Other Comprehensive Income (Loss)

Shareholders’ equity included the following activity in accumulated other comprehensive loss in 2024, 2023 and 2022:


	At December 31,
In millions	2024		2023		2022
Net unrealized investment gains (losses):
Beginning of year balance	$	(429)	$	(1,519)	$	798

Other comprehensive income (loss) before reclassifications ($(177), $612 and $(3,021) pretax)	(170)		603		(2,556)
Amounts reclassified from accumulated other comprehensive income (loss) ($226, $566 and $315 pretax) (1)	200		487		239
Other comprehensive income (loss)	30		1,090		(2,317)
End of year balance	(399)		(429)		(1,519)

Change in discount rate on long-duration insurance reserves:
Beginning of period balance	152		219		(651)

Other comprehensive income (loss) before reclassifications ($146, $(92), and $1,126 pretax)	113		(67)		870
Other comprehensive income (loss)	113		(67)		870
End of period balance	265		152		219

Foreign currency translation adjustments:
Beginning of year balance	—		—		—
Other comprehensive loss before reclassifications	(4)		—		—

Other comprehensive loss	(4)		—		—
End of year balance	(4)		—		—

Net cash flow hedges:
Beginning of year balance	244		239		222
Other comprehensive income before reclassifications ($0, $25 and $38 pretax)	—		19		28
Amounts reclassified from accumulated other comprehensive income ($(20), $(19) and $(15) pretax) (2)	(15)		(14)		(11)
Other comprehensive income (loss)	(15)		5		17
End of year balance	229		244		239

Pension and other postretirement benefits:
Beginning of year balance	(264)		(203)		(35)
Other comprehensive income (loss) before reclassifications ($71, $(81) and $(229) pretax)	53		(61)		(170)
Amounts reclassified from accumulated other comprehensive loss ($0, $0 and $3 pretax) (3)	—		—		2
Other comprehensive income (loss)	53		(61)		(168)
End of year balance	(211)		(264)		(203)

Total beginning of year accumulated other comprehensive income (loss)	(297)		(1,264)		334

Total other comprehensive income (loss)	177		967		(1,598)
Total end of year accumulated other comprehensive loss	$	(120)	$	(297)	$	(1,264)

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(1)Amounts reclassified from accumulated other comprehensive income (loss) for specifically identified debt securities are included in net investment income in the consolidated statements of operations.

(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included within interest expense in the consolidated statements of operations. The Company expects to reclassify $16 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

(3)Amounts reclassified from accumulated other comprehensive loss for specifically identified pension and other postretirement benefits are included in other income in the consolidated statements of operations.