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Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2024
Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Taxes | 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.
Reclassifications in (out) of Accumulated Other Comprehensive Income (Loss), Net of Taxes | 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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