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Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Investments and cash:    
Fixed maturity securities, available-for-sale $ 69,801 $ 75,741
Fixed maturity securities, held-to-maturity 16,899 [1] 19,056
Equity securities 990 1,091
Commercial mortgage and other loans 12,873 13,496
Other investments 5,241 4,070
Cash and cash equivalents 5,502 3,943
Total investments and cash 111,306 117,397
Receivables 712 647
Accrued investment income 687 745
Deferred policy acquisition costs 8,771 9,239
Property and equipment, at cost less accumulated depreciation 445 530
Other 3,190 3,180
Total assets 125,111 131,738 Close
Policy liabilities:    
Future policy benefits 78,448 88,241
Unpaid policy claims 249 201
Unearned premiums 1,447 1,825
Other policyholders’ funds 5,884 6,643
Total policy liabilities 86,028 96,910
Income taxes 869 698
Payables for return of cash collateral on loaned securities 4,607 1,809
Notes payable and lease obligations 6,961 7,442
Other 3,977 4,739
Total liabilities 102,442 111,598 Close
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2023 and 2022; issued 1,355,312 shares in 2023 and 1,354,079 shares in 2022 136 135
Additional paid-in capital 2,729 2,641
Retained earnings 48,257 44,367
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,484) (3,564)
Unrealized gains (losses) on fixed maturity securities (403) (702)
Unrealized gains (losses) on derivatives (24) (27)
Effect of changes in discount rate assumptions (866) (2,100)
Pension liability adjustment 17 (36)
Treasury stock, at average cost (22,693) (20,574)
Total shareholders’ equity 22,669 20,140 Close
Total liabilities and shareholders’ equity 125,111 131,738
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 66,369 71,936
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 3,432 3,805
Commercial mortgage and other loans [2] 10,425 10,832
Other investments [2],[3] 2,278 1,909
Policy liabilities:    
Total liabilities [2] $ 442 $ 390
[1] Net of allowance for credit losses
[2] Net of allowance for credit losses
[3] Consists entirely of alternative investments in limited partnerships