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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 14 – Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) ("AOCI") includes net unrealized appreciation on securities and derivatives, change in discount rate and instrument-specific credit risk for certain long-duration insurance contractholder liabilities (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 (loss) income in the same period that the related pre-tax AOCI reclassifications are recognized.

Shareholders' other comprehensive loss, net of tax, for the three months ended March 31, 2024 and March 31, 2023, is primarily attributable to the change in discount rates for certain long-duration liabilities (following the adoption of Targeted Improvements to the Accounting for Long-Duration Contracts in 2023) 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 March 31,
(In millions)20242023
Securities and Derivatives
Beginning balance$171 $(332)
Unrealized appreciation on securities and derivatives
143 252 
Tax (expense)
(39)(54)
Net unrealized appreciation on securities and derivatives
104 198 
Reclassification adjustment for losses (gains) included in Shareholders' net (loss) income (Net realized investment losses)
22 (5)
Reclassification adjustment for tax (benefit) expense included in Shareholders' net (loss) income
(5)1 
Net losses (gains) reclassified from AOCI to Shareholders' net (loss) income
17 (4)
Other comprehensive income, net of tax
121 194 
Ending balance$292 $(138)
Three Months Ended March 31,
(In millions)20242023
Net long-duration insurance and contractholder liabilities measurement adjustments
Beginning balance$(971)$(256)
Current period change in discount rate for certain long-duration liabilities(732)(411)
Tax benefit
186 101 
Net current period change in discount rate for certain long-duration liabilities(546)(310)
Current period change in instrument-specific credit risk for market risk benefits(18)(26)
Tax benefit
4 5 
Net current period change in instrument-specific credit risk for market risk benefits(14)(21)
Other comprehensive (loss), net of tax
(560)(331)
Ending balance$(1,531)$(587)

Three Months Ended March 31,
(In millions)20242023
Translation of foreign currencies
Beginning balance$(149)$(154)
Translation of foreign currencies(24)15 
Tax (expense) benefit
(2)1 
Other comprehensive (loss) income, net of tax
(26)16 
Ending balance$(175)$(138)

Three Months Ended March 31,
(In millions)20242023
Postretirement benefits liability
Beginning balance$(915)$(916)
Reclassification adjustment for amortization of net prior actuarial losses and prior service costs (Interest expense and other)8 13 
Reclassification adjustment for tax (benefit) included in Shareholders' net (loss) income
(3)(3)
Other comprehensive income, net of tax5 10 
Ending balance$(910)$(906)

Three Months Ended March 31,
(In millions)20242023
Total Accumulated other comprehensive loss
Beginning balance$(1,864)$(1,658)
Shareholders' other comprehensive (loss), net of tax
(460)(111)
Ending balance$(2,324)$(1,769)