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EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows:
|  | September 30, 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Series A dividends declared | $ | 328 |  |  | $ | 328 |  |  | $ | 984 |  |  | $ | 984 |  |  |
Series B dividends declared | $ | — |  |  | $ | — |  |  | $ | 619 |  |  | $ | 619 |  |  |
Series C dividends declared | $ | 269 |  |  | $ | 269 |  |  | $ | 806 |  |  | $ | 806 |  |  |
Common Stock Dividends declared per share of common stock were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Dividends declared | $ | 0.24 |  |  | $ | 0.22 |  |  | $ | 0.70 |  |  | $ | 0.64 |  |  |
Schedule of Accumulated Other Comprehensive Income (Loss) | The balances as of September 30, 2024 and December 31, 2023 follow:
| September 30, 2024 |  | December 31, 2023 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (5,253) |  |  | $ | (6,638) |  |  |
Market risk benefits - instrument-specific credit risk component | (800) |  |  | (633) |  |  |
Liability for future policy benefits - current discount rate component | 108 |  |  | 182 |  |  |
Defined benefit pension plans | (623) |  |  | (652) |  |  |
Foreign currency translation adjustments | (60) |  |  | (76) |  |  |
Total accumulated other comprehensive income (loss) | (6,628) |  |  | (7,817) |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (33) |  |  | (40) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (6,595) |  |  | $ | (7,777) |  |  |
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of OCI, net of taxes for three and nine months ended September 30, 2024 and 2023 are as follow:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | $ | 2,299 |  |  | $ | (2,102) |  |  | $ | 1,314 |  |  | $ | (1,231) |  |  |
(Gains) losses reclassified into net income (loss) during the period (1) | 22 |  |  | 274 |  |  | 43 |  |  | 374 |  |  |
Net unrealized gains (losses) on investments | 2,321 |  |  | (1,828) |  |  | 1,357 |  |  | (857) |  |  |
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | (66) |  |  | 62 |  |  | (23) |  |  | 93 |  |  |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $448, $(384), $212 and $(375)) | 2,255 |  |  | (1,766) |  |  | 1,334 |  |  | (764) |  |  |
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 $(1), $(289), $(35) and $(63)) | (5) |  |  | (1,086) |  |  | (133) |  |  | (235) |  |  |
Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $(60), $52, $(16) and $42 ) | (223) |  |  | 195 |  |  | (58) |  |  | 157 |  |  |
Change in defined benefit plans: |  |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost | 11 |  |  | 6 |  |  | 29 |  |  | 35 |  |  |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(3), $(2), $(8), and $(9)) | 11 |  |  | 6 |  |  | 29 |  |  | 35 |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Foreign currency translation gains (losses) arising during the period | 20 |  |  | (16) |  |  | 17 |  |  | (5) |  |  |
Foreign currency translation adjustment | 20 |  |  | (16) |  |  | 17 |  |  | (5) |  |  |
Total other comprehensive income (loss), net of income taxes | 2,058 |  |  | (2,667) |  |  | 1,189 |  |  | (812) |  |  |
Less: Other comprehensive income (loss) attributable to noncontrolling interest | 8 |  |  | (7) |  |  | 7 |  |  | (2) |  |  |
Other comprehensive income (loss) attributable to Holdings | $ | 2,050 |  |  | $ | (2,660) |  |  | $ | 1,182 |  |  | $ | (810) |  |  |
______________ (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 $(6) million and $(11) million for the three and nine months ended September 30, 2024,respectively, and $(73) million, and $(99) million for the three and nine months ended September 30, 2023, respectively.

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