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AOCI (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Components and Changes in AOCI | The following summarizes the components and changes in AOCI (in millions):
| For the Six Months Ended June 30,
| 2025 |  | 2024
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain |  |  |
Other Investments |  |  |
Balance as of beginning-of-year | $ | (6,239) |  |  | $ | (5,188) |
Unrealized holding gains (losses) | 1,083 |  |  | (1,971) |
Change in foreign currency exchange rate adjustment | 483 |  |  | (117) |
Change in future contract benefits and policyholder account balances, |  |  |
net of reinsurance | (297) |  |  | 1,146 |
Income tax benefit (expense) | (268) |  |  | 194 |
Less: |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) | (117) |  |  | (137) |
Income tax benefit (expense) | 25 |  |  | 29 |
Balance as of end-of-period | $ | (5,146) |  |  | $ | (5,828) |
Unrealized Gain (Loss) on Derivative Instruments |  |  |
Balance as of beginning-of-year | $ | 638 |  |  | $ | 375 |
Unrealized holding gains (losses) | 206 |  |  | 178 |
Change in foreign currency exchange rate adjustment | (474) |  |  | 117 |
Income tax benefit (expense) | 57 |  |  | (62) |
Less: |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) | 39 |  |  | 42 |
Income tax benefit (expense) | (8) |  |  | (9) |
Balance as of end-of-period | $ | 396 |  |  | $ | 575 |
Market Risk Benefit Non-Performance Risk Gain (Loss) |  |  |
Balance as of beginning-of-year | $ | 146 |  |  | $ | 1,070 |
OCI before reclassification | (42) |  |  | (841) |
Income tax benefit (expense) | 10 |  |  | 180 |
Balance as of end-of-period | $ | 114 |  |  | $ | 409 |
Policyholder Liability Discount Rate Remeasurement Gain (Loss) |  |  |
Balance as of beginning-of-year | $ | 744 |  |  | $ | 587 |
OCI before reclassification | (222) |  |  | 264 |
Income tax benefit (expense) | 47 |  |  | (56) |
Balance as of end-of-period | $ | 569 |  |  | $ | 795 |
Foreign Currency Translation Adjustment |  |  |
Balance as of beginning-of-year | $ | (29) |  |  | $ | (26) |
OCI before reclassification | 15 |  |  | (1) |
Balance as of end-of-period | $ | (14) |  |  | $ | (27) |
Funded Status of Employee Benefit Plans |  |  |
Balance as of beginning-of-year | $ | (296) |  |  | $ | (294) |
OCI before reclassification | (15) |  |  | 1 |
Balance as of end-of-period | $ | (311) |  |  | $ | (293) |
Schedule of Reclassifications Out of AOCI | The following summarizes the reclassifications out of AOCI (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):
| For the Six Months Ended June 30, |
| 2025 |  | 2024 |
Unrealized Gain (Loss) on Fixed Maturity AFS |  |  |  |
Securities and Certain Other Investments |  |  |  |
Reclassification | $ | (143) |  |  | $ | (159) |  | Realized gain (loss)
Associated change in future contract benefits | 26 |  |  | 22 |  | Benefits
Reclassification before income tax benefit (expense) | (117) |  |  | (137) |  | Income (loss) before taxes
Income tax benefit (expense) | 25 |  |  | 29 |  | Federal income tax expense (benefit)
Reclassification, net of income tax | $ | (92) |  |  | $ | (108) |  | Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments |  |  |  |
Interest rate contracts | $ | 1 |  |  | $ | (1) |  | Net investment income
Interest rate contracts | 8 |  |  | 15 |  | Interest and debt expense
Foreign currency contracts | 27 |  |  | 29 |  | Net investment income
Foreign currency contracts | 3 |  |  | (1) |  | Realized gain (loss)
Reclassification before income tax benefit (expense) | 39 |  |  | 42 |  | Income (loss) before taxes
Income tax benefit (expense) | (8) |  |  | (9) |  | Federal income tax expense (benefit)
Reclassification, net of income tax | $ | 31 |  |  | $ | 33 |  | Net income (loss)

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