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EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows:
|  | September 30, 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 |  |  | — |  |  | — |  |  | 20,000 |  |  | 17,773 |  |  | 17,773 |
Series C |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |
Total |  | 64,000 |  |  | 44,000 |  |  | 44,000 |  |  | 64,000 |  |  | 61,773 |  |  | 61,773 |
Schedule of Dividends Declared | Dividends declared per share were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Series A dividends declared | $ | 328 |  |  | $ | 328 |  |  | $ | 984 |  |  | $ | 984 |  |  |
Series B dividends declared | $ | 619 |  |  | $ | — |  |  | $ | 1,238 |  |  | $ | 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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Dividends declared | $ | 0.27 |  |  | $ | 0.24 |  |  | $ | 0.78 |  |  | $ | 0.70 |  |  |
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:
| September 30, 2025 |  | December 31, 2024 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (4,693) |  |  | $ | (7,334) |  |  |
Market risk benefits - instrument -specific credit risk component | (1,122) |  |  | (1,125) |  |  |
Liability for future policy benefits - current discount rate component | 195 |  |  | 372 |  |  |
Defined benefit pension plans | (538) |  |  | (579) |  |  |
Foreign currency translation adjustments | (58) |  |  | (88) |  |  |
Total accumulated other comprehensive income (loss) | (6,216) |  |  | (8,754) |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (25) |  |  | (42) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (6,191) |  |  | $ | (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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |
| (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | $ | 773 |  |  | $ | 2,300 |  |  | $ | 1,766 |  |  | $ | 1,314 |  |
(Gains) losses reclassified into net income (loss) during the period (1) | 899 |  |  | 22 |  |  | 933 |  |  | 43 |  |
Net unrealized gains (losses) on investments | 1,672 |  |  | 2,322 |  |  | 2,699 |  |  | 1,357 |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |
| (in millions)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | 15 |  |  | (66) |  |  | (94) |  |  | (23) |  |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $154, $447, $451 and $212) | 1,687 |  |  | 2,256 |  |  | 2,605 |  |  | 1,334 |  |
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 $(109), $6, $1 and $(31)) | (412) |  |  | 20 |  |  | 2 |  |  | (119) |  |
Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $(12), $(60), $(37) and $(16)) | (47) |  |  | (223) |  |  | (139) |  |  | (58) |  |
Change in defined benefit plans: |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost) | 15 |  |  | 10 |  |  | 41 |  |  | 29 |  |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $4, $3, $5 and $8) | 15 |  |  | 10 |  |  | 41 |  |  | 29 |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |
Foreign currency translation gains (losses) arising during the period | (8) |  |  | 19 |  |  | 29 |  |  | 17 |  |
Foreign currency translation adjustment | (8) |  |  | 19 |  |  | 29 |  |  | 17 |  |
Total other comprehensive income (loss), net of income taxes | 1,235 |  |  | 2,082 |  |  | 2,538 |  |  | 1,203 |  |
Less: Other comprehensive income (loss) attributable to noncontrolling interest | (6) |  |  | 8 |  |  | 17 |  |  | 7 |  |
Other comprehensive income (loss) attributable to Holdings | $ | 1,241 |  |  | $ | 2,074 |  |  | $ | 2,521 |  |  | $ | 1,196 |  |
______________ (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 $(239) million, $(5) million, $(248) million and $(11) million for the three and nine months ended September 30, 2025 and 2024, respectively.

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