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Financial Services, Insurance, ASU 2018-12 Transition (Tables) | 3 Months Ended
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Mar. 31, 2023
ASU 2018-12 Transition [Abstract] |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | The effect of transition adjustments on stockholders’ equity at January 1, 2021 due to the adoption of ASU 2018-12 was as follows:
|  | Retained Earnings (Deficit) |  | AOCI
|  | (In millions)
Liability for future policy benefits |  | $ | (436) |  |  | $ | (2,073) |
Market risk benefits and related adjustments |  | (6,237) |  |  | (3,454) |
DAC and VOBA |  | — |  |  | 520 |
Reinsurance recoverables |  | (141) |  |  | 34 |
Deferred income tax asset |  | 1,431 |  |  | 1,044 |
Total |  | $ | (5,383) |  |  | $ | (3,929) |
The balances of and changes in LFPBs at January 1, 2021 due to the adoption of ASU 2018-12 were as follows:
|  | Term and Whole Life Insurance |  | Income Annuities |  | Structured Settlement and Pension Risk Transfer Annuities
|  | (In millions)
Balance at December 31, 2020 |  | $ | 2,854 |  |  | $ | 4,311 |  |  | $ | 10,115 |
Removal of related balances in AOCI |  | — |  |  | (203) |  |  | (1,784) |
Change in cash flow assumptions |  | 14 |  |  | (171) |  |  | 200 |
Initial recognition of deferred profit liabilities |  | — |  |  | 176 |  |  | 217 |
Change in discount rate assumptions |  | 536 |  |  | 754 |  |  | 2,770 |
Adjusted balance at January 1, 2021 |  | 3,404 |  |  | 4,867 |  |  | 11,518 |
Less: Reinsurance recoverable |  | 85 |  |  | 29 |  |  | 102 |
Adjusted balance at January 1, 2021, net of reinsurance |  | $ | 3,319 |  |  | $ | 4,838 |  |  | $ | 11,416 |
The balance of and changes in liabilities classified as MRBs at January 1, 2021 due to the adoption of ASU 2018-12 were as follows:
|  | Variable Annuities
|  | (In millions)
Balance at December 31, 2020 |  | $ | 8,924 |
Adjustment for the difference between carrying amount and estimated fair value, except for the difference due to nonperformance risk |  | 6,010 |
Adjustment for cumulative effect of changes in nonperformance risk since issuance |  | 3,454 |
Adjusted balance at January 1, 2021 |  | 18,388 |
Less: Reinsurance recoverable |  | 169 |
Adjusted balance at January 1, 2021, net of reinsurance |  | $ | 18,219 |
The balances of and changes in DAC and VOBA on January 1, 2021 due to the adoption of ASU 2018-12 were as follows:
|  | Variable Annuities |  | Fixed Rate Annuities |  | Index-Linked Annuities |  | Term and Whole Life Insurance |  | Universal Life Insurance
|  | (In millions)
DAC: |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  | $ | 2,440 |  |  | $ | 64 |  |  | $ | 886 |  |  | $ | 527 |  |  | $ | 492 |
Removal of related amounts in AOCI |  | 472 |  |  | — |  |  | — |  |  | — |  |  | (23) |
Adjusted balance at January 1, 2021 |  | $ | 2,912 |  |  | $ | 64 |  |  | $ | 886 |  |  | $ | 527 |  |  | $ | 469 |
VOBA: |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  | $ | 363 |  |  | $ | 76 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 55 |
Removal of related amounts in AOCI |  | 65 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Adjusted balance at January 1, 2021 |  | $ | 428 |  |  | $ | 76 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 61 |
The following tables present amounts previously reported in 2022 and 2021, the effect on those amounts of the change due to the adoption of ASU 2018-12 as described in Note 1, and the currently reported amounts in the Unaudited Interim Consolidated Balance Sheets and Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). See Notes 4 and 5 for more information.
|  | December 31, 2022 |  | December 31, 2021
|  | As Previously Reported |  | Effect of Change |  | As Currently Reported |  | As Previously Reported |  | Effect of Change |  | As Currently Reported
|  | (In millions)
Total assets |  | $ | 225,580 |  |  | $ | (733) |  |  | $ | 224,847 |  |  | $ | 259,840 |  |  | $ | 2,417 |  |  | $ | 262,257 |
Future policy benefits |  | $ | 41,569 |  |  | $ | (10,072) |  |  | $ | 31,497 |  |  | $ | 43,807 |  |  | $ | (3,817) |  |  | $ | 39,990 |
Policyholder account balances |  | $ | 74,836 |  |  | $ | (1,309) |  |  | $ | 73,527 |  |  | $ | 66,851 |  |  | $ | (1,602) |  |  | $ | 65,249 |
Market risk benefit liabilities |  | $ | — |  |  | $ | 10,389 |  |  | $ | 10,389 |  |  | $ | — |  |  | $ | 16,034 |  |  | $ | 16,034 |
Total liabilities |  | $ | 219,542 |  |  | $ | (293) |  |  | $ | 219,249 |  |  | $ | 243,633 |  |  | $ | 10,174 |  |  | $ | 253,807 |
Retained earnings (deficit) |  | $ | (637) |  |  | $ | 242 |  |  | $ | (395) |  |  | $ | (642) |  |  | $ | (3,632) |  |  | $ | (4,274) |
Accumulated other comprehensive income (loss) |  | $ | (5,424) |  |  | $ | (682) |  |  | $ | (6,106) |  |  | $ | 4,172 |  |  | $ | (4,125) |  |  | $ | 47 |
Total equity |  | $ | 6,038 |  |  | $ | (440) |  |  | $ | 5,598 |  |  | $ | 16,207 |  |  | $ | (7,757) |  |  | $ | 8,450 |
Total liabilities and equity |  | $ | 225,580 |  |  | $ | (733) |  |  | $ | 224,847 |  |  | $ | 259,840 |  |  | $ | 2,417 |  |  | $ | 262,257 |
|  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021
|  | As Previously Reported |  | Effect of Change |  | As Currently Reported |  | As Previously Reported |  | Effect of Change |  | As Currently Reported
|  | (In millions)
Universal life and investment-type product policy fees |  | $ | 3,141 |  |  | $ | (706) |  |  | $ | 2,435 |  |  | $ | 3,636 |  |  | $ | (656) |  |  | $ | 2,980 |
Net derivative gains (losses) |  | $ | 304 |  |  | $ | (896) |  |  | $ | (592) |  |  | $ | (2,469) |  |  | $ | (1,514) |  |  | $ | (3,983) |
Total revenues |  | $ | 8,473 |  |  | $ | (1,600) |  |  | $ | 6,873 |  |  | $ | 7,142 |  |  | $ | (2,166) |  |  | $ | 4,976 |
Policyholder benefits and claims |  | $ | 4,165 |  |  | $ | (1,972) |  |  | $ | 2,193 |  |  | $ | 3,443 |  |  | $ | (697) |  |  | $ | 2,746 |
Change in market risk benefits |  | $ | — |  |  | $ | (4,104) |  |  | $ | (4,104) |  |  | $ | — |  |  | $ | (4,134) |  |  | $ | (4,134) |
Total expenses |  | $ | 8,645 |  |  | $ | (6,504) |  |  | $ | 2,141 |  |  | $ | 7,350 |  |  | $ | (4,383) |  |  | $ | 2,967 |
Net income (loss) |  | $ | 10 |  |  | $ | 3,874 |  |  | $ | 3,884 |  |  | $ | (103) |  |  | $ | 1,751 |  |  | $ | 1,648 |

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