v3.25.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 13 – Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) ("AOCI") includes net unrealized (depreciation) appreciation on securities and derivatives, change in discount rate and instrument-specific credit risk for certain long-duration insurance contractholder liabilities (see Note 9 to the Consolidated Financial Statements), foreign currency translation, and the net postretirement benefits liability adjustment. AOCI includes the Company's share from unconsolidated entities reported on the equity method. Generally, tax effects in AOCI are established at the currently enacted tax rate and reclassified to Shareholders' net income in the same period that the related pre-tax AOCI reclassifications are recognized.

Shareholders' other comprehensive loss, net of tax, for the three and nine months ended September 30, 2025 and September 30, 2024 is primarily attributable to the change in discount rates for certain long-duration liabilities and unrealized changes in the market values of securities and derivatives, including the impacts from unconsolidated entities reported on the equity method.

Changes in the components of AOCI were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2025202420252024
Securities and derivatives
Beginning balance$1,053 $400 $832 $171 
Unrealized (depreciation) appreciation on securities and derivatives, before reclassification, net of tax benefit (expense) of $137, $(65), $93 and $(133), respectively
(406)254 (237)435 
Amounts reclassified to Shareholders' net income, net of tax (benefit) of $(1), $(2), $(14) and $(15), respectively
5 10 57 58 
Other comprehensive (loss) income, net of tax
(401)264 (180)493 
Ending balance$652 $664 $652 $664 
Net long-duration insurance and contractholder liabilities measurement adjustments
Beginning balance$(2,815)$(1,743)$(2,038)$(971)
Net current period change in discount rate for certain long-duration liabilities, before reclassification, net of tax (expense) benefit of $(146), $3, $92 and $265, respectively
427 (31)(296)(789)
Amounts reclassified to Shareholders' net income, net of tax expense of $—, $—, $16 and $—, respectively
— — (56)— 
Net current period change in discount rate for certain long-duration liabilities, net of tax (expense) benefit of $(146), $3, $108 and $265, respectively
427 (31)(352)(789)
Net current period change in instrument-specific credit risk for market risk benefits, net of tax benefit of $2, $—, $1 and $4, respectively
(6)3 (4)(11)
Other comprehensive income (loss), net of tax
421 (28)(356)(800)
Ending balance$(2,394)$(1,771)$(2,394)$(1,771)
Translation of foreign currencies
Beginning balance$(120)$(180)$(198)$(149)
Net translation of foreign currencies, before reclassification, net of tax (expense) of $—, $(2), $(8) and $(5), respectively
(10)39 68 8 
Ending balance$(130)$(141)$(130)$(141)
Postretirement benefits liability
Beginning balance$(934)$(919)$(937)$(915)
Amounts reclassified to Shareholders' net income, net of tax (benefit) of $(3), $(5), $(7) and $(8), respectively
7 4 19 16 
Net change due to valuation update, before reclassification, net of tax benefit of $1, $1, $4 and $5, respectively
— — (9)(16)
Other comprehensive income, net of tax
7 4 10 — 
Ending balance$(927)$(915)$(927)$(915)
Total Accumulated other comprehensive loss
Beginning balance$(2,816)$(2,442)$(2,341)$(1,864)
Shareholders' other comprehensive income (loss), net of tax (expense) benefit of $(10), $(70), $177 and $113, respectively
17 279 (458)(299)
Ending balance$(2,799)$(2,163)$(2,799)$(2,163)