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EQUITY (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows:
September 30, 2025December 31, 2024
SeriesShares AuthorizedShares
 Issued		Shares OutstandingShares AuthorizedShares
 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 C12,000 12,000 12,000 12,000 12,000 12,000 
Total64,000 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,
2025202420252024
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,
2025202420252024
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, 2025December 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

20252024
 
(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 investments1,672 2,322 2,699 1,357 
Three Months Ended September 30,

Nine Months Ended September 30,
 2025

2024

20252024
 
(in millions)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other15 (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 taxes1,235 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.