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EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows:
|  | March 31, 2025 |  | December 31, 2024
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 |  |  | 17,773 |  |  | 17,773 |  |  | 20,000 |  |  | 17,773 |  |  | 17,773 |
Series C |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |
Total |  | 64,000 |  |  | 61,773 |  |  | 61,773 |  |  | 64,000 |  |  | 61,773 |  |  | 61,773 |
Schedule of Dividends Declared | Dividends declared per share were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
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,
|  |  |  |  | 2025 |  | 2024 |  |
Dividends declared |  |  |  |  | $ | 0.24 |  |  | $ | 0.22 |  |  |
Schedule of Accumulated Other Comprehensive Income (Loss) | AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances are as follows:
| March 31, 2025 |  | December 31, 2024 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (6,864) |  |  | $ | (7,334) |  |  |
Market risk benefits - instrument -specific credit risk component | (386) |  |  | (1,125) |  |  |
Liability for future policy benefits - current discount rate component | 293 |  |  | 372 |  |  |
Defined benefit pension plans | (562) |  |  | (579) |  |  |
Foreign currency translation adjustments | (77) |  |  | (88) |  |  |
Total accumulated other comprehensive income (loss) | (7,596) |  |  | (8,754) |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (29) |  |  | (42) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (7,567) |  |  | $ | (8,712) |  |  |
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of OCI, net of taxes for follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |
| (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | $ | 658 |  |  | $ | (543) |  |  |  |  |  |
(Gains) losses reclassified into net income (loss) during the period (1) | 6 |  |  | 21 |  |  |  |  |  |
Net unrealized gains (losses) on investments | 664 |  |  | (522) |  |  |  |  |  |
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | (55) |  |  | 9 |  |  |  |  |  |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $173 and $(133)) | 609 |  |  | (513) |  |  |  |  |  |
Change in LFPB discount rate and MRB credit risk, net of tax |  |  |  |  |  |  |  |
Changes in instrument-specific credit risk - market risk benefits (net of deferred income tax expense (benefit) of $155 and $5) | 584 |  |  | 20 |  |  |  |  |
Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $(17) and $26) | (63) |  |  | 98 |  |  |  |  |
Change in defined benefit plans: |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost) | 17 |  |  | 8 |  |  |  |  |  |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(2) and $(2)) | 17 |  |  | 8 |  |  |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |
Foreign currency translation gains (losses) arising during the period | 11 |  |  | (11) |  |  |  |  |  |
Foreign currency translation adjustment | 11 |  |  | (11) |  |  |  |  |  |
Total other comprehensive income (loss), net of income taxes | 1,158 |  |  | (398) |  |  |  |  |  |
Less: Other comprehensive income (loss) attributable to noncontrolling interest | 13 |  |  | (4) |  |  |  |  |  |
Other comprehensive income (loss) attributable to Holdings | $ | 1,145 |  |  | $ | (394) |  |  |  |  |  |
______________ (1)See “reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(2) million and $(5) million for the three months ended March 31, 2025 and 2024, respectively.

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