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Changes in Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2024
Changes In Accumulated Other Comprehensive Income (Loss) | (18) Changes in Accumulated Other Comprehensive Income (Loss) The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated:
(Amounts in millions) |  | Net unrealized investment gains (losses) |  |  | Derivatives qualifying as hedges (1) |  |  | Change in the discount rate used to measure future policy benefits |  |  | Change in instrument- specific credit risk of market risk benefits |  |  | Foreign currency translation and other adjustments |  |  | Total |
Balances as of April 1, 2024 |  | $ | (2,615 | ) |  | $ | 849 |  |  | $ | (334 | ) |  | $ | (6 | ) |  | $ | 12 |  |  | $ | (2,094 | )
OCI before reclassifications |  |  | (442 | ) |  |  | (85 | ) |  |  | 958 |  |  |  | — |  |  |  | (5 | ) |  |  | 426 |
Amounts reclassified from OCI |  |  | 15 |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19 | )
Current period OCI |  |  | (427 | ) |  |  | (119 | ) |  |  | 958 |  |  |  | — |  |  |  | (5 | ) |  |  | 407 |
Balances as of June 30, 2024 before noncontrolling interests |  |  | (3,042 | ) |  |  | 730 |  |  |  | 624 |  |  |  | (6 | ) |  |  | 7 |  |  |  | (1,687 | )
Less: change in OCI attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balances as of June 30, 2024 |  | $ | (3,042 | ) |  | $ | 730 |  |  | $ | 624 |  |  | $ | (6 | ) |  | $ | 7 |  |  | $ | (1,687 | )
(1) | See note 5 for additional information.
(Amounts in millions) |  | Net unrealized investment gains (losses) |  |  | Derivatives qualifying as hedges (1) |  |  | Change in the discount rate used to measure future policy benefits |  |  | Change in instrument- specific credit risk of market risk benefits |  |  | Foreign currency translation and other adjustments |  |  | Total |
Balances as of April 1, 2023 |  | $ | (2,500 | ) |  | $ | 1,274 |  |  | $ | (1,628 | ) |  | $ | (9 | ) |  | $ | 10 |  |  | $ | (2,853 | )
OCI before reclassifications |  |  | (584 | ) |  |  | (83 | ) |  |  | 664 |  |  |  | — |  |  |  | 4 |  |  |  | 1 |
Amounts reclassified from OCI |  |  | 23 |  |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14 | )
Current period OCI |  |  | (561 | ) |  |  | (120 | ) |  |  | 664 |  |  |  | — |  |  |  | 4 |  |  |  | (13 | )
Balances as of June 30, 2023 before noncontrolling interests |  |  | (3,061 | ) |  |  | 1,154 |  |  |  | (964 | ) |  |  | (9 | ) |  |  | 14 |  |  |  | (2,866 | )
Less: change in OCI attributable to noncontrolling interests |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5 | )
Balances as of June 30, 2023 |  | $ | (3,056 | ) |  | $ | 1,154 |  |  | $ | (964 | ) |  | $ | (9 | ) |  | $ | 14 |  |  | $ | (2,861 | )
(1) | See note 5 for additional information.
(Amounts in millions) |  | Net unrealized investment gains (losses) |  |  | Derivatives qualifying as hedges (1) |  |  | Change in the discount rate used to measure future policy benefits |  |  | Change in instrument- specific credit risk of market risk benefits |  |  | Foreign currency translation and other adjustments |  |  | Total |
Balances as of January 1, 2024 |  | $ | (2,130 | ) |  | $ | 1,010 |  |  | $ | (1,439 | ) |  | $ | (8 | ) |  | $ | 12 |  |  | $ | (2,555 | )
OCI before reclassifications |  |  | (945 | ) |  |  | (210 | ) |  |  | 2,063 |  |  |  | 2 |  |  |  | (5 | ) |  |  | 905 |
Amounts reclassified from OCI |  |  | 32 |  |  |  | (70 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (38 | )
Current period OCI |  |  | (913 | ) |  |  | (280 | ) |  |  | 2,063 |  |  |  | 2 |  |  |  | (5 | ) |  |  | 867 |
Balances as of June 30, 2024 before noncontrolling interests |  |  | (3,043 | ) |  |  | 730 |  |  |  | 624 |  |  |  | (6 | ) |  |  | 7 |  |  |  | (1,688 | )
Less: change in OCI attributable to noncontrolling interests |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Balances as of June 30, 2024 |  | $ | (3,042 | ) |  | $ | 730 |  |  | $ | 624 |  |  | $ | (6 | ) |  | $ | 7 |  |  | $ | (1,687 | )
(1) | See note 5 for additional information.
(Amounts in millions) |  | Net unrealized investment gains (losses) |  |  | Derivatives qualifying as hedges (1) |  |  | Change in the discount rate used to measure future policy benefits |  |  | Change in instrument- specific credit risk of market risk benefits |  |  | Foreign currency translation and other adjustments |  |  | Total |
Balances as of January 1, 2023 |  | $ | (3,407 | ) |  | $ | 1,200 |  |  | $ | (403 | ) |  | $ | (10 | ) |  | $ | 6 |  |  | $ | (2,614 | )
OCI before reclassifications |  |  | 322 |  |  |  | 31 |  |  |  | (561 | ) |  |  | 1 |  |  |  | 8 |  |  |  | (199 | )
Amounts reclassified from OCI |  |  | 36 |  |  |  | (77 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (41 | )
Current period OCI |  |  | 358 |  |  |  | (46 | ) |  |  | (561 | ) |  |  | 1 |  |  |  | 8 |  |  |  | (240 | )
Balances as of June 30, 2023 before noncontrolling interests |  |  | (3,049 | ) |  |  | 1,154 |  |  |  | (964 | ) |  |  | (9 | ) |  |  | 14 |  |  |  | (2,854 | )
Less: change in OCI attributable to noncontrolling interests |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |
Balances as of June 30, 2023 |  | $ | (3,056 | ) |  | $ | 1,154 |  |  | $ | (964 | ) |  | $ | (9 | ) |  | $ | 14 |  |  | $ | (2,861 | )
(1) | See note 5 for additional information.
As of June 30, 2024 and 2023, the balances of the change in the discount rate used to measure future policy benefits were net of taxes of $(169) million and $255 million, respectively, and the balances of the change in instrument-specific credit risk of MRBs were net of taxes of $1 million and $2 million, respectively. The foreign currency translation and other adjustments balances in the charts above included $30 million and $34 million, respectively, net of taxes of $(8) million and $(9) million, respectively, related to postretirement benefit obligation s as of June 30, 2024 and 2023. The balance also included taxes of $1 million related to foreign currency translation adjustments as of June 30, 2024 and 2023. The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods presented:
|  |  |  |  | Affected line item in the condensed consolidated statements of income
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net unrealized investment (gains) losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (gains) losses on investments |  | $ | 19 |  |  | $ | 30 |  |  | $ | 41 |  |  | $ | 46 |  |  | Net investment (gains) losses
Income taxes |  |  | (4 | ) |  |  | (7 | ) |  |  | (9 | ) |  |  | (10 | ) |  | Provision for income taxes
Total |  | $ | 15 |  |  | $ | 23 |  |  | $ | 32 |  |  | $ | 36 |  |  |
Derivatives qualifying as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps hedging assets |  | $ | (52 | ) |  | $ | (55 | ) |  | $ | (105 | ) |  | $ | (109 | ) |  | Net investment income
Interest rate swaps hedging assets |  |  | (1 | ) |  |  | (3 | ) |  |  | (5 | ) |  |  | (8 | ) |  | Net investment (gains) losses
Interest rate swaps hedging liabilities |  |  | 1 |  |  |  | — |  |  |  | 2 |  |  |  | 1 |  |  | Interest expense
Interest rate swaps hedging liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  | Net investment (gains) losses
Foreign currency swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  | Net investment (gains) losses
Income taxes |  |  | 18 |  |  |  | 21 |  |  |  | 38 |  |  |  | 42 |  |  | Provision for income taxes
Total |  | $ | (34 | ) |  | $ | (37 | ) |  | $ | (70 | ) |  | $ | (77 | ) |  |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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