |
Series A dividends declared | $ | 328 |  |  | $ | 328 |  |  |  |  |  |  |
Series B dividends declared | $ | — |  |  | $ | — |  |  |  |  |  |  |
Series C dividends declared | $ | 269 |  |  | $ | 269 |  |  |  |  |  |  |
Common Stock Dividends declared per share of common stock were as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |  |  |
Dividends declared | $ | 0.22 |  |  | $ | 0.20 |  |  |  |  |  |  |
Schedule of Accumulated Other Comprehensive Income (Loss) | The balances as of March 31, 2024 and December 31, 2023 follow:
| March 31, 2024 |  | December 31, 2023 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (7,183) |  |  | $ | (6,638) |  |  |
Market risk benefits - instrument-specific credit risk component | (601) |  |  | (633) |  |  |
Liability for future policy benefits - current discount rate component | 306 |  |  | 182 |  |  |
Defined benefit pension plans | (645) |  |  | (652) |  |  |
Foreign currency translation adjustments | (87) |  |  | (76) |  |  |
Total accumulated other comprehensive income (loss) | (8,210) |  |  | (7,817) |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (44) |  |  | (40) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (8,166) |  |  | $ | (7,777) |  |  |
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of OCI, net of taxes are as three months ended March 31, 2024 and 2023 follow:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period |  |  |  |  | $ | (543) |  |  | $ | 1,571 |  |  |
(Gains) losses reclassified into net income (loss) during the period (1) |  |  |  |  | 21 |  |  | 63 |  |  |
Net unrealized gains (losses) on investments |  |  |  |  | (522) |  |  | 1,634 |  |  |
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other |  |  |  |  | 9 |  |  | (8) |  |  |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(133) and $341) |  |  |  |  | (513) |  |  | 1,626 |  |  |
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 $7 and $249) |  |  |  |  | 25 |  |  | 938 |  |  |
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $26 and $(30) ) |  |  |  |  | 98 |  |  | (112) |  |  |
Change in defined benefit plans: |  |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost |  |  |  |  | 8 |  |  | 20 |  |  |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(2), and $(6)) |  |  |  |  | 8 |  |  | 20 |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Foreign currency translation gains (losses) arising during the period |  |  |  |  | (11) |  |  | 6 |  |  |
Foreign currency translation adjustment |  |  |  |  | (11) |  |  | 6 |  |  |
Total other comprehensive income (loss), net of income taxes |  |  |  |  | (393) |  |  | 2,478 |  |  |
Less: Other comprehensive income (loss) attributable to noncontrolling interest |  |  |  |  | (4) |  |  | 2 |  |  |
Other comprehensive income (loss) attributable to Holdings |  |  |  |  | $ | (389) |  |  | $ | 2,476 |  |  |
______________ (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 $(5) million and $(17) million for the three months ended March 31, 2024 and 2023, respectively.

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