Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Accumulated Other Comprehensive Income

Shareholders' equity included the following components of Accumulated other comprehensive income (loss) ("AOCI") as of the dates indicated:


	June 30, 2025		June 30, 2024
Fixed maturities, net of impairment	$	(2,018)	$	(2,676)

Derivatives(1)	3		66





Change in current discount rate	(759)		(818)
Deferred income tax asset (liability)(2)	706		843
Total	(2,068)		(2,585)
Pension and other postretirement benefits liability, net of tax	1		2
AOCI	$	(2,067)	$	(2,583)

(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2025, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $7.

(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:



	Three Months Ended June 30, 2025
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	177		$	(38)	$	139



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(5)			2		(3)



Change in unrealized gains (losses) on available-for-sale securities	172			(36)		136

Derivatives:
Derivatives	(41)		(1)	9		(32)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(3)			—		(3)
Change in unrealized gains (losses) on derivatives	(44)			9		(35)


Change in current discount rate	16			(3)		13



Change in AOCI	$	144		$	(30)	$	114

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.


	Six Months Ended June 30, 2025
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	509		$	(107)	$	402



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	26			(5)		21



Change in unrealized gains (losses) on available-for-sale securities	535			(112)		423

Derivatives:
Derivatives	(57)		(1)	12		(45)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(6)			1		(5)
Change in unrealized gains (losses) on derivatives	(63)			13		(50)


Change in current discount rate	28			(6)		22



Change in AOCI	$	500		$	(105)	$	395

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.



	Three Months Ended June 30, 2024
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(185)		$	38	$	(147)



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	8			(2)		6




Change in unrealized gains (losses) on available-for-sale securities	(177)			36		(141)

Derivatives:
Derivatives	3		(1)	—		3
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(4)			1		(3)
Change in unrealized gains (losses) on derivatives	(1)			1		—

Change in current discount rate	34			(7)		27




Change in AOCI	$	(144)		$	30	$	(114)

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.


	Six Months Ended June 30, 2024
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(330)		$	68	$	(262)



Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	24			(5)		19




Change in unrealized gains (losses) on available-for-sale securities	(306)			63		(243)

Derivatives:
Derivatives	11		(1)	(2)		9
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(8)			2		(6)
Change in unrealized gains (losses) on derivatives	3			—		3

Change in current discount rate	72			(15)		57




Change in AOCI	$	(231)		$	48	$	(183)