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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2025

Accounting Changes and Error Corrections [Abstract]

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

The Company identified an immaterial error related to the initial bookkeeping of ceded accrued fees within policyholders’ account balance ultimately impacting the initial deposit accounting of a reinsurance transaction. The impact of this error to prior periods’ financial statements was not considered to be material. To improve the consistency and comparability of the financial statements, management voluntarily revised the financial statements to include the revisions discussed herein. As a result of the determination to revise previously issued financial statements for the deposit accounting discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of Treasury Inflation-Protected Securities (TIPS) hedging income was incorrectly recorded in Accumulated other comprehensive income, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders’ account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and Purchase MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in ASC 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised.

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.

			December 31, 2024																		September 30, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Balance Sheets:
ASSETS
Investments:
Trading securities, at fair value			$	1,095																	$	(6)					$	1,089					$	2,215																	$	—					$	2,215
Total investments			116,447																		(6)						116,441						114,246																		—						114,246
Amounts due from reinsurers			8,044																		(145)						7,899						8,222																		(154)						8,068
Current and deferred income taxes			1,997																		6						2,003						1,701																		6						1,707
Separate Accounts assets			134,711																		6						134,717						137,407																		—						137,407
Total Assets			$	295,866																	$	(139)					$	295,727					$	298,989																	$	(148)					$	298,841
LIABILITIES
Policyholders’ account balances			$	110,965																	$	(36)					$	110,929					$	107,433																	$	(29)					$	107,404
Amounts due to reinsurers			1,407																		14						1,421						1,421																		5						1,426
Other liabilities			7,135																		(103)						7,032						6,645																		(105)						6,540
Separate Accounts liabilities			134,711																		6						134,717						137,407																		—						137,407
Total Liabilities			292,298																		(119)						292,179						292,791																		(129)						292,662
EQUITY
Retained earnings			10,647																		(20)						10,627						9,977																		(13)						9,964
Accumulated other comprehensive income (loss)			(8,712)																		—						(8,712)						(6,595)																		(6)						(6,601)
Total equity attributable to Holdings			1,585																		(20)						1,565						3,220																		(19)						3,201
Noncontrolling interest			1,858																		—						1,858						1,755																		—						1,755
Total Equity			3,443																		(20)						3,423						4,975																		(19)						4,956
Total Equity and Redeemable NCI			3,568																		(20)						3,548						6,198																		(19)						6,179
Total Liabilities, Redeemable Noncontrolling Interest and Equity			$	295,866																	$	(139)					$	295,727					$	298,989																	$	(148)					$	298,841

			June 30, 2024																		March 31, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Balance Sheets:
ASSETS
Amounts due from reinsurers			$	8,237																	$	(150)					$	8,087					$	8,387																	$	(135)					$	8,252
Current and deferred income taxes			2,117																		12						2,129						2,063																		12						2,075
Purchased market risk benefits			7,993																		9						8,002						8,337																		11						8,348
Other assets			3,825																		3						3,828						3,618																		1						3,619
Assets for market risk benefits			803																		(4)						799						818																		3						821
Total Assets			$	287,769																	$	(130)					$	287,639					$	285,577																	$	(108)					$	285,469
LIABILITIES
Policyholders’ account balances			$	104,072																	$	(23)					$	104,049					$	100,246																	$	(18)					$	100,228
Liability for market risk benefits			12,593																		19						12,612						12,814																		19						12,833
Future policy benefits and other policyholders’ liabilities			17,417																		16						17,433						17,324																		16						17,340
Amounts due to reinsurers			1,363																		10						1,373						1,377																		25						1,402
Other liabilities			6,718																		(106)						6,612						6,511																		(110)						6,401
Total Liabilities			283,296																		(84)						283,212						280,831																		(68)						280,763
EQUITY
Retained earnings			10,317																		(16)						10,301						10,110																		(15)						10,095
Accumulated other comprehensive income (loss)			(8,645)																		(30)						(8,675)						(8,166)																		(25)						(8,191)
Total equity attributable to Holdings			1,644																		(46)						1,598						2,032																		(40)						1,992
Noncontrolling interest			1,741																		—						1,741						1,723																		—						1,723
Total Equity			3,385																		(46)						3,339						3,755																		(40)						3,715
Total Equity and Redeemable NCI			4,473																		(46)						4,427						4,746																		(40)						4,706
Total Liabilities, Redeemable Noncontrolling Interest and Equity			$	287,769																	$	(130)					$	287,639					$	285,577																	$	(108)					$	285,469

			December 31, 2023
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Balance Sheets:
ASSETS
Amounts due from reinsurers			$	8,352																	$	(155)					$	8,197
Current and deferred income taxes			2,050																		4						2,054
Purchased market risk benefits			9,427																		28						9,455
Other assets			3,323																		1						3,324
Assets for market risk benefits			591																		3						594
Total Assets			$	276,814																	$	(119)					$	276,695
LIABILITIES
Policyholders’ account balances			$	95,673																	$	(30)					$	95,643
Liability for market risk benefits			14,612																		18						14,630
Future policy benefits and other policyholders’ liabilities			17,363																		11						17,374
Amounts due to reinsurers			1,450																		7						1,457
Other liabilities			6,088																		(112)						5,976
Total Liabilities			271,656																		(106)						271,550
EQUITY
Retained earnings			10,243																		7						10,250
Accumulated other comprehensive income (loss)			(7,777)																		(20)						(7,797)
Total equity attributable to Holdings			2,649																		(13)						2,636
Noncontrolling interest			1,739																		—						1,739
Total Equity			4,388																		(13)						4,375
Total Equity and Redeemable NCI			5,158																		(13)						5,145
Total Liabilities, Redeemable Noncontrolling Interest and Equity			$	276,814																	$	(119)					$	276,695

			Year Ended December 31, 2024
			As Previously Reported						Impact of Revisions						As Revised
			(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Premiums			$	1,162					$	10					$	1,172
Net investment income (loss)			4,896						(15)						4,881
Other income			1,305						(7)						1,298
Total revenues			12,437						(12)						12,425
BENEFITS AND OTHER DEDUCTIONS
Remeasurement of liability for future policy benefits			6						(12)						(6)
Change in market risk benefits and purchased market risk benefits			(1,971)						31						(1,940)
Interest credited to policyholders’ account balances			2,499						(6)						2,493
Compensation and benefits			2,441						10						2,451
Total benefits and other deductions			10,326						23						10,349
Income (loss) from continuing operations, before income taxes			2,111						(35)						2,076
Income tax (expense) benefit			(288)						8						(280)
Net income (loss)			1,823						(27)						1,796
Less: Net (income) loss attributable to the noncontrolling interest			516						—						516
Net income (loss) attributable to Holdings			1,307						(27)						1,280
Less: Preferred stock dividends			80						—						80
Net income (loss) available to Holdings’ common shareholders			$	1,227					$	(27)					$	1,200
EARNINGS PER COMMON SHARE
Basic			$	3.82					$	(0.08)					$	3.74
Diluted			$	3.78					$	(0.09)					$	3.69
Shares Outstanding:
Basic			321.2						—						321.2
Diluted			324.8						—						324.8

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Premiums			$	313																	$	(1)					$	312					$	870																	$	9					$	879
Net investment income (loss)			1,309																		(1)						1,308						3,694																		(9)						3,685
Other income			301																		(1)						300						989																		(6)						983
Total revenues			3,076																		(3)						3,073						8,816																		(6)						8,810
BENEFITS AND OTHER DEDUCTIONS
Remeasurement of liability for future policy benefits			16																		(17)						(1)						9																		(12)						(3)
Change in market risk benefits and purchased market risk benefits			79																		18						97						(1,154)																		31						(1,123)
Interest credited to policyholders’ account balances			708																		(7)						701						1,879																		—						1,879
Total benefits and other deductions			3,090																		(6)						3,084						7,902																		19						7,921
Income (loss) from continuing operations, before income taxes			(14)																		3						(11)						914																		(25)						889
Income tax (expense) benefit			40																		(1)						39						(106)																		5						(101)
Net income (loss)			26																		2						28						808																		(20)						788
Less: Net (income) loss attributable to the noncontrolling interest			160																		—						160						400																		—						400
Net income (loss) attributable to Holdings			(134)																		2						(132)						408																		(20)						388
Less: Preferred stock dividends			14																		—						14						54																		—						54
Net income (loss) available to Holdings’ common shareholders			$	(148)																	$	2					$	(146)					$	354																	$	(20)					$	334
EARNINGS PER COMMON SHARE
Basic			$	(0.47)																	$	0.01					$	(0.46)					$	1.09																	$	(0.06)					$	1.03
Diluted			$	(0.47)																	$	0.01					$	(0.46)					$	1.08																	$	(0.06)					$	1.02
Shares Outstanding:
Basic			318.2																		—						318.2						324.2																		—						324.2
Diluted			318.2																		—						318.2						327.7																		—						327.7

			Three Months Ended June 30, 2024																		Six Months Ended June 30, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Premiums			$	282																	$	—					$	282					$	557																	$	10					$	567
Net investment income (loss)			1,166																		1						1,167						2,385																		(8)						2,377
Investment management and service fees			1,240																		—						1,240						2,518																		—						2,518
Other income			429																		(4)						425						688																		(5)						683
Total revenues			3,510																		(3)						3,507						5,740																		(3)						5,737
BENEFITS AND OTHER DEDUCTIONS
Remeasurement of liability for future policy benefits			(8)																		1						(7)						(7)																		5						(2)
Change in market risk benefits and purchased market risk benefits			(133)																		1						(132)						(1,233)																		13						(1,220)
Interest credited to policyholders’ account balances			605																		(6)						599						1,171																		7						1,178
Other operating costs and expenses			427																		1						428						980																		—						980
Total benefits and other deductions			2,829																		(3)						2,826						4,812																		25						4,837
Income (loss) from continuing operations, before income taxes			681																		—						681						928																		(28)						900
Income tax (expense) benefit			(116)																		—						(116)						(146)																		6						(140)
Net income (loss)			565																		—						565						782																		(22)						760
Less: Net (income) loss attributable to the noncontrolling interest			137																		—						137						240																		—						240
Net income (loss) attributable to Holdings			428																		—						428						542																		(22)						520
Less: Preferred stock dividends			26																		—						26						40																		—						40
Net income (loss) available to Holdings’ common shareholders			$	402																	$	—					$	402					$	502																	$	(22)					$	480
EARNINGS PER COMMON SHARE
Basic			$	1.24																	$	—					$	1.24					$	1.53																	$	(0.06)					$	1.47
Diluted			$	1.23																	$	—					$	1.23					$	1.52																	$	(0.07)					$	1.45
Shares Outstanding:
Basic			324.2																		—						324.2						327.2																		—						327.2
Diluted			327.3																		—						327.3						330.4																		—						330.4

									Three Months Ended March 31, 2024
																																	As Previously Reported																		Impact of Revisions						As Revised
																																	(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Premiums																																	$	275																	$	10					$	285
Net investment income (loss)																																	1,219																		(9)						1,210
Other income																																	259																		(1)						258
Total revenues																																	2,230																		—						2,230
BENEFITS AND OTHER DEDUCTIONS
Remeasurement of liability for future policy benefits																																	1																		4						5
Change in market risk benefits and purchased market risk benefits																																	(1,100)																		12						(1,088)
Interest credited to policyholders’ account balances																																	566																		13						579
Other operating costs and expenses																																	553																		(1)						552
Total benefits and other deductions																																	1,983																		28						2,011
Income (loss) from continuing operations, before income taxes																																	247																		(28)						219
Income tax (expense) benefit																																	(30)																		6						(24)
Net income (loss)																																	217																		(22)						195
Less: Net (income) loss attributable to the noncontrolling interest																																	103																		—						103
Net income (loss) attributable to Holdings																																	114																		(22)						92
Less: Preferred stock dividends																																	14																		—						14
Net income (loss) available to Holdings’ common shareholders																																	$	100																	$	(22)					$	78
EARNINGS PER COMMON SHARE
Basic																																	$	0.30																	$	(0.06)					$	0.24
Diluted																																	$	0.30																	$	(0.07)					$	0.23
Shares Outstanding:
Basic																																	330.2																		—						330.2
Diluted																																	332.7																		—						332.7

			Year Ended December 31, 2023
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Premiums			$	1,104																	$	(9)					$	1,095
Net investment income (loss)			4,320																		(50)						4,270
Other income			1,014																		(9)						1,005
Total revenues			10,528																		(68)						10,460
BENEFITS AND OTHER DEDUCTIONS
Remeasurement of liability for future policy benefits			75																		11						86
Change in market risk benefits and purchased market risk benefits			(1,807)																		(8)						(1,815)
Interest credited to policyholders’ account balances			2,083																		(42)						2,041
Compensation and benefits			2,328																		(5)						2,323
Total benefits and other deductions			9,790																		(44)						9,746
Income (loss) from continuing operations, before income taxes			738																		(24)						714
Income tax (expense) benefit			905																		5						910
Net income (loss)			1,643																		(19)						1,624
Less: Net (income) loss attributable to the noncontrolling interest			341																		—						341
Net income (loss) attributable to Holdings			1,302																		(19)						1,283
Less: Preferred stock dividends			80																		—						80
Net income (loss) available to Holdings’ common shareholders			$	1,222																	$	(19)					$	1,203
EARNINGS PER COMMON SHARE
Basic			$	3.49																	$	(0.05)					$	3.44
Diluted			$	3.48																	$	(0.06)					$	3.42
Shares Outstanding:
Basic			350.1																		—						350.1
Diluted			351.6																		—						351.6

			Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2023
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Premiums			$	267																	$	(4)					$	263					$	823																	$	(7)					$	816
Net investment income (loss)			1,071																		(2)						1,069						3,097																		6						3,103
Other income			266																		15						281						775																		(6)						769
Total revenues			3,624																		9						3,633						8,358																		(7)						8,351
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits			693																		1						694						2,107																		1						2,108
Remeasurement of liability for future policy benefits			49																		34						83						46																		34						80
Change in market risk benefits and purchased market risk benefits			(817)																		(2)						(819)						(1,772)																		8						(1,764)
Interest credited to policyholders’ account balances			556																		(4)						552						1,520																		(20)						1,500
Compensation and benefits			593																		—						593						1,742																		(5)						1,737
Other operating costs and expenses			450																		—						450						1,339																		1						1,340
Total benefits and other deductions			2,149																		29						2,178						6,803																		19						6,822
Income (loss) from continuing operations, before income taxes			1,475																		(20)						1,455						1,555																		(26)						1,529
Income tax (expense) benefit			(340)																		4						(336)						677																		6						683
Net income (loss)			1,135																		(16)						1,119						2,232																		(20)						2,212
Less: Net (income) loss attributable to the noncontrolling interest			71																		—						71						232																		—						232
Net income (loss) attributable to Holdings			1,064																		(16)						1,048						2,000																		(20)						1,980
Less: Preferred stock dividends			14																		—						14						54																		—						54
Net income (loss) available to Holdings’ common shareholders			$	1,050																	$	(16)					$	1,034					$	1,946																	$	(20)					$	1,926
																																																			—
EARNINGS PER COMMON SHARE
Basic			$	3.03																	$	(0.05)					$	2.98					$	5.49																	$	(0.06)					$	5.43
Diluted			$	3.02																	$	(0.05)					$	2.97					$	5.47																	$	(0.06)					$	5.41
Shares Outstanding:
Basic			346.4																		—						346.4						354.4																		—						354.4
Diluted			348.0																		—						348.0						355.9																		—						355.9

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Premiums			$	280																	$	(3)					$	277					$	556																	$	(3)					$	553
Net investment income (loss)			1,036																		(2)						1,034						2,026																		8						2,034
Other income			258																		(9)						249						509																		(21)						488
Total revenues			2,377																		(14)						2,363						4,734																		(16)						4,718
BENEFITS AND OTHER DEDUCTIONS
Change in market risk benefits and purchased MRB			(975)																		(11)						(986)						(955)																		10						(945)
Interest credited to policyholders’ account balances			501																		(3)						498						964																		(16)						948
Compensation and benefits			566																		(1)						565						1,149																		(5)						1,144
Other operating costs and expenses			466																		1						467						889																		1						890
Total benefits and other deductions			1,838																		(14)						1,824						4,654																		(10)						4,644
Income (loss) from continuing operations, before income taxes			539																		—						539						80																		(6)						74
Income tax (expense) benefit			292																		1						293						1,017																		2						1,019
Net income (loss)			831																		1						832						1,097																		(4)						1,093
Less: Net (income) loss attributable to the noncontrolling interest			72																		—						72						161																		—						161
Net income (loss) attributable to Holdings			759																		1						760						936																		(4)						932
Less: Preferred stock dividends			26																		—						26						40																		—						40
Net income (loss) available to Holdings’ common shareholders			$	733																	$	1					$	734					$	896																	$	(4)					$	892
EARNINGS PER COMMON SHARE
Basic			$	2.06																	$	0.01					$	2.07					$	2.50																	$	(0.01)					$	2.49
Diluted			$	2.06																	$	—					$	2.06					$	2.49																	$	(0.01)					$	2.48
Shares Outstanding:
Basic			355.2																		—						355.2						358.5																		—						358.5
Diluted			356.1																		—						356.1						360.0																		—						360.0

			Year Ended December 31, 2022
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES
Net investment income (loss)			$	3,315																	$	18					$	3,333
Other income			1,028																		(18)						1,010
Total revenues			12,644																		—						12,644
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits			2,716																		(15)						2,701
Change in market risk benefits and purchased market risk benefits			(1,280)																		47						(1,233)
Interest credited to policyholders’ account balances			1,410																		5						1,415
Compensation and benefits			2,201																		(11)						2,190
Other operating costs and expenses			2,185																		(9)						2,176
Total benefits and other deductions			9,652																		17						9,669
Income (loss) from continuing operations, before income taxes			2,992																		(17)						2,975
Income tax (expense) benefit			(598)																		4						(594)
Net income (loss)			2,394																		(13)						2,381
Net income (loss) attributable to Holdings			2,153																		(13)						2,140
Net income (loss) available to Holdings’ common shareholders			$	2,073																	$	(13)					$	2,060
EARNINGS PER COMMON SHARE
Basic			$	5.49																	$	(0.03)					$	5.46
Diluted			$	5.46																	$	(0.04)					$	5.42
Shares Outstanding:
Basic			377.6																		—						377.6
Diluted			379.9																		—						379.9

			Year Ended December 31, 2024
			As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	1,823					$	(27)					$	1,796
Other comprehensive income (loss) net of income taxes:
Change in market risk benefits - instrument-specific credit risk			(389)						14						(375)
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			73						6						79
Total other comprehensive income (loss), net of income taxes			(937)						20						(917)
Comprehensive income (loss)			886						(7)						879
Less: Comprehensive income (loss) attributable to the noncontrolling interest			514						—						514
Comprehensive income (loss) attributable to Holdings			$	372					$	(7)					$	365

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	26																	$	2					$	28					$	808																	$	(20)					$	788
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment			2,255																		1						2,256						1,334																		—						1,334
Change in market risk benefits - instrument-specific credit risk			(5)																		25						20						(133)																		14						(119)
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			11																		(1)						10						29																		—						29
Total other comprehensive income (loss), net of income taxes			2,058																		25						2,083						1,189																		14						1,203
Comprehensive income (loss)			2,084																		27						2,111						1,997																		(6)						1,991
Less: Comprehensive income (loss) attributable to the noncontrolling interest			168																		—						168						407																		—						407
Comprehensive income (loss) attributable to Holdings			$	1,916																	$	27					$	1,943					$	1,590																	$	(6)					$	1,584

			Three Months Ended June 30, 2024																		Six Months Ended June 30, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	565																	$	—					$	565					$	782																	$	(22)					$	760
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment			(408)																		(1)						(409)						(921)																		(1)						(922)
Change in market risk benefits - instrument-specific credit risk			(153)																		(6)						(159)						(128)																		(11)						(139)
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			10																		1						11						18																		1						19
Total other comprehensive income (loss), net of income taxes			(476)																		(6)						(482)						(869)																		(11)						(880)
Comprehensive income (loss)			89																		(6)						83						(87)																		(33)						(120)
Less: Comprehensive income (loss) attributable to the noncontrolling interest			140																		—						140						239																		—						239
Comprehensive income (loss) attributable to Holdings			$	(51)																	$	(6)					$	(57)					$	(326)																	$	(33)					$	(359)

			Three Months Ended March 31, 2024
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	217																	$	(22)					$	195
Change in market risk benefits - instrument-specific credit risk			25																		(5)						20
Total other comprehensive income (loss), net of income taxes			(393)																		(5)						(398)
Comprehensive income (loss)			(176)																		(27)						(203)
Less: Comprehensive income (loss) attributable to the noncontrolling interest			99																		—						99
Comprehensive income (loss) attributable to Holdings			$	(275)																	$	(27)					$	(302)

			Year Ended December 31, 2023
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	1,643																	$	(19)					$	1,624
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment			2,377																		2						2,379
Change in market risk benefits - instrument-specific credit risk			(1,027)																		(22)						(1,049)
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			(3)																		(1)						(4)
Total other comprehensive income (loss), net of income taxes			1,225																		(21)						1,204
Comprehensive income (loss)			2,868																		(40)						2,828
Less: Comprehensive income (loss) attributable to the noncontrolling interest			351																		—						351
Comprehensive income (loss) attributable to Holdings			$	2,517																	$	(40)					$	2,477

			Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2023
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	1,135																	$	(16)					$	1,119					$	2,232																	$	(20)					$	2,212
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment			(1,766)																		(17)						(1,783)						(764)																		(54)						(818)
Change in market risk benefits - instrument-specific credit risk			(1,086)																		(22)						(1,108)						(235)																		(8)						(243)
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			6																		1						7						35																		—						35
Total other comprehensive income (loss), net of income taxes			(2,667)																		(38)						(2,705)						(812)																		(62)						(874)
Comprehensive income (loss)			(1,532)																		(54)						(1,586)						1,420																		(82)						1,338
Less: Comprehensive income (loss) attributable to the noncontrolling interest			64																		—						64						230																		—						230
Comprehensive income (loss) attributable to Holdings			$	(1,596)																	$	(54)					$	(1,650)					$	1,190																	$	(82)					$	1,108

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	831																	$	1					$	832					$	1,097																	$	(4)					$	1,093
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment			(624)																		4						(620)						1,002																		(37)						965
Change in market risk benefits - instrument-specific credit risk			(87)																		(5)						(92)						851																		14						865
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			9																		(1)						8						29																		(1)						28
Total other comprehensive income (loss), net of income taxes			(623)																		(2)						(625)						1,855																		(24)						1,831
Comprehensive income (loss)			208																		(1)						207						2,952																		(28)						2,924
Less: Comprehensive income (loss) attributable to the noncontrolling interest			75																		—						75						166																		—						166
Comprehensive income (loss) attributable to Holdings			$	133																	$	(1)					$	132					$	2,786																	$	(28)					$	2,758

			Year Ended December 31, 2022
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)			$	2,394																	$	(13)					$	2,381
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment			(12,606)																		36						(12,570)
Change in market risk benefits - instrument-specific credit risk			1,249																		23						1,272
Change in liability for future policy benefits - current discount rate			1,074																		(1)						1,073
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment			18																		1						19
Total other comprehensive income (loss), net of income taxes			(10,311)																		59						(10,252)
Comprehensive income (loss)			(7,917)																		46						(7,871)
Less: Comprehensive income (loss) attributable to the noncontrolling interest			225																		—						225
Comprehensive income (loss) attributable to Holdings			$	(8,142)																	$	46					$	(8,096)

			Year Ended December 31, 2024
			As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Equity:
Equity, beginning of period			$	4,388					$	(13)					$	4,375
Total Holdings’ equity, beginning of period			2,649						(13)						2,636
Retained earnings, beginning of year			10,243						7						10,250
Net income (loss) attributable to Holdings			1,307						(27)						1,280
Retained earnings, end of period			10,647						(20)						10,627
Accumulated other comprehensive income (loss), beginning of year			(7,777)						(20)						(7,797)
Other comprehensive income (loss)			(935)						20						(915)
Accumulated other comprehensive income (loss), end of period			(8,712)						—						(8,712)
Total Holdings’ equity, end of period			1,585						(20)						1,565
Total equity, end of period			$	3,443					$	(20)					$	3,423

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			As Previously Reported						Impact of Revisions						As Revised						As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Equity:
Equity, beginning of period			$	3,385					$	(46)					$	3,339					$	4,388					$	(13)					$	4,375
Total Holdings’ equity, beginning of period			1,644						(46)						1,598						2,649						(13)						2,636
Retained earnings, beginning of year			10,317						(16)						10,301						10,243						7						10,250
Net income (loss) attributable to Holdings			(134)						2						(132)						408						(20)						388
Retained earnings, end of period			9,977						(13)						9,964						9,977						(13)						9,964
Accumulated other comprehensive income (loss), beginning of year			(8,645)						(30)						(8,675)						(7,777)						(20)						(7,797)
Other comprehensive income (loss)			2,050						24						2,074						1,182						14						1,196
Accumulated other comprehensive income (loss), end of period			(6,595)						(6)						(6,601)						(6,595)						(6)						(6,601)
Total Holdings’ equity, end of period			3,220						(19)						3,201						3,220						(19)						3,201
Total equity, end of period			$	4,975					$	(19)					$	4,956					$	4,975					$	(19)					$	4,956

			Three Months Ended June 30, 2024																		Six Months Ended June 30, 2024
			As Previously Reported						Impact of Revisions						As Revised						As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Equity:
Equity, beginning of period			$	3,755					$	(40)					$	3,715					$	4,388					$	(13)					$	4,375
Total Holdings’ equity, beginning of period			2,032						(40)						1,992						2,649						(13)						2,636
Retained earnings, beginning of year			10,110						(15)						10,095						10,243						7						10,250
Net income (loss) attributable to Holdings			428						—						428						542						(22)						520
Retained earnings, end of period			10,317						(16)						10,301						10,317						(16)						10,301
Accumulated other comprehensive income (loss), beginning of year			(8,166)						(25)						(8,191)						(7,777)						(20)						(7,797)
Other comprehensive income (loss)			(479)						(5)						(484)						(868)						(10)						(878)
Accumulated other comprehensive income (loss), end of period			(8,645)						(30)						(8,675)						(8,645)						(30)						(8,675)
Total Holdings’ equity, end of period			1,644						(46)						1,598						1,644						(46)						1,598
Total equity, end of period			$	3,385					$	(46)					$	3,339					$	3,385					$	(46)					$	3,339

			Three Months Ended March 31, 2024
			As Previously Reported						Impact of Revisions						As Revised
Consolidated Statements of Equity:
Equity, beginning of period			$	4,388					$	(13)					$	4,375
Total Holdings’ equity, beginning of period			2,649						(13)						2,636
Retained earnings, beginning of year			10,243						7						10,250
Net income (loss) attributable to Holdings			114						(22)						92
Retained earnings, end of period			10,110						(15)						10,095
Accumulated other comprehensive income (loss), beginning of year			(7,777)						(20)						(7,797)
Other comprehensive income (loss)			(389)						(5)						(394)
Accumulated other comprehensive income (loss), end of period			(8,166)						(25)						(8,191)
Total Holdings’ equity, end of period			2,032						(40)						1,992
Total equity, end of period			$	3,755					$	(40)					$	3,715

			Year Ended December 31, 2023
			As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Equity:
Equity, beginning of period			$	3,141					$	27					$	3,168
Total Holdings’ equity, beginning of period			1,401						27						1,428
Retained earnings, beginning of year			9,825						26						9,851
Net income (loss) attributable to Holdings			1,302						(19)						1,283
Retained earnings, end of period			10,243						7						10,250
Accumulated other comprehensive income (loss), beginning of year			(8,992)						1						(8,991)
Other comprehensive income (loss)			1,215						(21)						1,194
Accumulated other comprehensive income (loss), end of period			(7,777)						(20)						(7,797)
Total Holdings’ equity, end of period			2,649						(13)						2,636
Total equity, end of period			$	4,388					$	(13)					$	4,375

			Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2023
			As Previously Reported						Impact of Revisions						As Revised						As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Equity:
Equity, beginning of period			$	5,260					$	(1)					$	5,259					$	3,141					$	27					$	3,168
Total Holdings’ equity, beginning of period			3,553						(1)						3,552						1,401						27						1,428
Retained earnings, beginning of year			10,325						22						10,347						9,825						26						9,851
Net income (loss) attributable to Holdings			1,064						(16)						1,048						2,000						(20)						1,980
Retained earnings, end of period			11,163						6						11,169						11,163						6						11,169
Accumulated other comprehensive income (loss), beginning of year			(7,142)						(23)						(7,165)						(8,992)						1						(8,991)
Other comprehensive income (loss)			(2,660)						(38)						(2,698)						(810)						(62)						(872)
Accumulated other comprehensive income (loss), end of period			(9,802)						(61)						(9,863)						(9,802)						(61)						(9,863)
Total Holdings’ equity, end of period			1,642						(55)						1,587						1,642						(55)						1,587
Total equity, end of period			$	3,281					$	(55)					$	3,226					$	3,281					$	(55)					$	3,226

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
			As Previously Reported						Impact of Revisions						As Revised						As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Equity:
Equity, beginning of period			$	5,471					$	22					$	5,493					$	3,141					$	27					$	3,168
Total Holdings’ equity, beginning of period			3,754						(1)						3,753						1,401						27						1,428
Retained earnings, beginning of year			9,806						21						9,827						9,825						26						9,851
Net income (loss) attributable to Holdings			759						1						760						936						(4)						932
Retained earnings, end of period			10,325						22						10,347						10,325						22						10,347
Accumulated other comprehensive income (loss), beginning of year			(6,516)						(22)						(6,538)						(8,992)						1						(8,991)
Other comprehensive income (loss)			(626)						(1)						(627)						1,850						(24)						1,826
Accumulated other comprehensive income (loss), end of period			(7,142)						(23)						(7,165)						(7,142)						(23)						(7,165)
Total Holdings’ equity, end of period			3,553						(1)						3,552						3,553						(1)						3,552
Total equity, end of period			$	5,260					$	(1)					$	5,259					$	5,260					$	(1)					$	5,259

			Year Ended December 31, 2022
			As Previously Reported						Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Equity:
Equity, beginning of period			$	11,927					$	(7)					$	11,920
Total Holdings’ equity, beginning of period			10,351						(7)						10,344
Retained earnings, beginning of year			8,413						40						8,453
Net income (loss) attributable to Holdings			2,153						(13)						2,140
Retained earnings, end of period			9,825						26						9,851
Accumulated other comprehensive income (loss), beginning of year			1,303						(58)						1,245
Other comprehensive income (loss)			(10,295)						59						(10,236)
Accumulated other comprehensive income (loss), end of period			(8,992)						1						(8,991)
Total Holdings’ equity, end of period			1,401						27						1,428
Total equity, end of period			$	3,141					$	27					$	3,168

			Year Ended December 31, 2024																		Nine Months Ended September 30, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income (loss)			$	1,823																	$	(27)					$	1,796					$	808																	$	(20)					$	788
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances			2,499																		(6)						2,493						1,879																		—						1,879
Amortization and depreciation			860																		8						868						640																		6						646
Remeasurement of liability for future policy benefits			6																		(12)						(6)						9																		(12)						(3)
Change in market risk benefits			(1,971)																		31						(1,940)						(1,154)																		31						(1,123)
Reinsurance recoverable			(866)																		(2)						(868)						(612)																		(2)						(614)
Current and deferred income taxes			322																		(7)						315						181																		(5)						176
Other, net			117																		15						132						255																		2						257
Net cash provided by (used in) operating activities			$	2,006																	$	—					$	2,006					$	1,606																	$	—					$	1,606

			Six Months Ended June 30, 2024																		Three Months Ended March 31, 2024
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income (loss)			$	782																	$	(22)					$	760					$	217																	$	(22)					$	195
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances			1,171																		7						1,178						566																		13						579
Amortization and depreciation			429																		5						434						240																		1						241
Remeasurement of liability for future policy benefits			(7)																		5						(2)						1																		4						5
Change in market risk benefits			(1,233)																		13						(1,220)						(1,100)																		12						(1,088)
Reinsurance recoverable			(626)																		(2)						(628)						(375)																		(2)						(377)
Current and deferred income taxes			155																		(6)						149						85																		(6)						79
Net cash provided by (used in) operating activities			$	923																	$	—					$	923					$	31																	$	—					$	31

			Year Ended December 31, 2023																		Nine Months Ended September 30, 2023
			As Previously Reported																		Impact of Revisions						As Revised						As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income (loss)			$	1,643																	$	(19)					$	1,624					$	2,232																	$	(20)					$	2,212
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances			2,083																		(42)						2,041						1,520																		(20)						1,500
Amortization and depreciation			812																		9						821						576																		5						581
Remeasurement of liability for future policy benefits			75																		11						86						46																		34						80
Change in Market Risk Benefits			(1,807)																		(8)						(1,815)						(1,772)																		8						(1,764)
Reinsurance recoverable			(1,471)																		2						(1,469)						(1,106)																		2						(1,104)
Future policy benefits			329																		—						329						196																		1						197
Current and deferred income taxes			(1,163)																		(5)						(1,168)						(868)																		(6)						(874)
Other, net			(239)																		52						(187)						584																		(4)						580
Net cash provided by (used in) operating activities			$	(208)																	$	—					$	(208)					$	185																	$	—					$	185

			Six Months Ended June 30, 2023
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income (loss)			$	1,097																	$	(4)					$	1,093
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances			964																		(16)						948
Amortization and depreciation			380																		21						401
Change in market risk benefits			(955)																		10						(945)
Current and deferred income taxes			(1,177)																		(2)						(1,179)
Other, net			65																		(9)						56
Net cash provided by (used in) operating activities			$	(226)																	$	—					$	(226)

			Year Ended December 31, 2022
			As Previously Reported																		Impact of Revisions						As Revised
			(in millions)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income (loss)			$	2,394																	$	(13)					$	2,381
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances			1,410																		5						1,415
Non-cash long term incentive compensation expense			286																		(11)						275
Amortization and depreciation			636																		18						654
Change in market risk benefits			(1,280)																		47						(1,233)
Future policy benefits			(495)																		(15)						(510)
Current and deferred income taxes			470																		(3)						467
Other, net			(74)																		(28)						(102)
Net cash provided by (used in) operating activities			$	(250)																	$	—					$	(250)

X

- References

No definition available.

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X

- Definition

The entire disclosure for reporting error correction.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

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