| Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) |
OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three and six months ended June 30, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Net Unrealized Gains (Losses) on Investment Securities | | | | | | | | (in millions) | | Having No Credit
Losses Recognized in
the Consolidated
Statement of Income | | Having Credit
Losses Recognized
in the Consolidated
Statement of
Income | | Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’
Equity | | Net Unrealized
Foreign Currency
Translation | | Total Accumulated
Other
Comprehensive
Income (Loss) | | Balance, March 31, 2025 | | $ | (3,484) | | | $ | 185 | | | $ | (224) | | | $ | (1,045) | | | $ | (4,568) | | | Other comprehensive income (loss) (OCI) before reclassifications, net of tax | | 255 | | | — | | | — | | | 215 | | | 470 | | Amounts reclassified from AOCI, net of tax | | 13 | | | — | | | — | | | — | | | 13 | | | Net OCI, current period | | 268 | | | — | | | — | | | 215 | | | 483 | | | Balance, June 30, 2025 | | $ | (3,216) | | | $ | 185 | | | $ | (224) | | | $ | (830) | | | $ | (4,085) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Net Unrealized Gains (Losses) on Investment Securities | | | | | | | | (in millions) | | Having No Credit
Losses Recognized in
the Consolidated
Statement of Income | | Having Credit
Losses Recognized
in the Consolidated
Statement of
Income | | Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’
Equity | | Net Unrealized
Foreign Currency
Translation | | Total Accumulated
Other
Comprehensive
Income (Loss) | | | | | | | | | | | | | Balance, December 31, 2024 | | $ | (3,824) | | | $ | 184 | | | $ | (224) | | | $ | (1,103) | | | $ | (4,967) | | | Other comprehensive income (loss) (OCI) before reclassifications, net of tax | | 570 | | | 1 | | | — | | | 273 | | | 844 | | Amounts reclassified from AOCI, net of tax | | 38 | | | — | | | — | | | — | | | 38 | | | Net OCI, current period | | 608 | | | 1 | | | — | | | 273 | | | 882 | | | Balance, June 30, 2025 | | $ | (3,216) | | | $ | 185 | | | $ | (224) | | | $ | (830) | | | $ | (4,085) | |
The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (in millions) | | 2025 | | 2024 | | 2025 | | 2024 | | Changes in net unrealized gains (losses) on investment securities: | | | | | | | | | | Having no credit losses recognized in the consolidated statement of income | | $ | 341 | | | $ | (324) | | | $ | 777 | | | $ | (1,076) | | | Income tax expense (benefit) | | 73 | | | (69) | | | 169 | | | (227) | | | Net of taxes | | 268 | | | (255) | | | 608 | | | (849) | | | Having credit losses recognized in the consolidated statement of income | | — | | | 1 | | | 1 | | | 3 | | | Income tax expense | | — | | | 1 | | | — | | | 1 | | | Net of taxes | | — | | | — | | | 1 | | | 2 | | | Net changes in benefit plan assets and obligations | | — | | | (2) | | | — | | | (3) | | | Income tax benefit | | — | | | (1) | | | — | | | (1) | | | Net of taxes | | — | | | (1) | | | — | | | (2) | | | Net changes in unrealized foreign currency translation | | 228 | | | (25) | | | 289 | | | (96) | | | Income tax expense (benefit) | | 13 | | | (2) | | | 16 | | | (6) | | | Net of taxes | | 215 | | | (23) | | | 273 | | | (90) | | | Total other comprehensive income (loss) | | 569 | | | (350) | | | 1,067 | | | (1,172) | | | Total income tax expense (benefit) | | 86 | | | (71) | | | 185 | | | (233) | | | Total other comprehensive income (loss), net of taxes | | $ | 483 | | | $ | (279) | | | $ | 882 | | | $ | (939) | |
The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (in millions) | | 2025 | | 2024 | | 2025 | | 2024 | | Reclassification adjustments related to unrealized gains (losses) on investment securities: | | | | | | | | | Having no credit losses recognized in the consolidated statement of income (1) | | $ | 17 | | | $ | 35 | | | $ | 48 | | | $ | 75 | | Income tax benefit (2) | | 4 | | | 8 | | | 10 | | | 16 | | | Net of taxes | | 13 | | | 27 | | | 38 | | | 59 | | Having credit losses recognized in the consolidated statement of income (1) | | — | | | — | | | — | | | — | | Income tax benefit (2) | | — | | | — | | | — | | | — | | | Net of taxes | | — | | | — | | | — | | | — | | Reclassification adjustment related to benefit plan assets and obligations: | | | | | | | | | Claims and claim adjustment expenses (benefit) (3) | | — | | | (1) | | | — | | | (1) | | General and administrative expenses (benefit) (3) | | — | | | (1) | | | — | | | (2) | | | Total | | — | | | (2) | | | — | | | (3) | | Income tax (expense) benefit (2) | | — | | | — | | | — | | | — | | | Net of taxes | | — | | | (2) | | | — | | | (3) | | Reclassification adjustment related to foreign currency translation (1) | | — | | | — | | | — | | | — | | Income tax benefit (2) | | — | | | — | | | — | | | — | | | Net of taxes | | — | | | — | | | — | | | — | | | Total reclassifications | | 17 | | | 33 | | | 48 | | | 72 | | | Total income tax benefit | | 4 | | | 8 | | | 10 | | | 16 | | | Total reclassifications, net of taxes | | $ | 13 | | | $ | 25 | | | $ | 38 | | | $ | 56 | |
_________________________________________________________ (1)(Increases) decreases net realized investment gains (losses) on the consolidated statement of income. (2)(Increases) decreases income tax expense on the consolidated statement of income. (3)Increases (decreases) expenses on the consolidated statement of income.
|