v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 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 (depreciation) 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 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, 2024 and September 30, 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
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Securities and Derivatives
Beginning balance$400 $(118)$171 $(332)
Unrealized appreciation (depreciation) on securities and derivatives
319 (257)568 2 
Tax (expense) benefit
(65)57 (133)(9)
Net unrealized appreciation (depreciation) on securities and derivatives
254 (200)435 (7)
Reclassification adjustment for losses included in Shareholders' net income (Net realized investment losses)
12 12 73 38 
Reclassification adjustment for (gains) included in Shareholders' net income (Selling, general and administrative expenses)
— (1)— (1)
Reclassification adjustment for tax (benefit) included in Shareholders' net income
(2)(3)(15)(8)
Net losses reclassified from AOCI to Shareholders' net income
10 8 58 29 
Other comprehensive income (loss), net of tax
264 (192)493 22 
Ending balance$664 $(310)$664 $(310)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Net long-duration insurance and contractholder liabilities measurement adjustments
Beginning balance$(1,743)$(704)$(971)$(256)
Current period change in discount rate for certain long-duration liabilities(34)(27)(1,054)(585)
Tax benefit
3 12 265 149 
Net current period change in discount rate for certain long-duration liabilities(31)(15)(789)(436)
Current period change in instrument-specific credit risk for market risk benefits3 (17)(15)(50)
Tax benefit
— 4 4 10 
Net current period change in instrument-specific credit risk for market risk benefits3 (13)(11)(40)
Other comprehensive (loss), net of tax
(28)(28)(800)(476)
Ending balance$(1,771)$(732)$(1,771)$(732)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Translation of foreign currencies
Beginning balance$(180)$(157)$(149)$(154)
Translation of foreign currencies41 (31)13 (36)
Tax (expense) benefit
(2)2 (5)4 
Other comprehensive income (loss), net of tax
39 (29)8 (32)
Ending balance$(141)$(186)$(141)$(186)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Postretirement benefits liability
Beginning balance$(919)$(899)$(915)$(916)
Reclassification adjustment for amortization of net prior actuarial losses and prior service costs (Interest expense and other)9 11 24 35 
Reclassification adjustment for tax (benefit) included in Shareholders' net income
(5)(3)(8)(9)
Net adjustments reclassified from AOCI to Shareholders' net income
4 8 16 26 
Valuation update(1)— (21)(2)
Tax benefit
1 — 5 1 
Net change due to valuation update— — (16)(1)
Other comprehensive income, net of tax
4 8 — 25 
Ending balance$(915)$(891)$(915)$(891)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Total Accumulated other comprehensive loss
Beginning balance$(2,442)$(1,878)$(1,864)$(1,658)
Shareholders' other comprehensive income (loss), net of tax
279 (241)(299)(461)
Ending balance$(2,163)$(2,119)$(2,163)$(2,119)