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Accumulated Other Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Changes in Accumulated Other Comprehensive Income | The componen ts of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below:
| Change in Net Unrealized Investment Gains (Losses) |  | Change in Discount Rate for Future Policy Benefits |  | Change in Instrument- Specific Credit Risk for Market Risk Benefit |  | Defined Benefit Pension Plan Adjustment |  | Foreign Currency Translation / Other |  | Total
| (Dollars in millions)
Balance as of January 1, 2024 | $ | (299) |  |  | $ | 105 |  |  | $ | 1 |  |  | $ | 85 |  |  | $ | (1) |  |  | $ | (109) |
Other comprehensive income (loss) before reclassifications | (56) |  |  | 128 |  |  | (11) |  |  | 5 |  |  | (3) |  |  | 63 |
Amounts reclassified to (from) AOCI | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Deferred income tax benefit (expense) | 12 |  |  | (26) |  |  | 2 |  |  | (1) |  |  | — |  |  | (13) |
Balance at March 31, 2024 | (343) |  |  | 207 |  |  | (8) |  |  | 89 |  |  | (4) |  |  | (59) |
Other comprehensive income (loss) before reclassifications | 489 |  |  | 101 |  |  | 18 |  |  | 19 |  |  | 10 |  |  | 637 |
Amounts reclassified to (from) AOCI | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Deferred income tax benefit (expense) | (106) |  |  | (21) |  |  | (4) |  |  | (4) |  |  | (2) |  |  | (137) |
Balance at June 30, 2024 | $ | 44 |  |  | $ | 287 |  |  | $ | 6 |  |  | $ | 104 |  |  | $ | 4 |  |  | $ | 445 |
Balance as of January 1, 2023 | $ | (722) |  |  | $ | 253 |  |  | $ | 21 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | (448) |
Other comprehensive income (loss) before reclassifications | 261 |  |  | (106) |  |  | (7) |  |  | 3 |  |  | — |  |  | 151 |
Amounts reclassified to (from) AOCI | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |
Deferred income tax benefit (expense) and other | 59 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 58 |
Balance at March 31, 2023 | (382) |  |  | 147 |  |  | 14 |  |  | 3 |  |  | (1) |  |  | (219) |
Other comprehensive income (loss) before reclassifications | (269) |  |  | 63 |  |  | (8) |  |  | 4 |  |  | — |  |  | (210) |
Amounts reclassified to (from) AOCI | 10 |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | 8 |
Deferred income tax benefit (expense) | 43 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43 |
Balance at June 30, 2023 | $ | (598) |  |  | $ | 210 |  |  | $ | 6 |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | (378) |

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