Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2025

Accumulated Other Comprehensive Income (Loss)

Shareholders' equity included the following components of Accumulated other comprehensive income (loss) ("AOCI") as of the dates indicated:


	March 31, 2025		March 31, 2024
Fixed maturities, net of impairment	$	(2,190)	$	(2,498)

Derivatives(1)	47		67





Change in current discount rate	(775)		(853)
Deferred income tax asset (liability)(2)	736		813
Total	(2,182)		(2,471)
Pension and other postretirement benefits liability, net of tax	1		2
AOCI	$	(2,181)	$	(2,469)

(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 March 31, 2025, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $9.

(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

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 March 31, 2025
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	332		$	(69)	$	263



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	31			(7)		24



Change in unrealized gains (losses) on available-for-sale securities	363			(76)		287

Derivatives:
Derivatives	(16)		(1)	3		(13)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(3)			1		(2)
Change in unrealized gains (losses) on derivatives	(19)			4		(15)

Change in current discount rate	12			(3)		9



Change in AOCI	$	356		$	(75)	$	281

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.



	Three Months Ended March 31, 2024
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(145)		$	30	$	(115)



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	16			(3)		13




Change in unrealized gains (losses) on available-for-sale securities	(129)			27		(102)

Derivatives:
Derivatives	8		(1)	(2)		6
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	4			(1)		3

Change in current discount rate	38			(8)		30




Change in AOCI	$	(87)		$	18	$	(69)

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.