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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Income | Shareholders' equity included the following components of Accumulated other comprehensive income ("AOCI") as of the dates indicated:
| June 30, |
| 2024 |  | 2023
Fixed maturities, net of impairment | $ | (2,676) |  |  | $ | (2,963) |  |
Derivatives(1) | 66 |  |  | 98 |  |
Change in current discount rate | (818) |  |  | (827) |  |
Deferred income tax asset (liability)(2) | 843 |  |  | 898 |  |
Total | (2,585) |  |  | (2,794) |  |
Pension and other postretirement benefits liability, net of tax | 2 |  |  | 3 |  |
AOCI | $ | (2,583) |  |  | $ | (2,791) |  |
(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $14. (2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:
| Three Months Ended June 30, 2024
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | (185) |  |  | $ | 38 |  |  | $ | (147) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 8 |  |  | (2) |  |  | 6 |
Change in unrealized gains/losses on available-for-sale securities | (177) |  |  | 36 |  |  | (141) |
Derivatives: |  |  |  |  |
Derivatives | 3 |  | (1) | — |  |  | 3 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (4) |  |  | 1 |  |  | (3) |
Change in unrealized gains/losses on derivatives | (1) |  |  | 1 |  |  | — |
Change in current discount rate | 34 |  |  | (7) |  |  | 27 |
Change in Accumulated other comprehensive income (loss) | $ | (144) |  |  | $ | 30 |  |  | $ | (114) |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
| Six Months Ended June 30, 2024
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | (330) |  |  | $ | 68 |  |  | $ | (262) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 24 |  |  | (5) |  |  | 19 |
Change in unrealized gains (losses) on available-for-sale securities | (306) |  |  | 63 |  |  | (243) |
Derivatives: |  |  |  |  |
Derivatives | 11 |  | (1) | (2) |  |  | 9 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (8) |  |  | 2 |  |  | (6) |
Change in unrealized gains (losses) on derivatives | 3 |  |  | — |  |  | 3 |
Change in current discount rate | 72 |  |  | (15) |  |  | 57 |
Change in Accumulated other comprehensive income (loss) | $ | (231) |  |  | $ | 48 |  |  | $ | (183) |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
| Three Months Ended June 30, 2023
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | (343) |  |  | $ | 72 |  |  | $ | (271) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 15 |  |  | (3) |  |  | 12 |
Change in unrealized gains (losses) on available-for-sale securities | (328) |  |  | 69 |  |  | (259) |
Derivatives: |  |  |  |  |
Derivatives | (6) |  | (1) | 1 |  |  | (5) |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (5) |  |  | 1 |  |  | (4) |
Change in unrealized gains (losses) on derivatives | (11) |  |  | 2 |  |  | (9) |
Change in current discount rate | 28 |  |  | (6) |  |  | 22 |
Change in Accumulated other comprehensive income (loss) | $ | (311) |  |  | $ | 65 |  |  | $ | (246) |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
| Six Months Ended June 30, 2023
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | 318 |  |  | $ | (67) |  |  | $ | 251 |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 14 |  |  | (3) |  |  | 11 |
Change in unrealized gains (losses) on available-for-sale securities | 332 |  |  | (70) |  |  | 262 |
Derivatives: |  |  |  |  |
Derivatives | (18) |  | (1) | 4 |  |  | (14) |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (10) |  |  | 2 |  |  | (8) |
Change in unrealized gains (losses) on derivatives | (28) |  |  | 6 |  |  | (22) |
Change in current discount rate | 30 |  |  | (6) |  |  | 24 |
Change in Accumulated other comprehensive income (loss) | $ | 334 |  |  | $ | (70) |  |  | $ | 264 |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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