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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | 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.
|  |  | September 30, 2024
|  |  |  |  |  |  |  |  |  |  | As Previously Reported |  |  |  |  |  | Impact of Revisions |  | As Revised
|  |  |  |  |  |  |  |  |  |  | (in millions)
Consolidated Balance Sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amounts due from reinsurers |  |  |  |  |  |  |  |  |  |  | $ | 8,222 |  |  |  |  |  |  | $ | (154) |  |  | $ | 8,068 |
Current and deferred income taxes |  |  |  |  |  |  |  |  |  |  | 1,701 |  |  |  |  |  |  | 6 |  |  | 1,707 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 298,989 |  |  |  |  |  |  | $ | (148) |  |  | $ | 298,841 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances |  |  |  |  |  |  |  |  |  |  | $ | 107,433 |  |  |  |  |  |  | $ | (29) |  |  | $ | 107,404 |
Amounts due to reinsurers |  |  |  |  |  |  |  |  |  |  | 1,421 |  |  |  |  |  |  | 5 |  |  | 1,426 |
Other liabilities |  |  |  |  |  |  |  |  |  |  | 6,645 |  |  |  |  |  |  | (105) |  |  | 6,540 |
Total Liabilities |  |  |  |  |  |  |  |  |  |  | 292,791 |  |  |  |  |  |  | (129) |  |  | 292,662 |
EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  |  |  |  |  |  |  |  |  | 9,977 |  |  |  |  |  |  | (13) |  |  | 9,964 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  | (6,595) |  |  |  |  |  |  | (6) |  |  | (6,601) |
Total equity attributable to Holdings |  |  |  |  |  |  |  |  |  |  | 3,220 |  |  |  |  |  |  | (19) |  |  | 3,201 |
Total Equity |  |  |  |  |  |  |  |  |  |  | 4,975 |  |  |  |  |  |  | (19) |  |  | 4,956 |
Total Equity and Redeemable NCI |  |  |  |  |  |  |  |  |  |  | 6,198 |  |  |  |  |  |  | (19) |  |  | 6,179 |
Total Liabilities, Redeemable Noncontrolling Interest and Equity |  |  |  |  |  |  |  |  |  |  | $ | 298,989 |  |  |  |  |  |  | $ | (148) |  |  | $ | 298,841 |
| 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 |
Net income (loss) attributable to Holdings | (134) |  |  |  |  |  |  | 2 |  |  | (132) |  |  | 408 |  |  |  |  |  |  | (20) |  |  | 388 |
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 |
| 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 |
Foreign currency translation adjustment | 20 |  |  |  |  |  |  | (1) |  |  | 19 |  |  | 17 |  |  |  |  |  |  | — |  |  | 17 |
Total other comprehensive income (loss), net of income taxes | 2,058 |  |  |  |  |  |  | 24 |  |  | 2,082 |  |  | 1,189 |  |  |  |  |  |  | 14 |  |  | 1,203 |
Comprehensive income (loss) | 2,084 |  |  |  |  |  |  | 26 |  |  | 2,110 |  |  | 1,997 |  |  |  |  |  |  | (6) |  |  | 1,991 |
Comprehensive income (loss) attributable to Holdings | $ | 1,916 |  |  |  |  |  |  | $ | 26 |  |  | $ | 1,942 |  |  | $ | 1,590 |  |  |  |  |  |  | $ | (6) |  |  | $ | 1,584 |
| 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 |
Other | (2) |  |  | 1 |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |
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 |
|  |  | Nine Months Ended September 30, 2024
|  |  |  |  |  |  |  |  |  |  | As Previously Reported |  |  |  |  |  | Impact of Revisions |  | As Revised
|  |  |  |  |  |  |  |  |  |  | (in millions)
Consolidated Statements of Cash Flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | 808 |  |  |  |  |  |  | $ | (20) |  |  | $ | 788 |
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization and depreciation |  |  |  |  |  |  |  |  |  |  | 640 |  |  |  |  |  |  | 6 |  |  | 646 |
Remeasurement of liability for future policy benefits |  |  |  |  |  |  |  |  |  |  | 9 |  |  |  |  |  |  | (12) |  |  | (3) |
Change in market risk benefits |  |  |  |  |  |  |  |  |  |  | (1,154) |  |  |  |  |  |  | 31 |  |  | (1,123) |
Reinsurance recoverable |  |  |  |  |  |  |  |  |  |  | (612) |  |  |  |  |  |  | (2) |  |  | (614) |
Current and deferred income taxes |  |  |  |  |  |  |  |  |  |  | 181 |  |  |  |  |  |  | (5) |  |  | 176 |
Other, net |  |  |  |  |  |  |  |  |  |  | 255 |  |  |  |  |  |  | 2 |  |  | 257 |
Net cash provided by (used in) operating activities |  |  |  |  |  |  |  |  |  |  | $ | 1,606 |  |  |  |  |  |  | $ | — |  |  | $ | 1,606 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
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